Marico’s profit grows faster than revenue in Q2

Marico Bangladesh's profit has grown at a higher pace than revenue in the July-September quarter of the current financial year as the consumer goods manufacturer and marketer was successful in reducing the cost of sales and improve finance income.

The multinational company's revenue grew 2 percent year-on-year to Tk 375.55 crore in three months to September 30 of the financial year ending in March 2024, according to the price sensitive disclosure by Marico.

On the other hand, it could cut its raw materials cost by 9 percent year-on-year to Tk 161.56 crore in the July-September period.

Marico also slashed its marketing selling and distribution expenses during the period this year.

The company successfully recovered from last year's negative net finance income and posted gains in the current year.

As such, Marico recorded a 20 percent increase in its net profit to Tk 116.89 crore in July-September period this financial year from Tk 97.18 crore the same period a year ago.

The company's earnings per share (EPS) soared to Tk 37.11 in the three months to the end of September 30, up from Tk 30.85 the previous year.

Overall, Marico posted a 25 percent growth in its EPS to Tk 79.29 in the April-September of the current financial year from Tk 63.51 a year ago.

The multinational company recorded around Tk 250 crore in net profit in the six months of the 2023-24 financial year, up from Tk 200 crore the same period a year ago, according to its data.

Marico's share price today closed 0.03 percent higher to Tk 2,472 on the Dhaka Stock Exchange.