Hindustan Unilever.
Hindustan Unilever.

Hindustan Unilever net profit for third quarter for FY2021 rises 19 per cent to Rs 1,921 crore

Domestic consumer growth, excluding the impact of merger of GSK CH and acquisition of VWash, grew by 7 per cent during the quarter.

NEW DELHI:  FMCG major Hindustan Unilever (HUL) on Wednesday reported a 19 per cent increase in net profit at Rs 1,921 crore for the quarter ended December 2020 as against Rs 1,616 crore posted in the same period last year on the back of steady revenue growth and operating income. Revenue from operations grew by 20.5 per cent year-on-year to Rs 11,682 crore during the third quarter, while EBITDA margins, a measure of a firm’s operating profit, remained healthy at 24 per cent. 

Domestic consumer growth, excluding the impact of merger of GSK CH and acquisition of VWash, grew by 7 per cent during the quarter. "Our business fundamentals remain strong with 86 per cent of our business gaining penetration. Health, hygiene and nutrition, forming 80 per cent of our portfolio, continues to grow in double digits and we have seen significant improvement in discretionary categories," said the maker of Pepsodent and Surf Excel. 

Segment-wise, the worst slowdown in discretionary seems to be over. HUL said that its homecare products operations grew in double-digits during the quarter, while its beauty and personal care segment clocked nine per cent rise in revenues. Foods & Refreshment has also been able to sustai the high growth momentum growing at 19 per cent in the December quarter.

"Our consumer relevant innovations, market development and execution excellence have enabled us to drive broad based growth across our categories in the December quarter. I am particularly pleased with the performance of our nutrition business and with the recovery in the discretionary segments of our portfolio; these are structurally attractive and offer immense growth potential," said HUL chairman & managing director Sanjiv Mehta.

Meanwhile, HUL appointed Ritesh Tiwari as the Executive Director, Finance & Chief Financial Officer, and a member of HUL Board with effect from May 1, 2021, subject to approvals.

Canara Bank Q3 profits up 88 per cent at Rs 750 crore

With growth in CASA, retail deposits and cash recovery, Canara Bank has posted 88.54 per cent higher profits on a consolidated basis for the third quarter of 2020-21. The bank’s profits stood at Rs 749.73 crore against Rs 397.65 crore posted in the same period last year.  Total income grew 58 per cent at Rs 24,490.63 crore against Rs 15,531.8 crore last year.

Bank of Baroda Q3 profit at Rs 1,159 crore

Bank of Baroda on Wednesday reported a consolidated net profit of Rs 1,159.17 crore for the third quarter ended December 31, 2020 as against a net loss of  Rs 1,218.87 crore for the same quarter a year ago. The lender improved on its asset quality with gross NPAs falling to 8.48 per cent of the gross advances by December-end 2020 from 10.43 per cent a year ago.

Emami Q3 net zooms aided by cost control

Homegrown FMCG firm Emami Ltd on Wednesday reported 44.67 per cent rise in consolidated net profit at Rs 208.96 crore for December quarter 2020 helped by sales growth and cost control measures. Separately, Emami said its board has approved payment of a second interim dividend of 400 per cent, which is Rs 4 per equity share. Rs 11,969 crore of sales was reported during the third quarter

Near-term outlook

HUL expects to see revival in urban while rural should continue to do well. Inflation pressures building up.

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