Colgate Palmolive loses early gains after Rs 170-crore tax liability notice

The transfer pricing order from the Income Tax Authority for the Assessment Year 2021-22, disallows the company from certain international transactions.

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Shares of Colgate Palmolive opened at Rs 2,089.25, almost 1.7 percent higher on October 31 after the household and consumer products manufacturer received a Rs 170-crore income tax liability, but traded down at Rs 2,085.25 by 9:30am.

In a regulatory filing on October 30, the oral care company said that it received a a transfer pricing order from the Income Tax Authority for the assessment year 2021-22, disallowing certain international transactions.

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In the filing, the company said that it is awaiting completion of the draft assessment proceedings and after that will make an an application before the dispute resolution panel. Colgate Palmolive India added that there is no impact on financial, operation or other activities of the company due to this transfer pricing order.

On October 26, Colgate Palmolive (India) announced its Q2FY24 earnings. Net profit for the quarter ended September 2023 was Rs 340.05 crore, up by 22.31 percent on-year from the previous fiscal, while revenue grew 6.09 percent on-year to Rs 1,462.38 crore.

Also read: Colgate India Q2: Net profit rises 22.31% to Rs 340.05 crore, revenue up 6.09%

For the same period, earnings before interest, tax, depreciation and amortization (EBITDA) was Rs 482.2 crore, up from Rs 408 crore in the previous fiscal, while EBITDA margin for the period was 32.8 percent, up from 29.4 percent in Q2FY23.

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