Nonetheless, the macroeconomic effects of the evolving geopolitical landscape in the Middle East remain a crucial factor to monitor.
The India division achieved high single-digit underlying volume growth, showing slight sequential improvement. Parachute exhibited resilience, bolstered by selective price reductions to transmit the advantages of declining copra prices.
The brand recorded low single-digit volume growth when adjusted for ml-age reductions, with gradual recovery expected through FY27.
Saffola Oils experienced high single-digit revenue growth, supported by increasing volumes. Value Added Hair Oils (VAHO) delivered another impressive quarter, growing in the twenties and reinforcing sustained momentum.
The company is optimistic about achieving double-digit growth in this segment in FY27 and over the medium term, driven by a sharper focus on mid and premium segments, expanded direct reach via Project SETU, ongoing innovation, and improved affordability following GST rationalization.
The foods portfolio saw high-teen value growth, indicating a shift towards faster scale-up. Premium Personal Care, including digital-first brands, continued to outperform, reinforcing Marico’s diversification strategy.
The international business maintained robust momentum, with constant currency growth in the high teens. Most markets performed well, though the Gulf region faced challenges due to geopolitical tensions in March.
On a consolidated basis, revenue grew in the low twenties year-on-year, enabling the company to achieve its full-year goal of mid-twenties growth.
This was supported by solid volume growth, recovery in VAHO, pricing power in core categories, progress in diversification, and sustained international momentum. Marico anticipates maintaining healthy, volume-led growth in FY27.
Regarding input costs, copra prices have decreased by approximately 35% from their peak and are expected to remain stable. However, vegetable oils and crude-linked inputs are exhibiting an upward trend.
The company stated that it will continue to implement pricing strategies to manage cost pressures while ensuring supply stability.
Marico expects a sequential enhancement in gross margins, aided by softer copra prices. It continues to invest in brand development to fortify core franchises and accelerate diversification.
The company anticipates double-digit operating profit growth for the quarter, with sequential improvement, and reiterated its commitment to achieving sustainable, profitable, volume-led growth over the medium term.
