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Prabhudas Lilladher Report
We are cutting FY22/23 earnings per share of Hindustan Unilever Ltd. by 4.2%/3.2%.
Despite the near term challenges, we remain positive on the structural story of HUL given that-
more than 80% of business is gaining penetration
health foods drink segment is likely to emerge as a key driver of growth with launch of Rs 2/5 pack of Horlicks and Boost and benefits of expansion in distribution and integration post Q3 FY22
rebound in discretionary portfolio with easing of restrictions and improvement in mobility
strong growth in e-commerce channel which already accounts for 10% of revenue and
gains from strategies like 'Winning in Many Indias' and Shikhar driving distribution led gains.
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