HUL net soars the most in 14 quarters

HUL net soars the most in 14 quartersFMCG giant, Hindustan Unilever Ltd. said on Tuesday that it has seen a profit of 47 per cent for the quarter ending March 31,2010.

This is the highest profit that the company reported in last 14 months and has been possible because of the rising demand for the goods. This has happened with the rising income of the middle class and that is what pushed up the exceptional income.

The results saw the net profit increase from Rs 395 crore in 2009 to become Rs 581 crore for the above mentioned quarter. This happened despite the sales showing a marginal increase of 8 per cent during the quarter. The net sales reached Rs 4,316 crore as against Rs 3,988 crore last year.

Most of the increase in net profit was because of rise in exceptional income of the company. This segment was at Rs. 142 crore. This area includes selling of property and selling of long-term investments. Besides, HUL also reduced the retirement benefits of the employees thus reducing the costs.

Harish Manwani, Chairma, HUL said that the company has done everything possible to enhance the competitiveness of the company and the results speak of that.