Financial results of Colgate-Palmolive (India) Limited for Q1FY24 were out on Wednesday. The company reported a net consolidated profit of ₹273.7 crore, marking a significant YoY increase of 31%. During the quarter ending in June 2023, Colgate’s sales showed a robust growth of 10.8%, reaching ₹1314.7 crore.
The company’s revenue also experienced a positive surge, rising from ₹1,208.3 crore in Q1FY23 to ₹1,338.6 crore in the quarter ending June 2023. Moreover, the Earnings Per Share (EPS) of Colgate improved to ₹10.6 in Q1FY24 from ₹7.71 in the same quarter of the previous fiscal year.
The management of the company has expressed satisfaction with the quarterly results, highlighting the strong sales growth and enhanced profitability ratios. It attributed this success to their well-executed strategy focused on expanding the oral care category. Notably, domestic sales saw a substantial growth of 12.3% compared to the same quarter last year, with toothpaste sales recording high double-digit growth. Moreover, rural markets are looking promising.
The stock reacted positively to the result. It closed with 6.30% gains at Rs.2002.00 apiece on NSE on Thursday.