The consolidated total income stood at Rs 15,806 crore in the quarter under review compared to Rs 15,253 crore in the year-ago period, it added. Its total expenses in the second quarter were higher at Rs 12,211 crore against Rs 11,965 crore a year ago. HUL said its board has approved an interim dividend of Rs 18 per equity share of face value of Re 1 each for the financial year ending March 31, 2024.

“We delivered resilient and competitive growth whilst stepping up our EBITDA margin in a challenging operating environment, marked by subdued rural demand and heightened competitive intensity,” HUL CEO and MD Rohit Jawa said. The company said that during the second quarter, home care grew 3 per cent and fabric wash had mid-single-digit volume growth, with the premium portfolio continuing to outperform, while household care volumes grew in high single digits led by dishwasher. Beauty and personal care had a mid-single digit with volume-led growth. Revenue declined as further price reductions were taken in soaps, it added.

The foods and refreshment category saw mid-single-digit growth, driven by pricing. Tea delivered modest growth as the category continued to witness consumers downgrading while coffee grew in double-digits.

On the outlook, Jawa said, “Looking forward, we remain cautiously optimistic. FMCG demand is likely to continue a gradual recovery with tailwinds from the upcoming festive season, sustained buoyancy of services and government’s thrust on capex”. “We need to be watchful of volatile global commodity prices as well as the impact of monsoon on crop output and reservoir levels”.