HUL’s profit rises 10% in Q1

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Mumbai, July 18 (IANS) FMCG major Hindustan Unilever on Monday said its net profit rose 10 percent to Rs 1,174 crore in the quarter ended June, as compared to Rs 1,069 crore in the corresponding period last year.

“Net profit at Rs 1174 crore, was up 10 per cent, aided by a one-time write back of provision for pension benefits arising from plan amendments,” the company said in a statement.

The company has proposed to make an investment of about Rs 1,000 crore towards the setting up of a new manufacturing unit in the vicinity of its existing factory premises at Doom Dooma in Assam, it said.

Net sales from operations stood at Rs 7,988 crore in the quarter under review as compared to Rs 7,713 crore in the same quarter last year.

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“In slowing market conditions, the business is tracking ahead of the market with sustained margin improvement. We continue to make progress on our priorities of strengthening the core of our business whilst driving operational efficiencies, said company chairman Harish Manwani.

“While the near term market growth is likely to remain muted, we are optimistic for the medium term and remain focussed on driving competitive and profitable growth,” he added.

The new unit is expected to be commissioned in early 2017 and will augment production capacity of personal care products of the company.

The company also said that Vice President, skin care Srinandan Sundaram will take over as the Executive Director, sales and customer development from September 1, as incumbent Punit Misra is leaving the company.

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