Marico y-o-y net profit drops 1% to Rs 126.3 crore

MUMBAI: Consumer products maker Marico reported a 1% year-on-year decrease in its standalone net profit for the quarter ended September at Rs 126.3 crore, while net sales grew 4% at 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 second quarter. “In the India business, we remain committed to deliver 8-10% volume growth in medium term, although Q2 continued to face consumption headwinds," Saugata Gupta, MD & CEO at Marico said.

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

Marico Ltd scrip closed 2.16% higher on the BSE at Rs 399.25, helped by a 1:1 bonus issue announcement.