Marico Kaya gets a 'face-lift'
Marico Kaya Enterprises (MaKE), the demerged and now separately-listed skin care services arm of Marico, has been in the limelight on surging volumes and sharp price rise. Today, shares of MaKE are trading 13.7% higher at Rs 417 a piece on BSE. During the previous trading session (Thursday), the counter was locked in 20% upper circuit.
During the quarterly results board meeting on 8th August 2014, Harsh Mariwala was re-designated as company’s Chairman and Managing Director from Chairman and Whole-time Director earlier. Mr. Harsh Mariwala has bought shares in the company through two open market purchases, and his present holding stands at 2.21%, from 1.75% earlier. Other members of the promoter group have also been active in open market purchases over the past week – Kishore Mariwal upped holding to 0.41% currently from 0.26% earlier while Rajendra Mariwal’s holding stands at 0.93% currently from 0.53% earlier, as per stock exchange filings.
For Q1FY15, MaKE reported consolidated revenue of Rs. 75 crore and net profit of Rs. 63 lakh. It has called off sale of the Middle East business, as the terms could not be finalized between the prospective buyers. Hence, but for this one-time termination expense of sale agreement, net profits would be higher by about Rs 4 crore, leading to normalized EPS of Rs. 3.5 for Q1.