HUL Q3 net up to 12% at Rs 1,616 crore

MUMBAI: in the context of a sharp decline in rural growth and discretionary spending, Hindustan Unilever Year-on-year volume growth (HUL) was halved in the December quarter. Volume growth on a sequential quarterly basis has been maintained.

The company reported a 12% increase in net earnings for the third quarter to Rs 1,616 million rupees, while the domestic consumer business increased 4%.

The president and CEO of HUL, Sanjiv Mehta, said: “This quarter witnessed a challenging market environment in general, which mainly reflects a sharp slowdown in rural and discretionary spending. In this difficult environment, HUL has offered resilient performance that reflects the strength of our brands, consistency in strategy and skill in execution. Our continuous focus on innovation and market development has helped keep the underlying volume growth at a constant 5%. We have also delivered a healthy margin improvement.

Mehta said that in the short term, demand outlook and market growth remain a challenge.