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ICICI Direct Report
Hindustan Unilever Ltd. posted 11% sales growth led by 4% volume uptick. Sales were up 11% YoY driven by strong growth in home care segment. Ebitda was at Rs 3471 crore, up 7.0% YoY, with margins at 23.7%. Consequently, profit after tax was at Rs 2552 crore (up 9.7 YoY).
Key triggers for future price performance:
Strong volume growth of 9% in FY23 in home care segment reflects premiumisation trend in fabric wash through surf excel. HUL has taken price cuts in term of grammage increase in low unit packs, which would aid volume growth in the segment.
Reliance's entry into personal care segment could compel the company to take aggressive price cuts, which would keep margins under pressure.
HUL is driving more than 30% of its sales through digital channels like e-commerce, Shikhar app (reach of 12 lakh outlets), direct-to-consumer, etc.
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