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Nirmal Bang Report
Gillette India Ltd.'s Q3 FY22 (June-ending financial year) operating performance was ahead of our estimate even as sales came in lower than our estimate as the company reported better margins, led by lower operating costs.
Profit after tax was down sharply YoY due to a retrospective tax law change in the quarter, one-time tax related help and lower marketing spends in the base period.
As per the management, excluding these one-time tax items and the lower marketing spends in the base period, Gillette India's net profit was flat YoY.
On the margin front, higher gross margin, along with increased savings than our estimate led to an Ebitda margin of 23.2% (versus our estimate of 20.6%).
Spending on advertisement and sales promotion was up by 14.4% YoY on absolute basis (up 90 basis points YoY but down 110 bps QoQ as % of revenue).
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