Gillette India - Business Improving; Trend Reversal Offers Potentiality: Yes Securities Initiates Coverage

Yes Securities Report

We initiate coverage on Gillette India Ltd. with 'Add' rating. Our view is pinned on the following arguments:

1. Expect core portfolio to improve or atleast maintain share with potentiality of stronger growth led by part reversal in trend towards clean shave,

2. women’s razor and shave care portfolio offers delta through penetration led growth,

3. we hope Gillette India’s brand equity and global expertise to help play catch-up in electric segment where it has been a laggard,

4. global mix and margin profile shows potential for Gillette’s India grooming business,

5. latest quarter’s performance suggest improving growth,

6. even after recent run-up (up ~25% in last three months), valuations remain lower than median.

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