Hindustan Unilever shares drop over 5% after Q4 earnings

New Delhi:  Shares of Hindustan Unilever on Monday fell 5.5 per cent after it reported a 3.93 per cent decline in consolidated profit for the fourth quarter due to coronavirus crisis from mid-March.

The stock declined 5.47 per cent to Rs 2,075.40 on the BSE.

On the NSE, it tumbled 5.46 per cent to Rs 2,075. FMCG major Hindustan Unilever on Thursday reported a decline of 3.93 per cent in consolidated profit to Rs 1,512 crore for the fourth quarter, impacted by the coronavirus crisis from mid-March.

The company had posted a net profit of Rs 1,574 crore in the January-March period of the previous fiscal.

Sales during the quarter under review stood at Rs 9,055 crore, down 9.61 per cent from Rs 10,018 crore in the corresponding period a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing.

“The spread of COVID-19 impacted the business from mid-March, which culminated into scaling down of operations post the national lockdown. Domestic Consumer Growth declined by 9 per cent with a decline of 7 per cent in underlying volume growth. Reported EBITDA margin reduced by 40 bps,” said HUL.

Domestic equity markets were closed on Friday for ‘Maharashtra Day’.