In the quarter and year ended March 31, 2024, Colgate Palmolive has reported a 19.93% increase in its annual spending on Advertising on a Year-On-Year basis as the company spent Rs 76,042 lakh in FY24 as opposed to Rs 63,407 lakh is spent in the previous fiscal year.
Continuing similar trend on a quarterly basis, the FMCG major’s Advertising expense also soared up 18.17% YoY with the company spending Rs 16,887 lakh on the same in Q4FY24, as opposed to Rs 14,290 lakh it had spent in the Q4FY23.
The company’s total expenses, inclusive of Advertising, also went up from Rs 94,292 lakh in Q4FY23 to Rs 1,00,130 lakh which is 6.19% higher than that of last fiscal year.
As compared to FY23, wherein the same amounted to Rs 3,95,612 lakh, the company’s total expenses in FY24 shot up 2.52% YoY to Rs 3,85,889 lakh.
Similarly, the FMCG major’s Revenue from Operations also went up 10.36% from Rs 1,34,169 lakh in Q4FY23 to Rs 1,48,066 lakh in Q4FY24. On a yearly basis, the same stood at Rs 5,64,418 lakh in FY24, implying a 8.80% increase from the previous fiscal’s Rs 5,18,786 lakh.
Additionally, Colgate Palmolive’s Total Income, comprising Revenue from Operations and Other Income, also ballooned 10.33% in the fourth quarter of FY24 to Rs 1,51,266 lakh from the corresponding period of the previous fiscal year wherein it stood at Rs 1,37,098 lakh.
Compared to FY23, wherein the FMCG major amassed a sum total of Rs 5,27,977 lakh, the company’s total income grew by 9.04% to touch Rs 5,75,695 lakh in FY24.
Taking into consideration all of the above inferences, it is only evident that the company’s Net Profit for the period between April 1, 2023 and March 31, 2024 was positive and up 26.41% YoY with its profit rising from Rs 1,04,714 lakh in FY23 to Rs 1,32,366 lakh in FY24.
On a quarterly basis too, the company’s Net Profit increased by 20.11% YoY to touch Rs 37,982 lakh in Q4FY24, as opposed to the corresponding period in the previous financial year wherein the same stood at Rs 31,622 lakh.
Commenting on the development, Prabha Narasimhan, Managing Director and CEO, Colgate-Palmolive India, said, “At the end of the last quarter of FY 24 we are pleased with the all-round progress we have made on our strategic priorities. We have doubled down on driving our mission of better oral health for everyone in India with renewed focus on Brushing at Night, including an innovative, communication tie up with IPL and further expanded our flagship in school Oral Health programme- Colgate Bright Smiles, Bright Futures which reached 5.2 Mn Children in the year. We have also continued to invest in superior, science backed oral care formulations, upgrading the product & packaging quality of 100% of our core portfolio.”
She added, “In this quarter, our strong results of 10% top line growth and 20% profit growth have come on the back of continued commitment to strategic priorities. We have relaunched Colgate Active Salt with a more potent and efficacious formula and made our global no. 1 toothpaste Colgate Total available in an accessible 80g pack. This builds on the launch of Colgate Total Sensitive in the prior quarter and more variants from the global portfolio will follow in subsequent quarters. We also launched exotic, new variants in the Palmolive body wash portfolio with unique fragrances. From a geography lens, our rural business has grown faster than urban and we continue to see strong performance in Modern Trade and ECommerce platforms. Margin delivery has been driven by continued great execution on our world class Funding The Growth program and gains are consistently being reinvested to grow the business.”
Looking forward, she also mentioned that in the coming year, “In the coming year, we are optimistic seeing the market recovery, the continued strengthening of our very strong brand and a robust innovation pipeline, starting with a first of its kind Tooth Whitening Booster under the Visible White Range. We stay committed to our mission of improving oral health in India, delivering competitive growth and strong bottom line performance.”
