Hindustan Unilever shares fall over 2% after June quarter earnings

New Delhi: Shares of Hindustan Unilever on Friday declined over 2 per cent after the company's first quarter earnings failed to cheer investors.

The company's stock fell 2.39 per cent to Rs 2,637.70 on the BSE.

At the NSE, it declined 2.45 per cent to Rs 2,636.85.

Hindustan Unilever on Thursday reported 6.9 per cent rise in consolidated profit after tax at Rs 2,556 crore for June quarter 2023-24 riding on a gradual recovery in the FMCG industry despite operating in challenging environment.

The company had posted a consolidated net profit of Rs 2,391 crore in the same quarter last fiscal, Hindustan Unilever said in a regulatory filing.

Total income in the first quarter stood at Rs 15,679 crore as against Rs 14,757 crore in the corresponding period last fiscal year.

Total expenses were higher at Rs 12,167 crore as compared to Rs 11,531 crore in the same quarter a year ago, the company said.

"FMCG markets are recovering gradually although the operating environment remains challenging. In this context we have delivered a resilient and competitive performance whilst stepping up our EBITDA margin," HUL CEO and Managing Director Rohit Jawa said in a statement.