HUL Q4 Results Review - Demand Recovery Will Be Gradual; Maintain Buy: Axis Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Axis Securities Report.Hindustan Unilever Ltd. reported flat revenue growth (2% volume growth) to Rs 14,693 crore, which was in line with our/cons estimates. This was on account of a subdued demand environment. Furthermore, price cuts in the home care and skin care segments impacted the overall revenue growth. Premium portfolio (~25% of the portfolio) continues to remain strong and urban business continues to grow faster than rural. The management reiterated that it has gained market share in over 60% of the portfolio across categories. HUL’s gross margins improved 350 basis points YoY to 51.3%; however, Ebitda margin expansion declined 19 bps YoY to 23.1% owing to higher ad spends, royalty payments, and termination of GlaxoSmithKline commission business. Adjusted profit after tax stood at Rs 2,396 crore, down 3% YoY..Click on the attachment to read the full report:.HUL Q4 Results Review - Volume Growth Continues To Remain Muted: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

HUL Q4 Results Review - Demand Recovery Will Be Gradual; Maintain Buy: Axis Securities

We expect HUL’s sales/Ebitda/profit after tax to grow at 6%/6%/5% CAGR over FY23-26E

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