Shares of Colgate Palmolive (India) were see-sawing between red and black in early trade on Friday despite the company posting robust results for the second quarter and a record-high dividend.
What Happened: The dental care firm announced robust financial results for the second quarter, reflecting a consolidated net profit of ₹340.05 crore. This figure represents an impressive 22.31% increase from a net profit of ₹278.02 crore it earned last year.
The company’s consolidated revenue from operations in the September quarter marked a substantial 6.09% growth, reaching ₹1,462.38 crore compared with ₹1,378.37 crore reported a year ago.
See Also: Why Vodafone Idea Shares Are Jumping Today
Colgate Palmolive (India)’s EBITDA for the second quarter amounted to ₹482.2 crore, in contrast to the ₹408 crore recorded the previous year. The firm’s EBITDA margin also improved to 32.8% in the second quarter from 29.4% a year ago.
The company also declared a record-high interim dividend of ₹22 for each equity share. This interim dividend will be distributed beginning on November 21, to the shareholders listed in the company’s register of members/beneficial owners as of the record date of November 6.
Get all the latest Share Market trends and news to set you up for the week ahead.
Price Action: Colgate’s share price was trading almost flat at ₹2,035, up just 0.029% around the start of trade. The stock has lost around 3.35% over the last week amid a broad-based decline in the stock market.
Read Next: Tata Play Fiber, Nokia Join Forces To Launch India’s Premier WiFi 6-Ready Broadband
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.