Colgate-Palmolive (India) Ltd on Tuesday reported a 20.1 % increase in profit after tax (PAT) to Rs 379.8 crore in the March quarter.

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The company had posted a PAT of Rs 316.2 crore in the same quarter a year ago, Colgate-Palmolive (India) said in a regulatory filing.

The company's net sales in the quarter under review increased to Rs. 1,480.7 crore from Rs. 1,341.7 crore in the same period a year ago, it added.

The company maintained sequential growth momentum in the fourth quarter of FY24 on the back of strong performance in toothpaste.

Rural markets continued to exhibit positive signs of demand recovery, growing ahead of urban, the company said.

It continued to invest in brand building with an increase in advertising spend by 18 per cent in the fourth quarter as compared to the previous year quarter, the filing said.

For the fiscal ended March 31, PAT grew 26.4 per cent year-on-year to Rs 1,323.7 crore from Rs 1,047.1 crore in the previous year, Colgate-Palmolive (India) said.

In FY24 net sales grew 8.8 per cent to Rs 5,644.2 crore from Rs 5,187.9 crore in FY23, it added.

Led by double-digit growth in the toothpaste category, the company delivered domestic growth of 9.5 per cent.Robust performance in FY24 was achieved through a successful execution of strategic objectives, namely growth acceleration in core portfolio, premiumisation through science-based innovation, driving category growth in toothbrush and building personal care category, it said.

"From a geography lens, our rural business has grown faster than urban and we continue to see strong performance in modern trade and e-commerce platforms," Colgate-Palmolive (India) Managing Director & CEO Prabha Narasimhan said.

On the outlook, Narasimhan said, "In the coming year, we are optimistic seeing the market recovery, the continued strengthening of our very strong brand and a robust innovation pipeline, starting with a first of its kind 'Tooth Whitening Booster' under the 'Visible White' range." 

The company's board has declared a second interim dividend of Rs 26 per share of Re 1 each.

In addition, the board has also declared a one-time special interim dividend of Rs 10 per share in view of the "excellent performance" for 2023-24. 

The dividend payout to the shareholders will be Rs 979.2 crore, the filing said.