HUL Q3 Results: Profit grows 12% YoY to Rs 2505 crore; volume growth beat estimates

HUL Q3 FY23 Results: FMCG major Hindustan Unilever Ltd on Thursday reported a nearly 12 per cent increase in its net profit to Rs 2,505 crore for the third quarter ended December 31, 2022.

The company had posted a net profit of Rs 2,243 crore in the October-December quarter of the previous fiscal.

Its revenue during the quarter under review rose over 16 per cent to Rs 15,228 crore against Rs 13,092 crore a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing.

The fast-moving consumer goods giant’s earnings were in-line with Zee Business expectations.

Zee Business expected HUL’s profit to surge by 11 per cent on a year-on-year (YoY) basis to Rs 2,495 crore and revenue was seen growing by 15 per cent to Rs 15,000 crore in the December quarter of this fiscal year.

The volume growth of the company also beat Zee Business estimates as it came to 5 per cent against expectations of 4 per cent.

Commenting on the result, HUL CMD Sanjiv Mehta said the company has sustained its strong momentum and had yet another quarter of solid all-round performance.

"Our consistent performance is reflective of our strategic clarity, the strength of our brands, excellence in execution, and dynamic financial management," he added.

Looking forward, Mehta said, "We are cautiously optimistic in the near term and believe that the worst of inflation is behind us. This should aid in a gradual recovery of consumer demand".

"We remain focused on managing our business with agility and continue growing our consumer franchise whilst maintaining margins in a healthy range. We stay confident of the medium to the long-term potential of the Indian FMCG sector and HUL's ability to deliver consistent, competitive, profitable and responsible growth," he added.