Shares of Marico Ltd moved 3.24 per cent higher in Friday's trade after the company shared its quarterly business update for the March quarter. "During the quarter, FMCG demand sentiment stayed consistent vis-à-vis the preceding quarters with trends in urban and rural consumption largely converging. In Q4 FY24, the domestic business posted a slight uptick in volume growth on a sequential basis owing to steadying trends in majority of the portfolios. Parachute Coconut Oil registered low single-digit volume growth as we witnessed a continuing revival in loose to branded conversions amidst firming up of copra prices, which was along expected lines," Marico stated.
"Value added hair oils had an optically weak quarter, declining on a high base amidst persistent sluggishness in the bottom of the pyramid segment. Foods continued its steady run to close the year at ~4x of its scale in FY20 and Digital-first brands also sustained its strong growth trajectory, thereby meeting our stated portfolio diversification objective for the year," it added.
"Amidst the backdrop of improving macro-indicators, we expect a gradual uptick in the growth of our core categories through the ongoing initiatives to enhance the profitability. We will continue to aggressively diversify the portfolio through the accelerated scale up of Foods and Digital-first brands and improve profitability parameters in line with our medium-term strategic priorities," the company further stated.
Marico said the international business reverted to clocking double-digit constant currency growth, led by Bangladesh bouncing back from transient headwinds and rest of the markets maintaining their positive momentum.