Colgate-Palmolive India Q1 profit up 30.5%, sales up 10.8%

FMCG major Colgate-Palmolive India Ltd on Wednesday reported a 30.52 per cent increase in its net profit to Rs 273.68 crore for the April-June quarter of 2023-24. The company had posted a net profit of Rs 209.67 crore in the April-June quarter a year ago, Colgate-Palmolive India Ltd (CPIL) said in a BSE filing. Its sales were up 10.8 per cent to Rs 1,314.73 crore during the quarter under review as against Rs 1,186.59 crore of the corresponding quarter a year ago.

CPIL's total expenses were at Rs 950.38 crore, up 3.68 per cent in the first quarter of FY 2023-24. Its total income in the June quarter was at Rs 1,338.64 crore, up 10.78 per cent. Commenting on the results Managing Director Prabha Narasimhan said: "This has been driven by good execution against our strategy focussed on growing the oral care category." Domestic sales grew at 12.3 per cent compared to the same quarter of last year, toothpaste sales recorded a high double digits growth.

"We are also seeing early signs of recovery in rural markets and remain optimistic about continued improvement," she added.

CPIL also informed that its board has approved the appointment of Indu Bhushan as an Additional Director designated as Independent Director of the company, for a first term of five years with effect from July 26, 2023. Shares of Colgate-Palmolive India Ltd on Wednesday settled at Rs 1,883.30, down 0.75 per cent from the previous close.