Unilever India Misses Profit Estimate as Demand Stays Sluggish [BNN Bloomberg (Canada)]
Unilever PLC (UL)
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Source: BNN Bloomberg
The Mumbai-based unit of Unilever Plc reported a 5.5% fall in net income to 24.1 billion rupees ($289 million) for the quarter ended March 31 compared with the same period a year ago, according to an exchange filing Wednesday. That fell a tad short of the average analyst estimate of 24.79 billion rupees based on a survey compiled by Bloomberg. Revenue came in at 146.9 billion rupees, also missing estimates. Total costs inched up 0.9% to 118.1 billion rupees, compared with the year-ago quarter. Volume growth was at 2%, the filing said. The disappointing earnings signal that headwinds remain strong for India's largest staple goods maker which is currently caught between weak rural demand on one hand and fickle, premium buyers who are pivoting away, on the other. Read More: Picky Consumers Jilting Big Brands Are Unilever India's New Risk “There has been no material change in the demand environment” despite a moderation in consumer goods inflation, Unnati Jadhav, analyst with KR
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