Marico cracks over 4% after it flags lower revenue

New Delhi: Shares of Marico Ltd cracked more than four per cent on Thursday after the company flagged lower consolidated revenue on a year on year basis. Marico shares were down 4.4 per cent at Rs 544.95 on BSE on Thursday.

Marico said consolidated revenue was marginally lower on a year-on-year basis, dragged by pricing corrections in key domestic portfolios over the last 12 months, which will progressively come into the base going ahead.

Moreover, currency depreciation in some of the overseas markets had an adverse effect on the reported INR growth in the international business.

During the quarter, demand trends largely mirrored the trends observed in the preceding quarter. Instances of rising food prices and below-normal rainfall distribution in some regions seemed to impede the anticipated recovery in rural demand.

Consumption trends, particularly in rural, are expected to improve in H2 owing to retail inflation levels staying within RBI’s target range, hike in MSPs, healthy sowing season, easing liquidity pressures and government spending.