Consumer goods giant Hindustan Unilever (HUL) has recorded a 6.24% growth in revenue in the first quarter ended June 30, 2023, compared to the same quarter last year.

In its financial report released on Thursday, HUL’s total sales grew 7% during the first quarter compared to the corresponding quarter in the last FY.

The standalone net profit rose 8% to Rs 2,472 crore from Rs 2,289 crore a year ago.

While HUL’s revenue from home care products rose by about 10 % from Rs 4,931 crore in June 30, 2022, to Rs 5,425 crore as on June 30, 2023, the beauty and personal care revenue grew by 4% to Rs 5,601 crore.

The company’s advertising and promotion expenses have increased just 1% from Rs 1,328 crore as on June 30, 2022, to Rs 1481 crore as on June 30, 2023.

“We continue to manage our business dynamically to drive savings harder and provide the right price-value equation to our consumers. We remain focused on building back our gross margin and investing competitively in A&P,” the company has said.

“FMCG markets are recovering gradually although the operating environment remains challenging. In this context, we have delivered a resilient and competitive performance whilst stepping up our EBITDA margin.”

“In the near term, the FMCG industry will continue to witness a rebalancing of price-volume growth equation and a gradual recovery in consumer demand. In this environment we will continue to provide superior value to our consumers and invest behind our brands,” said Rohit Jawa, CEO and Managing Director.

“We remain focused on driving our long-term strategic priorities including market development and building distinctive capabilities for the future. I am confident of the medium to long term prospects of the Indian FMCG sector and HUL’s ability to deliver a Consistent, Competitive, Profitable and Responsible growth,” he added.