HUL buys Minimalist for Rs 2,955 crore, okays ice-cream unit demerger

Meanwhile, HUL reported a 19 per cent rise in the third quarter profit (Q3) to Rs 3,001 crore on account of a one-time gain of Rs 509 crore from the divestment of Pureit business. The profit before exceptional items was flat.

Sales from operations rose to Rs 15,195 crore during the December quarter as against Rs 14,928 crore a year ago.

“HUL reported an underlying sales growth (USG) of 2 per cent and a flat underlying volume growth (UVG) in the December quarter. While absolute volume grew competitively, it was offset by a negative mix,” the company said.

Rohit Jawa, CEO and managing director, HUL, said FMCG demand trends remained subdued with continued moderation in urban growth while rural sustained its gradual recovery. “In this operating context, we delivered competitive growth by driving unmissable brand superiority, investing behind brands and capabilities whilst maintaining healthy margins,” he said.

“In line with our strategic intent to transform our portfolio in fast-growing spaces, I am excited to announce the acquisition of the premium actives-led beauty brand Minimalist. This acquisition is another key step to grow our beauty & wellbeing portfolio in the high growth masstige beauty segment,” Jawa said.

“We continue to make progress on unlocking a billion aspirations by contemporizing our core business, driving premiumization through our future core business and ushering market-making in new demand spaces. While we keep a close watch on the pace of recovery and the broader economic outlook in the short term, we remain confident of the medium to long term opportunity in the Indian FMCG sector and HUL’s ability to grow competitively,” Jawa said.