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Colgate: Is it worth its salt? - Views on News from Equitymaster
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Colgate: Is it worth its salt?
Oct 28, 2005

Oral care major, Colgate India (Colgate), announced its results for the second quarter ended September 2005 today. While topline continued to grow at a decent pace, greater than proportionate rise in expenses, has led to the margins contracting by a whooping 430 basis points. Nonetheless, the bottomline growth has been faster aided by other income, lower depreciation and lower tax outgo. If we remove the other income during the quarter under review, bottomline has actually dipped by 5% YoY.

(Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Net Sales 2,511 2,781 10.8% 4,938 5,364 8.6%
Expenditure 2,015 2,350 16.6% 4,038 4,592 13.7%
Operating Profit (EBDIT) 496 432 -13.1% 900 772 -14.2%
Operating Profit Margin (%) 19.8% 15.5%   18.2% 14.4%  
Other Income - 51   56 157 183.4%
Interest 3 1 -48.0% 5 3 -40.4%
Depreciation 48 39 -18.9% 94 65 -31.0%
Profit before Tax 446 443 -0.7% 856 862 0.6%
Tax 176 134 -24.1% 332 273 -17.8%
Profit after Tax 270 309 14.5% 524 589 12.3%
Net profit margin (%) 10.7% 11.1%   10.6% 11.0%  
Effective tax rate (%) 39.5% 30.2%   38.8% 31.7%  
No. of Shares (m) 136.0 136.0   136.0 136.0  
Diluted earnings per share* (x) 7.9 9.1   7.7 8.7  
P/E ratio (x)         27.7  
(* annualised)            

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