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Nirmal Bang Report
Gillette India Ltd. reported an in line set of numbers on sales and Ebitda fronts in its Q1 FY24 results (June year-end). The four-year topline compound annual growth rate continued to be healthy at 9.6%
Ebitda margin was healthy at 20.5% and in line despite unusually high ad spend to sales ratio of 15.4% (the second highest in nine quarters)
As highlighted in our detailed notes earlier this year, where we examined key changes driving better topline growth, we showed how these changes flow from the parent's successful strategy in the global grooming business, and in the recent note after their first ever analyst meet, we came to believe that Gillette offers a healthy investment opportunity based on significant turnaround in sales momentum and inexpensive valuations.
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