Gillette India rose 1.73% to Rs 5,552.80 after standalone net profit surged 54.3% to Rs 95.29 crore on 11.7% rise in net sales to Rs 516.40 crore in Q1 September 2020 over Q1 September 2019.
Standalone profit before tax (PBT) soared 41.2% to Rs 122.28 crore in Q1 September 2020 as against Rs 86.60 crore in Q1 September 2019. Current tax expense for the quarter jumped 19.3% to Rs 27.85 crore as against Rs 23.35 crore in Q1 September 2019. The Q1 result was declared after trading hours yesterday, 10 November 2020.
The rise in net sales was supported by strong product innovations, trusted portfolio, market recovery and strong execution of brand and retail fundamentals. PAT increased on account of its focus on productivity and a one-time help in the quarter. In management's estimate, the profit excluding the one-time items, for the quarter would have been up 20% Y-o-Y (year-on-year). Both grooming and oral care business grew ahead of the category.
Madhusudan Gopalan, the managing director (MD) of Gillette India, has said that: "In a challenging market environment, we delivered strong top and bottom-line results. With the easing of the lockdown, we witnessed market recovery in the grooming category through the quarter. Our production and service are now back to pre-COVID levels. In the near term, we will continue to prioritize the health and safety of our employees, maximize the availability of our products, which play an essential role in meeting the daily grooming and hygiene needs of consumers across the country, and support our communities. In the long term, we will continue to stay focused on our strategy of driving superiority, improving productivity, and strengthening our organization and culture to deliver balanced growth."
Gillette India is engaged in the manufacturing and sale of branded packaged fast-moving consumer goods in the grooming, portable power and oral care businesses.
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