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After flat Q3, HUL expects rural to follow urban lead
Mint Mumbai
|January 20, 2024
Muted mood in the countryside and steady demand in cities marked the December quarter for Hindustan Unilever Ltd, as India’s largest packaged goods company cut prices and amped up advertising to stay ahead of competition.
HUL, whose performance is seen as a proxy for the broader consumer sentiment in India, said it expects the gradual demand recovery to continue, aided by higher government spending, recovery in winter crop sowing and better crop realization.
According to chief executive Rohit Jawa, rural income growth and winter crop yields are key factors that will determine the company's pace of recovery.
For the three months ended 31 December, the maker of Lux soaps and Knorr soups reported a flat 0.55% increase in December quarter net profit to ₹2,519 crore, well below Street estimates. A Bloomberg survey of analysts expected the company to report a standalone profit of ₹2,680 crore.
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