Mumbai, Aug 3 (IANS) Colgate-Palmolive (India) Ltd. on Thursday reported a rise of 8.48 per cent in its net profit after tax (PAT) for the first quarter (Q1) ended June 30.
According to the company, its PAT during the quarter under review rose to Rs 136.38 crore from Rs 125.72 crore in Q1 2016-17.
However, the company’s total income from operations for the April-June quarter stood at Rs 1,131.01 crore — down 2.43 per cent — from Rs 1,159.17 crore reported during the corresponding period of last fiscal.
“Colgate-Palmolive (India) today (Thursday) reported net sales for the quarter ended June 30, 2017, of Rs 1,109.9 crore, a decrease of 3 per cent over Q1 of the previous year, largely due to destocking in the trade channel ahead of the implementation of GST,” the company said in a statement.
Colgate-Palmolive also reported a volume decline of 5 per cent during the quarter.
“The company continues to maintain its leadership position in both toothpaste and toothbrush categories, with volume market shares at 54.3 per cent and 45 per cent, respectively, in Q1 2017-18,” it added.
Issam Bachaalani, Managing Director at Colgate-Palmolive (India) Ltd., said: “GST has enabled us to pass on the benefits to our consumers leading to a reduction in MRPs (maximum retail price) by 8 to 9 per cent for our key categories of toothpastes and toothbrushes.”
The company’s scrip on the BSE surged by 4.25 per cent to close at Rs 1,082.95 per share on Thursday.