© Reuters.
MUMBAI – Colgate-Palmolive (NYSE:) (India) has reported a significant rise in its net profits for the second quarter of the financial year 2024. The company’s profits soared to ₹340.05 crore, marking an increase of over 20% compared to the same period last year. Additionally, Colgate-Palmolive’s revenue rose to ₹1,462.38 crore.
In the wake of this positive financial disclosure, the company’s stock demonstrated resilience in the market. Despite a recent inspection by tax officials on November 16 and 17, which resulted in a minor Goods and Services Tax (GST) penalty for procedural oversights under the Central GST and State GST Acts, Colgate-Palmolive’s shares maintained stability. By mid-morning trading time today, the stock experienced a slight uptick, reaching ₹2,188.5.
The financial performance indicates robust growth for the company amidst a challenging economic environment. The earnings report and subsequent market reaction underscore investor confidence in Colgate-Palmolive’s business operations and future outlook.
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