New Delhi: FMCG firm Jyothy Laboratories on Wednesday reported 29.29% decline in consolidated net profit at Rs75.95 crore for the March quarter on account of setoff losses.

The company had posted a net profit of Rs107.42 crore in January-March period a year ago, Jyothy Laboratories said in a regulatory filing.

Total income during the reported quarter stood at Rs557.59 crore. It was Rs468.20 crore in the corresponding period a year ago. The net profit was down to Rs76 crore due to tax reversal on setoff losses of JCPML (erstwhile Henkel Marketing India) with JLL in 2016-17, the company said.

Jyothy Labs said its revenues were not comparable as sales for the quarters ended 31 March, 2018 and 31 December, 2017 are net of GST. However, sales period ended 30 June is gross excise duty.

“Accordingly, the amount are not fully comparable," the company said. Its total expenses stood at Rs450.59 crore. It was Rs423.64 crore in January-March of 2016-17. For entire 2017-18, Jyothy Labs’ net profit was down 12.38% at Rs178.87 crore as against Rs204.15 crore in 2016-17. Its total income was at Rs1,812.87 crore as against Rs1,759.87 crore in 2016-17.

“Though the first quarter of the year under review was very negative, second, third & fourth quarters have shown excellent progress and hope to continue the progress in the coming quarter also," chairman & managing director M.P. Ramachandran said.

Meanwhile, in a separate filing Jyothy Labs informed that its board has appointed Sanjay Agarwal as chief financial officer with effect from Wednesday. K. Ullas Kamath will continue to act as the joint managing director of the company, it added.

The board also recommended a dividend of 50 paise per equity share of Re1 each for 2017-18.

Shares of Jyothy Laboratories closed at Rs391.70 at BSE, up 4.96% from previous close.