Hindustan Unilever Ltd. (HUL) on Friday enjoyed a growth of 17 per cent in net profit in the second quarter of current, but missed analysts' estimates when it comes to underlying volume growth.

HUL, the largest fast moving consumer goods (FMCG) company in India, announced that its net profit jumped from Rs 688.9 crore in the second quarter of 2011-12 to Rs 806.9 crore in the same quarter of 2012-13.

However, the company's underlying volume growth slipped to 7 per cent in the same quarter that ended on 30th of September. Analysts had projected underlying volume growth of 8-9 per cent for the second quarter. In the previous few quarters, the company had enjoyed a growth of 9-10 per cent in underlying volume.

The slowdown in discretionary spends appears to have taken a toll on HUL's top-line growth at around 12 per cent, from Rs 5,516 crore to Rs 6,155.4 crore.

The company's soaps & detergents segment, which account's for 50 per cent of the company's total turnover, grew 22 per cent year-on-year; while growth of personal products segment declined from Rs 14 per cent to Rs 12 per cent during the same period.

Nitin Paranjpe, chief executive & MD of HUL, said, "Over the last few months, we have begun to see some slowdown in discretionary categories, where there is an opportunity for the consumer to defer the choice between today and tomorrow."

However, the company's profit before interest and taxes margins improved by 100 basis points (bps).

HUL declared an interim dividend of Rs 4.5 a share. In addition, the company announced a special dividend of Rs 8 per share.