 "P&G Health June-quarter net profit jumps 11% to Rs 49 cr despite low sales")
Procter & Gamble Health, formerly known as Merck, on Wednesday reported a 10.8 per cent jump in June quarter net profit at Rs 48.9 crore.
The profit growth came despite a fall in sales to Rs 200.3 crore due to the COVID-19 pandemic, as against Rs 224.9 crore in the April-June period of last year.
"The company delivered a strong double-digit growth for four successive quarters up until the onset of the unprecedented COVID-19 pandemic. Despite initial impact on account of disruption in business operations, the company continues to demonstrate a resilient performance," its Managing Director Milind Thatte said.
Protecting the health and safety of employees and partners, continuing to serve consumers, and support communities and relief efforts have been the company's priorities during the pandemic time, he added.
In the 18 months to June, the company reported sales of Rs 1,329 crore. The sales figure had stood at Rs 818.2 crore in the calendar year 2018, it said in a statement.
Profit after tax (PAT) for the 18 months period ended June 30, 2020 was Rs 254.1 crore, while the same stood at Rs 101.7 crore (for continuing operations) in 2018, it added.
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The company explained that it has now transitioned from a January-December financial year to a July-June fiscal, aligned with the fiscal year followed by P&G globally.
Its board has recommended a final dividend of Rs 230 per share, including an one-time special dividend of Rs 188 per equity share for the financial year ended June 30, 2020, as per the statement.
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