Marico Q3 net up 11% at Rs 51 cr

FMCG company Marico has posted 11 per cent rise in consolidated net profit at Rs 50.89 crore for the quarter ended December 31, 2008, as compared to Rs 45.87 crore in the corresponding period last year.

Total income of the company jumped to Rs 625.90 crore from Rs 513.77 crore in the quarter under consideration.

During the Q3FY08, the company changed its method of accounting depreciation on factory building from Straight Line basis to Written Down Value basis. As a result of this change, additional depreciation of Rs 4.06 crore in respect of earlier years and Rs 0.23 crore for the nine months ended December 31, 2007 was charged to the profit and loss account and included under "depreciation, amortisation and impairment" of the Q3FY08 and nine months ended December 31, 2007.

Consequently, the figures for current quarter and nine months ended December 31, 2008 are not comparable with the corresponding previous period figures.

On the standalone basis, the company posted a net profit of Rs 51.72 crore for the quarter ended December 31, 2008, as against Rs 40.24 crore in the corresponding period last year. Total income increased to Rs 503.34 crore for the quarter ended December 31, 2008, as compared to Rs 419.03 crore in the same period last year.