Colgate-Palmolive (India) reported a 10.1% decline in net profit to Rs 209.67 crore on 2.48% increase in revenue from operation to Rs 1,186.59 crore in Q1 FY23 over Q1 FY22.
Reported net profit after tax (excluding impact of exceptional item) for the quarter was Rs 216.6 crore, down 7.16% as against the net profit of Rs 233.3 crore for the same quarter of the previous year.
The company reported an exceptional expense of Rs 9.34 crore in Q1 June 2022 with respect to certain organisation structure changes.
Profit before tax stood at Rs 282.41 crore in Q1 FY23, down 10.11% from Rs 282.41 crore in Q1 FY22.
Total expenses rose 6.96% to Rs 916.60 in Q1 FY23 over Q1 FY22. During the quarter, cost of raw materials consumed jumped 14.53% to Rs 355.87 crore while employee benefits expense fell 1.34 % to Rs 93.71 crore.
Mukul Deoras, chairman at Colgate-Palmolive (India), said, "The current quarter continued to witness challenging trends that we saw in the previous quarter. While we remain cautiously optimistic that the trends will improve in the coming quarters, the current quarter was impacted by overall rural slowdown and inflationary pressures. Our overall pricing strategy and strong funding the growth programs delivered consistent margins while we continue to maintain our strong investment in innovation and brand building activities. As an organization we continue to live our values and remain unwavering in our focus to improve the health and well being of our consumers and deliver long-term shareholder value."
Colgate-Palmolive (India) provides oral care products under the 'Colgate' brand. It also provides personal care products under the 'Palmolive' brand name.
Shares of Colgate-Palmolive (India) were up 0.79% to Rs 1,545 on the BSE.
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