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.
IDBI Capital Report
Hindustan Unilever Ltd.'s Q2 FY22 result was below our estimates. Volume growth at 4% YoY (on a base of 1%) was soft.
Inflationary headwinds continue to be stronger than expected. Price hikes to the tune of 5% in Q1 FY22 followed by 7% in Q2 FY22 are steep.
However, strong recovery in out-of-home and discretionary segments are encouraging.
Integration with GlaxoSmithKline Consumer Healthcare Ltd. reached 80% level (versus 50% in Q1 FY22).
HUL continues to gain market share in more than 75% of the business. Inflation in palm oil, crude oil, polyethylene and ocean freight continues to rise.
Management expects cost pressures to stay for at least one to two quarter.
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