Colgate-Palmolive India Ltd, a leading FMCG company, announced a 2.27% drop in net profit to INR 316.22 crore for the fourth quarter that ended on March 31, 2023. This decline was primarily due to a one-time tax reversal. In the corresponding period last year, the company had reported a net profit of INR 323.57 crore. CPIL disclosed this information in a BSE filing.
During the quarter under review, the sales of the company rose by 3.9% to INR 1,341.69 crore, as compared to INR 1,291.21 crore in the corresponding quarter of the previous year.
The company’s Profit Before Exceptional Item and Tax stood at INR 428.06 crore.
“Excluding the impact of one-time tax reversal in the prior year quarter, the net profit grew by 8.5 per cent for the quarter,” it said.
CPIPL recorded a 2.82% rise in its total expenses during Q4/FY23, which amounted to INR 942.92 crore, compared to INR 917.01 crore in the same period the previous year.
In the March quarter, CPIL’s total income increased by 4.64% to reach INR 1,370.98 crore.
Commenting on the results Managing Director Prabha Narasimhan said, “The Company has delivered domestic growth of 5.4 per cent, 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 focussed 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.
CPIL’s net profit for the fiscal year ending March 2023 decreased by 2.89% to INR 1,047.14 crore, compared to INR 1,078.32 crore in the previous fiscal year.
In FY23, its sales rose by 2.39% to INR 5,187.86 crore, compared to the previous fiscal year.
CPIL’s board has sanctioned a second interim dividend of INR 21 per equity share with a face value of INR 1 for FY23. This brings the total dividend for FY23 to INR 39 per share.
On Friday, Colgate-Palmolive India Ltd’s shares closed at INR 1,626.30, indicating a 0.12% increase from the previous day’s closing price.