Marico Share Price: Marico share price today rose 3.1 per cent to Rs 665.55 per share on the BSE on Tuesday after the company shared an update regarding its operations in Bangladesh.
At 12:55 PM, Marico share price was quoting at Rs 666, up 1.88 per cent, on the BSE. By comparison, the benchmark BSE Sensex was down 330 points, or 0.76 per cent, at 79,319 level.
“By way of additional update, we would like to inform you that our manufacturing operations in the country have resumed at normal scale yesterday. Operating conditions in the market have been gradually improving and a large majority our retail sales force and distributors have been functioning since last week,” said the firm in an exchange filing.
On August 7, Marico said that it hopes to resume the manufacturing operations in Bangladesh. In a stock exchange filing, the company said that the operating conditions in Bangladesh market are improving “gradually”. However, the company added, “We remain watchful”.
The company also added that the safety of all employees, factory workers in all manufacturing units is its primary priority. While the manufacturing operations have been stalled due to the ongoing unrest, majority of Marico’s retail sales force and distributors have now resumed business, the statement said.
“We firmly believe that the medium-term prospects of Marico’s business in Bangladesh remain intact,” Marico said.
Bangladesh makes up for around 44 per cent of Marico’s international business revenues, which in turn contributes to around a quarter to the consolidated topline. Therefore, the Bangladesh market makes up for around 12 percent of Marico’s total revenue.
In the quarter ended June, within the International business segment, Bangladesh registered 10 percent CCG (constant currency growth) as the business stayed resilient and sustained its momentum.
The FMCG player continues to reduce its reliance on the Bangladesh market over the long-term, but for the quarter gone by, sales from the troubled country maintained double digit momentum. However, Marico is diversifying its international exposure to slash its dependence on Bangladesh.
Comments
0 comment