Colgate-Palmolive India Sees 33% Profit Surge in Q1 2024

Shares of Colgate-Palmolive India jumped over 6% after reporting a 33% rise in net profit to Rs 363.98 crore for Q1 2024. The company's market valuation increased by Rs 5,895.29 crore, reaching Rs 93,179.55 crore. Sales grew 13% to Rs 1,485.76 crore, driven by demand and product performance.

Shares of Colgate-Palmolive India soared by more than 6% on Tuesday, fueled by the company's reported 33% increase in net profit, which reached Rs 363.98 crore for the first quarter ending June 2024.

The FMCG giant's stock surged 6.19% to trade at Rs 3,407.75 per share on the BSE, later climbing to a 52-week high of Rs 3,425.90 per share with a 6.75% rise.

The company's market valuation saw a significant boost, increasing by Rs 5,895.29 crore to reach Rs 93,179.55 crore.

The 30-share BSE Sensex also experienced an uptick of 316.99 points or 0.39%, trading at 81,672.83.

A regulatory filing revealed that Colgate-Palmolive India's net profit for Q1 surged by 33%, bolstered by higher demand and strong product performance, bringing the net profit to Rs 363.98 crore compared to Rs 273.68 crore in the same quarter of FY24.

Additionally, sales grew by 13% to Rs 1,485.76 crore in the reviewed quarter, up from Rs 1,314.73 crore during the corresponding period of the previous year.