[ad_1]
Shares of Hindustan Unilever Ltd (HUL), the major consumer goods and consumer goods company, fell more than 3 percent on Friday, dragging major indices, after the company’s first-quarter results came in lower than expected.
Shares of HUL fell 3.1 per cent in the daily trading session to touch as low as Rs 2,620 on BSE. At the time of writing, the consumer goods company was trading at 2,622.10 rupees on BSE, while the BSE benchmark Sensex was down 857.75 points, or 1.27 per cent, at 66,714.15, and the broader NSE Nifty50 was down 209.30 points, or 1.05 per cent, at 19,769.85.
Hindustan Unilever reported an 8 per cent year-on-year rise in profit after tax for the June quarter at Rs.2,472 crore, as against Rs.2,289 crore in the same period last year.
HUL’s total sales reached Rs. 14,931 crore, up 7 per cent in the first quarter of FY24, compared to Rs. 14,016 crore a year earlier.
FMCG markets are gradually recovering although the operating environment remains challenging. In this context, we delivered a resilient and competitive performance while increasing our EBITDA margin,” said Rohit Jawa, CEO and Managing Director.
He added, “I am confident in the medium and long-term prospects of the Indian FMCG sector and HUL’s ability to deliver consistent, competitive, profitable and responsible growth.”
[ad_2]
