Mumbai, Jul 23 (IANS): In its forward looking statement for the upcoming Hindustan Unilever on Tuesday said that the company's "near term demand will remain subdued given macro economic conditions".

This comes in the backdrop of a massive slowdown in private consumption which has acted as a drag on the Indian economy. Experts have said that the chief reason for the slowdown is the distress in the rural sector.

The fast moving consumer goods (FMCG) major Hindustan Uniliver, which produces products like soaps, detergents and toothpastes, is impacted due to the lack of demand.

However, on a consolidated basis the the company reported a 14.50 per cent year-on-year rise in net profit at Rs 1,792 crore for the quarter ended June 30. The company had posted a profit after tax of Rs 1,565 crore for the same quarter last year.

On a standalone basis, the company's profit increased 14.78 per cent to Rs 1,755 crore, from Rs 1,529 crore in the comparable period last year.

Total consolidated income rose 6 per cent to Rs 10,509 crore, from Rs 9,909 crore in the same period last year.

Despite a sluggish market, HUL reported growth in all its product segments both in terms of revenue and margins.