Hindustan Unilever posts 19% profit growth in Q3'21, appoints CFO

Hindustan Unilever Ltd. on Jan. 27 posted 19% growth in profit for the third quarter of fiscal 2021 as total sales rose 20%.

For the three months ended Dec. 31, 2020, diluted EPS at the Unilever PLC unit rose to 8.18 Indian rupees from 7.47 rupees in the prior-year period. The figure, however, missed the S&P Capital IQ consensus GAAP EPS estimate of 8.84 rupees, with four analysts reporting.

Profit for the quarter increased by 19% year over year to 19.21 billion rupees from 16.16 billion rupees, also falling below the GAAP net income estimates of 20.68 billion rupees, with five analysts reporting.

During the quarter, total sales grew to 116.82 billion rupees from 96.96 billion rupees a year ago. Underlying sales across the company's domestic consumer business increased by 7% in the three-month period.

The Mumbai, India-based company's total segment revenue increased to 118.62 billion rupees from 98.08 billion rupees, driven by about 80% year-over-year revenue growth across its food and refreshment division to 33.56 billion rupees from 18.65 billion rupees.

Sales from the home care unit fell 1.4% year over year to 34.09 billion rupees from 34.56 billion rupees, while sales from the company's beauty and personal care segment rose 9.7% to 48.41 billion rupees from 44.12 billion rupees.

Meanwhile, sales from its other businesses, which includes exports, infant and feminine care products, jumped more than 240% to 2.56 billion rupees from 750 million rupees.

In addition, Hindustan Unilever's board approved the appointment of Ritesh Tiwari as executive director of finance and CFO, as well as a member of the board, effective May 1. Tiwari also will take over as finance vice president, South Asia for parent Unilever.

Tiwari, finance vice president for global performance management, succeeds Srinivas Phatak. Phatak will move to Unilever as executive vice president of financial control and risk management.

As of Jan. 26, US$1 was equivalent to 72.92 Indian rupees.