Kolkata, July 30 (IANS): Despite a surge in its income, consumer products firm Colgate-Palmolive (India) Ltd on Thursday posted a decline of 15.3 percent in its net profit at Rs.114.28 crore for the first quarter of the current fiscal.

Its net profit during the same period last year stood at Rs.134.91 crore.

The company's net income from operations in the quarter rose by 5.6 percent at Rs.1,010.15 crore against Rs.9,56.90 crore in the year-ago period.

Although the company's organic growth in the review period increased by 8.8 percent, phasing out of fiscal benefits from the Himachal Pradesh government resulted in the growth percentage being pulled down.

The same factor impacted the company's bottomline also. Despite the net profit surging by 19.1 percent during the quarter, phasing out of fiscal benefits and the restructuring cost in its toothpowder manufacturing facility in Aurangabad in Maharashtra resulted in its net profit registering a decline of 15.3 percent.

Earnings per share in the review period stood at Rs.8.40.

The company's board, in its meeting on Thursday has recommended a bonus issue of one equity share for every share held subject to shareholders' approval.