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Motilal Oswal Report
Hindustan Unilever Ltd.'s performance in Q4 FY24 was in line with our estimates. Net revenue was up 1% YoY with 2% volume growth. Home care maintained mid-single-digit volume growth. Beauty and personal care (and food and refreshment posted flat volume growth YoY. Demand drivers were steady in H2 FY24. Premium portfolio growth across categories was healthy, while the mass portfolio remained weak.
Home care growth and margin (up 130 bp QoQ) beat expectations. BPC was a miss, largely due to a volume contraction in the soap portfolio (mass segment).
The company has addressed the issue by fixing the pricing gap. Horlicks and Boost portfolio saw high single-digit growth, driven by volume and price, along with share gains.
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