Shares of Marico today rose by more than 3 per cent in morning trade after impressive financial results for the third quarter of 2017-18.
The company on February 9 reported a 16.51 per cent increase in its consolidated net profit at Rs 223.28 crore for the quarter ended December 2017 on account of higher income led by market share gains.
The company had posted a net profit of Rs 191.64 crore during the October-December quarter of the previous fiscal.
Shares of the company today opened on a bullish note at Rs 303.55, then gained further ground to touch a high of Rs 307, up 3.02 per cent over previous close.
On the NSE, the stock surged to a high of Rs 307.75, registering a jump of Rs 3.54 over the previous closing price.
Total income during the quarter under review stood at Rs 1,641.74 crore. It was Rs 1,439.99 crore in the year-ago period.
Marico said India business posted a healthy volume growth of 9.4 per cent while the international business grew by 9 per cent in constant currency terms.
The company also announced a second interim equity dividend for financial year 2017-18 at Rs 2.5 per equity share of Re 1 each.
"We had a stable quarter marked by healthy growth in most franchises with a sustained momentum in offtake growth and market share gains," Marico Ltd MD and CEO Saugata Gupta said.
He said the company is witnessing early signs of revival in consumer sentiment, especially in rural areas.
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