Gillette India posts slip in Q3 profit on rigid competition

Gillette India

29/04/2024 13:57

BENGALURU, April 29 (Reuters) - Gillette India  GILE.NS 
posted a nearly 4% fall in third-quarter profit on Monday as
stiff domestic competition dampened demand.
    Gillette India, known for its Mach 3 brand of shaving
razors, reported a profit of 990.9 million rupees ($11.9
million) for the January-March quarter, compared with 1.03
billion rupees a year earlier.
    Consumer goods makers are increasingly facing strong
competition from smaller manufacturers who are better equipped
to occupy shelf space due to declining commodity prices.
    Revenue from Gillette's core grooming segment, which
accounts for 82% of the total, rose nearly 14% to 5.58 billion
rupees, while the cost of raw materials consumed fell 6.3%.
    Parent and consumer goods giant Procter & Gamble Co  PG.N 
had raised its annual core profit forecast earlier in April,
driven by price increases and resilient demand.
    Gillette India's shares dipped 0.8% ahead of the results. It
rose 1.2% in the March quarter, compared with a 5.3% fall in the
Nifty FMCG index  .NIFTYFMCG .


($1 = 83.4499 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Sohini Goswami)
 ((AshnaTeresa.Britto@thomsonreuters.com;))