Shares of Gillette India soared over 16 percent on February 18 as investors cheered for the company's Q3 earnings. The personal care company's net profit for the December quarter surged over 21 percent on year to Rs 125.97 crore, up from Rs 103.95 crore in the same period last fiscal.
Revenue also grew to Rs 685.55 crore in Q3, up 7.2 percent from the Rs 639.46 crore that it reported in the year ago period.
Growth in revenue was led by the company's grooming segment, which recorded a 11 percent on year increase in sales, offsetting the degrowth in the oral business in Q3.
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At 12.44 pm, shares of Gillette India were trading at Rs 8,307.80 on the NSE. The sharp uptick in the stock was further fuelled by a spike in trading volumes in the counter. As much as seven lakh shares of the company changed hands on the exchanges thus far, a meteoric surge from the one-month daily traded average of 28,000 shares.
However, aside from today's gains, the stock has remained largely under pressure, still down over 11 percent year-to-date. A slowdown in urban consumption has been one of the biggest headwinds, dragging sentiment for the company.
Meanwhile, the company also announced a dividend of Rs 65 percent, the record date of which is February 19. Investors might also be lapping up shares of the company in hopes to become eligible to avail the dividend ahead of the record date.
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