BQ Blue'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 BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Hindustan Unilever Ltd.'s Q2 FY22 results were in line with our estimates.
While domestic volume growth was weaker than expected at 4% for the quarter, strong realisation growth actually led to a small beat on sales.
While commodity costs remain elevated, we believe mix improvement would lead to continued sequential margin improvement.
HUL's share of the discretionary and out-of-home portfolios (~15% of sales) is higher versus peers.
Moreover, these businesses have much higher margins than the rest of the portfolio. As a result, the earnings growth outlook from H2 FY22 is incrementally better versus peers.
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