Mumbai (Maharashtra) [India], July 18 (ANI): Colgate Palmolive India on Thursday reported that its net profit after tax for the first quarter was down by 10.7 per cent at Rs 169.1 crore as against Rs 189.5 crore for the same quarter of the previous year.
Excluding the impact of the exceptional item for the previous year, however, the net profit after tax increased by 5 per cent in the current year, the company said in a statement.
Colgate Palmolive posted net sales of Rs 1,075.9 crore during April to June 2019-20, marking an increase of 4 per cent over the same quarter of previous year. Of these, domestic net sales grew by 6 per cent. Sales net of Goods and Services Tax increased by 4 per cent.
"The current quarter saw a moderation in demand impacted by lower than expected growth in the rural markets," said company's Managing Director lssam Bachaalani. "We do consider this trend to be temporary and expect a pickup over the coming quarters."In another statement, Colgate Palmolive India said Ram Raghavan has been appointed as the new Managing Director from August 1.
The company provides oral care products like toothpastes, toothpowder, mouthwash, toothbrushes and dental gel. (ANI)