Indian FMCG (fast moving consumer goods) major Marico Ltd. resumed at its normal scale in Bangladesh.
Apprising the status of Marico's business operations in Bangladesh in the wake of recent developments in the country, the company said in an exchange filing, "By way of additional update, we would like to inform you that our manufacturing operations in the country have resumed at normal scale on Sunday, August 11."
The maker of Parachute and Saffola added, "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. We continue to prioritize the safety of our employees, factory workers, distributors and other stakeholders of our business. As previously mentioned, we firmly believe that the medium-term prospects of Marico's business in Bangladesh remain intact."
In Marico's FY25 Q1 investor presentation, the company said that within the international business, Bangladesh registered 10% CCG (constant currency growth) as the business stayed resilient and sustained its momentum. South-East Asia was flat in CC terms, as the recovery in HPC demand in Vietnam was offset by a weak quarter in Myanmar. MENA delivered 20% CCG with both the Gulf region and Egypt faring well. South Africa registered 28% CCG driven by the ethnic hair care segment. NCD and exports posted 14% growth.
Marico share price today rose 3.1 per cent to Rs 665.55 per share on the Bombay Stock Exchange (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.
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 —Indian media
