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Nirmal Bang Report
Gillette India Ltd.'s Q3 FY21 (June-ending FY) revenue grew by 32% YoY to Rs 5.37 billion (versus our estimate 27.7% growth to Rs 5.19 billion) on a base of 12.7% decline.
Ebitda grew by 74.8% YoY to Rs 1.41 billion (versus our estimate 67.8% growth to Rs 1.35 billion).
Adjusting for the one-time write-back of provision of ~Rs 163 million (resulting from the settlement of certain tax disputes) included in other income, profit after tax grew by 70.6% YoY to Rs 894 million.
Given the resurgence of Covid-19 cases in the country followed by vertical lockdowns, we expect some adverse impact on the topline in the very near term.
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