Colgate-Palmolive Q2 Results: Profit rises 22.3% on-year to Rs 340.05 crore, revenue up 6%; Rs 22 dividend declared

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Colgate-Palmolive (India) Limited on Thursday posted profit for the quarter ended September 2023 at Rs 340.05 crore, up 22.3 per cent in comparison to Rs 278.02 crore during the same period last year, surpassing estimates. It posted revenue from operations at Rs 1471.09 crore, up 6 per cent as against Rs 1387.48 crore during the second quarter of FY23. The company EBITDA stood at Rs 482.2 crore. EBITDA margins continued to improve, up 120 bps vs. sequential quarter and up 340 bps vs. prior year quarter driven by pricing and efficiencies. According to a CNBC TV18 poll, Colgate-Palmolive was expected to post Q2 profit at Rs 332 crore and revenue at Rs 1502 crore.

Colgate-Palmolive reported a 6.1 per cent increase in net sales for the second quarter, reaching Rs 1462.4 crore as of September 30, 2023, compared to the same period in the previous year. Domestic growth was reported at 6.6 per cent for the quarter.

“We continue to be happy with our momentum and continue to be focussed on strengthening our brand portfolio and delivering superior products to consumers. In this quarter, we have doubled down on the Colgate Strong Teeth relaunch, expanding reach & availability. This has been further supported by the excellent performance of Colgate Max Fresh, which has been relaunched with the best, proprietary freshness technology. We have also restaged our largest toothbrush franchise, Colgate Zig Zag with a superior mix that focuses on its core equity of deep, interdental cleaning. Our domestic growth remains strong, registering a 6.6 per cent increase over the previous year quarter, with our toothpaste segment witnessing higher single-digit growth,” said Prabha Narasimhan, Managing Director & CEO, Colgate-Palmolive (India) Limited.

Furthermore, the company board also said that consequent to the appointment of Niraj Kumar, Business Lead – Bangladesh, Nepal and Sri Lanka, as the Managing Director of Colgate-Palmolive ACI Bangladesh Pvt Ltd, he ceases to be a member of the leadership team of the Company effective October 26, 2023.

Niraj Kumar is a seasoned professional with more than 2 decades of experience in the FMCG Industry. He is currently acting as a Business Lead – Bangladesh, Nepal and Sri Lanka for Colgate-Palmolive (India). He joined Colgate in 2007 as Customer development manager, where he worked on turnaround of business leading to market leader in struggling markets, the company said. He also led North and East India business as Customer development team leader successfully with strong business and share growth.