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HUL Q3 results: Net profit beats estimates, royalty to parent bumped up

FMCG major cautiously optimistic on commodity prices in the near term

Sharleen D'Souza Mumbai

Premium

The company registered a volume growth of 5 per cent during the quarter

4 min read Last Updated : Jan 19 2023 | 11:39 PM IST

Hindustan Unilever (HUL), one of India’s largest fast-moving consumer goods (FMCG) companies, on Thursday reported a 7.7 per cent rise in net profit during the October-December quarter of 2022-23, beating Street estimates. Its board of directors also approved a new royalty agreement with parent Unilever, subject to appropriate regulatory clearances.

With 5 per cent volume growth, the company’s net profit rose to Rs 2,474.0 crore from Rs 2,297.0 crore in the same quarter a year ago. Its revenue grew 16 per cent to Rs 15,343.0 crore from Rs 13,223.0 crore. Bloomberg estimates had pegged HUL’s revenue during the quarter at Rs 15,120.4 crore and net profit at Rs 2,407.9 crore.

Chief Financial Officer Ritesh Tiwari said: “Rural markets are showing signs of improvement, with the December quarter seeing higher growth than the previous one and the past 12 months.”