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Marico rolls out two baby care products as it continues to branch out from Parachute Coconut Oil

  • Published at 06:16 pm November 30th, 2020
Parachute coconut oil profit 2020

The new products -- a face cream and rash cream -- takes the number of products under Marico’s babycare line Parachute Just for Baby, to 7

Indian fast-moving consumer goods company Marico has added two new products to its baby care range as part of the Parachute Coconut Oil maker’s efforts to cut down on its dependency on the much-loved hair oil for its earnings.

The new products -- a face cream and rash cream -- takes the number of products under Marico’s babycare line Parachute Just for Baby, which was launched in February 2019, to seven.

The rash cream is designed to help repair and protect the baby’s skin from diaper rash, inflammation, itchiness, dryness, while the face cream will moisturise the baby’s face, keeping it healthy, soft and supple all day long during the winter months, said a press release.

The products come as part of Marico’s efforts to become a one-stop destination for baby care products, said Allen Ebenezer Eric, marketing director of Marico Bangladesh.

The Parachute Just for Baby line already has lotion, body wash, body oil, powder and soap.

“Lakhs of mothers have placed their trust on the Parachute Just for Baby range of products. The foundation of this trust has been their personal experience of using and recommending safe products from the brand,” he added.

The development is yet another spot of good news for its shareholders, which had announced an interim cash dividend of 200 per cent for the first half of its 2020-21 financial year, which runs from April to March.

It gave a whooping 950 per cent cash dividend for its last financial year, up from 650 per cent in the 2018-19 financial year.

Between July and September, its profit soared 17.8 per cent year-on-year to Tk 78.9 crore as demand returned for its personal grooming products with the reopening of the economy from June.

During the quarter, the Bangladesh subsidiary of the Mumbai-based company performed better than its parent, whose profit was up 8 per cent to Rs 273 crore.

Marico Bangladesh -- whose portfolio comprises largely of personal grooming products ranging from hair oil to hair dye, body lotion to baby care, men’s toiletries to cooking oil -- logged in sales of Tk 290 crore during the quarter, up 16.7 per cent from a year earlier.

The Indian FMCG company had its eye on the ball at all times: given the heightened hand hygiene practice inflicted by the global coronavirus pandemic, which firmly took root in March, the company rolled out a hand sanitiser and a hand wash earlier in April in record time.

Then in June, it supplemented its hygiene range, called the MedikerSafeLife, by introducing a cleaning solution that removes all the germs, bacteria, chemicals, waxes and soil present on the surface of fruits and vegetables without leaving any residue, aftertaste or smell.

The hygiene product launches coupled with the popularity of its hair care products took Marico’s profit in the first half of the financial year, which runs from April to March, to Tk 178.5 crore, up 17.6 per cent year-on-year.

The sales of its flagship product, the Parachute Coconut Oil -- which is the leader in the $41.3 million hair oil market with an 80 per cent share -- increased 8 per cent during the quarter, said Marico’s parent company in its second-quarter earnings statement.

Shares of Marico, which was listed in 2009, closed at Tk 2,110.9 on Monday, up 0.5 per cent from the previous day.

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