For the quarter that ended on June 30, 2023, the FMCG company reported a standalone net profit of ₹2,472 crores, an increase of 8% from ₹2,289 crores in the same time the previous year. Total standalone sales for the quarter increased by 7% to ₹14,931 crores.
In a regulatory filing, Hindustan Unilever reported that on a consolidated basis, profit after tax increased 7% to ₹2,556 crore in the first quarter ended June 30, 2023, from a combined net profit of ₹2,391 crore in the equivalent quarter of the previous fiscal year.
Consolidated total income increased by 6% during the first quarter to reach ₹15,267 crores. EBITDA margin went up 30 basis points to 24% YoY.
Restructuring costs of ₹47 crores and acquisition and disposal-related savings of ₹10 crores are two exceptional items in the June quarter of fiscal year 23.
The appointment of Neelam Dhawan as an Independent Director of the Company for a term of five consecutive years beginning on August 1, 2023, was also approved by the board of directors at its board meeting. The consent of Shareholders is required for the aforementioned appointment.
Leo Puri was also reappointed by the board as an independent director of the firm for a term of five years straight, beginning on October 12, 2023. The approval of Shareholders is required for the aforementioned reappointment. In October 2018, Puri initially joined the HUL Board. He serves as JP Morgan’s chairman 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.”
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.”
