Gillette India's Q1 profit rises on steady demand for grooming products

Gillette India

31/10/2023 08:10

Oct 31 (Reuters) - Gillette India  GILE.NS , known for
its shaving razors, posted a nearly 7% rise in its quarterly
profit on Tuesday, as moderating inflation helped lift demand
for its grooming products, including in the country's
hinterlands.    
    Gillette India, in which consumer goods giant Procter &
Gamble Co  PG.N  holds a 75% stake, said its first quarter
profit rose to 926.9 million rupees ($11.13 million) from 867.8
million rupees a year ago.  
    India's annual retail inflation eased to 6.83% in August
from 7.44% in July, further easing to 5.02% in September on
softer food prices, helping revive consumers' discretionary
spending. 
    Revenue from its mainstay grooming segment, which accounts
for over three-fourths of the total revenue, rose 7.8%, while
the smaller oral care segment reported a 7% increase. 
     Gillette India's total revenue from operations climbed 7.7%
to 6.68 billion rupees.    
    Total expenses for the company rose nearly 10% led by a 36%
climb in the stock-in-trade purchase costs.
    Fellow P&G Group company, Procter & Gamble Hygiene and
Health Care  PROC.NS  on Monday posted a 36% jump in its
quarterly profit.
    Gillette India's shares dipped 0.3% after the results. It
rose 20.7% in the July-September quarter, compared with a 1.1%
drop in the Nifty FMCG index  .NIFTYFMCG .



($1 = 83.2575 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru; editing by Eileen
Soreng)
 ((aleefjahan.cs@thomsonreuters.com;))