Hindustan Unilever profit rises 18% on one-time gains

Hindustan Unilever profit rises 18% on one-time gains

Mumbai: Hindustan Unilever Ltd, India’s largest consumer packaged goods company, recorded an 18% increase in net profit to 627 crore for the quarter ended 30 June on one-time gains.

The maker of Surf detergents and Lux soaps posted a net profit of 533 crore in the year-earlier quarter. Exceptional gains rose more than threefold to 58 crore on account of property sales from 18 crore a year ago.

The Anglo Dutch Unilever Plc’s Indian subsidiary recorded a revenue increase of 15% to 5,504 crore from 4,794 crore. A Mint poll of seven brokerage houses had estimated revenue would increase at most by 14.7%.

The consumer business was driven by strong 8.3% underlying volume growth, with double-digit growth across segments. Price-driven growth was more than 6%.

“This is the fourth consecutive quarter of double-digit growth led by a combination of innovations, market development and relentless focus on execution. In a challenging business environment, we are managing our business dynamically to ensure that we remain competitive and cost efficient," Harish Manwani, chairman, HUL, said in a release.