_20240726135200_original_image_45.webp)
Colgate-Palmolive (India), released its third Annual and ESG (Environmental, Social, and Governance) Report.
In a press statement on Friday, the company informed that this report details the company's financial performance and the significant strides made during the 2023-24 fiscal year toward achieving the goals outlined in its Global 2025 Sustainability & Social Impact Strategy.
Prabha Narasimhan, Managing Director & Chief Executive Officer, highlighted, “At our core, is the mission to improve the oral health of everyone in India. This is both our fundamental responsibility and a tremendous privilege. Our long-term value creation strategy is intricately designed to balance financial performance with sustainability. The simple mantra of Grow, Strengthen, Simplify underpinned our actions in FY 2023-24. We delivered a significant step up in our growth trajectory, and we remain resolute in our commitment to enrich lives, foster sustainability, and propel positive change.”
The fiscal year 2023-2024 witnessed significant growth for Colgate-Palmolive (India), marked by a domestic growth rate of 9.5 per cent and a 26.4 per cent increase in PAT. The company achieved an EBITDA margin of 33.7 per cent, the highest in its history. The report highlighted several key initiatives and achievements in product stewardship, consumer awareness, ethical practices, environmental protection, and social impact.
In FY 2023-24, Colgate-Palmolive (India) relaunched three of its top products – Colgate Strong Teeth, Colgate Active Salt, and Colgate Total – with superior, science-backed formulas. Additionally, Colgate MaxFresh was relaunched with proprietary UltraFreeze technology, making it the fastest-growing core brand in Colgate's portfolio in 2023. The report also highlighted strides in improving consumer awareness, with 50 per cent of the toothpaste portfolio (by volume) transitioned to recyclable tubes, aiming for 100 per cent recyclability by the end of FY 2024-25.
The report emphasised ethical practices, detailing rigorous due diligence at manufacturing plants, sales offices, and headquarters to ensure compliance with human rights standards. The Supplier Responsible Sourcing Assessment (SRSA) program evaluated suppliers' adherence to human rights, ethics, and legal standards. Environmental achievements included net water positivity in three plants and over 2.8 MW of on-site solar installations, with plans to transition to 100 per cent renewable electricity across all owned industrial site operations by 2030. The company collected approximately 107 per cent of plastic waste under the Extended Producer Responsibility (EPR) initiative, and all four of its industrial sites in India are TRUE Zero Waste Platinum certified. In FY 2023-24, over 40 tonnes of dry waste were collected and segregated across 25 villages as part of the company’s CSR Rural Waste Management program, resulting in over 30 tonnes of carbon emissions being diverted and 300,000 watts of energy saved.
Colgate-Palmolive's contributions to social impact and inclusivity were also highlighted. The Colgate Bright Smiles, Bright Futures program reached over 5.2 million children across India, promoting good oral care habits, tobacco prevention awareness, and good nutrition in over 10,000 schools across 150 cities and towns. During 2023-24, the company extended digital and financial literacy to over 30,000 women and persons with disabilities (PwDs), positively impacting over 60,000 beneficiaries across 240 villages and creating linkages to government policies worth Rs 60 million. The company supported 40 water-stressed villages, repurposing 46 million litres of water and benefiting over 14,000 people.
Shilpashree Muniswamappa, Director - ESG & Communications, expressed, “Transforming environmental impact into a business driver—that's the aim of our SMILE-based sustainability targets. This report encapsulates our commitment to sustainability and ethical governance that not only supports our planet but also provides tangible benefits to our communities and stakeholders. We've adopted a comprehensive approach to tackling energy, emissions, waste, packaging, water, and societal impact with a unified strategy.”
