Hindustan Unilever Ltd., or HUL, India's largest consumer products company, reported a higher net profit for the second-quarter, backed by increased income.
In addition to interim dividend for the current fiscal year, the company declared a Special dividend.
The Mumbai-based company posted a second-quarter net profit of Rs.806.92 crore or Rs.3.73 per share, higher by 17 percent than the Rs.688.92 crore or Rs.3.19 per share for the second -quarter of 2012.
Results for the reported quarter included a net gain of Rs.1.58 crore, under 'exceptional' head, compared with Rs.44.42 crore in the preceding year quarter. Excluding gain, the company's net profit for the quarter grew by 23 percent to Rs.805.87 crore, the company said.
Quarterly net income increased by 12 percent to Rs.6,155.41 crore from the Rs.5,516.00 crore in the corresponding quarter last year.
During the quarter under review, net income from 'Domestic FMCG' grew by 17 percent to Rs.5,875.77 crore from the Rs.5,006.14 crore in the second-quarter of the preceding year, while other operational income for the quarter surged by 65 percent to Rs.155.40 crore from the Rs.94.12 crore for the corresponding period of the preceding year. Other income for the quarter stood at Rs.279.64 crore, compared with Rs.94.12 crore in Q2FY12.
During the quarter, total income, including other operational income and other income, was Rs.6,310.81 crore, compared with Rs.5,610.12 crore in the corresponding quarter last year, an increase of 12 percent.
For the six months, the company's net profit was Rs.2,138.11 crore, compared with Rs.1,316.08 crore in the corresponding period of 2011, registering a 62 percent growth.
Results for Apr-Sept 2012 period included a one-time gain, under the exceptional head, of Rs.606.27 crore, compared with Rs.103.17 crore in the preceding year.
Total income, including other operational income and other income, during the half-year was Rs.12,689.58 crore, up by 13 percent from the Rs.11,198.98 crore in Apr-Sept 2011 period.
The company's board declared an interim dividend of Rs.4.50 per equity share of Re.1 each for the fiscal year 2013. In addition, the board also declared Special dividend of Rs.8.00 per equity share of Rs.1 each. The dividend will be paid on or after November 16 and the Record Date for determining entitlement has been fixed as November 02.
The board further approved an additional investment in the equity shares of Hindustan Unilever Vitality Foundation, (HUVF), a Section 25 Company, to make HUVF a Subsidiary of the company.
HUL Chairman Harish Manwani said, "In a volatile and uncertain environment, we continue to sustain our growth momentum while steadily improving our margins. Our consistent performance is being driven by by relentless focus on brand building, bigger and better innovation and disciplined execution in the marketplace."
He added, "HUL has a robust Balance Sheet and a track record of strong profit and cash generation. The payment of the Special dividend provides a cash return to our shareholders from accumulated profits built up from the company's consistent performance over the last few years and the exceptional income generated from the sale of properties in the first half of this year."
At the BSE, Hindustan Unilever closed Friday's trading at Rs.551.75, down Rs.12.05 or 2.14 percent on a volume of 637,000 shares.
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