Marico surged 8 percent in early morning deals on Tuesday after the FMCG major posted over two-fold increase in consolidated net profit at Rs 405 crore for the fourth quarter of 2018-19. The rise in profit was aided by one-time write-back of tax provisions amounting to Rs 188 crore.

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The company had reported a net profit of Rs 183 crore in the corresponding period of fiscal 2017-18. For FY19, the company posted a net profit of Rs 1,135 crore, up 37.24 percent from Rs 827 crore in FY18.

The stock rose as much as 7.9 percent to hit the day's high of Rs 367 per share on BSE. At 9:45 am, it was trading 6.9 percent higher at Rs 363. In comparison, the S&P BSE Sensex was up 0.44 percent (165 points) at 38,770.

Revenue from operations rose to Rs 1,609 crore for the March quarter, as compared to Rs 1,503 crore in the same period of 2017-18, Marico said in a regulatory filing.

The company said that the estimated capital expenditure in current fiscal is likely to be around Rs 1,25,150 crore and will aim for volume growth of 8-10 percent and a topline growth of 13-15 percent

It further added that investments towards brand building will be stepped up to support market growth initiatives in core categories and expansion into adjacent categories.

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