Colgate Palmolive ad spends rise 11.23% (YoY) to Rs 181.31 crore in Q1FY24

Colgate Palmolive India increased its ad spends by 11.23% (YoY) to Rs 181.31 crore in the quarter ending June 30, 2023. The company spent Rs 163 crore in the corresponding quarter of the previous year.

On a QoQ basis, the company increased its ad spends by 26.9%. The FMCG major spent Rs 142.9 crore in the last quarter of FY 23.

FMCG major Colgate-Palmolive India reported a 30.52% increase in its net profit to Rs 273.68 crore for the April-June quarter of 2023-24.

The company had posted a net profit of Rs 209.67 crore in the April-June quarter a year ago, Colgate-Palmolive India said in a BSE filing.

Its sales were up 10.8% to Rs 1,314.73 crore during the quarter under review as against Rs 1,186.59 crore of the corresponding quarter a year ago.

CPIL's total expenses were at Rs 950.38 crore, up 3.68% in the first quarter of FY 2023-24.

Its total income in the June quarter was at Rs 1,338.64 crore, up 10.78%.

Commenting on the results Managing Director Prabha Narasimhan, said, "This has been driven by good execution against our strategy focussed on growing the oral care category." Domestic sales grew at 12.3% compared to the same quarter of last year, toothpaste sales recorded a high double digits growth.

"We are also seeing early signs of recovery in rural markets and remain optimistic about continued improvement," she added.

CPIL also informed that its board has approved the appointment of Indu Bhushan as an Additional Director designated as Independent Director of the company, for a first term of five years with effect from July 26, 2023.

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