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ICICI Securities Report
Hindustan Unilever Ltd. continues to drive market development-led penetration gains while health food drinks category continues to be impacted due to external reasons.
Significant opportunity of premiumisation-led growth across categories including laundry and tea, margin expansion is expected to be moderate going forward.
HUL continues to gain market shares in all three divisions, price segments and geographies, and inflation is required to ease down to drive volume and price balanced growth.
We had turned more positive on HUL a few months back citing that most of the concerns around the stock (rural slowdown, inflation woes, direct-to-consumer premiumisation challenges) were priced in.
The potential upside triggers are large players being beneficiaries of inflation in the medium term and likely improvement in rural incomes by H2 FY23 are playing out well.
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