Marico Q1FY23 Performance Indicates A Tepid Demand For The FMCG Sector
3Marico's t, India business volumes declined in mid-single digits. The performance was particularly dragged by a sharp drop in Saffola Oils. Excluding Saffola Oils, the India business posted marginal volume growth. Parachute Coconut Oil recorded a minor volume decline. The brand passed on more value to consumers towards the second half of the quarter amidst steady deflation in copra. Value-Added Hair Oils grew in low single digits in value terms despite weak consumption sentiment, especially in rural. Saffola Oils declined in double digits, having to contend with high in-home consumption in the base quarter and significant downtrading visible from super-premium to mass segment in Edible Oils. The brand chose to maintain threshold margins over volumes in the face of unprecedented raw material inflation, supply chain issues, and the undesirable effect of price hikes on the absolute outlay for the consumer. Premium Personal Care posted robust growth across all segments of the portfolio.
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