Mumbai, June 10: Colgate-Palmolive India has posted a 27 per cent rise in net profit at Rs 88.7 crore for the financial year ended March 31, 2003 compared to Rs 69.8 crore in 2001-02. Its net sales, however, took a dip. The company has already declared two interim dividends totalling to Rs 4.25 per share with an aggregate pay-out of Rs 61.3 crore for 2002-03, the company said in a release here on Tuesday.

The net sales for the reporting year, however, were down by nine per cent at Rs 1,056.9 crore as against Rs 1,160.9 crore in the previous year, according to the release. Sales were adversely affected by overall economic sluggishness in 2002 and the consequent depressed consumer offtake, it said adding that the oral care segment witnessed a negative growth of nine per cent.
The company was able to post record profits due to improvement in the operational efficiency, aggressive cost reduction and growth in market share in the oral care category.
The net profit and sales for the fourth quarter ended March 31, 2003 stood at Rs 29.8 crore (Rs 21.6 crore in Q4 of 2001-02), and Rs 279.8 crore (Rs 277.2 crore) respectively. Bureau Report