New Delhi, May 3 (PTI) FMCG firm Emami today reported a 28.29 per cent drop in consolidated net profit at Rs 59.73 crore for the fourth quarter ended March of 2017-18.
Emami said its profit "was impacted on account of writing off MAT credit entitlement of Rs 14 crore".
The company had posted a consolidated net profit of Rs 83.3 crore during the same period of last fiscal.
Total income stood at Rs 619.14 crore during the quarter under review. It was at Rs 585.04 crore in the corresponding quarter of the previous fiscal, Emami said in a regulatory filing.
Emami said revenue for the current quarter under review is not comparable with the corresponding quarter of 2016-17 fiscal due to implementation of GST from July 1, which changed accounting treatment of indirect taxes.
Emami, in a statement, said its domestic business grew by 10 per cent with major brands, including Navratna, Pain Management Range, Male Grooming Range, Kesh King and 7 Oils in One, performing well.
"Market share gains continued for key brands. Rural continued to outperform urban markets promising a good growth trajectory going forward," it added.
For the entire 2017-18 fiscal, the Kolkata-based company reported a 9.91 per cent decline in the consolidated net profit at Rs 306.3 crore as against Rs 340.01 crore in the last fiscal.
In 2017-18 fiscal, Emamis total income stood at Rs 2,560.33 crore during the quarter under review. It was at Rs 2,558.82 crore in the corresponding quarter of the previous fiscal.
Emami Ltd Director Mohan Goenka said: "The year 2017-18 has ended with a reasonably good fourth quarter registering a double-digit growth of 12 per cent on a year-on-year basis. International business has also done well in this quarter by achieving a growth of 37 per cent".
The company has also recommended a final dividend of Rs 7 per share having face value of Rs 1 each for the financial year 2017-18.
Emamis board also recommended issue of bonus shares in the ratio of 1:1.
Shares of the company ended 2.05 per cent lower at Rs 1,085.50 apiece on the BSE today. PTI SVK SBT SBT