In an interview CNBC-TV18, Sumit Malhotra, MD of Baja Corp said that the first quarter was disappointing in terms of volume growth as poor rural growth led to less consumption.
FMCG firm Bajaj Corporation Ltd (BCL) plans to pursue acquisitions targeting niche brands and tap rural areas to push growth, particularly in light hair oil segment, where it aims to have a market share of 65 percent.
Nomarks has more than 12 percent market share in the Rs 342 crore anti-marks category and the brand acquisition gives hair oil maker Bajaj Corp an entry into the skin care market.
The hair oil maker's net sales in April-June rose 23 percent to Rs 170 crore. It raised its advertising spends last quarter by 52 percent to Rs 15 crore.
Personal care products maker Bajaj Corp's net profit for the third quarter rose 46 percent year-on-year to Rs 42 crore, sending its shares up 5 percent to a 52-week high of Rs 256.50 on NSE.
Consumer goods firm Bajaj Corp's second quarter net profit rose 34% year-on-year to Rs 38 crore, sending the shares up over 2% in afternoon trade.
Hair oil maker Bajaj Corp has raised price of its largest selling brand 'Almond Drops' by 8.6% to offset input costs pressures, MD Sumit Malhotra said on Wednesday.