P&G Hygiene and Health Q1 profit dips 29.3%, Revenue down 1.3%

New Delhi: Procter & Gamble Hygiene and Health Care Ltd has reported a 29.26 per cent decline in profit after tax at Rs 154.41 crore in the first quarter ended September due to higher commodity costs and decline in sales.

The company, which follows July-June financial year, had reported a profit after tax of Rs 218.29 crore in the corresponding quarter of the previous fiscal.

Revenue from operations fell 1.26 per cent to Rs 1,044.89 crore during the quarter under review. In the year-ago period, the same stood at Rs 1,058.30 crore, Procter & Gamble Hygiene and Health Care Ltd (PGHH) said in a regulatory filing.

The company, which owns popular brands such as Vicks in healthcare and Whisper in feminine care, in its earning statement said the decline in revenue was "due to post-COVID normalisation of demand".

"Profit after tax stood at Rs 154 crore, down 29 per cent vs year ago, behind top-line impact and significant effect of commodity cost inflation," PGHH said.

PGHH's total expense was at Rs 845.82 crore in the July-September quarter, up 9.8 per cent compared to the same period a year ago.

However, the company said that compared to the corresponding pre-COVID quarter three years ago, sales are up 23 per cent and profit after tax is higher by 12 per cent.

PGHH Managing Director L V Vaidyanathan said, "In a challenging macro-economic environment, we delivered resilient results in the quarter by focusing on our integrated growth strategies. We believe they remain the right strategies to navigate through the near-term challenges and help us deliver in line with our aim to drive balanced growth".

Shares of Procter & Gamble Hygiene and Health Care Ltd on Thursday were trading at Rs 13,954 on BSE, down 1.07 per cent from the previous close.