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Axis Securities Report
Financial Performance:
Hindustan Unilever Ltd. registered 4% volume growth in Q1 FY25 on account of gradual recovery witnessed in rural demand. However, its revenue grew by 1.6% to Rs 15,166 which partly offset due to the price cuts.
The company’s gross margins improved 171 basis points YoY to 50.9% while Ebitda margin improved by 26 bps YoY to 23.5% owing to higher ad spends, adjusted profit after tax stood at Rs 2,572 crore, grew by 3% YoY.
Management expects demand to improve in coming quarters while Ebitda margins are expected to remain at current levels. In the longer term, however, HUL growth prospects remain good as management focuses on the following:
Promoting a diversified portfolio and spreading the price-value matrix to drive premiumization;
Continued focus on efficiency improvement – nano factories, automation and scaling Shikar to 1.3 million outlets to drive overall cost saving initiatives;
Market development initiatives to gain market share across the portfolio; and
Strong execution capabilities (demonstrating the strength of the company with its diverse product portfolio and financial strength in this volatile and challenging environment)
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