HUL Q1 results: Net profit rises 8% to Rs 2,472 cr

FMCG major Hindustan Unilever Ltd on Thursday reported 8% rise in standalone net profit at Rs 2,472 crore for the quarter ending June 30, 2023. It reported standalone net profit of Rs 2,289 crore in the year-ago period.

The firm's standalone total income increased 6% to Rs 15,333 crore in Q1FY24 as against Rs 14,409crore in Q1FY23. 

On Thursday, HUL's scrip on BSE rose 1% to Rs 2,700.

Rohit Jawa, CEO and Managing Director, HUL said: ‘FMCG markets are recovering gradually although the operating environment remains challenging. In this context we have delivered a resilient and competitive performance whilst stepping up our EBITDA margin.

"In the near-term, FMCG industry will continue to witness rebalancing of price-volume growth equation and a gradual recovery in consumer demand. In this environment we will continue to provide superior value to our consumers and invest behind our brands. We remain focused on driving our long-term strategic priorities including market development and building distinctive capabilities for the future. I am confident of the medium to long term prospects of the Indian FMCG sector."

Revenue from its top two businesses - home care and beauty and personal care - climbed 10% and 4%, respectively.

Sales of branded tea have not recovered as consumers are opting for unbranded alternatives, the Brooke Bond Red Label tea maker said.