HUL net jumps over 2-fold in June quarter

FMCG major Hindustan Unilever on Monday said its net profit surged over two-fold to Rs 1,331.19 crore for the quarter ended June 30, 2012, due to an exceptional income of Rs 607 crore from sale of properties.

The company had posted a net profit of Rs 627.16 crore for the same period previous fiscal, Hindustan Unilever Ltd (HUL) said in a statement.

"Net profit at Rs 1,331 crore grew 112 pc after accounting for an exceptional income of Rs 607 crore arising from the sale of properties," it added.

Net sales of the company rose to Rs 6,250.15 crore for the quarter, from to Rs 5,495.91 crore during the same period of previous fiscal.

"The environment continues to be challenging in terms of inflation and a general economic slowdown. In this context, we are implementing our strategy with even greater rigour and managing our business dynamically to remain competitive and cost efficient," HUL Chairman Harish Manwani said.

During the quarter the company's domestic consumer business grew by 19 per cent over the same period previous fiscal with strong underlying volume growth of 9 per cent, the company said.

Both Home and Personal Care (HPC) and Foods segments registered double digit growth as compared to the same period previous financial year, it added.

The company's soaps and detergents grew by 24 per cent while personal products grew by 17 per cent in the quarter ended June 30, it said.

"Inflationary pressures during the quarter came primarily from currency depreciation. Cost pressures were managed dynamically through judicious pricing coupled with relentless focus on buying efficiencies and cost savings," the company said.

The company's beverages segment grew 7 per cent over the same period previous fiscal while packaged foods portfolio posted a growth of 17 per cent over the same period of previous fiscal.