Wednesday, February 21, 2024
Google search engine
HomeBusinessProfit rises marginally to Rs 2,519 cr on low rural demand

Profit rises marginally to Rs 2,519 cr on low rural demand

Hindustan Unilever (HUL) reported a smaller-than-expected 0.6% increase in quarterly profit on Friday as demand for consumer goods in the country’s rural regions remained stubbornly low on weakness due to a delayed winter.

Consumer goods giants, including HUL peers Nestle India and Britannia Industries, have been struggling with a spending pullback at a time when prices of various essentials such as vegetables and dairy have shot up.

The Dove soapmaker said its sales of products in the quarter slipped 0.3% to Rs 14,928 crore, with its revenue within home care, and beauty and personal care (BPC) segments dropping 1.3% and 0.3%, respectively.

The Indian arm of UK’s Unilever said it recorded a profit of Rs 2,519 crore ($303.30 million) for the quarter ended Dec. 31.

Analysts, on average, had expected a profit of Rs 2,680 crore, according to data from LSEG.

The profit miss came as HUL cut prices of several products, including detergents and household care products, on the back of easing commodity prices.

First Published: Jan 19 2024 | 3:58 PM IST

- Advertisment -
The Uncut

Most Popular