Marico shares fall 2% as stock trades ex-dividend (2024)

Marico stock has gained just a percent in the past year, underperforming the benchmark Nifty, which has risen 26 percent during the period

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Shares of FMCG player Marico fell over 2 percent on March 6 as the stock traded ex-dividend. Marico had announced an interim dividend of Rs 6.5 a share for FY24 in February and fixed March 6 as the record date for the dividend, which will be paid on or before March 28.

The ex-dividend date determines which shareholders is eligible for the payout on that date. It is the day when the stock of the company goes ex-dividend, meaning the stock from that day does not carry the value associated with its next dividend payment.

At 2.28 pm, Maricowas trading at Rs 506.85 on the National Stock Exchange, down 2 percent from the previous close. In the past year, the stock has risen just a percent, underperforming the benchmark Nifty, which has risen 26 percent during the period.

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For the quarter ended December 2023, Marico reported a consolidated net profit of Rs 386 crore, a growth of 16 percent on-year. Revenue stood at Rs 2,422 crore, down 2 percent from Rs 2,470 crore in the year-ago quarter.

Its earnings before interest, tax, depreciation and amortization (EBIDTA) came in at Rs 513 crore, up 12.5 percent on-year. The FMCG major's EBIDTA margin was at 21.2 percent, up 270 bps YoY.

Marico anticipates a positive turn in consolidated revenue growth in the last quarter of the year, benefiting from a catching-up base. Gross margin is projected to expand by 450-500 basis points for the full year, surpassing previous expectations on favourable input costs and portfolio mix.

Aggressive investments in brand-building for both core and new franchises are going to bolster equity and stimulate growth.

Also Read |Meltdown in broader market as midcaps, smallcaps burn amid heavy selling

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Moneycontrol News

first published: Mar 6, 2024 02:49 pm

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