Marico Q2 Net Profit Up 17% At Rs 13 Cr

Mumbai, October 17: | Updated: Oct 18 2002, 05:30am hrs
Marico Industries has posted a 17 per cent increase in net profit at Rs 13.02 crore for the second quarter-ended September 30, 2002 from Rs 11.10 crore in the corresponding quarter last year. The company reported a net profit for the half year ended September 30, 2002 at Rs 26.50 crore, an increase of 18.8 per cent from Rs 22.30 crore last year.

The companys turnover for the quarter increased to Rs 195 crore, an increase of 13 per cent from Rs 172.26 crore last year. Turnover for the half year ended September 30, 2002 was at Rs 377.02 crore as compared to Rs 324.36 crore in the same period last year. The companys return on capital employed was at 30.4 per cent for the half year ended, while return on net worth was at 25.5 per cent. Marico has appointed Rajeev Bakshi as additional director on the board of directors of the company. Mr Bakshi recently took charge at PepsiCo (India) as managing director. Marico Industries has also declared a second interim dividend of 10 per cent on equity share capital (as recently enhanced to Rs 29 crore) for the fiscal 2002-03. The company has also approved reorganisation of reserves for adjusting written down value of intangible assets. Maricos Parachute and Oil of Malabar continue to lead the market, while its hair oil franchise comprising Parachute Jasmine, Shanti Amla and Hair and Care grew by 28 per cent. Maricos refined oil franchise of Saffola and Sweekar have held onto their second position in the market. Contribution of new products to Maricos total turnover stood at 15 per cent, up from last years 10 per cent.