FMCG firm Jyothy Laboratories today reported 29.29 per cent decline in consolidated net profit at Rs 75.95 crore for the March quarter on account of setoff losses.
The company had posted a net profit of Rs 107.42 crore in January-March period a year ago, Jyothy Laboratories said in a regulatory filing.
Total income during the reported quarter stood at Rs 557.59 crore. It was Rs 468.20 crore in the corresponding period a year ago.
The net profit was down to Rs 76 crore due to tax reversal on setoff losses of JCPML (Erstwhile Henkel Marketing India) with JLL in 2016-17, the company said.
Jyothy Labs said its revenues were not comparable as sales for the quarters ended March 31, 2018 and December 31, 2017 are net of GST. However, sales period ended June 30 is gross excise duty.
"Accordingly, the amount are not fully comparable," the company said.
Its total expenses stood at Rs 450.59 crore. It was Rs 423.64 crore in January-March of 2016-17.
For entire 2017-18, Jyothy Labs' net profit was down 12.38 per cent at Rs 178.87 crore as against Rs 204.15 crore in 2016-17.
Its total income was at Rs 1,812.87 crore as against Rs 1,759.87 crore in 2016-17.
"Though the first quarter of the year under review was very negative, second, third & fourth quarters have shown excellent progress and hope to continue the progress in the coming quarter also," Chairman & Managing Director M P Ramachandran said.
Meanwhile, in a separate filing Jyothy Labs informed that its board has appointed Sanjay Agarwal as Chief Financial Officer with effect from today.
K Ullas Kamath will continue to act as the joint managing director of the company, it added.
The board also recommended a dividend of 50 paise per equity share of Re 1 each for 2017-18.
Shares of Jyothy Laboratories closed at Rs 391.70 at BSE, up 4.96 per cent from previous close.
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