Hindustan Unilever Limited (HUL) posted its results for the second quarter on Wednesday after markets closed.

What Happened: The company reported a standalone net profit of ₹2,612 crore, representing a 3.9% year-on-year fall from ₹2,717. In the previous quarter, the fast-moving consumer goods giant had recorded a net profit of ₹2,538 crore.

The Dove soap maker posted a 1.5% jump in its revenue from operations which stood at ₹15,508 crore, compared to ₹15,276 crore in the corresponding quarter last year. The company’s total income for the quarter came in at ₹15,817 crore. In the quarter ended June, HUL had posted a total revenue of ₹15,596 crore.

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The figures came in slightly below street expectations. On average, analysts estimated a revenue of ₹15,686 crore and a profit after tax of ₹2,681 crore.

The firm’s home care segment saw a revenue of ₹5,737 crore, revenue from the beauty products division came in at ₹3,323 crore, revenue from personal care products stood at ₹2,412 crore and the food and refreshment segment clocked a revenue of ₹3,803 crore. 

The company’s board has also announced its decision to separate the ice cream business, the company said in its statement. The board will determine the mode of separation by the end of this year.

Ice cream, which accounts for approximately 3% of HUL’s turnover, is a high-growth category requiring significant investments to unlock its full potential. The Ice Cream business operates under a different model that includes cold chain infrastructure and a unique channel landscape, which limits synergies with the rest of HUL, the company said.

Last week, HUL’s peers Nestle India and Tata Consumer Products reported their earnings which partially missed analysts’ estimates. The Maggi maker posted a net profit of ₹899.5 crore in the July to September period, whereas its revenue fell below estimates at ₹5,104 crore. On the other hand, Tata Consumer’s net profit jumped 7.7% year-on-year to ₹364.42 crore and revenue came in at ₹4,214.45 crore, missing expectations.

Price Action: Shares of Hindustan Unilever closed flat at ₹2,659.35 on Wednesday.

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