A roundup of the day’s most significant news: Sensex and Nifty soar after Maharashtra election results, IPL 2025 auction heats up, political developments in Maharashtra, HUL’s ice cream business demerger, Sambhal violence aftermath, and the Supreme Court’s stance on Delhi school closures.
Hindustan Unilever (HUL) witnessed a decline in its share price after reporting its earnings for the quarter ended March 2024. The company’s net profit dropped by 6% year-over-year, leading to a fall in HUL shares by up to 1.2% on the BSE. HUL’s revenue, however, experienced a marginal rise of 2% YoY. The Home Care segment saw a 1% growth, while the Beauty & Personal Care segment contracted by 2%. The Foods & Refreshment segment delivered a 4% growth driven by pricing. Despite the muted results, HUL declared a dividend of 24 per share.
Hindustan Unilever has rebranded its ‘health food drinks’ as ‘functional nutritional drinks’ (FND) following a directive from the Union Ministry of Commerce and Industry asking e-commerce websites to remove drinks and beverages from the ‘healthy drinks’ category. The category is under-penetrated and presents significant growth opportunities, according to the company. Hindustan Unilever intends to focus on increasing customers, expanding usage, and providing additional benefits to consumers in the FND category. The company is also experiencing stronger growth in its premium range, which focuses on diabetes and women’s health.
Life Insurance Corporation (LIC) has issued a warning to the public regarding fraudulent advertising activities on social media platforms by individuals or entities impersonating senior officials and misusing the company’s brand name and logo. Additionally, Hindustan Unilever Limited (HUL) reported a decline in its consolidated net profit for the fourth quarter of FY24 due to deflation resulting from reduced commodity prices.
Today, April 24, marks the release of financial results for the fourth quarter of FY24 for a total of 23 companies. These companies span various sectors, including banking, consumer goods, technology, and manufacturing. Investors and market analysts will be closely monitoring these results to gauge the overall health of the corporate sector and the impact of recent economic headwinds.
