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Consumer goods major Hindustan Unilever on Monday posted a 21.91 per cent increase in net profit to Rs 1,062.31 crore in the quarter ended December 31 on robust sales across businesses.
The Indian subsidiary of Anglo-Dutch Unilever Plc had posted a profit of Rs 871.36 crore in the third quarter of the previous financial year.
Net sales rose 9.38 per cent to Rs 7,037.78 crore from Rs 6,433.69 crore, Hindustan Unilever Ltd (HUL) said in a statement.
"Our growth has been competitive and profitable and the results are a reflection of how we dynamically managed the business despite the headwinds in the environment," HUL Chairman Harish Manwani said in the statement.
The company is determined to stay the course on its strategy and will continue to invest in the business, Manwani said.
Chief Financial Officer R Sridhar said that despite a slowing market, HUL remains positive about the long-term growth potential in India.
During the quarter, the operating context remained challenging with market growth under pressure, firm input costs given the rupee's depreciation, an uncertain media environment and the high competitive intensity, the company said.
"Cost inflation was managed through a combination of judicious pricing action, unwinding of promotions and substantial cost savings," it added.
Investment behind brands was sustained at competitive levels. Expenses on advertising and promotion increased by Rs 107 crore to Rs 929.46 crore, it said.
The domestic consumer business grew 10 per cent, with a 4 per cent underlying volume growth.
Revenue in the soaps and detergent segment rose to Rs 3,397.86 crore from Rs 3,171.23 crore a year earlier.
"The category performance was driven by Dove, Pears, Lifebuoy and Breeze," the company said.
Personal products posted revenue of Rs 2,303.90 crore as against Rs 2,048.92 crore. Sales of beverages rose to Rs 850.03 crore from Rs 792.93 crore.
Revenue from packaged foods rose to Rs 372.76 crore from Rs 330.14 crore in the year-ago period.
HUL shares rose 1.71 per cent to Rs 575.55 at the close on the BSE.