Marico says income tax department's survey completed; stock reacts

Marico on Thursday said the Income Tax Department has completed a survey action under Section 133A of the Income Tax Act, 1961 on some of the company’s offices and manufacturing units in India. Marico said it extended its full co-operation on the matter and that there is no further material update that requires disclosure under the SEBI Listing Regulations.

Marico shares are up 10  per cent in 2025 so far against a 2.3 per cent drop in the BSE FMCG index. On Thursday, the stock edged 0.11 per cent higher at Rs 708.65.  

The Income Tax Department uses Search under Section 132 and Survey under Section 133A of the Income Tax Act to collect information and evidence of tax evasion. A search is more intrusive and thorough, while a Survey is less intrusive and typically used for on-the-spot checks.

Earlier on September 17, Marico said that certain officials of the Income Tax Department visited some of the company’s offices and manufacturing units in India and there was no material impact of that on the business operations. 

"In the event there is any further material update that requires intimation under the SEBI Listing Regulations, the Company will make necessary disclosures in accordance with regulatory provisions," Marico said earlier.

Personal care items such as toothpaste, shampoos, soaps, hair oil, now attract only 5 per cent GST after the recent GST reform against 12–18 per cent. This is expected to lift consumption across both rural and urban markets, benefitting players such as Marico.