FMCG major Colgate-Palmolive India Ltd on Friday reported a 2.27 percent decline in its net profit to Rs 316.22 crore for the fourth quarter ended March 31, 2023, due to the impact of a one-time tax reversal.

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The company had posted a net profit of Rs 323.57 crore in the January-March quarter a year ago, Colgate-Palmolive India Ltd (CPIL) said in a BSE filing.

Its sales were up 3.9 percent to Rs 1,341.69 crore during the quarter under review stood as against Rs 1,291.21 crore of the corresponding quarter a year ago.

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Its Profit Before the Exceptional Item and Tax was at Rs 428.06 crore.

"Excluding the impact of one-time tax reversal in the prior year quarter, the net profit grew by 8.5 percent for the quarter," it said.

CPIPL’s total expenses were at Rs 942.92 crore, up 2.82 per cent in Q4/FY23 as against Rs 917.01 crore a year ago.

The total Income of CPIL in the March quarter was at Rs 1,370.98 crore, up 4.64 percent.

Commenting on the results Managing Director Prabha Narasimhan said: "The Company has delivered domestic growth of 5.4 per cent, with toothpaste delivering high single-digit growth despite continuing sluggish demand trends in the category, especially in rural.

"This has been driven by our strategy to increase consumption, innovation focussed on delivering high-quality science-led products and premiumisation. We remain fairly optimistic that the overall category growth will improve in the coming quarter," she added.

For the fiscal year ended March 2023, CPIL’s net profit was down 2.89 per cent at Rs 1,047.14 crore. It had reported a net profit of Rs 1,078.32 crore in the previous fiscal.

Its sales were at Rs 5,187.86 crore in FY23, 2.39 percent higher than the previous fiscal year.

CPIL’s board also approved a second interim dividend of Rs 21 per equity share of Re 1 for FY23. The total dividend would be Rs 39 per share for FY23.

Shares of Colgate-Palmolive India Ltd on Friday settled at Rs 1,626.30, up 0.12 per cent from the previous close.

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