India’s packaged consumer goods companies reported robust urban growth in the September quarter, marked by a consumer preference for premium products, while demand in rural markets remained subdued.
Earnings of Hindustan Unilever Ltd (HUL), the country’s largest household goods maker, underscored the resilience of urban markets despite the lingering effects of the pandemic.
“We see a very resilient consumer when it comes to urban metros, higher income households, and there are high levels of growth across the board," said Rohit Jawa, managing director and chief executive of HUL, in a post-earnings call with reporters on Thursday. “Markets are recovering, and it’s recovering faster in urban and lesser in rural."
HUL reported a 4% increase in profit in the September quarter, in line with analysts’ expectations. Standalone net profit climbed to ₹2,717 crore for the three months ended 30 September from ₹2,616 crore a year ago, the company said in a statement to the stock exchanges. Sales rose 4% to ₹15,027 crore from ₹14,514 crore in the year-ago period, while advertising and promotion spending increased 11.4% to ₹1,720 crore during the quarter.
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