Results     15-May-24
Analysis
Colgate-Palmolive (India)
OP up 17.76%
For the quarter ending March 2024, standalone Net sales (including other operating income) of Colgate-Palmolive (India) has increased 10.32% to Rs 1,490.01 crore compared to quarter ended March 2023.  Operating profit margin has jumped from 33.46% to 35.72%, leading to 17.76% rise in operating profit to Rs 532.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 27.05% to 26.33%.   Purchase of finished goods cost fell from 5.28% to 3.55%.   Employee cost increased from 6.73% to 6.78%.   Other expenses rose from 27.08% to 27.20%.   Selling and administration expenses rose from 10.71% to 11.47%.   

Other income up 11.30% to Rs 22.65 crore.  PBIDT rose 17.48% to Rs 554.82 crore.  Provision for interest up 25.93% to Rs 1.36 crore.  Loan funds rose to Rs 71.75 crore as of 31 March 2024 from Rs 68.96 crore as of 31 March 2023.  Inventories declined from Rs 335.45 crore as of 31 March 2023 to Rs 296.41 crore as of 31 March 2024.  Sundry debtors were higher at Rs 167.39 crore as of 31 March 2024 compared to Rs 157.37 crore as of 31 March 2023.  Cash and bank balance rose to Rs 1,373.78 crore as of 31 March 2024 from Rs 923.00 crore as of 31 March 2023.  

PBDT rose 17.47% to Rs 553.46 crore.  Provision for depreciation down 2.34% to Rs 42.1 crore.  Fixed assets declined from Rs 975.88 crore as of 31 March 2023 to Rs 904.35 crore as of 31 March 2024.  

Profit before tax grew 19.46% to Rs 511.36 crore.  Provision for tax was expense of Rs 131.54 crore, compared to Rs 109.97 crore.  Effective tax rate was 25.72% compared to 25.80%.

Profit after tax rose 20.11% to Rs 379.82 crore.  

Equity capital stood at Rs 27.20 crore as of 31 March 2024 to Rs 27.20 crore as of 31 March 2023.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 51.00% as of 31 March 2024 ,compared to 51.00% as of 31 March 2023 .  

Full year results analysis

Net sales (including other operating income) of Colgate-Palmolive (India) has increased 8.69% to Rs 5,680.43 crore.  Operating profit margin has jumped from 29.60% to 33.46%, leading to 22.87% rise in operating profit to Rs 1,900.82 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.58% to 25.75%.   Purchase of finished goods cost fell from 5.70% to 4.33%.   Employee cost increased from 7.22% to 7.27%.   Other expenses rose from 28.88% to 29.06%.   Selling and administration expenses rose from 12.14% to 13.44%.   

Other income up 42.81% to Rs 76.52 crore.  PBIDT rose 23.54% to Rs 1977.34 crore.  Provision for interest up 1.83% to Rs 5 crore.  Loan funds rose to Rs 71.75 crore as of 31 March 2024 from Rs 68.96 crore as of 31 March 2023.  Inventories declined from Rs 335.45 crore as of 31 March 2023 to Rs 296.41 crore as of 31 March 2024.  Sundry debtors were higher at Rs 167.39 crore as of 31 March 2024 compared to Rs 157.37 crore as of 31 March 2023.  Cash and bank balance rose to Rs 1,373.78 crore as of 31 March 2024 from Rs 923.00 crore as of 31 March 2023.  

PBDT rose 23.60% to Rs 1972.34 crore.  Provision for depreciation down 1.88% to Rs 171.51 crore.  Fixed assets declined from Rs 975.88 crore as of 31 March 2023 to Rs 904.35 crore as of 31 March 2024.  

Profit before tax grew 26.74% to Rs 1,800.83 crore.  Extraordinary items were decreased to Rs -19.50 crore.  Provision for tax was expense of Rs 457.67 crore, compared to Rs 362.53 crore.  Effective tax rate was 25.69% compared to 25.72%.

Profit after tax rose 26.41% to Rs 1,323.66 crore.  

Equity capital stood at Rs 27.20 crore as of 31 March 2024 to Rs 27.20 crore as of 31 March 2023.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 51.00% as of 31 March 2024 ,compared to 51.00% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 1,198.96 crore for year ended March 2024 from Rs 1,176.26 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 75.56 crore, compared to Rs 70.09 crore during the year ended March 2023.  

Business Highlights

The board declared Second Interim Dividend of Rs 26 per equity share of Re 1 each for the Financial Year 2023-24 and one-time special interim dividend of Rs 10 each per equity share of Re 1 each on account of an excellent performance during the Financial Year 2023-24. Record date for the purpose is May 23, 2024.

In Q4 FY24, Domestic net sales increased 10.7% YoY. In FY24, Domestic net sales increased 9.5% YoY.


Management Comments :
Ms. Prabha Narasimhan, Managing Director & CEO of Colgate-Palmolive (India), said, “At the end of the last quarter of FY 24 we are pleased with the all-round progress we have made on our strategic priorities. We have doubled down on driving our mission of better oral health for everyone in India with renewed focus on Brushing at Night, including an innovative, communication tie up with IPL and further expanded our flagship in school Oral Health programme - Colgate Bright Smiles, Bright Futures® which reached 5.2 Mn Children in the year. We have also continued to invest in superior, science backed oral care formulations, upgrading the product & packaging quality of 100% of our core portfolio. In this quarter, our strong results of 10% top line growth and 20% profit growth have come on the back of continued commitment to strategic priorities. We have relaunched Colgate Active Salt with a more potent and efficacious formula and made our global no. 1 toothpaste Colgate Total available in an accessible 80g pack. This builds on the launch of Colgate Total Sensitive in the prior quarter and more variants from the global portfolio will follow in subsequent quarters. We also launched exotic, new variants in the Palmolive body wash portfolio with unique fragrances. From a geography lens, our rural business has grown faster than urban and we continue to see strong performance in Modern Trade and ECommerce platforms. Margin delivery has been driven by continued great execution on our world class Funding The Growth program and gains are consistently being reinvested to grow the business. In the coming year, we are optimistic seeing the market recovery, the continued strengthening of our very strong brand and a robust innovation pipeline, starting with a first of its kind Tooth Whitening Booster under the Visible White Range. We stay committed to our mission of improving oral health in India, delivering competitive growth and strong bottom line performance.”



Colgate-Palmolive (India) : Standalone Results
Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)1,490.011,350.6310.325,680.435,226.198.69
OPM (%)35.7233.46226 bps33.4629.60386 bps
OP532.17451.9017.761,900.821,547.0122.87
Other Inc.22.6520.3511.3076.5253.5842.81
PBIDT554.82472.2517.481,977.341,600.5923.54
Interest1.361.0825.9354.911.83
PBDT553.46471.1717.471,972.341,595.6823.60
Depreciation42.143.11-2.34171.51174.8-1.88
PBT511.36428.0619.461800.831420.8826.74
PBT before EO511.36428.0619.461800.831420.8826.74
EO Income0-1.87--19.5-11.21-73.95
PBT after EO511.36426.1919.981781.331409.6726.37
Taxation131.54109.9719.61457.67362.5326.24
PAT379.82316.2220.111323.661047.1426.41
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations379.82316.2220.111323.661047.1426.41
EPS (Rs)*13.9611.6819.5949.2038.8126.78
* EPS is on current equity of Rs 27.20 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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