MUMBAI (NewsRise) -- Hindustan Unilever reported a 12% increase in quarterly profit, aided by shrinking expenses, even as India's biggest consumer goods maker continued to remain cautious of growth outlook in the near term.
Consumer goods companies in Asia's third-largest economy are contending with a prolonged demand slowdown triggered by a credit crunch. India's gross domestic product expanded at the slowest pace in six years in July-September, decelerating for six consecutive quarters. The slowdown is deepening even after the nation's monetary policy panel cut interest rates to the lowest in almost a decade.
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