Colgate-Palmolive India (CPIPL) on Friday reported a 2.27 per cent decline in its net profit to Rs 316.22 crore for the fourth quarter that ended on 31 March 2023, due to a one-time tax reversal impact.
According to the BSE filing, the personal care company posted a net profit of Rs 323.57 crore in the January-March quarter a year ago. Subsequently, it had an upside sale of 3.9 per cent to Rs 1,341.69 crore during the quarter under review against Rs 1,291.21 crore for the corresponding quarter a year ago.
While its profit before the exceptional item and tax was raised at Rs 428.06 crore.
CPIPL’s total expenses in Q4FY23 were at Rs 942.92 crore, a 2.82 per cent up as against Rs 917.01 crore a year ago. On the contrary, its total income in the March quarter stood at Rs 1,370.98 crore, a 4.64 per cent increase.
Commenting on the results, the managing director at CPIPL, Prabha Narasimhan said that the company’s domestic growth is by 5.4 per cent, with toothpaste delivering high single-digit growth despite continuous sluggish demands in the category, especially in rural areas. This has been the result of our strategy to increase consumption and innovation with a focus on delivering high-quality science-led products and premiumisation, she added.
Narasimhan further pinned a hope that the overall category growth will improve in the coming quarter.
For the fiscal year-end, March 2023, CPIL’s net profit jumped downward to 2.89 per cent at Rs 1,047.14 crore and 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 the financial year 2023, a 2.39 per cent up from the previous fiscal year.
