Co lgate Palmolive India 's net profit for the third quarter jumped better-than-expected 74.5% from a year ago to Rs 115.6 crore, helped by strong sales growth and price hikes.
The personal care products maker also said on Monday that focused programmes to enhance efficiencies and reduce costs continued to yield strong, positive results, helping to maintain margin and fund investments.
"Prudent price increases and cost management has enabled the company to maintain its gross margin at 60% for this quarter and nine months ended Dec 31," it said.
Colgate's net sales in October-December rose 20% year-on-year to Rs 669.6 crore.
Analysts on average had expected Colgate to report net profit of Rs 93 crore on revenue of Rs 655 crore, according to a CNBC-TV18 poll.
The company's toothpastes saw volumes grow 15% in the three-month period, and it had a market share of 52.5% in the category over Dec 2010-Nov 2011. It had 27.4% market share in mouthwash category over the same period.
Colgate is in the process of setting up a new toothpaste manufacturing facility at Sanand in Gujarat. The company said it paid an advance of Rs 42.6 crore to Gujarat Industrial Development Corp towards net allotment price for lease of the factory land.
Markets cheered Colgate's results. At 12:25 hrs, the stock was up 3.5% at Rs 993.45 on NSE.
Source: www.moneycontrol.com
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