The Colgate-Palmolive (India) share opened flat on the National Stock Exchange on November 22, 2023 a day after the company informed exchanges about the tax department search at its Chennai warehouse and Rs 1 lakh GST penalty.
According to the company, the State Goods and Service Tax Officer conducted a search at the Chennai warehouse of Colgate-Palmolive from November 16 to 17 and levied a penalty of Rs 1 lakh for “minor procedural non-compliance under Section 125 of CGST Act and SGST Act and not any specific suppression or willful misstatement done by the company”.
In Q2FY24, Colgate-Palmolive reported a consolidated net profit of Rs 340.05 crore, up 22.31 percent from Rs 278.02 crore in the year-ago period. Revenue also grew 6.09 percent year-on-year to Rs 1,462.38 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at Rs. 482.2 crore against Rs 408 crore in the year-ago period. The EBITDA margin was at 32.8 percent, up from 29.4 percent in the year-ago period.
At 9.53 am, the stock was trading at Rs 2,188.5 on the National Stock Exchange, up 0.46 percent from the previous close.
Source from: https://www.moneycontrol.com/news/business/stocks/colgate-palmolive-trades-flat-on-gst-penalty-11784881.html