Gillette India posts quarterly profit rise on steady demand for grooming products
Gillette India posts quarterly profit rise on steady demand for grooming products July 30 (Reuters) - Personal care products maker Gillette India GILE.NS on Thursday reported a 9.4% rise in first-quarter profit, helped by steady demand for its grooming products.
The company, a unit of U.S. consumer goods major Procter & Gamble PG.N, posted standalone profit of 1.59 billion rupees ($16.61 million), up from 1.46 billion rupees a year earlier.
Revenue rose 10.8% to 7.83 billion rupees, driven by a nearly 9% increase in the firm's grooming segment, which accounts for more than 80% of total revenue. Its smaller oral care segment grew nearly 19%.
Expenses rose 10.9% due to higher raw material costs.
Despite the results, shares of the company fell as much as 2.8% after the results, before paring some losses to trade 2% lower.
($1 = 95.7200 Indian rupees)
(Reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
((abhirami.g@thomsonreuters.com))
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