Marico Q3 Net down 6.82% at Rs 191.64 crore
FMCG firm Marico today reported 6.82 % decline in consolidated net profit at Rs 191.64 crore for the October-December quarter on account of lower income due to demonetisation.
The company had posted a net profit of Rs 205.68 crore in the corresponding period of the previous fiscal.
Total income from operations fell by 0.92 % to Rs 1,416.71 crore for the third quarter of the current fiscal as against Rs 1,530.29 crore in the year-ago period, Marico said in a BSE filing.
In an information update for investors, Marico said: "Third quarter witnessed an unprecedented event demonetisation ... The consequent cash crunch severely impacted wholesale and rural trade."
"While there has been some impact on consumption, significant decline is attributed to pipeline reduction across channels", it added.
Marico MD and CEO Saugata Gupta said: "While the operating performance for the quarter was below par, we remain optimistic about a near term recovery in volumes. We believe that it is important not to get distracted by short term disruption caused by demonetisation. We will think beyond the immediate quarters and strategise for long term value creation."
During the quarter, Marico's India business declined by 4 % over the corresponding period of the previous fiscal. While, its international business grew by 2 % in constant currency basis.
In a separate filing, Marico said the company has declared a second interim dividend of Rs 2 per equity share for 2016-17 fiscal.
Shares of Marico closed 1.18 % down at Rs 255.30 apiece on BSE today.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
06:06 PM IST