Excise duty hike hurts Chennai Petroleum in Q3
- Oil refining company Chennai Petroleum reported a consolidated net loss of ₹556 crore for Q3 versus a profit of ₹290 crore during the same period last year. Revenue from operations was down 4% YoY to ₹11,458 crore.
- Profits were impacted by a spike in excise duty which nearly doubled to ₹5,578 crore in Q3 versus last year. The company has not mentioned reasons for the spike in excise duty. Meanwhile, its shares fell sharply and declined 19.9% coupled with heavy volumes. Indian Oil, which owns a nearly 52% stake in Chennai Petroleum, was also down 2.0% today.
Jyothy Labs’ Q3 earnings rises on strong rural demand
- The Mumbai-based FMCG company’s consolidated revenue increased 13.2% YoY to ₹476 crore, while net profits rose 18% to ₹53 crore in Q3.
- A 21% YoY growth in the dishwashing segment (Pril & Exo brands) aided revenue growth. Further, the company is witnessing strong rural demand and improving urban consumption trends. Nonetheless, the stock lost 4.1% today.
Marico’s Q3 boosted by foods portfolio
- The maker of ‘Parachute’ oil reported a 16.3% YoY growth in revenue to ₹2,122 crore in Q3. Net profit, too, saw an uptick of about 13% to ₹312 crore during the same period.
- The growth was supported by an 18% YoY rise in domestic business within which the ‘foods’ portfolio surged 74% by value. The company expects rural demand and expectations of a growth-oriented budget to continue driving the growth trend. Today, the stock gained 0.9% in an otherwise weak market.
HUL’s Q3 profit falls short of expectations
- FMCG major Hindustan Unilever reported a 20% YoY growth in Q3 sales to ₹11,682 crore and a 19% growth in net profit to ₹1,921 crore. The profit was lower than street expectations of ₹2,052 crore.
- The growth was driven by a 19% rise in the foods and refreshment business, which accounts for nearly one-third of the total sales. The in-home consumption trend helped push up the sales. The stock ended almost flat with a 0.1% rise.