MUMBAI: Procter & Gamble Hygiene and Health Care (P&GHH) reported a 5% rise in its net profit at Rs 103 crore for the third quarter ended March 31, 2022, driven by continued focus on productivity and a one-time hurt due to retrospective tax law change. Excluding this one-time impact, profit after tax was up 20% vs year ago, despite commodity inflation.
The company delivered sales of Rs 973 crore, up 28% as compared to the year ago period, driven by strong retail execution and a one-time other income during the quarter from intercompany sale of inventory, among other factors.
Excluding the one-time income, comparable sales are up 17% vs year ago.
P&GHH MD Madhusudan Gopalan, said: “In a challenging market environment, we recorded strong double-digit sales growth driven by strong brand fundamentals and improved market execution. Excluding the one-time impact, our productivity efforts led to a strong double digit profit growth. As we navigate the challenging cost environment, we will continue to focus on improving productivity by leveraging advertising and promotion analytics, strengthening our product mix and driving supply chain efficiencies. In the long-term, we will continue to focus on driving balanced top and bottom-line growth enabled by our superiority strategy, improving productivity, leading constructive disruption, and strengthening our organization and culture.”