Financial Daily from THE HINDU group of publications
Friday, Jul 19, 2002
Marico net up 15.5 pc in Q1
MUMBAI, July 18
MARICO Industries Ltd has reported a 15.5 per cent increase in profit after tax at Rs 13.47 crore for the first quarter ended June 30, 2002, against Rs 11.66 crore in the year-ago period.
Turnover rose to Rs 181.66 crore from Rs 152.10 crore in the year-ago period.
The increase in turnover was attributed to higher realisation of coconut oil and refined edible oils owing to a rise in raw material costs, which necessitated higher retail prices.
Marico's coconut oil Parachute and Oil of Malabar grew by 10 per cent.
The hair oil franchise, which includes Parachute Jasmine, Shanti Amla and Hair & Care, grew by 49 per cent. Fabric care volumes rose by 15 per cent and Saffola by 6 per cent while Sweekar Sunflow Oil showed degrowth.
Marico's Mi-Net Project went live on April 1.
"It establishes a network between Marico and 330 of its distributors through a Web interface,'' the company said in a press release.
Benefits would accrue through increased penetration by the sales force, reduced communication costs, reduced working capital requirement, the release said.
The company said its board was planning to meet on August 1 to consider specific strategies such as interim dividend and issue of redeemable preference shares.
The company said that its cash profits have increased over the years enabling it to retain a zero debt situation.
"Thus, to the extent funds are not required to be earmarked for acquisitions, it may be prudent for Marico to explore innovative ways of distribution of surplus funds to the shareholders,'' the release said.
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