Marico reports 1% decline in Q2 standalone net profit, 4% increase in net sales

MUMBAI: Consumer products maker Marico reported a 1% decrease in its standalone net profit for the quarter to September, compared to that a year ago, to Rs 126.3 crore, while net sales grew 4% to Rs 1,127 crore.

The maker of Parachute hair oil and Saffola edible oil reported volume growth of 5.5% in domestic sales for the three-month period. “In the India business, we remain committed to deliver 8-10% volume growth in medium term, although Q2 continued to face consumption headwinds,” said Saugata Gupta, managing director and CEO of Marico.

The company said it had bought 45% stake in Bellezimo Professionale Products, a three-month old company that markets skin care products for salons in India’s eastern states.

Marico’s shares closed 2.16% higher on the Bombay Stock Exchange on Wednesday, compared with the previous close, at Rs 399.25, helped by a 1:1 bonus issue announcement.