Procter & Gamble Health reported 10.8% increase in net profit to Rs 48.86 crore on 13.9% fall in net sales to Rs 201.16 crore in the quarter ended 30 June 2020 compared with the same period last year.
Profit before tax in the June 2020 quarter stood at Rs 55.73 crore, down by 17.4% from Rs 67.50 crore in the June 2019 quarter. Current tax expense during the quarter declined 28.9% year-on-year (YoY) to Rs 15.71 crore.
Milind Thatte, managing director, Procter & Gamble Health, said, Despite initial impact on account of disruption in business operations, the company continues to demonstrate a resilient performance ensuring minimal impact and arresting decline, delivering sales of Rs 200.3 crore in the last quarter and Rs 1,329.2 crore in the eighteen months period amidst very challenging circumstances.
He further added, Since the onset of Covid-19 worldwide and in India, our priorities have been to protect the health and safety of our employees and partners, continually serve consumers with our products, and support communities and relief efforts. With strong continuity plans in place, we are confident and committed towards ensuring continued availability of our medicines and nutraceutical products and delivering value to our shareholder.
Procter & Gamble Health said that the company has now transitioned from a January-December fiscal year to a July-June fiscal year aligned with the fiscal year followed by P&G globally.
The board of directors have recommended a final dividend of Rs 230 per equity share (including a one-time special dividend of Rs 188 per equity share) for the financial year ended 30 June 2020.
Procter & Gamble (P&G) Health (formerly Merck) is engaged in manufacturing and marketing over-the-counter products, vitamins, minerals, and supplements.
The scrip fell 3.55% to Rs 5455 on the BSE. It traded in the range of 5410 and 5650 so far during the day.
Currently, the stock is trading 4% below its 52-week high of Rs 5683 hit on 15 September 2020. It has surged 86% from its 52-week low of Rs 2927.80 hit on 23 March 2020.
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