Gillette India Q1 Results Review- Robust Grooming Revenue Growth; Margins Still Not Out-Of-Woods: Nirmal Bang

Nirmal Bang Report

Gillette India Ltd.’s Q1 FY23 (June-ending financial year) operating performance came in slightly better than our expectations. Positive surprises:

1. grooming business growth of 15.8% YoY was 8% ahead of our estimate. We believe, this was led by upgradations (superior products, packaging and proposition) of Gillette Fusion and Gillette Guard portfolio executed during the quarter, along with reach expansion of Gillette Venus Snap,

2. gross margin came in at 54.3% versus our estimate of 53%.

Premiumisation and productivity interventions supported operating margin, which came in at 21.9%, up 10 basis points YoY (versus our estimate 21.5%).

On the other hand, growth in the oral care business disappointed us with a decline of 13.5% YoY.

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