New Delhi: FMCG firm Colgate-Palmolive (India) Ltd on Monday reported a 2.06 per cent decline in net profit at Rs 177.57 crore for the second quarter that ended on September 30, 2017. Colgate-Palmolive (India) had posted a net profit of Rs 181.31 crore during the corresponding period of the previous fiscal year, the company said in a regulatory filing. Net sales during the quarter under review was down 9.78 per cent at Rs 1,077.98 crore as against Rs 1,194.92 crore in the July-September quarter of 2016-17.
The company said reported net sales declined by 10 per cent due to changes in treatment of indirect taxes post-GST implementation.
"While wholesale demand was soft at the start of the quarter, we saw a gradual recovery and expect continued improvement in the coming quarters," Colgate-Palmolive (India) managing director Issam Bachaalani said.
Meanwhile, the company's board declared the first interim dividend of Rs 4 per share of Re 1 each for this fiscal year.
On Monday, shares in Colgate-Palmolive closed 3.20 per cent lower at Rs 1,057 apiece on the BSE, whose benchmark BSE Sensex closed at a record high of 32,633.64.
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