Colgate Palmolive India Q1 net falls 15% to Rs 114 cr

Company had posted a net profit of Rs 134.91 cr in the corresponding period of the previous fiscal

Colgate Palmolive India today posted a decline of 15.29% in its standalone net profit at Rs 114.28 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 134.91 crore in the corresponding period of the previous fiscal, Colgate Palmolive said in a statement.

Net sales of the company on standalone basis was Rs 1,010.15 crore, up 5.56%, during the quarter as against Rs 956.9 crore in the same period last year.

"The organic growth of the company stands at 8.8%, however, due to the phasing our of fiscal benefits in the state of Himachal Pradesh which the company was entitled to impacted the revenue growth to give a reported growth of 5.5% over the same period of the previous fiscal," the company said.

It also informed that the board of the company today recommended a bonus issue of one equity share for every equity share held, as on the record date to be determined by the Board.

"The bonus issue of equity shares will be subject to approval by the shareholders, through postal ballot and the record date will be announced separately," Colgate Palmolive (India) said.