India's Marico estimates higher quarterly revenue growth on cooking oil demand
Marico on Friday estimated its consolidated quarterly revenue will rise in the mid-teen percentage range, boosted by improving rural consumption and higher demand for its Parachute and Saffola brands of oils.
Cooking oil has largely withstood a broader slowdown among branded consumer goods due to its essential nature, according to analysts, even as brands raised prices in recent months to make up for higher ingredient costs.
Analysts are expecting a 11.2% rise in consolidated revenue in the quarter, as per LSEG data.
The Parachute coconut oil brand has been «resilient» in terms of revenue, while Saffola has «held firm in volume terms», the company said.
However, Marico said it expects a higher-than-anticipated gross margin contraction on a year-on-year basis and modest operating profit growth for the third quarter ended Dec. 31 due to higher raw materials and expansion costs.
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