Shares of Marico rose more than 3 per cent in the morning trade as the company has reported a 16.51 per cent increase in its consolidated net profit at Rs 223.28 crore for the quarter ended December 31, 2017.
Marico attributed Q3 earnings to higher income led by gains in market share. The company had posted a net profit of Rs 191.64 crore during October-December quarter of the previous fiscal.
After opening on a bullish note at Rs 303.55, the stock gained further ground to touch a high of Rs 307, up 3.02 per cent over the previous close. On the NSE, the stock surged to a high of Rs 307.75, registering a jump of Rs 3.54 over the previous closing price.
Total income during the quarter under review stood at Rs 1,641.74 crore against Rs 1,439.99 crore in the year-ago period. Marico said India business posted a healthy volume growth of 9.4 per cent, while international business grew by 9 per cent in constant currency terms.
The company also announced a second interim equity dividend of Rs 2.5 per equity share of Re 1 each for the financial year 2017-18.
“We had a stable quarter marked by healthy growth in most franchises with a sustained momentum in offtake growth and market share gains,” Marico Ltd MD and CEO Saugata Gupta said.
He said the company is witnessing early signs of revival in consumer sentiment, especially in rural areas.