CRISIL has reaffirmed 'AA+/Stable/A1+' ratings on the bank facilities and commercial paper programme of Marico. It continue to reflect its strong market position, healthy operating efficiency and robust financial risk profile.

The above-mentioned rating strengths are partially offset by Marico's considerable, though reducing, dependence on its flagship brands ' Parachute and Saffola; and susceptibility of operating margin to raw material price volatility.

CRISIL believes that Marico's business risk profile will benefit from increasing diversity in revenue profile and Marico's strong market position over the medium term. The outlook may be revised to 'Positive' if Marico further diversifies its revenue and accrual base.

Conversely, the outlook may be revised to 'Negative' in case the company contracts more-than-expected debt to fund any significant acquisition, or if the margins or revenue growth is lower-than-expected, leading to weakening of its financial risk profile.

Shares of the company gained Rs 1.8, or 0.67%, to trade at Rs 272. The total volume of shares traded was 38,897 at the BSE (3.07 p.m., Tuesday).