Mumbai: FMCG major, Colgate Palmolive India on 3 May posted a 36.69% increase in net Profit After Tax (PAT) at Rs50.59 crore for the quarter ended 31 March 2007, compared to Rs37.01 crore for the same quarter last year.
Total revenue grew 15% to Rs360.60 crore for the quarter ended 31 March, as against Rs313.58 crore in the year-ago period, Colgate Palmolive informed the Bombay Stock Exchange.
The company’s board at its meeting on 3 May declared a special dividend of Rs2 on over 13.59 crore equity shares of Rs10 each for the year ended 31 March 2007.
The board has also approved a proposal under which the company would return Rs122.40 crore to its shareholders and reduce its paid-up capital.
This amount would be paid as “deemed dividend” of Rs9 per share uniformly to all shareholders and would not be liable to tax.
For the year ended 31 March, Colgate recorded net PAT of Rs160.17 crore against Rs137.60 crore a year ago and total revenue rose to Rs1,362.14 crore from Rs1170.28 crore.
The group posted net PAT of Rs148.39 crore for the year ended 31 March, as compared to Rs140.04 crore in the year ago period and total revenue grew to Rs1,361.55 crore from Rs1,173.66 crore.
The reduction of capital, which is in excess of the company’s operational needs, would be achieved by reducing the face value of the existing shares from Rs10 per share to Re1 per share, Colgate Palmolive said.
The number of shares issued, paid-up and outstanding and the pattern of shareholding would remain unchanged, it added.
The proposal for reduction of capital is subject to approval by the shareholders at the ensuing Annual General Meeting and confirmation by the Bombay High Court.