BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Gillette India Ltd.’s Q4 FY21 (June-ending FY) performance was below our estimates on all fronts.
Grooming business revenue came in ~17% below our estimate at Rs 3.3 billion (versus ~Rs 4 billion average quarterly run-rate seen in the previous three quarters).
The segment also declined by 7.8% on the base of Q4 FY19.
Even Gillette India's oral care business’ revenue missed the previous three-quarters’ average run-rate of ~Rs 1.24 billion and came in ~18% below our estimate at Rs 1.03 billion.
The quarter also saw a sharp increase in advertisement and sales promotion spends, much higher than what we had estimated.
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