July 29 (Reuters) - Colgate-Palmolive India reported a rise in quarterly profit on Wednesday, helped by healthy demand in its core oral care product portfolio as well as premium offerings.
Here are some more details:
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The Indian unit of U.S.-based Colgate Palmolive reported a net profit rise of 6.9% to 3.43 billion rupees ($35.84 million) for the quarter ended June 30.
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Analysts had expected a profit of 3.44 billion rupees, according to LSEG-compiled data.
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Quarterly sales rose 12% to 15.91 billion, above average estimate of 15.64 billion.
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Fast-moving consumer goods companies continue to grapple with commodity inflation, prompting price increases across product portfolios. Colgate-Palmolive India, for instance, implemented low single-digit price hikes during the first quarter.
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The company, in a statement, said that it remains focused on managing its margin profile through a combination of cost savings initiatives and calibrated pricing actions.
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Ahead of earnings, analysts at Systematix said the company's strong brand equity, scope for premiumisation, healthy margins and robust pricing power were likely to support performance, although they cautioned that competitive pressures remained a key risk
($1 = 95.7100 Indian rupees)
Reporting by Saikeerthi in Bengaluru; Editing by Nivedita Bhattacharjee
Source: Reuters