Marico slips after issuing update for domestic & international biz

Marico fell 1.49% to Rs 304.20 after the company said all its offices across India continue to be shut down and work from home policy continues to be enforced by the company for its employees.

Marico announced during trading hours today, 23 April 2020, that it continues to take all the necessary measures to contain the Covid-19 pandemic and abide by the directions and advisories issued by the government and the authorities. The measures are aimed at ensuring the health and safety of its employees and all those involved in the operations and supply chain in India and each of its overseas territories.

Most of the manufacturing units in India have now opened up, based on the government orders/advisories to ensure continued supplies of essential food and groceries to the consumers. While operations at most of the units have scaled up reasonably, a few units continue to grapple with local restrictions and labour unavailability.

 

While the operations are being run at reduced capacity, the company is taking utmost precaution and is deploying highest safety standards as advised by the government authorities at its manufacturing and supply chain locations.

The distribution network has now considerably improved with the help of e-passes issued by local governments. The company is also trying out newer ways of reaching the consumers such as typing up with food delivery platforms like Swiggy and Zomato, launching direct to consumer portal for consumers to place orders directly, etc. The company is working with other FMCG companies to implement the "Suraksha Stores" initiative.

Marico said international markets are also disrupted with total or partial lockdown. On a relative scale, Bangladesh operations are less affected so far. In Vietnam, the firm expects the situation to improve progressively as the measures implemented by the government bear fruits. In MENA and South Africa, the impact has been severe although its impact on the group is low to moderate.

Marico is a leading Indian group in consumer products in the global beauty and wellness space.

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