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Prabhudas Lilladher Report
We expect Hindustan Unilever Ltd. to witness month-on-month improvement in demand since June-21 aided by resilient rural demand and improving urban demand.
Inflation in palm oil and crude is likely to pressurise margins, however the intensity will be likely lower than Q1 FY22.
Calibrated price hikes will not be sufficient to ward off the inflation in input costs and higher intensity in ad-spends.
We estimate 8% volume and 4% growth in realisations during Q2 FY22.
Ebitda and profit after tax is estimated to grow at 9.4% (Rs 31.4 billion) and 9.3% (Rs 22.3 billion).
HUL's strategy to introduce consumers to bottom of pyramid products and then moving them up to premium products will continue providing competitive growth.
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