HUL net up 15.5% at Rs 871.36 crore
HUL, the Indian unit of Anglo-Dutch consumer goods maker Unilever, reported a 15.5% increase in net profit at R871.36 crore for the third quarter ended December 31, 2012 as compared to R753.81 crore during the corresponding quarter previous fiscal.
The maker of Knorr soups and Lux soap said the company’s net sales rose to R6,433.69 crore in the third quarter as against R5,844 crore during the same period in previous fiscal. During the quarter, the company's domestic consumer business grew at 15% with underlying volume growth of 5%, which analysts said was the lowest in the last three years.
Announcing the results, HUL chief financial officer R Sridhar said, “In a challenging operating environment, FMCG markets have sustained levels of double digit growth. Our net profit is up by 15% on the back of innovations.”
HUL’s results follow that of its peer ITC which has posted a 20.6% increase in its net profit at R2,052 crore in the third quarter, despite sluggish economic growth. “There’s a slowdown in discretionary products. Less discretionary spending among consumers cut sales of products such as packaged foods and personal care items,” said Sridhar.
HUL’s personal products grew 13% in the third quarter, with a double digit growth in skin, hair and oral care.
On HUL’s results, V Srinivasan, a research analyst with Angel Broking said the company
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