Hindustan Unilever Ltd, India’s largest manufacturer of fast-moving consumer products, reported on Thursday that its standalone net profit for the third quarter ended December 2022 grew 11.6% year-over-year (YoY) to 2,505 crore, as higher sales helped offset higher raw-material costs.

The company posted a profit of 2,243 crore for the same quarter previous year.

The earnings exceeded the average profit expectation of 2,497.90 crore by experts surveyed by Bloomberg.

For the third quarter of the fiscal year 2022-23, the Indian division of global consumer products behemoth Unilever Plc posted a 16% increase in revenue to 14,986 crore, compared to 12,900 crore for the same period the previous year. This revenue growth was primarily driven by the Beauty and Personal Care, Home Care, and laundry price increases segments.

More than seventy-five percent of the business gained market share, the big FMCG company reported in an exchange filing.

Hindustan Unilever reported that declining inflation aided in lowering its operating margins to 23.6%. The big FMCG company reported a 5% increase in domestic volume for the quarter under review.

Home Care recorded a 32% increase in revenue and double-digit volume growth, while Beauty and Personal Care increased by 10%.

In the meantime, Foods and Refreshment grew by 7%, led by strong performance in food, coffee, and ice cream.

Sanjiv Mehta, CEO and Operating Director, stated, “We remain focused on managing our business with agility, building our consumer franchise, and preserving margins within a healthy range.”

On Thursday, HUL shares on the NSE closed 1.61% lower at 2,643.05 per share.