Marico witnesses faster recovery in Q3

FMCG major Marico on Monday said it has witnessed faster than expected recovery in consumer sentiment in India and a strong performance in the third quarter this fiscal, after being impacted by Covid-19 pandemic.

The company said it has observed strong performance across its portfolio with general trade continuing to grow firmly and rural markets staying ahead of urban. "The quarter was characterised by a faster than expected recovery in consumer sentiment in India, aided by the festival season and a declining Covid-19 graph. "India business delivered a strong performance with double-digit volume growth. Revenue growth was in tandem with volume growth.

Parachute Coconut Oil delivered ahead of its medium-term aspiration. Saffola Edible Oils continued its growth momentum, delivering double-digit volume growth," Marico said in its quarterly update for December 2020. The value-added hair oils also exhibited strength with a broad-based sharp recovery across sub-segments, leading to overall double-digit growth for the category.

The food portfolio continued to witness exponential growth in line with the near-term aspiration, backed by strong performance in both the base foods and the new product launches, the company said. It noted that there was a steady revival in discretionary categories with the premium personal care portfolios witnessing improving trends sequentially, however, still posting a modest decline on a year-on-year basis.

Marico said the international business had a resilient quarter with high-single-digit constant currency growth, led by double-digit constant currency growth in Bangladesh and recovery in a few other markets.