Fast-moving consumer goods (FMCG) giant Hindustan Unilever Ltd (HUL) closed the third quarter of FY24 with a marginally higher profit of Rs 2,519 crore, primarily boosted by other income and operational revenue, despite a slight reduction in sales. In the quarter ending on December 31, 2023, the company reported sales revenue of Rs 14,928 crore compared to Rs 14,986 crore in Q3FY23, with a net profit of Rs 2,519 crore, a marginal increase from Rs 2,505 crore.
During this quarter, HUL's other income rose to Rs 285 crore from Rs 228 crore, and other operating revenue stood at Rs 260 crore compared to Rs 242 crore.
However, total expenses for the company increased to Rs 12,011 crore from Rs 11,977 crore in the quarter under review. Sales of beauty and personal care, as well as home care, declined during the third quarter of FY24.
HUL noted several challenges in the operating environment during this period, including an uneven monsoon, delayed winter, weak consumer sentiment, and an uneven economic recovery. The company highlighted that while urban resilience continues, rural demand remains subdued. These factors contribute to a challenging operating landscape for HUL in the current market conditions.
(With Agency Inputs)