PTI NEW delhi

FMCG major Hindustan Unilever Ltd on Wednesday reported a 19.18 per cent rise in consolidated net profit at Rs 2,989 crore in the December quarter, boosted by the sale of its 'Pureit' business.

The company, which posted a consolidated net profit of Rs 2,508 crore in the same quarter of the last fiscal year, said it will acquire 90.5 per cent shareholding of Uprising Science Pvt Ltd – the firm behind the premium beauty brand Minimalist – comprising secondary buyout for a cash consideration of Rs 2,670 crore at a pre-money enterprise valuation of Rs 2,955 crore.

HUL further said its board has approved the demerger of its ice cream business into Kwality Wall's (India) Ltd with one equity share of KWIL to be allotted for every one equity share held in Hindustan Unilever Ltd (HUL). Upon demerger and listing of KWIL, the entire shareholding of KWIL will be held directly by shareholders of HUL.

In the third quarter of the ongoing fiscal year, the growth in profit after tax was majorly on account of profit from the divestment of Pureit business, HUL said in a regulatory filing.