Colgate-Palmolive (India) is trading higher by 3% at Rs 1,269, also its record high, after reporting a better-than-expected 37% year-on-year (yoy) growth in net profit at Rs 145 crore in September 2012 quarter on back of higher volumes. Analyst on an average had expected profit of Rs 122 crore from personal products maker.
Net sales grew in line with market expectation of 18% at Rs 774 crore on y-o-y basis. Operating profit margins improved by over 300 bps to 24.64% from 21.31% during the recently concluded quarter.
“Prudent price increases and cost management has enabled the company to maintain its gross margin for the period despite significant inflationary pressure,” Colgate said in a statement.
The stock opened at Rs 1,250 and hit a low of Rs 1,240 on the BSE. A combined 140.770 shares have changed hands on the counter so far on both the exchanges.