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Sustainability
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Sustainability
Spotlight
The net profit of the maker of Parachute hair oil rose 5% over the previous year to Rs 320 crore in the quarter ended March.
Sesa Sen
Marico Ltd.'s fourth-quarter profit rose in line with analysts' estimates, and revenue growth moved into positive territory after logging three straight quarters of fall as demand sentiment remained steady in line with previous months.
The net profit of the maker of Parachute hair oil rose 5% over the previous year to Rs 320 crore in the quarter ended March, according to an exchange filing on Monday. That compares with the Rs 324.8-crore consensus estimate of analysts tracked by Bloomberg.
Marico Q4 FY24 Results Highlights (Consolidated, YoY)
Marico's underlying domestic volume growth in the January-March quarter stood at 3%, as against 2% in the preceding quarter of the just ended fiscal.
"We will aim to deliver healthy revenue-led earnings growth in the near and medium term, aided by the positively evolving operating environment," said Chief Executive Officer Saugata Gupta. He expects domestic revenue growth to outpace volume growth from Q1 FY25, amid a forecast of a normal monsoon, an upward bias in copra prices and ongoing initiatives undertaken by the company to enhance general trade that have been contending with profitability headwinds.
Urban and rural consumption trends have now begun to converge. Citing Nielsen data, Marico said demand continues to be led by urban markets, while rural volumes have returned to a positive growth trajectory. Across categories, premium and urban-centric segments stayed ahead of mass segments.
The company is taking necessary steps to revive growth in the general trade channel, which will continue to be a "source of scale" and "competitive advantage" over the long term, Gupta said.
In the ongoing June quarter, Marico rolled out Project SETU, laying out a phased three-year roadmap to improve direct reach to 1.5 million outlets in FY27 from one million outlets currently. The outlay by FY27 is expected to be Rs 80–100 crore, but it will be funded through optimisation of promotional spends and indirect distribution costs in the wholesale channel.
"Therefore, Project SETU will be cost-neutral," according to Marico. In addition to improved direct reach and weighted distribution, the company expects Project SETU to drive market share gains across categories in urban and rural areas and enhance assortment levels in urban stores.
Category-wise Performance
"We will aim to replicate the Beardo playbook as we scale the digital-first franchises and achieve a double-digit Ebitda margin in the portfolio in FY27," according to the company.
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