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Nirmal Bang Report
After a disappointing low single digit top-line growth in Q2 FY24, Gillette India Ltd. Q3 FY24 reported sales momentum back in double digits with the grooming segment growing at 13.5% YoY (with market share gain as indicated in the press release).
Five year compound annual growth rate top-line growth was healthy at ~8%.
With 10% YoY top-line growth, 20% YoY Ebitda growth and 16% YoY profit before tax growth, operating performance was largely in line.
Low tax rate for base quarter (16.4%) and unusually high tax rates in Q3 FY24, led to a miss on profit after tax, but these were on account of one offs.
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