FMCG major Colgate-Palmolive India Ltd on Thursday reported a 3.32 per cent increase in its fourth quarter net profit at Rs 204.15 crore helped by tax reversals.
The company had posted a net profit of Rs 197.59 crore in the January-March quarter a year ago, Colgate-Palmolive India Ltd (CPIL) said in a regulatory filing.
However, its net sales declined 7.35 per cent to Rs 1,062.35 crore during the quarter under review, as against Rs 1,146.63 crore in the year-ago period.
The company witnessed a dip in sales owing to volume decline of 8 per cent mainly due to COVID-19 disruptions, CPIL said in a post earning statement.
"Excluding the impact of prior year tax reversals, the net profit after tax has decreased by 3 per cent in the current year, it added.
Its total expenses was at Rs 856.54 crore during the March quarter, as against Rs 885.16 crore a year ago, registering a decline of 3.23 per cent.
Commenting on the earnings, CPIL Managing Director Ram Raghavan said: "The COVID-19 pandemic has required us to think, operate and behave differently. The lockdown did have an impact on our business, as seen in our results.
Raghavan further said that the health and well being of consumers, business partners and employees have always been its utmost priority.
"Our immediate attention is channeled towards fulfilling the continued demand that we are seeing for our products, he said.
For the fiscal year 2019-20, CPIL's net profit was up 5.27 per cent to Rs 816.47 crore. It was Rs 775.57 crore in the previous year.
Its net sales in fiscal was up 1.24 per cent to Rs 4,487.57 crore. It was Rs 4,432.44 crore in 2018-19.
Meanwhile, in a separate filing CPIL said its board in a meeting held on Thursday has declared a second interim dividend of Rs 16 per equity share for the financial year 2019-20.
Shares of Colgate-Palmolive India settled at Rs1,333.90on BSE, down 1.31 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)