Gillette India shares gain 1%; India leadership update announced

Both India leaders have accepted new positions with P&G for which they will be relocating outside India.

Shares of Gillette India were trading 0.9 percent higher at open on September 4. On September 1, the company announced resignations of the CMO and Grooming Category Leader. The two India leaders will be moving overseas for new positions within the parent company.

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Sharath Verma, was the Chief Marketing Officer, and Saurabh Bajpai, was the Grooming Category Leader. They have resigned from their India leadership roles at Gillette India due to a change in their assignment at Procter & Gamble (P&G). According to the notification, both India leaders have accepted new positions with P&G for which they will be relocating outside India.  This announcement was effective September 1.

Also read: Gillette India Standalone March 2023 Net Sales at Rs 619.07 crore, up 9.28% Y-o-Y

Gillette India, recently reported its Q1FY24 results. For the quarter ending June 2023, the company reported a 12.04 percent year-on-year increase in net sales to Rs 619.44 crore. Net profit for the same period also grew 35.74 percent Y-o-Y to Rs 91.75 crore. For the June 2023 quarter, the grooming and oral care product manufacturer reported a Rs 113.21 increase in EBITDA to Rs 148.44 crore.

Also read: Procter & Gamble to invest Rs 2,000 crore in India to set up manufacturing plant in Gujarat

In June 2023, parent company P&G announced that it would be investing Rs 2,000 crore in Sanand, Gujarat to set up a new 50,000 square meter personal healthcare manufacturing facility. This is the ninth plant set up by the manufacturer in India. Other P&G brands in India include Ariel, Duracell, Head & Shoulders, Tide, Vicks and Whisper, amongst other.