Marico Q3 Update: Domestic volumes see low single-digit growth amid weak rural demand; details here

livemint.com:

Marico, one of India’s leading consumer products companies in the global beauty and wellness space, released its Q3 FY24 (third-quarter) business update today. The company's domestic volumes in Q3FY24 grew in low single digits on a year-on-year basis, with low single-digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, along with low single-digit value growth in Value Added Hair Oils.

The international business delivered mid-single-digit constant currency growth amidst transient macro headwinds in the Bangladesh market, while the rest of the geographies held strong, the company said. Also Read: 2023 in Review: Nifty FMCG soars 25%; 3 stocks jump over 50%, only 1 in the red Its consolidated revenue was marginally lower on a year-on-year basis in Q3FY24, dragged by pricing corrections in the key domestic portfolio and significant currency depreciation in select overseas geographies, its update showed.

The company expects robust gross margin expansion on a year-on-year basis in Q3FY23, owing to a drop in key input prices. Consequently, it expects low double-digit operating profit growth on the back of a healthy expansion in operating margin.

This positions the company well to meet its full-year margin guidance. Also Read: DMart stock drops nearly 4% after Q3FY24 business update; what should you do? Marico maintains its aspiration of delivering sustainable and profitable volume-led growth over the medium term, enabled by the strengthening brand equity of its core franchises and scale-up of new engines of growth.