FMCG major Colgate-Palmolive India Ltd on Friday reported a 2.27% decline in its net profit to Rs 316.22 crore for the fourth quarter ended March 31, 2023, due to the impact of a one-time tax reversal.
The company had posted a net profit of Rs 323.57 crore in the January-March quarter a year ago, Colgate-Palmolive India Ltd (CPIL) said in a BSE filing.
Its sales were up 3.9% to Rs 1,341.69 crore during the quarter under review stood as against Rs 1,291.21 crore of the corresponding quarter a year ago.
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Its Profit Before the Exceptional Item and Tax was at Rs 428.06 crore.
"Excluding the impact of one-time tax reversal in the prior year quarter, the net profit grew by 8.5% for the quarter", it said.
Colgate-Palmolive India's total expenses were at Rs 942.92 crore, up 2.82% in Q4/FY23 as against Rs 917.01 crore a year ago.
The total Income of Colgate-Palmolive India in the March quarter was at Rs 1,370.98 crore, up 4.64%.
Commenting on the results Managing Director Prabha Narasimhan said: "the Company has delivered domestic growth of 5.4%, with toothpaste delivering high single-digit growth despite continuing sluggish demand trends in the category, especially in rural".
"This has been driven by our strategy to increase consumption, innovation focused on delivering high-quality science-led products and premiumisation. We remain fairly optimistic that the overall category growth will improve in the coming quarter", she added.
For the fiscal year ended March 2023, Colgate-Palmolive India's net profit was down 2.89% at Rs 1,047.14 crore. It had reported a net profit of Rs 1,078.32 crore in the previous fiscal.
Its sales were at Rs 5,187.86 crore in FY23, 2.39% higher than the previous fiscal year.
Colgate-Palmolive India's board also approved a second interim dividend of Rs 21 per equity share of Re 1 for FY23. The total dividend would be Rs 39 per share for FY23.
Shares of Colgate-Palmolive India Ltd on Friday settled at Rs 1,626.30, up 0.12% from the previous close.
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