FMCG major Marico on Friday posted fiscal first quarter profit at Rs 436 crore, up 15.6 per cent in comparison to Rs 377 crore during the corresponding quarter of FY23, beating estimates. It posted revenue from operations at Rs 2,477 crore, down 3.2 per cent as against Rs 2,558 crore during the first quarter of financial year 2022-23. The company EBITDA stood at Rs 574 crore. According to CNBC TV18 estimates, Marico was expected to post Q1 profit at Rs 416 crore and revenue at Rs 2,500 crore. 

Marico clocked a total income at Rs 2,523 crore, down 2 per cent from Rs 2,575 crore during the same period last year. However, total expenses during the quarter stood at Rs 1,956 crore, down 5.8 per cent as against Rs 2,076 crore during Q1FY23. 

The FMCG company’s India business clocked a revenue of Rs 1,827 crore during the quarter and its international business posted revenue of Rs 650 crore during Q1FY24. 

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Earlier, Marico had announced that it has signed a definitive agreement to acquire a majority stake in Satiya Nutraceuticals that owns plant-based nutrition brand Plix.

In its annual report, the company had said that it aims to ramp up its revenue from the foods portfolio to Rs 850 crore by FY24, after closing near the Rs 600 crore mark in fiscal 2023. The company is also targeting to build a digital-first brand portfolio with an annual run rate of Rs 400-450 crore by fiscal 2024.

The Company has witnessed continued strength and resilience in its core portfolios, undertaken extensive portfolio diversification and innovation initiatives in the domestic and international businesses, made ahead of-the-curve investments in modern trade and e-commerce channels and strategic investments in digital-first brands, Marico said in a regulatory filing. 

For FY23, Marico posted a revenue of Rs 9,764 crore, growing at a CAGR of 7.4 per cent. The recurring net profit increased from Rs 926 crore to Rs 1,280 crore, growing at a CAGR of 8.4 per cent.