The largest consumer goods company in the country, (HUL), reported a almost 28 per cent year-on-year rise in the October-December 2017-18 quarter (Q3FY18) on Wednesday, putting behind it the challenges of and the goods and services tax (GST) roll-out. However, the company could not pass on the entire benefit of this rate reduction to customers on its old stocks during this transition. ALSO READ: On November 10, 2017, the had reduced rates on a number of products to 18 per cent from 28 per cent, covering almost 177 items. This amount has not been recognised as revenue on the HUL's books and is accounted for as a liability.
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At the results media conference, Sanjiv Mehta, MD & CEO, HUL, said, "This amount is not in our profit and loss, so we have kept it as a provision in our balance sheet". The company reduced the maximum retail price (MRP) and increased grammage for over 800 stock keeping units (SKUs) and the products with new pricing have already landed in the market. The CBEC has said that as per the legal provision, they will have to pass a necessary order for us to collect the money.
As of now, almost 95% of HUL's products in the market is with new pricing. On the notice it received from the DGS, HUL said it is yet to fully ascertain the details.
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Total income during the quarter under review stood at Rs 8,742 crore as against Rs 8,400 crore in the year-ago period, up 4 per cent, the company said. This growth, however, needs to be viewed against the backdrop of a comparable weak corresponding quarter of previous year which was impacted by demonetisation and had resulted in a 4% dip in HUL's volumes. From the December quarter, it's got better and now we are really seeing that the conditions are normalising across the channels. Foods growth was led by Kissan, while refreshment segment sustained its performance with tea delivering a double-digit growth.
"Domestic Consumer Growth was 17% and underlying volume growth was 11% in Q3FY18".
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On home care, HUL stated that this segment witnessed double digit growth across categories. The company's earnings before interest, tax, depreciation and amortisation (ebitda) for the third quarter of current fiscal was up 110 basis points (bps). EBITDA grew by 24.0% yoy to Rs1,680.0cr.