New Delhi: Hindustan Unilever Ltd (HUL) saw its shares drop by almost 6 pc on Thursday following a 2.33 pc decrease in consolidated net profit for the second quarter ending in September. The stock declined by 5.78 pc to Rs 2,504.15 on the BSE. It dropped by 5.86 percent to Rs 2,503.25 at the NSE.
The stock was the top underperformer among the companies listed on the Sensex and Nifty indices in the morning trading session. In the second quarter of September 2024, Hindustan Unilever Ltd announced a decrease of 2.33 per cent in consolidated net profit to Rs 2,595 crore, influenced by a slowdown in urban market demand. HUL reported that in the July-September quarter of the previous year, the company had achieved a net profit of Rs 2,657 crore, as stated in a regulatory filing.
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Despite this, HUL reported a 2.36 per cent increase in revenue from product sales to Rs 15,703 crore in the September quarter, compared to Rs 15,340 crore in the previous year. The company owns popular brands like Surf, Rin, Lux, Pond's, Lifebuoy, Lakmé, Brooke Bond, Lipton, and Horlicks. During the September quarter, there was a slowdown in the growth of FMCG demand in urban areas, but rural areas showed a gradual recovery. HUL CEO and Managing Director Rohit Jawa stated that in this scenario, they achieved a successful and financially rewarding performance.
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