P&G Health Q1: revenue +7% YoY but core PAT down ~3% adjusted for one-off land-sale gain

Procter & Gamble Health's standalone revenue from operations (the company has no subsidiary, associate or JV, so standalone is the only basis) grew 7.4% YoY to ₹363.73 Cr for the quarter ended June 30, 2026 (₹338.74 Cr a year ago), though it slipped 1.8% sequentially from ₹370.45 Cr in Q4 FY26. Reported net profit rose 45.3% YoY to ₹96.15 Cr (₹66.18 Cr a year ago) and 1.6% QoQ (₹94.60 Cr), but the headline is inflated by a ₹31.80 Cr exceptional gain on the sale of the company's Worli office premises (sold for ₹33.34 Cr against a carrying value of ₹1.54 Cr). Stripping that out, adjusted PAT was approximately ₹64.35 Cr — down ~2.8% YoY and ~32% QoQ — meaning core profitability actually declined even as revenue grew, the opposite of what the reported number implies. Core operating profit (profit before exceptional items and tax) was ₹97.32 Cr, or 26.8% of revenue — roughly flat against 26.2% a year ago but down sharply from ~36% in the seasonally elevated March-26 quarter. The adjusted net margin nonetheless eased to ~17.7% from 19.3% YoY, pointing to a heavier tax load: total tax of ₹32.97 Cr works out to a 25.5% effective rate on reported PBT, and since the filing does not bifurcate tax between the core business and the one-off property gain, the core tax rate — and hence the adjusted PAT figure — carries some estimation uncertainty. There is no formal management guidance on record from prior quarters, and a web search found none specific to this entity (a same-named but distinct listed peer, P&G Hygiene & Health Care, is often conflated with it), so the print cannot be benchmarked against a stated outlook; the stock is a thinly covered, low-float name with no visible broker consensus for this quarter, so a street beat/miss call is not possible. No separate management press release accompanied the filing. The quarter also carried governance developments — senior management changes announced June 25, 2026 and the AGM date moved to September 3, 2026 — alongside the FY26 final dividend of ₹45/share (record date August 21, 2026) declared earlier in June; none affect this quarter's P&L directly but are relevant context around the print.