Hindustan Unilever Q2 profit up 29.56% at Rs.493.08 Crores

Hindustan Unilever Ltd has announced the following Unaudited Results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs 4930.80 million for the quarter ended June 30, 2007 where as the same was at Rs 3805.90 million for the quarter ended June 30, 2006. Total Income is Rs 35877.20 million for the quarter ended June 30, 2007 where as the same was at Rs 31646.30 million for the quarter ended June 30, 2006.

Total sales grew by 12.9% during the quarter. FMCG sales grew by 13.4% driven by 11.1% growth in HPC business and 25.0% growth in Foods.

Operating profit (Profit before Interest and Tax) for the quarter grew by 20.4% Profit before tax was higher by 24.1%, while PAT grew by 24.4% Net Profit increased by 29.6%, due to the impact of exceptional items (see note 3).

Exceptional items net of tax for June Quarter 07 comprise, Profit from sale of a property (Rs 274.00 million), costs relating to restructuring and voluntary retirement schemes (Rs 52.00 million); and provision for diminution in value of investments in a subsidiary (Rs 10.00 million).

The Board of Directors at their meeting held on July 29, 2007 have resolved to pay Interim Dividend of Rs 3.00/- per share of Rs 1/- for the year 2007. The dividend will be payable on August 22, 2007.

The results for the quarter are not comparable to those of JQ’06 to the extent of amalgamation of Modern Foods (India) Ltd and its subsidiary with the Company.

The company has reported an Earnings Per Share (EPS) of Rs.2.23 for the quarter ended June 30, 2007 compared to Rs.1.73 during quarter ended June 30, 2006.

The stock closed on Friday at Rs.196.45, down by Rs.8.20 or 4.01%. The total traded quantity was 529465 compared to 2 week average of 797847. The stock hit an intraday high of Rs.202.80 and low of Rs.195.

Source : Equity Bulls

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