Shares of FMCG major Marico soared up to 6.56 per cent at Rs 655.70 per share on the BSE in Monday’s early morning trade. This came after Marico on Friday reported its business update for the first quarter of the fiscal year 2024-25 (Q1FY25).
The company in an exchange filing revealed that it expects its domestic business to post a modest uptick in underlying volume growth on a sequential basis during the June quarter.
The company’s consolidated revenue grew in high single digits, despite the residual impact of pricing cuts in the Saffola Oils portfolio and currency headwinds in overseas markets, it said.
“We expect consolidated revenue growth to trend upwards during the year, on the back of an improving trajectory in domestic volume growth and higher realisations due to the favourable pricing cycle in key domestic portfolios,” the company said in a statement.
For the fourth quarter of the financial year 2023-24, Marico reported a consolidated net profit of Rs 320 crore, a 4.9 per cent increase from the same period last year. The company’s revenue for the quarter saw a modest rise of 1.69 percent year-on-year, reaching Rs 2,278 crore.
At 10:03 AM; the stock of the company was trading 5.43 per cent higher at Rs 648.70 per share on the BSE. In comparison the BSE Sensex fell 0.23 per cent to 79,811 levels.
At present, the shares of the company are trading at a price to earnings multiple of 73.86 times with an earning per share of Rs 8.33.
First Published: Jul 08 2024 | 10:13 AM IST