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Emami profit grows 16.7%

Emami executive chairman R. S. Agarwal (right) with wholetime director R. S. Goenka in Calcutta on Saturday. Picture by Kishor Roy Chowdhury

Calcutta, Aug. 9: Emami has reported a 16.71 per cent growth in consolidated net profit for the quarter ended June 30, 2014 at Rs 70.81 crore compared with Rs 60.67 crore in the corresponding period of the previous fiscal.

Net sales in the June quarter were higher by 25.56 per cent at Rs 481.73 crore compared with Rs 383.65 crore in the year-ago period.

The FMCG firm is planning to liquidate its UK subsidiary and focus on emerging markets.

“Because it is a dormant company (Emami UK), we intend to apply for liquidation in this financial year. It was just a trading company. There will be no impact on business,” chief financial officer N. H. Bhansali said on the sidelines of the company’s 31st annual general meeting.

Emami also plans to revisit the Egypt market.

“In Egypt, we have a small plant and we have a structure there. It is on hold. We are evaluating that. The political situation appears to be stabilising,’ he said.

Executive chairman R. S. Agarwal said the company was chalking out a growth plan for the short term (one year), mid-term (three years) and long term (five years).

The homegrown FMCG company is looking at acquisitions in India and abroad, especially in markets where it has a presence.

 
 
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