Marico lost 0.15% to Rs 202.70 at 14:37 IST on BSE after consolidated profit after tax rose 8% to Rs 89 crore on 17% growth in revenue from operations to Rs 1072 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced during trading hours today, 30 April 2014.
Meanwhile, the S&P BSE Sensex was down 98.98 points or 0.44% at 22,367.21.
On BSE, so far 41,000 shares were traded in the counter as against average daily volume of 46,000 shares in the past two weeks.
The stock was volatile. The stock lost as much as 1.42% at the day's low of Rs 200.10 so far during the day. The stock rose as much as 1.23% at the day's high of Rs 205.50 so far during the day.
Marico's consolidated profit after tax (PAT) rose 19% to Rs 485 crore on 10% growth in revenue from operations to Rs 4687 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
The PAT growth for Q4 March 2014 and FY 2014 excludes exceptional items accounted in Q4 March 2013.
During FY 2014, the company has received 900% dividend from Marico Bangladesh (MBL) on which income tax charge of Rs 34.5 crore has been accounted in the books. This has increased the effective tax rate (ETR) for the year. Profit growth excluding this tax impact is 31% for the quarter and 26% for FY 2014, Marico said in a statement.
Marico said that volume growth in both India and International business has shown recovery in Q4 March 2014. Excluding the exceptional items accounted in Q4 March 2013, FMCG profits grew by 8%. The reported profits (not comparable and including exceptional items) de-grew by about 20% during Q4 March 2014, primarily due to credits in Q4 March 2013 on account of exceptional items and tax on dividend from MBL in FY 2014, Marico said in a statement.
The business has shown steady recovery in volume growths with sustained improvements in market shares, Marico said. In India, due to the weak demand environment, the growth rates of various segments have come down, it added. This has impacted the company's growth rates as well. However, the company has demonstrated strong brand equity by continuing to grow faster than the market, Marico said in a statement.
The Kaya Business, earlier a part of Marico, has been demerged effective October 17, 2013, with April 01, 2013 as the Appointed Date. Pursuant to the De-merger Scheme, the transfer of Kaya Business to Marico Kaya Enterprises (MaKE) has been accounted by the company by recording the transfer of the relevant assets and liabilities of the Kaya Business at their book values as of the appointed date. The excess of book value of assets over liabilities has been adjusted against Securities Premium Reserve, Marico said.
In accordance with the scheme, as on the record date i.e. November 05, 2013, every shareholder holding 50 fully paid equity shares with a face value of Re 1 each in Marico has been allotted 1 fully paid equity share with a face value of Rs 10 each of MaKE. Further, MaKE has submitted the Listing application along with the Information Memorandum to the Stock Exchanges on March 14, 2014. It has obtained the necessary relaxation from SEBI and will now proceed with other statutory formalities required for Listing, Marico said.
Accordingly, the financial results of the Kaya Business do not form part of the unaudited financial results for Q4 March 2014 and Q3 December 2013 and audited financial results for FY 2014.
However, the results of all other previous periods/year include the results of Kaya Business and accordingly, to that extent, are not comparable with the results for Q4 March 2014, Marico said.
Marico is a leading Indian group in consumer products & services in the global beauty and wellness space.
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