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Hindustan Unilever Ltd on Thursday reported a 6.9% rise in consolidated profit after tax at Rs 2,556 crore in the first quarter ended June 30, 2023, riding on a gradual recovery in the FMCG industry despite operating in a challenging environment.

The company had posted a consolidated net profit of Rs 2,391 crore in the same quarter last fiscal, Hindustan Unilever Ltd said in a regulatory filing.

Consolidated total income in the first quarter stood at Rs 15,679 crore as against Rs 14,757 crore in the corresponding period last fiscal.

Total expenses were higher at Rs 12,167 crore as compared to Rs 11,531 crore in the same quarter a year ago, the company 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,” HUL CEO and Managing Director Rohit Jawa said in a statement.

HUL said its home care segment delivered another quarter of strong performance with 10% revenue growth while that of beauty and personal care rose 4%.

Foods and refreshment category had a steady performance and grew 5% led by health food drinks and food solutions.

On the outlook, Jawa said, “In the near-term, FMCG industry will continue to witness rebalancing of price-volume growth equation and a gradual recovery in consumer demand.”

In this environment, he said, “We will continue to provide superior value to our consumers and invest behind our brands. We remain focused on driving our long-term strategic priorities including market development and building distinctive capabilities for the future.”

HUL also announced the appointment of Neelam Dhawan (63) as an independent director on its board, effective August 1, 2023, for a period of five years, while Leo Puri has been reappointed as an independent director for a period of five years, from October 12, 2023 to October 11, 2028.