Marico consolidated net profit jumps 21.6% to Rs 315 crore in first quarter

The company's revenue from operations during Q1 stood at Rs 2,166 crore, up 6.8 per cent

FMCG firm Marico Ltd on Thursday reported a 21.62 per cent increase in consolidated net profit at Rs 315 crore for the first quarter ended June.

The company had reported a net profit of Rs 259 crore in the April-June quarter a year-ago, Marico said in a BSE filing.

Marico's consolidated net sales during the quarter under review stood at Rs 2,166 crore, up 6.85 per cent, as against Rs 2,027 crore in the same quarter last fiscal.

"In Q1FY20, the company delivered strong earnings growth on the back of resilient volume growth, amidst moderation in the overall demand environment in the domestic market," Marico said in a statement.

Its total expenses in the quarter under review stood at Rs 1,752 crore as against Rs 1,701 crore last year, registering a rise of 2.99 per cent.

During the period, the domestic sales of the company were up 6.32 per cent to Rs 1,731 crore as against Rs 1,628 crore for the corresponding period last fiscal.

"Revenue from operations grew by 7 per cent YoY to Rs 2,166 crore with an underlying domestic volume growth of 6 per cent and constant currency growth of 7 per cent in the international business," it added.

Revenue from international business was at Rs 435 crore for the period under review, up 9.02 per cent, as against Rs 399 crore.

"There was a one-time trade inventory correction in the Gulf business. Adjusting for the same, constant currency growth in the international business stood at 9 per cent," said Marico.

Shares of Marico Ltd Thursday settled at Rs 362.55 on BSE, down 1.24 per cent from its previous close.