Colgate-Palmolive (India)

20 Oct 2022 , 05:35 PM

For the quarter ending Sept 2022, standalone net sales (including other operating income) of Colgate-Palmolive (India) has increased 2.59% to Rs 1,387.48 crore compared to quarter ended sept 2021.  Operating profit margin has declined from 29.63% to 29.41%, leading to 1.80% rise in operating profit to Rs 407.99 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 26.67% to 29.52%.   Purchase of finished goods cost rose from 5.02% to 6.20%.   Employee cost decreased from 7.91% to 6.87%.   Other expenses fell from 30.11% to 27.76%.   Selling and administration expenses fell from 14.00% to 11.50%.   Other income up 73.27% to Rs 11.28 crore.  PBIDT rose 2.95% to Rs 419.27 crore.  Provision for interest fell 15.33% to Rs 1.27 crore.  Loan funds declined from Rs 95.85 crore as of 30 September 2021 to Rs 81.69 crore as of 30 September 2022.  Inventories rose to Rs 368.44 crore as of 30 September 2022 from Rs 337.68 crore as of 30 September 2021.  Sundry debtors were higher at Rs 147.85 crore as of 30 September 2022 compared to Rs 127.70 crore as of 30 September 2021.  Cash and bank balance rose to Rs 962.04 crore as of 30 September 2022 from Rs 790.66 crore as of 30 September 2021.  PBDT rose 3.01% to Rs 418 crore.  Provision for depreciation down 2.29% to Rs 43.86 crore.  Fixed assets declined from Rs 1,146.68 crore as of 30 September 2021 to Rs 1,034.64 crore as of 30 September 2022.  Profit before tax grew 3.67% to Rs 374.14 crore.  Provision for tax was expense of Rs 96.12 crore, compared to Rs 91.71 crore.  Effective tax rate was 25.69% compared to 25.41%.Profit after tax rose 3.29% to Rs 278.02 crore.  Equity capital stood at Rs 27.20 crore as of 30 September 2022 to Rs 27.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 1.00.  Promoters stake was 51.00% as of 30 September 2022 ,compared to 51.00% as of 30 September 2021 .  

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Colgate-Palmolive (India) has increased 2.62% to Rs 2,584.29 crore.  Operating profit margin has declined from 30.02% to 28.39%, leading to 2.95% decline in operating profit to Rs 733.66 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 26.32% to 29.40%.   Employee cost decreased from 7.92% to 7.26%.   Other expenses fell from 29.92% to 29.18%.   Selling and administration expenses fell from 13.70% to 12.39%.   Other income up 94.71% to Rs 22.82 crore.  PBIDT fell 1.46% to Rs 756.48 crore.  Provision for interest fell 15.46% to Rs 2.57 crore.  Loan funds declined from Rs 95.85 crore as of 30 September 2021 to Rs 81.69 crore as of 30 September 2022.  Inventories rose to Rs 368.44 crore as of 30 September 2022 from Rs 337.68 crore as of 30 September 2021.  Sundry debtors were higher at Rs 147.85 crore as of 30 September 2022 compared to Rs 127.70 crore as of 30 September 2021.  Cash and bank balance rose to Rs 962.04 crore as of 30 September 2022 from Rs 790.66 crore as of 30 September 2021.  PBDT fell 1.41% to Rs 753.91 crore.  Provision for depreciation down 1.75% to Rs 88.02 crore.  Fixed assets declined from Rs 1,146.68 crore as of 30 September 2021 to Rs 1,034.64 crore as of 30 September 2022.  Profit before tax down 1.36% to Rs 665.89 crore.  Provision for tax was expense of Rs 168.86 crore, compared to Rs 172.67 crore.  Effective tax rate was 25.72% compared to 25.58%.Profit after tax fell 2.93% to Rs 487.69 crore.  Equity capital stood at Rs 27.20 crore as of 30 September 2022 to Rs 27.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 1.00.  Promoters stake was 51.00% as of 30 September 2022 ,compared to 51.00% as of 30 September 2021 .  Cash flow from operating activities decreased to Rs 700.29 crore for YTD ended September 2022 from Rs 1,139.00 crore for YTD ended September 2021.  Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 36.39 crore, compared to Rs 38.09 crore during the YTD ended September 2021.  
Full year results analysis

Net sales (including other operating income) of Colgate-Palmolive (India) has increased 5.34% to Rs 5,099.78 crore.  Operating profit margin has declined from 31.18% to 30.71%, leading to 3.73% rise in operating profit to Rs 1,565.94 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 25.68% to 26.84%.   Purchase of finished goods cost fell from 6.65% to 5.81%.   Employee cost increased from 7.52% to 7.56%.   Other expenses fell from 29.12% to 29.06%.   Selling and administration expenses fell from 12.86% to 12.62%.   Other income fell 13.48% to Rs 26.26 crore.  PBIDT rose 3.39% to Rs 1592.2 crore.  Provision for interest fell 18.87% to Rs 5.89 crore.  Loan funds declined from Rs 91.18 crore as of 31 March 2021 to Rs 83.05 crore as of 31 March 2022.  Inventories rose to Rs 357.19 crore as of 31 March 2022 from Rs 335.82 crore as of 31 March 2021.  Sundry debtors were higher at Rs 224.68 crore as of 31 March 2022 compared to Rs 117.08 crore as of 31 March 2021.  Cash and bank balance declined from Rs 867.63 crore as of 31 March 2021 to Rs 754.72 crore as of 31 March 2022.  PBDT rose 3.50% to Rs 1586.31 crore.  Provision for depreciation down 2.85% to Rs 177.3 crore.  Fixed assets declined from Rs 1,209.57 crore as of 31 March 2021 to Rs 1,084.81 crore as of 31 March 2022.  Profit before tax grew 4.35% to Rs 1,409.01 crore.  Provision for tax was expense of Rs 330.69 crore, compared to Rs 314.83 crore.  Effective tax rate was 23.47% compared to 23.32%.Profit after tax rose 4.15% to Rs 1,078.32 crore.  Equity capital stood at Rs 27.20 crore as of 30 September 2022 to Rs 27.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 1.00.  Promoters stake was 51.00% as of 31 March 2022 ,compared to 51.00% as of 31 March 2021 .  Cash flow from operating activities increased to Rs 1,625.74 crore for year ended March 2022 from Rs 783.85 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 49.63 crore, compared to Rs 57.76 crore during the year ended March 2021.  Dividend The Board declared a First Interim Dividend of Rs 18 per share of Re 1 each (face value) for the Financial Year 2022-23. The dividend payout to the shareholders will be Rs 489.6 Crore and will be paid on and from November 16, 2022.
Management Comments :
Ms. Prabha Narasimhan, Managing Director at Colgate-Palmolive (India), said, ?The current quarter has seen improved momentum versus prior quarters driven by focused deployment of initiatives during the festive season. We continue to remain cautiously optimistic on the overall growth trend, especially in rural, and are encouraged by the growth of modern trade and e-commerce businesses in the current quarter. Our core brands like Colgate Strong Teeth, Colgate MaxFresh and Colgate Active Salt continue to report healthy growth. The breakthrough technology of Visible White O2, has delivered a very strong performance across quarters since launch. Ourinnovation pipeline continues to be robust – with the launch of MaxFresh Charcoal in this quarter, combined with continued impetus on Palmolive Face wash and Electric toothbrushes. While the macro economic environment stabilizes, our endeavor will be to deliver sustainable gross margins and continue to invest in our core while driving premiumisation and category expansion into personal care. We continue our focus on delivering innovation led profitable growth and value to our consumers and shareholders.?

Colgate-Palmolive (India) : Standalone Results

Quarter ended Year to Date Year ended Particulars 202209 202109 Var.(%) 202209 202109 Var.(%) 202203 202103 Var.(%) Net Sales (including other operating income) 1,387.48 1,352.42 2.59 2,584.29 2,518.39 2.62 5,099.78 4,841.22 5.34 OPM (%) 29.41 29.63 -23 bps 28.39 30.02 -163 bps 30.71 31.18 -48 bps OP 407.99 400.76 1.80 733.66 755.98 -2.95 1,565.94 1,509.63 3.73 Other Inc. 11.28 6.51 73.27 22.82 11.72 94.71 26.26 30.35 -13.48 PBIDT 419.27 407.27 2.95 756.48 767.70 -1.46 1,592.20 1,539.98 3.39 Interest 1.27 1.5 -15.33 2.57 3.04 -15.46 5.89 7.26 -18.87 PBDT 418.00 405.77 3.01 753.91 764.66 -1.41 1,586.31 1,532.72 3.50 Depreciation 43.86 44.89 -2.29 88.02 89.59 -1.75 177.3 182.5 -2.85 PBT 374.14 360.88 3.67 665.89 675.07 -1.36 1409.01 1350.22 4.35 PBT before EO 374.14 360.88 3.67 665.89 675.07 -1.36 1409.01 1350.22 4.35 EO Income 0 0 – -9.34 0 – 0 0 – PBT after EO 374.14 360.88 3.67 656.55 675.07 -2.74 1409.01 1350.22 4.35 Taxation 96.12 91.71 4.81 168.86 172.67 -2.21 330.69 314.83 5.04 PAT 278.02 269.17 3.29 487.69 502.4 -2.93 1078.32 1035.39 4.15 P/(L) from discontinued operations net of tax 0 0 – 0 0 – 0 0 – Net profit after discontinued operations 278.02 269.17 3.29 487.69 502.4 -2.93 1078.32 1035.39 4.15 EPS (Rs)* 10.22 9.90 3.29 18.19 18.47 -1.55 39.65 38.07 4.15 * EPS is on current equity of Rs 27.20 crore, Face value of Rs 1, Excluding extraordinary items. EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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