Mumbai, May 9 (IANS) Consumer goods major Hindustan Unilever Ltd (HUL) on Monday reported a 7 percent rise in its standalone net profit in the quarter ended March to Rs.1,089.59 crore as compared to Rs.1,018.08 crore in the year-ago period.
Net sales increased by 3.36 percent for the quarter to Rs.7,809 crore as against Rs.7,555 report in the corresponding period last year.
“During the quarter, the domestic consumer business grew at 4 percent, with 4 percent underlying volume growth. Growth in the quarter was impacted by the phasing out of excise duty incentives, a one-time credit for excise duty refund in the base quarter and marginal price de-growth,” the company said in regulatory filing at Bombay Stock Exchange (BSE).
The FMCG giant said that lower input costs resulted in 240 basis points reduction in cost of goods sold.
Net profit for 2015-16 was at Rs.4,082 crore with the growth rate impacted by the higher exceptional income arising from subsidiary and property related sales in the previous year, it reported.
“In challenging markets and a deflationary cost environment, we have delivered another year of competitive and profitable growth. Our sustained focus on investing behind brands, sharpening our executional capabilities and driving market development has enabled us to keep wining with consumers in a rapidly changing market,” said company chairman Harish Manwani.
Company’s scrip on Monday was traded at Rs 846.10, down 0.80 percent at 4 p.m. on BSE.