Colgate Palmolive (India) Limited
NSE Symbol COLPAL
Colgate Palmolive has declared its non-consolidated results for fourth qtr and FY 2011.
Net Sales for Q4 FY 11 is Rs.581.77 cr – up by 4.22% from Q3; up by 5.44% from Q2; Up by 10.01% from Q1; and up by 12.62% from Q4 of FY 10. Thus, quarterly sales income reflects steady progress during the last 5 quarters. The FY 11 net sales is Rs.2220.56 Cr - up by 13.15% from Fy 10.
Raw Material cost however shows a steep increase in Q4.
Total Expenditure For Q4 FY 11 stands at Rs.465.65 cr – down by 5.49% from Q3; up by 3.94% from Q2; up by 17.07% from Q1; and up by 12.89% from Q4 FY 10. The expenditure for FY 11 is Rs.1804.12 cr – up by 14.60% from FY 10.
Profit from Operations for Q4 FY 11 is Rs.135.57 cr – up by a huge 61.51% from previous qtr of Q3 (due to Lower ‘other expenditure’); up by 11.8% from Q2; but down by 10.79% from Q1 FY 11; and Up by 9.76% from Q4 FY 10. The total OPT for FY 11 is Rs.492.74 Cr – up by 6.91% from FY 10.
Profit before tax for Q4 FY 11 is Rs.142.89 cr – up by a good 56.54% from Q3; up by 10.97% from Q2; down by 9% from Q1; Up by 13.49% from Q4 FY 10. The PBT for FY 11 is Rs.519.95 Cr – up by 7.25% from FY 10.
Net Profit for Q4 FY 11 is Rs.114.06 cr – a good 72.19% higher than Q3; up by 13.72% from Q2; but down by 6.49% from Q1; and down by 0.29% from Q4 FY 10. The NPT for FY 11 is Rs.402.58 cr – down by 4.89% from FY 10.
On a Face value of Rs.1, the Basic EPS is Rs.8.39 for Q4; Rs.4.87 for Q3; Rs.7.38 for Q2; Rs.8.97 for Q1; Rs.8.41 fro Q4 FY 10; Rs.29.6 for FY 11(totally); and Rs.31.12 for FY 10 (totally).
Thus, while there is a healthy increase in sales every quarter, profitability has been varying. Q4 FY 11 NPT is approximately the same as Q4 FY 10 NPT though QoQ, it is up by 71.19%.
PE RATIO : The current Market price of Rs.1 share is Rs.909. Based on FY 11 EPS of Rs.29.6, the PE Ratio comes to 30.71.
WHAT COMPANY SAYS
FINANCIAL HIGHLIGHTS
FULL YEAR 2010-11 : Colgate-Palmolive (India) Limited today reported net sales for the financial year 2010-11 of Rs. 2,220.6 crore, a 13% increase over the previous year. The net profit for the financial year is Rs 402.6 crore with an Earnings per Share of Rs. 29.60 as against Earnings per Share of Rs. 31.12 for the previous year, despite substantial investments in brand and equity building activities and increase in effective tax rate due to reduction in tax exemption at Manufacturing Facility at Baddi in the current year.
4Q 2010-11 : Net sales for the fourth quarter ended March 31, 2011 are Rs. 581.7 crore, an increase of 13% over the same quarter of the previous year. Net profit for the quarter is Rs. 114.1 crore with an Earnings per Share of 8.39 for the quarter.
DRIVING GROWTH
During the year, the Company achieved a volume growth of 12%, led by strong 13% growth in the toothpaste category. The Company maintained its leadership position in the toothpaste category at 53.1% volume market share (Apr’10-Mar’11) compared to 52.9% (Apr’09-Mar’10). The flagship brands “Colgate Dental Cream”, “Active Salt”, “MaxFresh”, “Colgate Sensitive” and “Colgate Total” contributed to this consistent growth.
In the toothbrush category, the Company recorded a volume growth of 18% at a market share of 40.3% (Apr’10-Mar’11). In the declining toothpowder market, the Company recorded a volume market share of 46.4% for the period Apr’10-Mar’11.
The Company has just launched the Colgate Sensitive Pro-Relief toothpaste, a clinically proven Pro-Argin technology that provides instant and lasting sensitivity relief and works differently than most other sensitive toothpastes. The Company has also launched Colgate 360 Sensitive Pro-Relief Toothbrush, a premium toothbrush with ultra soft bristles giving the consumer a whole mouth clean for sensitive teeth and gums.
The Company continues its focus in the emerging mouthwash category, registering a substantial increase in volume market share to 22% (Apr’10-Mar’11) from 7.5% (Apr’09-Mar’10). During the quarter, the Company launched Colgate Plax Complete Care that provides 10 Benefits in 1 Single Product, helping to give the consumer a Healthier Mouth and 12 hour germ protection.
FUNDING GROWTH
The Company’s ongoing efforts and focussed programs to enhance efficiencies and reduce costs continue to yield strong, positive results and fund investments in building and strengthening brand equity and the business.
DIVIDEND
In March 2011, the Company declared a Third Interim Dividend of Rs. 95.2 Crore (Rs. 7 per share) for the financial year 2010-2011.
Including the Third Interim Dividend, the Company has paid a total dividend of Rs. 22 per share for the financial year ended March 31, 2011 as against Rs.20 per share in the previous year.
ANNOUNCEMENTS TO NSE
BY THE COMPANY
31-05-2011 the Company has fixed June 14, 2011 as the Record date for the purpose of first interim dividend that may be declared for the financial year 2011-12.
30-05-2011 press release dated May 30, 2011, titled " COLGATE'S 2010-11 NET SALES UP 13% MAINTAINS DOUBLE DIGIT VOLUME GROWTH AT 12%."
30-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 222056 lacs for year ending on 31-MAR-2011 against Rs. 196246 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 40258 lacs for the year ending on 31-MAR-2011 against Rs. 42326 lacs for the year ending on 31-MAR-2010. -
23-03-2011 Colgate Palmolive (India) declared a third interim dividend of Rs. 7/- (Rupees Seven Only) per equity share of Re.1/- (face value) for the financial year ending March 31, 2011. The said interim dividend will be paid on the paid-up equity share capital of Rs.13.60 crore involving a total pay-out of Rs.111 crore ( including dividend distribution tax). Further the Company has also informed that the said interim dividend declared by the Board at their meeting held on March 23, 2011 will be payable on April 19, 2011. Further the Company has submitted to the Exchange a copy of the Company statement titled "Colgate declares Third Interim Dividend of Rs. 7 per share for 2010-11"
31-01-2011 press release dated January 31, 2011, titled "SUSTAINED DOUBLE DIGIT VOLUME GROWTH AT 12%; COLGATE'S 3Q NET SALES UP 14%".
08-12-2010 press release dated December 07, 2010, titled " Colgate declares Second Interim Dividend of Rs. 5 per share for 2010-11".
07-12-2010 Colgate Palmolive declared a second interim dividend of Rs.5/- per equity share of Re.1/- (face value) for the financial year ending March 31, 2011.
28-10-2010 "COLGATE'S 1H NET SALES UP 13%, NET PROFIT UP 15%; COLGATE'S Q2 NET SALES UP 13%, NET PROFIT UP 12%".
01-09-2010 "CC Health Care Products Private Limited, a wholly owned subsidiary of the Company, had applied to the High Court of Judicature at Andhra Pradesh for sanctioning of the Scheme of Amalgamation of CC Health Care Products Private Limited with the Company from April 1, 2009.The High Court by its order dated 11th August, 2010 has sanctioned the said Scheme of Amalgamation. The Said amalgamation has become finally effective on September 1, 2010, being the date on which the High Court's order has been filed with the Registrar of Companies, Andhra Pradesh at Hyderabad".
13-08-2010 "Colgate declares First Interim Dividend of Rs.10 per share for 2010-11".
19-07-2010 "Colgate's 1Q net sales up 13%, net profit up 19%".
27-05-2010 "Colgate's 4Q net sales up 13%, net profit up 48% Colgate's full year net sales up 16%, net profit up 46%".
27-05-2010 Colgate standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 196246 lacs for year ending on 31-MAR-2010 against Rs. 169481 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 42326 lacs for the year ending on 31-MAR-2010 against Rs. 29022 lacs for the year ending on 31-MAR-2009.
27-05-2010 consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 196246 lacs for year ending on 31-MAR-2010 against Rs. 169521 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 43410 lacs for the year ending on 31-MAR-2010 against Rs. 28578 lacs for the year ending on 31-MAR-2009. -
03-05-2010 "Professional Oral care Products Private Limited, a wholly owned subsidiary of the Company, had applied to the High Court of Bombay at Goa for sanctioning of the Scheme of Amalgamation of Professional Oral Care Products Private Limited with the Company. The High Court by its order dated April 16, 2010 has sanctioned the said Scheme of Amalgamation. The said amalgamation has become finally effective on May 01, 2010, being the date on which the High Court's order has been filed with the Registrar of Companies, Goa".
RESULTS TABLE :
| COLGATE | Q4FY11 | Q3FY11 | Q2FY11 | Q1FY11 | Q4FY10 | ||
| Net Sales | 58177 | 55820 | 55177 | 52882 | 51660 | 222,056.00 | 196,246.00 |
| Other Oprtng Income | 1945 | 1844 | 1751 | 2090 | 1939 | 7,630.00 | 7,274.00 |
| Increase in SIT / WIP | -1301 | -1750 | 291 | -225 | -48 | -2,985.00 | -1,143.00 |
| Raw Materials | 21792 | 18719 | 18022 | 15419 | 10285 | 73,952.00 | 62,952.00 |
| Traded Goods | 3435 | 4630 | 3701 | 4464 | 5195 | 16,230.00 | 15,875.00 |
| Employees Cost | 4316 | 5236 | 5334 | 4436 | 4210 | 19,322.00 | 15,907.00 |
| Depreciation | 880 | 911 | 840 | 794 | 2060 | 3,425.00 | 3,757.00 |
| Other Expenditure | 17443 | 21524 | 16614 | 14887 | 19546 | 70,468.00 | 60,082.00 |
| Total Expenditure | 46565 | 49270 | 44802 | 39775 | 41248 | 180,412.00 | 157,430.00 |
| Profit from Operations | 13557 | 8394 | 12126 | 15197 | 12351 | 49,274.00 | 46,090.00 |
| Other Income | 776 | 924 | 811 | 539 | 279 | 3,050.00 | 2,540.00 |
| Interest | 44 | 190 | 61 | 34 | 40 | 329 | 150 |
| Profit before tax | 14289 | 9128 | 12876 | 15702 | 12590 | 51,995.00 | 48,480.00 |
| Tax expense | 2883 | 2504 | 2846 | 3504 | 1151 | 11,737.00 | 6,154.00 |
| Net Profit | 11406 | 6624 | 10030 | 12198 | 11439 | 40,258.00 | 42,326.00 |
| Face Value (In Rs | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Paid Up Equity | 1360 | 1360 | 1360 | 1360 | 1360 | 1,360.00 | 1,360.00 |
| Basic EPS | 8.39 | 4.87 | 7.38 | 8.97 | 8.41 | 29.6 | 31.12 |
| Public holding (%) | 49 | 49 | 49 | 49 | 49 | 49 | 49 |
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