HLL Q1 net drops 15%

Hindustan Lever (HLL) today reported a 15% decline in net profit at Rs 250.25 crore for the first quarter ended March 31, 2005 as against Rs 294.88 crore in Q1FY04.

According to a release issued by the company to the BSE today, total income increased to Rs 2,581.02 crore for the quarter ended March 31, 2005 from Rs 2,424.69 crore in Q1FY04.

The board has approved the proposal for amalgamation of Lipton India Exports, Lever India Exports, Merry Weather Foods Products, Toc Disinfectants and International Fisheries Ltd, all subsidiaries of the company, with the company.

"Subject to requisite approvals, the board also approved the scheme, incorporating the proposed arrangement for amalgamation of the said companies, with effect from January 1, 2005 and has authorised a committee of directors to take all requisite steps for implementation of the scheme," the release added.