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					                                                                                                Regd off: Colgate Research Centre, Main Street, Hiranandani Gardens, Mumbai-76
COLGATE-PALMOLIVE (INDIA) LIMITED                                                               E-Mail:    investor_grievance@colpal.com
                                                                                                Web site: www.colgate.co.in
                                                                                                Telephone: (022) 6709 5050 Fax: (022) 2570 5088
CONSUMER PRODUCTS                                                                     MNC       Tr agent: Sharepro, 912, Raheja Centre, Free Press Journal Rd., Mumbai - 21
Chairman: J. Skala                                                                 SEC: K. V. Vaidyanathan                                AUD: Price Waterhouse
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m          % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1937   500830            CLGT:IN       1           607.4          -9.2              46.5         28.9      26.3            2.5          82,594.7               9.0        INE259A01022
SHAREHOLDING                                                      FX Transaction (FY09)                                ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :   0.0%               Exports (fob)          Rs m       180
Foreign collaborators      : 51.0%                Imports (cif)          Rs m       439                  (Rs)
Indian inst/Mut Fund       : 10.8%                Fx inflow              Rs m       746           750
FIIs/GDR                   : 10.1%                Fx outflow             Rs m     2,279                                                                         DAILY
Free float                 : 28.1%                Net fx                 Rs m -1,533
Shareholders               : 126,091                                                                                                                            100 DMA
                                                                                                  625
                           No. of months                   12            12               12
                             Year ending             31/03/07      31/03/08         31/03/09
EQUITY SHARE DATA
                                                                                                  500
High                                   Rs                 457            488             471
Low                                    Rs                 295            331             348
Sales per share                        Rs                95.3          108.4           124.7
Earnings per share                     Rs                10.9           17.3            21.0      375
Cash flow per share                    Rs                12.4           18.9            23.1
Dividends per share                    Rs                9.50          13.00           15.00
Dividend yield (eoy)                   %                  2.5            3.2              3.7
                                                                                                  250
Book value per share                   Rs                20.5           12.3            15.8
Shares outstanding (eoy)               m              135.99         135.99          135.99        Aug-06              May-07            Feb-08                Nov-08           Aug-09
Bonus/Rights/Conversions                                     -              -               -
Price / Sales ratio                    x                   3.9            3.8             3.3                               No. of months                 12            12            12
Avg P/E ratio                          x                 34.5           23.6            19.5                                  Year ending           31/03/07      31/03/08      31/03/09
                                                                                                 CASH FLOW
P/CF ratio (eoy)                       x                 30.4           21.7            17.7
Price / Book Value ratio               x                 18.4           33.3            25.9     From Operations                         Rs   m       1,577             2,914      3,497
Dividend payout                        %                 87.1           75.0            71.4     From Investments                        Rs   m          40                96        225
Avg Mkt Cap                            Rs m            51,132         55,688          55,688     From Financial Activity                 Rs   m      -1,360            -2,781     -2,635
No. of employees                       `000                  1              1               1    Net Cashflow                            Rs   m         257               228      3,981
Total wages/salary                     Rs m             1,134          1,238           1,509
Avg. sales/employee                    Rs Th         11,169.8       12,081.1        13,172.5                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th            977.6        1,014.8         1,172.5                                           2QFY09  3QFY09                 4QFY09     1QFY10
Avg. net profit/employee               Rs Th          1,279.3        1,932.0         2,219.9     Net sales                   Rs    m     4,302   4,356                  4,722      4,854
                                                                                                 Gross profit                Rs    m       689      909                   928      1,226
INCOME DATA                                                                                      Gross profit margin         %            16.0     20.9                  19.7       25.3
Net Sales                              Rs     m        12,957        14,739           16,953     Net profit                  Rs    m       635      778                   770      1,028
Other income                           Rs     m           659           772              935     Net profit margin           %            14.8     17.9                  16.3       21.2
Total revenues                         Rs     m        13,616        15,511           17,888
Gross profit                           Rs     m         2,082         2,518            2,897                                          KEY DATA
Depreciation                           Rs     m           196           209              283     Parameters                          Unit              FY07             FY08       FY09
Interest                               Rs     m            10            12               15     Soaps& Toileteries                  % of sales         84.2             84.2       88.0
Profit before tax                      Rs     m         2,535         3,069            3,534     Toothbrush and shavebrushes         % of sales          9.2             10.4       11.8
Minority Interest                      Rs     m             0            -9              -25     Advertising                         % of sales         16.0             17.4       16.0
Prior Period Items                     Rs     m             0             0                0     COGS                                % of sales         44.2             40.6       40.2
Extraordinary Inc (Exp)                Rs     m          -580           -10              -49     Exports                             % of sales          0.8              0.9        1.0
Tax                                    Rs     m           471           693              603
                                                                                                                                        NOTES
Profit after tax                       Rs     m         1,484         2,357            2,857
Gross profit margin                    %                 16.1          17.1             17.1    Colgate is promoted by Colgate-Palmolive USA, the parent which has a 51% stake
Effective tax rate                     %                 18.6          22.6             17.1    in the Indian subsidiary. The company manufactures and markets products for oral
                                                                                                care, personal care and household care. Oral care products contribute ~ 90% to total
Net profit margin                      %                 11.5          16.0             16.9
                                                                                                revenues. In this core business, Colgate dominates, enjoying a 52% market share in
BALANCE SHEET DATA                                                                              toothpastes and about 35% in toothbrushes in India. Other products include personal
                                                                                                care products like shower gels, shower creams, toilet soaps, liquid handwashes, and
Current assets                         Rs m             3,577             3,954        5,000    shaving creams mostly under the Palmolive brand. In the household segment,
Current liabilities                    Rs m             4,229             5,532        5,835    Colgate markets dish-washing soaps under the brand name Axion. The company
Net working cap to sales               %                  -5.0            -10.7          -4.9   sold its Nepal subsidiary. It amalgamated Advanced Oral Care Products and
Current ratio                          x                   0.8               0.7          0.9   Professional Oral Care Products (Goa subsidiaries) and acquired 75% stake in CC
Inventory Turnover                     Days                 23               21            19   Healthcare Products for a consideration of Rs 19.3 m.
Debtors Turnover                       Days                  3                 2            2
Net fixed assets                       Rs m             1,920             2,403        2,571    The company achieved a 15% YoY growth in the topline driven by sales across its
Share capital                          Rs m             1,360               136          136    product categories for FY09. The operating margins remained flatish at 17% while the
"Free" reserves                        Rs m             1,421             1,498        1,969    bottomline grew by 21% YoY.
Net worth                              Rs m             2,784             1,673        2,153    The per capita consumption of toothpaste in India is amongst the lowest in the world,
Long term debt                         Rs m                 43               47            47   and being the No.1 player in this category, the company is poised to benefit from
Total assets                           Rs m             6,799             7,009        7,921    increased consumption going forward. However, in our view, the prospects are still
Interest coverage                      x                254.5             256.8        236.6    too leveraged on one product. However, the parent globally, has decided to close a
Debt to equity ratio                   x                   0.0               0.0          0.0   third of its 78 manufacturing units and India could be a favored destination for
Sales to assets ratio                  x                   1.9               2.1          2.1   outsourcing toothpaste. Currently, the China plant produces over 900 m toothbrushes
Return on assets                       %                 52.8             137.7        130.5    per year and supplies to over 60 Colgate subsidiaries worldwide. The parent has a 5-
Return on equity                       %                 53.3             140.9        132.7    year plan of cutting down toothpaste and bar soap manufacturing locations to 15
Return on capital                      %                 69.5             178.0        158.0    each and toothbrush manufacturing locations to 8 globally. This as mentioned before,
Exports to sales                       %                   0.5               1.0          1.1   could benefit the subsidiary in India.
Imports to sales                       %                   3.9               2.6          2.6
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posted:11/6/2010
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