On Wednesday, Colgate-Palmolive (India) reported a 10.1% decline in net profit to Rs 209.67 crore on a 2.48% increase in revenue from operation to Rs 1,186.59 crore in Q1FY23 this year FY23. The consolidated net profit after tax for the quarter was Rs 216.6 crore, down 7.16% against the net profit of Rs 233.3 crore for the same quarter of the previous year.

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The company reported an exceptional expense of Rs 9.34 crore in the June Quarter to some organization structure changes. Profit before tax stood at Rs 282.41 crore in Q1FY23, down 10.11% from Rs 282.41 crore in Q1FY22.
Total expenses rose 6.96% to Rs 916.60 in Q1FY23 over Q1FY22. During the quarter, the cost of raw materials consumed jumped 14.53% to Rs 355.87 crore whereas employee benefits expenses fell 1.34 % to Rs 93.71 crore.

Mukul Deoras, chairman of 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 the overall rural slowdown and inflationary pressures. Our overall pricing strategy and strong funding of the growth programmes delivered consistent margins while we will 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.”