Colgate-Palmolive reports growth in profit on the back of lower expenses

23 Jan 2024 , 10:21 AM

Colgate-Palmolive (India) announced a 35.7% increase in third-quarter profits on Monday, boosted by strong urban demand and lower expenditures.

Net profit increased to 3.30 billion rupees ($39.7 million) for the quarter ending December 31, up from 2.43 billion rupees a year earlier.

Despite rising costs for necessary products, urban consumers with greater average incomes have bolstered consumer goods manufacturers’ sales.

Total expenses declined 0.5%, aided by lower inventory and raw material prices. The Indian unit of the US consumer products giant reported an 8.2% gain in sales to 13.86 billion rupees, boosted by its core oral care segment.

According to CEO Prabha Narasimhan, the business also executed a campaign throughout the quarter that touched more than 300 million individuals in metropolitan India. Rival Hindustan Unilever reported a smaller-than-expected quarterly profit growth on Friday, as competition in the consumer products industry increased and demand in rural regions remained poor.

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