Marico Ltd, a leading consumer goods company, has announced its consolidated financial results for the fourth quarter of the fiscal year 2023-24, showcasing a robust performance despite challenging market conditions. The company reported a consolidated net profit of Rs 320 crore for the quarter, marking a 4.9 percent increase from the corresponding period last year.
Revenue for the quarter stood at Rs 2,278 crore, reflecting a modest growth of 1.69 percent compared to the previous year. Notably, the company’s Earnings before Tax, Interest, Amortization, and Depreciation (EBIDTA) surged by 12.5 percent to reach Rs 442 crore, with an EBDITA margin of 19.4 percent, witnessing an improvement of 190 basis points.
The Board of Directors of Marico Limited declared a second interim dividend of Rs 6.50 per equity share of Re. 1 each at its meeting held on February 27, 2024. This, together with the first interim dividend of Rs 3.00 per equity share declared on October 30, 2023, amounts to a total dividend of Rs 9.50 per equity share for the fiscal year ended March 31, 2024.
In an investor presentation, Marico highlighted the strong economic growth trajectory and promising outlook. The company noted that 75 percent of its domestic business either gained or sustained market share on a Moving Annual Total (MAT) basis, while 100 percent maintained or gained penetration on the same basis.
The mid and premium segments, including value-added hair oils, performed relatively well for Marico. The company expressed confidence in doubling its foods portfolio by FY27, expecting a 20 percent+ Compound Annual Growth Rate (CAGR) post successful initiatives in supply chain refinement and Go-To-Market (GTM) strategies during FY24. Marico anticipates higher domestic revenue growth with gradual improvements in pricing and volume growth. The company remains committed to aggressive diversification efforts.
Reflecting on the fiscal year 2023-24, Marico characterized it as a year of mixed results, marked by sectoral volume growth consolidation and challenges in commodity and consumer prices. Despite headwinds, Marico remains optimistic, citing improving macro-indicators and forecasts of a normal monsoon.
Shares of Marico closed 2.93 percent higher at Rs 532 on the Bombay Stock Exchange (BSE) following the earnings announcement, underlining investor confidence in the company’s performance and growth prospects.