Hindustan Unilever (HUL) faced a setback as its share price dropped by over 1% on Thursday after the release of its Q4 earnings report. The FMCG giant reported a standalone net profit of Rs 2,406 crore, marking a 6% decline from the previous year. While the Home Care segment saw a 1% growth, the Beauty & Personal Care segment contracted by 2% and the Foods & Refreshment segment showed a 4% pricing-led growth.
In contrast, Nestle India reported a 27% jump in profit for the quarter ending March FY24, with a revenue increase of 9% compared to the previous year. Axis Bank also saw a significant turnaround, announcing a profit of Rs 7,130 crore for Q4FY24, a stark contrast to the loss reported in the same quarter last year.
Vedanta’s consolidated net profit decreased by 27.3% in Q4 of FY24, while ACC Ltd’s net profit increased four times year-on-year. Meta Platforms Inc. (formerly Facebook) exceeded financial analysts’ predictions in Q1 of 2024, but its shares fell by double digits in the stock market.
Kotak Mahindra Bank faced a sharp decline in share price following the RBI’s directive to halt new credit card issuances and client onboarding through digital channels. Lastly, NK India IPO, with an issue of Rs 650 crore, is set to close on April 25, with expectations of a listing on April 30.