Palmolive Q1 net down 27.16 per cent at Rs 134.91 crore

FMCG firm Colgate Palmolive (India) on Friday reported a 27.16 per cent decline in net profit at Rs 134.91 crore for the first quarter ended June 30, 2014. However, the company achieved a volume growth of 5 per cent over the same quarter of the previous year.

The company had posted a net profit of Rs 185.22 crore during the same period of the previous fiscal on the back of 'exceptional item' of Rs 70.64 crore in the Q1 of 2013-14.

Net sales of the company rose by 12.55 per cent to Rs 950.64 crore for the first quarter of 2014-15 as against Rs 844.62 crore during the same period a year ago.

"The company's strong focus on driving efficiencies and reducing costs and innovating to drive premiumisation coupled with prudent price increases had led to significant gross margin expansion," Colgate Palmolive said in a BSE filing.

Shares of Colgate Palmolive were trading at Rs 1647.75 apiece in the afternoon trade, down 0.78 per cent from its previous close on the Bombay Stock exchange .