Colgate-Palmolive trades flat on GST penalty

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

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The Colgate-Palmolive (India) share opened flat on the National Stock Exchange on November 22,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”.

Also read: Colgate-Palmolive down as Q2 volume growth disappoints

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.

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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.

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