India's Marico misses Q4 earnings view on sluggish demand [Reuters]
Unilever PLC (UL)
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Source: Reuters
a smaller-than-expected quarterly profit on Monday as neither price cuts nor new product ranges could sway customer demand. The consumer goods major said its consolidated net profit rose 5.3% to 3.18 billion rupees ($38.1 million) for the fourth quarter ended March 31, from 3.02 billion rupees a year earlier. Analysts, on average, had expected a profit of 3.23 billion rupees, as per LSEG data. Marico, which also owns the Set Wet and Livon brands of haircare products, has been doubling down on new launches in the last few quarters, including hair creams and shower gels, to boost its availability in rural markets. The company also slashed prices in crucial domestic portfolios such as Parachute hair oil and aftershower gels. However, none of this induced Marico's inflation-hit customers to buy its products, with major segments such as hair oil declining on a high base. Report this ad This, coupled with higher prices of raw materials such as copra, squeezed its bottomline as d
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