Marico slips 7% after profit drops 3% YoY to Rs 307 crore in Q2FY23

Shares of Marico slipped 7 per cent to Rs 503.1 per share in Monday’s intra-day trade, on the back of heavy volumes, after the company reported 3 per cent year-on-year (YoY) drop in the September quarter (Q2FY23) profit to Rs 307 crore. The personal products maker said that the decline in profit was mainly due to losses in translation of foreign currency receivables and higher effective tax rate (ETR).

In Q2FY23, the company saw revenue from operations grow 3 per cent YoY to Rs 2,496 crore, with underlying 3 per cent volume growth in the domestic business and 11