Hindustan Unilever Q1 profit up 20%, shares fall
Hindustan Unilever Ltd, the Indian unit of Anglo-Dutch Unilever Plc , beat market forecasts with a 20% increase in quarterly net profit, but its shares fell over 5% as sales volumes disappointed investors.
India's largest manufacturer of household products and consumer goods posted on Friday a net profit of 10.19 billion rupees ($172.36 million) for the quarter ended March 30, from an adjusted profit of 8.54 billion rupees a year ago.
The adjusted profit is a median of estimates from 3 brokerages.
The company had reported an actual net profit of 13.3 billion rupees in the same period a year ago on the back of a one-time gain.
Analysts had expected a net profit of 8.7 billion rupees, according to Thomson Reuters Starmine Estimates.