Gillette India declined 0.33% to Rs 5673.2 after National Anti-Profiteering Authority directed the personal care products maker to deposit Rs 57.99 crore in Consumer Welfare Funds.
The National Anti-Profiteering Authority (NAA) has uploaded an order in case no. 76/2020 dated 23 November 2020 on their official website on 25 November 2020. Gillette India is a respondent in the said matter.The order alleges that Gillette India has profiteered to the tune of Rs 57,99,37,416 and did not pass on the benefit of a tax reduction in November 2017. Hence, NAA has directed the company to deposit the profiteered amount with interest in Consumer Welfare Funds.
Gillette India, however, clarified that that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The company said it is reviewing the said order and will take appropriate steps in due course.
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.
The company's 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.
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