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Nirmal Bang Report
Gillette India Ltd.’s Q3 FY23 (June-ending financial year) revenue performance was slightly lower than our estimate, but operating margin was largely in-line with our expectations.
Overall revenue was up 9.3% at Rs 6.2 billion. Gross margin came in at 53%, flat YoY but up 90 basis points sequentially (in-line with our estimate of 53%).
Gillette India's operating margin came in at 21.6% and was down 160 bps YoY (up 120 bps QoQ) versus (our estimate of 21%). Grooming business revenue (79.4% mix in Q3 FY23 versus 78.8% in Q3 FY22) grew by 10% YoY to Rs 4.9 billion (versus our estimate of Rs 5 billion), a three-year compound annual growth rate of ~16.6%, however segment’s Ebit margin contracted by ~230 bps YoY to 18.6% (down 90 bps QoQ).
Oral care business performance was below our expectation, with revenue growth of 6.5% YoY at Rs 1.3 billion (versus our estimate of Rs 1.4 billion). Oral care segment’s Ebit margin came in at 15.3%, down 240 bps YoY but up 790 bps QoQ.
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Also Read: Colgate Q4 Results Review - Strategy To Drive Category Growth; Execution Is Key: ICICI Direct
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