New Delhi: Shares of Hindustan Unilever fell nearly 4 per cent on Friday after the company’s first quarter earnings failed to please investors, eroding Rs 23,155.22 crore from its market valuation. The company’s stock closed 3.65 per cent down at Rs 2,603.80 on the BSE. During the day, it fell 4 per cent to Rs 2,592.20.
It closed 3.67 per cent down at Rs 2,604 on the NSE. The company’s market valuation declined by Rs 23,155.22 crore to Rs 6,11,786.57 crore. Hindustan Unilever on Thursday reported a 6.9 per cent rise in consolidated profit after tax to Rs 2,556 crore for the June quarter 2023-24 due to a gradual improvement in the FMCG industry despite operating in a challenging environment.
Hindustan Unilever said in a regulatory filing that the company had posted a consolidated net profit of Rs 2,391 crore in the corresponding quarter of the previous fiscal. Total income for the first quarter stood at Rs 15,679 crore, as against Rs 14,757 crore in the corresponding period of the previous fiscal.
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The company said the total expenses are higher at Rs 12,167 crore as compared to Rs 11,531 crore in the year-ago quarter.
HUL CEO and Managing Director Rohit Jawa said in a statement, “The FMCG markets are gradually recovering, however the operating environment remains challenging. In this context, we have delivered a resilient and competitive performance while expanding our EBITDA margin.” “