Gillette India profit rises 6% on strong demand for grooming products

Gillette India

01/02/2023 14:03

Feb 1 (Reuters) - Shaving razors maker Gillette India
Ltd  GILE.NS  reported a 5.6% rise in its second-quarter profit
on Wednesday, propelled by higher prices and sustained demand
for its grooming products. 
    Gillette India, in which consumer goods giant Procter &
Gamble Co  PG.N  has a 75% stake, said its net profit rose to
744.5 million rupees ($9.10 million) for the three months ended
Dec. 31, from 705 million rupees a year earlier. 
    Makers of fast-moving consumer goods, including P&G and
Unilever, have been raising prices of their products in a bid to
cushion the impact of surging inflation and increasing
supply-chain costs.  urn:newsml:reuters.com:*:nL4N32R3IV
    With total expenses surging 10% due to a 14% jump in raw and
packaging materials costs during the quarter, the shaving cream
and Oral B toothbrush maker said it expected costs and operating
challenges to continue in the near-term. 
    While the oral care revenue fell 8.6%, the grooming segment
that accounts for 80% of Gillette India's revenues surged 15.6%.
    This helped the company to report a near 10% rise in revenue
from operations.
    Shares of the company ended about 0.3% lower on Wednesday
and about 4% in 2022.
($1 = 81.7990 Indian rupees)
 (Reporting by Kashish Tandon and Aleef Jahan; Editing by Rashmi
Aich)
 ((Kashish.Tandon@thomsonreuters.com;))