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Marico ’s revenue from operations fell 2% in Q3 due to forex headwinds, and pricing corrections yet to take effect.- The company’s domestic volumes grew 2%, its flagship
Parachute gained market share in Q3. - Marico says it’s optimistic of a gradual uptick in consumption over the next 4-5 quarters.
Parachute maker Marico reported a 16.7% growth in consolidated net profit for the third quarter to ₹383 crore as compared to ₹328 crore in the same quarter last year. Its revenue from operations however fell 2% to ₹2,422 crore from ₹2,470 crore in December quarter of last financial year.
“Pricing corrections in the domestic portfolio are yet to anniversarize and foreign currency headwinds drag revenue growth,” said the company in its earnings statement.
The company’s domestic volumes grew 2%. Its flagship Parachute, which contributes to over 30% of domestic sales, clocked a 3% volume growth. But its value growth has been flat. It saw a 40 basis point growth in market share during the consumer.
While its foods business overall saw an 18% value growth YoY, its
“Revenue decline was in the mid-twenties on a year-on-year basis due to pricing corrections over the last 12 months that were yet to come into the base,” Marico said.
‘Consumption trend uptick over 4-5 quarters’
The company does not see the consumer sentiment changing anytime soon. With government spending and favorable consumer pricing across FMCG categories, it’s optimistic of a gradual uptick over the course of the next 4-5 quarters.
“The domestic business has contended with a persistently challenging operating environment with no visible buoyancy in consumption sentiment as subdued demand trends continued in rural and mass personal care categories, while urban has maintained a moderate momentum,” the company said in its outlook.
Its Q3 margins expanded 272 basis points to 21.2% thanks to a 13% fall in material costs. The margins of its domestic business expanded 310 basis points YoY.
Its international business also saw mixed trends. Bangladesh registered a 6% decline in constant currency growth due to macroeconomic headwinds.