“In the given context, domestic volumes grew in low single digits on a year-on-year basis with a slight sequential improvement in our core portfolio,” says Marico.

“With a degree of pricing corrections in key domestic portfolios yet to anniversarize and significant currency depreciation in select overseas geographies, consolidated revenue declined in low single digits on a year-on-year basis,” it adds.

According to the company, amongst segments, Parachute Coconut Oil registered low single digit volume growth with loose to branded conversions trending positively. Saffola Oils had an optically weak quarter owing to a high base and persistently cautious trade sentiment, even while offtakes remained healthy. Value Added Hair Oils posted low single-digit value growth amidst sluggishness in the bottom of the pyramid segments of the portfolio.

“Among key inputs, copra and edible oil prices remained at lower levels and crude derivatives also exhibited some downward bias, thereby leading to robust gross margin expansion on a year-on[1]year basis. A&P spends were ramped up in line with our strategic intent to continually strengthen the long-term equity of both the core and new franchises. Consequently, we expect low double-digit operating profit growth on the back of a healthy expansion in operating margin, thereby staying on track to deliver on the margin guidance for the full year,” the company says.

In the international market, the company delivered mid-single digit constant currency growth amidst transient macro headwinds in the Bangladesh market, while the rest of the geographies held strong. For its outlook, the FMCG major expects to maintain sustainable and profitable volume-led growth over the medium term. The company is yet to announce financial results for December quarter.

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Marico shares slump 5% on decline in Q3 revenue