HUL Q1 results: Net Profit rises 8% to come in at ₹2,472 crore

HUL Q1 results: The FMCG company posted a standalone net profit for the quarter ended June 30, 2023 at ₹2,472 crores - up 8% from ₹2,289 crores in the year ago period. Total sales standalone have come in at ₹14,931 crores, a growth of 7% during the quarter.

On a consolidated basis, profit after tax rose 7% to ₹2,556 crore in the first quarter ended June 30, 2023 as compared to a consolidated net profit of ₹2,391 crore in the same quarter last fiscal, Hindustan Unilever said in a regulatory filing.

Consolidated total income in the first quarter stood at ₹15,267 crores - a growth of 6% during the quarter. EBITDA margin increased by 30 bps to 24% YoY.

Exceptional items in June quarter FY23 include restructuring expenses of ₹47 crores, acquisition and disposal related savings of ₹10 crores.

The board of directors also approved at its board meet the appointment of Neelam Dhawan as an Independent Director of the Company for a term of five consecutive years with effect from 1st August, 2023. The said appointment shall be subject to approval of Shareholders.

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Also, board approved the re-appointment of Leo Puri as an Independent Director of the company for a term of five consecutive years with effect from 12th October, 2023. The said re-appointment shall be subject to approval of Shareholders. Puri first joined the HUL Board in Oct 2018. He is the Chairman, of JP Morgan for South and Southeast Asia.

The company in its press release said: “If commodities remain where they are, our price growth to be flattish/negative in the coming quarters.”

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“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,” said Rohit Jawa, CEO and Managing Director, HUL.

“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,” he added.