Pureit Sale Boosts HUL’s Q3 Net

FMCG demand trends remained subdued with continued moderation in urban growth while rural sustained its gradual recovery - Rohit Jawa, CEO & MD, HUL

New Delhi: FMCG major Hindustan Unilever Ltd (HUL) on Wednesday reported a 19.18 per cent rise in consolidated net profit at Rs2,989 crore in the December quarter, boosted by the sale of its ‘Pureit’ business.

The company, which posted a consolidated net profit of Rs2,508 crore in the same quarter of the last fiscal year, said it will acquire 90.5 per cent shareholding of Uprising Science Pvt Ltd, the firm behind the premium beauty brand Minimalist, comprising secondary buyout for a cash consideration of Rs2,670 crore at a pre-money enterprise valuation of Rs2,955 crore.

HUL further said its board has approved the demerger of its ice cream business into Kwality Wall’s (India) Ltd with one equity share of KWIL to be allotted for every one equity share held in Hindustan Unilever Ltd (HUL).