Colgate-Palmolive (India) drops as low sales volumes dent Q3 profit

Colgate-Palmolive (India)

24/01/2023 08:38

** Shares of Colgate-Palmolive (India) Ltd  COLG.NS  fall as
much as 1.4% to 1470.5 rupees, their biggest pct loss since Jan.
10
    ** The packaged good makers reported smaller-than-expected
quarterly net profit that fell ~4% to 2.43 billion rupees
($29.83 million), hurt by soft sales growth in oral-care
products
    ** COLG also reported sales at 12.81 billion rupees for the
dec-qtr, up 0.8%
    ** Analysts expected the co to report a net profit of 2.66
billion rupees, according to Refinitiv IBES Data
    ** About 454,277 shares change hands by 1:56 p.m. IST vs
30-day avg of 321,625 shares
    ** Six of the 30 analysts covering the stock have a "buy" or
"strong buy" rating, 14 has "hold", while 10 rate it at "sell"
or "strong sell"; median PT is 1,620 rupees - Refinitiv data
    ** Stock rose 3.7% in 2022
($1 = 81.4670 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))