P&G Q2FY24 results: Net profit jumps 36.5% to Rs 211 cr

Fast moving consumer goods (FMCG) major Procter & Gamble Hygiene and Health Care Ltd (P&G) reported a massive jump in its net profit for the quarter ended September 30. The Mumbai-based company’s net profit for the July-September period surged 36.5 per cent to Rs 210.7 crore, up from Rs 154.4 crore in the year-ago period.

Its top-line grew 9 per cent year-on-year as its revenue from operations surged to Rs 1,138 crore in Jul-Sep 2023 from Rs 1,041 crore a year ago. According to the company, its top-line growth was driven by a superior retail execution and integrated growth strategy.

Falling raw material prices helped the company’s profitability during the quarter. P&G’s cost of raw materials fell 19 per cent YoY to Rs 216.5 crore, boosting its overall profitability. According to the company, superior performance by its brands like Whisper and Vicks aided its growth. While Whisper is menstrual hygiene products brand, Vicks is positioned as cough and cold relief products brand. 

“We delivered a strong top and bottom-line growth in the quarter, by executing our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption, and an agile and accountable organisation. Our team’s execution of these strategies has enabled us to build momentum in the first quarter, and we are confident that these strategies will help us deliver balanced growth and value creation,” said LV Vaidyanathan, Managing Director, Procter & Gamble Hygiene and Health Care Ltd.