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Colgate: Reaping benefits from brand building - Views on News from Equitymaster
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Colgate: Reaping benefits from brand building
Jan 29, 2010

Performance summary
  • Sales for the company grew by 17.3% YoY during the quarter. Of this 13% growth was derived from volumes while the remaining was due to price increases.
  • Operating (EBITDA) margins for the quarter grew by 2.8% to stand at 23.7% on the back of falling raw material costs and lower other expenditure partly offset by higher advertisement costs.
  • Net profit increased by 49.7% YoY during the quarter. This increase has been aided by higher operating income and lower tax expenses.
  • Net profit for 9mFY10 grew by 45% YoY while the net margins grew by 4.2% on the back of higher operating income and lower effective tax rate.
Financial snapshot
(Rs m) 3QFY09 3QFY10 change 9mFY09 9mFY10 change
Net sales 4,356 5,110 17.3% 12,986 14,992 15.4%
Expenditure 3,447 3,898 13.1% 10,448 11,449 9.6%
Operating profit (EBDITA) 909 1,212 33.3% 2,539 3,544 39.6%
EBDITA margin (%) 20.9% 23.7%   19.5% 23.6%  
Other income 65 74 14.5% 189 226 19.6%
Interest 1 5 372.7% 10 11 11.1%
Depreciation 55 56 0.9% 166 170 2.2%
Profit before tax 918 1,225 33.5% 2,552 3,589 40.6%
Extraordinary item - -   - -  
Tax 140 61 -56.4% 420 500 19.0%
Profit after tax/(loss) 777 1,164 49.7% 2,132 3,089 44.9%
Net profit margin (%) 17.8% 22.8%   16.4% 20.6%  
No. of shares (m) 136 136   136 136  
Diluted earnings per share (Rs)*         28.4  
Price to earnings ratio (x)*         23.6  

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