Hindustan Unilever Limited on Wednesday reported a 16.4% year-on-year rise in its net profit for the July-September quarter. The fast-moving consumer goods company’s net profit during the quarter was Rs 1,276 crore, compared with Rs 1,096 crore in the same period in 2016 and Rs 1,283 crore in the April-June quarter.

A poll by Thomson Reuters had estimated a net profit of Rs 1,185 crore.

The company said it saw a 10% growth in its domestic consumer market. Consumer purchases remained stable, even as wholesale trade suffered initially after the introduction of the Goods and Services Tax on July 1.

“Trade conditions continue to improve and the wholesale channel is steadily normalising,” the company said in a release.

Chief Executive Officer Sanjiv Mehta said at a press briefing that he expects “near-normalcy” by the end of December.