FMCG major Hindustan Unilever Ltd on Thursday clocked a 7.9 per cent increase in its consolidated net profit to Rs 2,481 crore for the third quarter ended December 31, 2022. The company had posted a net profit of Rs 2,300 crore in the October-December quarter of the previous fiscal year.
The company’s consolidated total income during the quarter under review rose 16.35 per cent to Rs 15,707 crore against Rs 13,499 crore a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing. HUL’s total expenses were at Rs 12,225 crore in Q3 FY22 as against Rs 10,329 crore in the year-ago period.
Commenting on the result, HUL CMD Sanjiv Mehta said the company has sustained its strong momentum and had yet another quarter of solid all-round performance.
“Sustaining our strong momentum, we had yet another quarter of solid all-round performance delivering double-digit revenue and earnings growth. Our consistent performance is reflective of our strategic clarity, strength of our brands, excellence in execution, and dynamic financial management,” Sanjiv Mehta, CEO and Managing Director, HUL said.
Looking forward, Mehta said, “We are cautiously optimistic in the near term and believe that the worst of inflation is behind us. This should aid in a gradual recovery of consumer demand”.
“We remain focused on managing our business with agility and continue growing our consumer franchise whilst maintaining margins in a healthy range. We stay confident of the medium to the long-term potential of the Indian FMCG sector and HUL’s ability to deliver consistent, competitive, profitable and responsible growth,” he added.
Along with the results, the Board of Directors approved the proposal to enter a new arrangement with Unilever group entities for the provision of technology and trademark licenses to HUL. In the new agreement, the royalty and central services fees will increase from 2.65 percent in FY22 to 3.45 per cent of turnover.