Hindustan Unilever profit drops by 22% in third quarter

The Indian unit of Anglo-Dutch consumer group Unilever reported October-December earnings of Rs 9.71 billion, well below the Rs 12.52 billion posted during the same period a year ago. Analysts polled by Thomson Reuters had expected Rs 10.56 billion.

India’s largest consumer goods firm, Hindustan Unilever Ltd, said on Friday its profit slumped 22%, missing analysts’ estimates, as weak demand in rural India continued to hurt sales.

HUL had to cut prices on key products in recent months consumer expenses shrunk after a weak monsoon and rising food prices. (HUL Facebook)

The Indian unit of Anglo-Dutch consumer group Unilever reported October-December earnings of Rs 9.71 billion, well below the Rs 12.52 billion posted during the same period a year ago. Analysts polled by Thomson Reuters had expected Rs 10.56 billion.

HUL, which is seen as a barometer of Indian consumer sentiment, has been forced to cut prices on key products in recent months, as households have been squeezed because of a weak monsoon and rising food prices.