HUL Q3 FY24 results: Net profit climbs just 1%; revenue slips to Rs 14,928 crore

FMCG giant Hindustan Unilever Ltd (HUL) on Friday posted a standalone net profit of Rs 2,519 crore for the December quarter (Q3 FY24), registering a 0.55 per cent rise compared to a profit of Rs 2,505 crore in the same quarter last year.

The company's total revenue came at Rs 14,928 crore in Q3 FY24, down 0.38 per cent from Rs 14,986 crore in the year-ago quarter.

HUL said its home care division saw a marginal decline in revenue with mid-single digit UVG (Underlying Volume Growth) in the quarter. Beauty and personal care revenue remained flat with mid-single digit UVG. Home care and beauty & personal care constitutes about 75 per cent of HUL's business.

Rohit Jawa, CEO and Managing Director at HUL, said, "HUL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus on providing the right consumer value, excellence in execution, increased investments behind brands and capabilities, premiumisation and market development continues to serve us well."

Competitive intensity could stay high, HUL said, indicating easing commodity prices are allowing smaller rivals to better compete with deep-pocketed consumer goods conglomerates.

Rural income growth would determine the pace of recovery, HUL said, adding it is "cautiously optimistic in the near term."

The Sunsilk shampoo maker was the first major consumer goods manufacturer to report results for the December quarter.

The quarterly results were announced post-market hours. Shares of HUL settled with 0.66 per cent gains at Rs 2,564.75 today.

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