Marico announces interim dividend of Rs 6.50

This marks the second interim dividend by Marico in FY24.

The board of Marico Ltd approved a second interim dividend of Rs 6.50 per share on February 27 but the shares of the FMCG firm did not react much and were trading 0.4 percent lower at Rs 523.40 on the NSE at 3.05 pm.

The record date for the dividend is set for March 6 and eligible investors will receive a payout latest by March 28.

Previously, the consumer company announced two dividends in 2023. Those included a Rs 3 a share payout in November 2023 and another interim dividend of Rs 4.50 in March of the same year.

Last month, the company also recorded a 16 percent on year rise in its consolidated net profit to Rs 386 crore for the October-December quarter as against Rs 333 crore in the year-ago quarter.

Total revenue of the company was down 2 percent on year to Rs 2,422 crore from Rs 2,470 crore in the year-ago quarter. Demand trends in the quarter also remained muted, as FMCG volume growth, on a four-year CAGR basis, remained in low single digits.

Motilal Oswal also attributed the revenue decline to the impact of price cuts and an unchanged volume trend. “A sequential improvement was noted in urban areas, while the rural recovery was slow. However, the demand environment remained muted during the quarter,” added the brokerage.

Also Read | Marico gains on plans to review a second interim dividend for FY24 on Feb 27

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