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Colgate: Signs of growth?

Mar 9, 2004

The FMCG stocks are under the throes of pressure, not only as a result of difficult market conditions, but also because of the cut throat pricing strategy adopted to perk up demand. One such segment that has seen aggressive pricing cuts over the last one year is oral care. Let's see how the market leader, Colgate, has performed in its wake.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net Sales (incl. Excise duty) 2,700 2,792 3.4% 7,962 7,867 -1.2%
Other Income 45 101 123.3% 167 242 45.1%
Expenditure 2,353 2,431 3.3% 6,977 6,869 -1.5%
Operating Profit (EBDIT) 347 361 4.1% 985 998 1.3%
Operating Profit Margin (%) 12.9% 12.9%   12.4% 12.7%  
Interest 1 1 -20.0% 2 3 60.0%
Depreciation 46 42 -8.0% 150 125 -16.5%
Profit before Tax 345 419 21.4% 1,000 1,112 11.2%
Tax 134 144 7.6% 411 399 -3.0%
Profit after Tax 211 275 30.1% 589 713 21.1%
Net profit margin (%) 7.8% 9.8%   7.4% 9.1%  
Effective tax rate (%) 38.8% 34.4%   41.1% 35.8%  
No. of Shares (m) 136.0 136.0   136.0 136.0  
Diluted earnings per share (Rs)* 6.2 8.1   5.8 7.0  
P/E ratio (x)   17.2     19.9  
(* annualised)            

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