New Delhi: Shares of Hindustan Unilever on Friday declined nearly 4 per cent, eroding Rs 23,155.22 crore from its market valuation after the company’s first-quarter earnings failed to cheer investors. The company’s stock fell 3.65 per cent to settle at Rs 2,603.80 on the BSE. During the day, it plunged 4 per cent to Rs 2,592.20.

At the NSE, it declined 3.67 per cent to end at Rs 2,604. The company’s market valuation fell by Rs 23,155.22 crore to Rs 6,11,786.57 crore. Hindustan Unilever on Thursday reported a 6.9 per cent rise in consolidated profit after tax at Rs 2,556 crore for June quarter 2023-24 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 said in a regulatory filing. Total income in the first quarter stood at Rs 15,679 crore as against Rs 14,757 crore in the corresponding period last fiscal year.

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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.