Hindustan Unilever (HUL) shares dropped in value at the end of Thursday as investors were left unhappy with the company missing estimates during the fourth quarter of the 2023 financial year.

What Happened? The FMCG giant reported a 9.66% increase in its profit for the March quarter compared to the same quarter last year, reaching ₹2,552 crore, with a 10.9% increase in quarterly revenue to ₹14,638 crore.

The company invested competitively in its brands and stepped up its advertising and promotional investments, resulting in 4% volume growth for the quarter, with more than 75% of its businesses seeing a rise in market share.

Despite Q4 results missing the estimates of ₹2,614 crore, the company’s gross margin improved by 120 basis points on a quarterly basis with a reduction in the price vs. cost gap.

HUL’s home care unit recorded 19% revenue growth, while beauty & personal care grew 10% and the foods & refreshment segment increased by 3% led by foods, coffee and health food drinks. Tea remained the market leader in value and volume, while coffee delivered double-digit growth.

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HUL’s CEO and MD, Sanjiv Mehta, expressed confidence in the Indian FMCG sector’s medium- to long-term potential and the company’s ability to deliver consistent, competitive, profitable and responsible growth, despite the expected volatile operating environment.

The company expects a gradual recovery in market volumes as consumption habits readjust.

Dividends: HUL’s board of directors have proposed a final dividend of ₹22 per share, subject to the approval of shareholders at the company’s annual general meeting.

Share Price: HUL shares were trading 1.66% lower at ₹2,469 at market close on Thursday.

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