Hindustan Unilever Shares Fall Over 5% As COVID-19 Hits Profitability
Hindustan Unilever Limited (HUL) shares fell more than 5 per cent on Monday, after the fast-moving consumer goods major reported a 3.5 per cent fall in its net profit for the January-March period. In a regulatory filing after market hours on Thursday, the company said its net profit was Rs 1,515 crore in the quarter ended March 31, as the spread of the coronavirus (COVID-19) pandemic impacted its business from mid-March. On the BSE, Hindustan Unilever shares dropped as much as 5.27 per cent to Rs 2,080 apiece on Monday.Â
Hindustan Unilever's revenue fell nearly 10 per cent to Rs 9,055 crore in the January-March period.
HUL's board proposed a final dividend of Rs 14 per share, subject to shareholders' approval. The company said that the total dividend for financial year 2019-20 amounted to Rs 25 per share.
In a press release, Hindustan Unilever said COVID-19 is having "an unprecedented impact on people and the economy". Hindustan Unilever said it had "moved at speed to support our multiple stakeholders and maintain our operations through the crisis and prepare for growth in a new normal".
The company said it had structured its immediate response in five areas: supporting people, protecting supply, serving demand, contributing to society, and maintaining financial strength.
HUL said it is operating at about 70 per cent of normative levels, and is hopeful to improve this situation in the coming days.
At 1:07 pm, the HUL stock traded 3.41 per cent lower at Rs 2,120.80 apiece on the BSE, as against a 5.22 per cent fall in the benchmark S&P BSE Sensex index.Â
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