Hindustan Unilever Q3 profit up 16 pct, shares fall 5 pct
MUMBAI Jan 22 (Reuters) - Hindustan Unilever Ltd, the Indian unit of Anglo-Dutch firm Unilever Plc , posted a 16 percent jump in third-quarter net profit, but low volume growth and a rise in royalty payments knocked its shares down as much as 5 percent.
India's largest household and consumer goods maker posted net profit of 8.7 billion rupees ($161.7 million) for the quarter ended Dec. 31, up from 7.5 billion rupees a year earlier. Analysts had expected net profit of 8.8 billion rupees, according to Thomson Reuters Starmine Estimates.
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article