Profits lower on high tax, use of cash for acquisition: Marico
Marico reported sluggish earnings for the second quarter with profits coming in below expectations. Anubhav Rastogi, head of investor relations, mergers and acquisitions at Marico, says that profits are lower due to a higher tax rate and use of cash for a recent acquisition. Organic volume growth also came in weaker than expected at 9 per cent, he adds.
