MUMBAI: Consumer goods major Hindustan Unilever has reported a two-fold jump in consolidated net profit at Rs 6,603 crore in the December quarter, buoyed by a one-time income from the demerger of its ice cream business.
The company had logged a net profit of Rs 2,989 crore in the year-ago period, it said in an exchange filing Thursday.
Excluding exceptional items and tax, its profit was Rs 3,495 crore in the reporting period. The company also reported an exceptional provision of Rs 576 crore during the quarter due to the implementation of the new labour codes.
In the December quarter, the company had demerged its ice cream business to Kwality Wall's.
"Reported profit after tax at Rs 6,603 crore grew by 121% on-year, primarily driven by one-off positive impact arising from the ice cream business demerger. Excluding this exceptional item, net profit was Rs 2,562 crore, up just 1%," said HUL.
Revenue from the sale of products was up 5.71% at Rs 16,197 crore in the quarter. This was at Rs 15,322 crore in the corresponding quarter a year ago.
"During the quarter, we delivered a 4% underlying volume growth," it said, adding total expenses in the quarter were at Rs 13,078 crore, up 6.37% while total income, which includes other revenue, was up 5% at Rs 16,580 crore.
"During the quarter, demand trends reflected early signs of recovery, underpinned by supportive policy measures. Against this backdrop, we delivered a competitive performance, with 6% revenue growth and 4% underlying volume growth," chief executive Priya Nair said.
"We continue to build desirability at scale with our brands, accelerate market development in high-growth demand spaces and strengthen our capabilities to scale channels of the future with a dedicated organisation for quick commerce," she said.