FMCG major Colgate-Palmolive India Ltd (CPIL) Thursday reported a 10.76 per cent decline in net profit at Rs 169.11 crore for the quarter ended June 30, 2019, owing to lower growth in rural markets.
The company had posted net profit of Rs 189.51 crore in the April-June quarter last fiscal.
Its total income during the quarter under review stood at Rs 1,100.03 crore, up 4.71 per cent from Rs 1,050.46 crore reported in the corresponding quarter a year ago, CPIL said in a BSE filing.
"The current quarter saw a moderation in demand impacted by lower than expected growth in the rural markets. We do consider this trend to be temporary and expect a pickup over the coming quarters," Colgate-Palmolive (India) Ltd Managing Director lssam Bachaalani said.
Bachaalani said despite the moderation, the company continues to "remain focussed on strengthening the core of our business and investing in our advertising and brand building activities".
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In a separate filing, Colgate-Palmolive said its board of directors has appointed Ram Raghavan as Managing Director of the company with effect from August 1, 2019.
Most recently, Raghavan has served as Vice-President Marketing of Asia Pacific Division of Colgate-Palmolive.
Shares of Colgate-Palmolive were trading 3.04 per cent higher at Rs 1203.20 apiece on BSE.
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