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ICICI Securities Report
Two important takeaways from Hindustan Unilever Ltd.'s Q2 results –
focus (now) on ‘profitable volume growth' after prioritising market share at (some) cost of margins and
improvement in product innovation after a brief lull (in line with our expectations).
On the industry, some fresh concerns around rural deceleration – HUL, particularly, should be largely fine given recovery in other pockets (urban and discretionary).
Consensus will now have (fresh) concerns on nutrition outlook (both sales and synergies) – we have been highlighting on the Horlicks and Boost price cuts / improving value.
On nutrition, we like the tight-rope-act in balancing penetration-driven growth (discounted cash flow-accretive) versus short-term margins (not-withstanding near-term concerns).
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