(Bloomberg) -- Hindustan Unilever Ltd., the Indian unit of Unilever Plc, missed analyst estimates for quarterly profit, hurt by rising raw material prices and a deadly second virus wave that crimped consumption demand.
Asia’s biggest consumer goods firm by market value posted a 9.6% rise in net income that came in at 20.6 billion rupees ($277 million) for the quarter ended June 30, it said in an exchange filing Thursday. That compares with the 22.1-billion-rupee average profit forecast by analysts in a Bloomberg survey. Revenue rose 13% to 117.3 billion rupees while volume growth was 9%, the filing said.
The earnings underscore the headwinds for the maker of Dove soaps, Lipton tea and Surf detergent as rising raw material prices eat into its margins and the coronavirus outbreak eroded jobs and gutted consumption demand. A patchy monsoon season is now threatening to further thwart rural spending, including on staples, since more than half of India’s population depends on rain for farming.
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