Gillette India posts quarterly profit rise on steady demand for grooming products

Personal care products maker Gillette India on Thursday reported a 9.4% rise in first-quarter profit, helped by steady demand for its grooming products.

The company, a unit of U.S. consumer goods major Procter & Gamble, posted standalone profit of 1.59 billion rupees ($16.61 million), up from 1.46 billion rupees a year earlier.

Revenue rose 10.8% to 7.83 billion rupees, driven by a nearly 9% increase in the firm’s grooming segment, which accounts for more than 80% of total revenue. Its smaller oral care segment grew nearly 19%.

Expenses rose 10.9% due to higher raw material costs.

Despite the results, shares of the company fell as much as2.8% after the results, before paring some losses to trade 2% lower.