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ICICI Direct Report
Marico Ltd. posted revenue growth of 2.6% to Rs 2470 led by 8% growth in international business. Domestic sales grew at 2% led by 4% volume growth. On three-year compound annual growth rate basis, consolidated sales and operating profit growth was 11% & 7%, respectively, whereas domestic volume growth was 6% on a three-year CAGR basis.
Parachute sales de-grew 6% but volume growth was 2% during the quarter. With a significant decline in copra prices, unorganised to organised conversion slowed down considerably in the last one year. However, with some increase in copra prices last quarter, Parachute gained small 30 basis points market share, largely from the unorganised market.
Value added hair oil segment sales de-grew 3%, adversely impacted by a adverse rural demand conditions. Within the product portfolio, mid and premium oil segment is growing better than mass segment.
Saffola sales (edible oil and foods) witnessed growth of 10% with edible oil witnessing ~13% volume growth in Q3. Trade as well as consumer sentiment improved with some stabilisation in prices.
Foods business continued to witness strong growth of 31% led by 20% growth in Saffola Oats and scale up of newly launched products. Marico launched Saffola Munchiez in snacks category with ‘Ragi Chips' and ‘Roasted Makhana.
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