IT major Tech Mahindra reported a significant drop in its net profit for the March quarter, with a year-on-year decline of 41%. The company’s net profit stood at ₹661 crore in the quarter ending March 2023, marking a sharp decrease from ₹1,117.70 crore reported in the same quarter last year. This financial setback has cast a shadow over the company’s performance, as it navigates the challenges of the global economic landscape.
Hindustan Unilever (HUL) reported a 6% decline in its standalone net profit for the fourth quarter of FY24. The FMCG giant posted a profit of 2,406 crore, falling short of market expectations of 2,435 crore. However, revenue from operations saw a slight increase to 14,693 crore from 14,638 crore in the same period last year. HUL’s consolidated revenue for the quarter remained steady at 15,210 crore, while its net profit declined by 1.5% to 2,561 crore, including exceptional income of 78 crore. The EBITDA margin remained healthy at 23.8%, up by 40 basis points year-on-year. HUL’s home care segment experienced a 1% growth, with underlying volume growth in the mid-single digits. The beauty and personal care sector maintained its premium portfolio expansion trend, with hair care witnessing robust growth. Food and beverage saw a 4% increase in underlying sales growth, driven by functional nutritional drinks and coffee.
