Hindustan Unilever's Q1 net at Rs 1283 crore

FMCG major Hindustan Unilever on Tuesday announced its financial result for the quarter ended June 30, 2017. 

The company reported a net profit of Rs 1,283 crore, a rise of 9.2% as compared to Rs 1174 crore during the same period last year. 

The company's profit after tax grew by 8.4% on quarter-on-quarter basis as it had reported a net profit of Rs 1183 crore in the fourth quarter of last fiscal. 

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The company's domestic consumer business rose at 6% and underlying volume growth remained flat. EBITDA margin was up by 160 basis points. 

HUL's total income in Q1FY18 stood at Rs 9,335 crore as against Rs 8,910 crore in Q1FY17 and Rs 8,969 crore in Q4FY17.

In a regulatory filing, the company mentioned the reason behind muted quarter was due to GST implementation as trade sentiments remained cautious. 

Commenting on the company's performance, Harish Manwani, Chairman, HUL said, "This quarter saw the announcement of the launch of GST, a ground breaking tax reform for India. Despite the short term challenges to this transition, our company delivered yet another resilient performance. We remain positive on the medium term outlook for the industry and will continue to drive consumer value, which also delivers profitable volume driven growth for the company."

The shares of the company closed at Rs 1158.20 per piece, up 0.47% or Rs 5.40 on BSE.