Colgate Palmolive's ad spends decline 1.41% YoY to Rs 634 crore in FY23

Colgate Palmolive India has reported a 1.41% decline in its annual spending on advertising as it spent Rs 634 crore throughout FY23, juxtaposed to Rs 643 crore it spent during the whole of FY22.

In addition, the ad spends of the FMCG player during the quarter ended March 31, 2023, also stood at Rs 143 crore, as opposed to the Rs 147 crore it spent in the corresponding quarter of the previous fiscal year, thereby recording a decline of 2.65%.

The company also recorded a decline of 2.89% in its net profit for the fiscal year gone by as it generated a sum total of Rs 1,047 crore, as compared to the previous year’s Rs 1,078 crore.

In terms of the fourth quarter ended March 31, 2023, the company’s net profit dropped by 2.27% YoY to Rs 316 crore, as opposed to Rs 324 crore profit generated in the corresponding period of the previous fiscal.

Prabha Narasimhan, Managing Director and CEO of Colgate-Palmolive (India), said, “We are happy with the sequential progress and outcomes of the quarter. The Company has delivered domestic growth of 5.4%, with toothpaste delivering high single-digit growth despite continuing sluggish demand trends in the category, especially in rural. This has been driven by our strategy to increase consumption, innovation focussed on delivering high-quality science-led products and premiumisation. We remain fairly optimistic that the overall category growth will improve in the coming quarters.”

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