Gillette Net Profit Zooms 594%

New Delhi, Feb 25 | Updated: Feb 26 2004, 05:30am hrs
Gillette India has reported a 594 per cent growth the highest ever growth in its 20-year history in its net profits for the financial year (FY) ended December 31, 2003. The company recorded a growth of 328 per cent in its profit before tax, up from Rs 17.45 crore to Rs 74.70 crore during the year under review.

During the same period, the company recorded a 25 per cent increase in net sales of its continuing business, up from Rs 310 crore in FY 2002 to Rs 388 crore in FY 2003. Its profit before interest and depreciation, increased by 72 per cent, from Rs 57.34 crore in the previous year to Rs 98.53 crore in FY 2003.

Gillette Indias managing director Zubair Ahmed said, Gillette Indias performance is an outcome of a strong franchise growth, a culture of innovation, functional excellence and enhanced capabilities. We have successfully completed our turnaround through excellent sales performance backed by a profitability improvement strategy.

The companys grooming business, it said, grew by 23 per cent in that its recent launch Gillette Vector Plus exceeded the target by 100 per cent while its premium brand Mach 3 grew at 30 per cent.