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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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