Fast moving consumer goods giant Hindustan Unilever (HUL) on Thursday announced an 18 per cent growth in net profit at Rs. 627.18 crore for the first quarter of 2011-12 with an exceptional gain of Rs.51 crore coming from sale of properties. It incurred restructuring costs of Rs.5.95 crore and also had a write back of provision pertaining to a brand disposed in an earlier year amounting to Rs.9.57 crore.
Excluding the exceptional items, HUL's net profit was up 11 per cent at Rs.578 crore (Rs.521 crore).
Net sales for the quarter were up about 15 per cent at Rs.5,504 crore and the operating profit was up 11.3 per cent at Rs.698.07 crore. The company's overall volumes during the quarter grew 9 per cent with sales in personal products up 19 per cent, home and personal care products growing 15.4 per cent, foods business 14.9 per cent and beverages 13 per cent. At the annual meeting HUL Chairman Harish Manwani said, “our strategy continues to deliver consistent and competitive growth.”