Colgate-Palmolive receives GST Penalty Notice: Trades flat

The Colgate-Palmolive (India) share started flat on the National Stock Exchange on November 22, a day after the business alerted exchanges about a tax department search at its Chennai warehouse and a Rs. 1 lakh GST penalty.

According to the company, the State Goods and Service Tax Officer searched Colgate-Palmolive’s Chennai warehouse from November 16 to 17 and imposed a Rs. 1 lakh penalty for “minor procedural non-compliance under Section 125 of the CGST Act and SGST Act and not any specific suppression or willful misstatement done by the company.”

Colgate-Palmolive recorded a consolidated net profit of Rs. 340.05 crore in Q2FY24, up 22.31 percent from Rs. 278.02 crore the previous year. In addition, revenue increased 6.09 percent year on year to Rs. 1,462.38 crore.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter were Rs. 482.2 crore, up from Rs. 408 crore the previous year. The EBITDA margin was 32.8 percent, up from 29.4 percent the previous year.

The stock was trading at Rs 2,188.5 on the National Stock Exchange at 9:53 a.m., up 0.46 percent from the previous close.