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Motilal Oswal Report
We interacted with the management of Hindustan Unilever Ltd. for an update on overall market conditions. Here are the key takeaways:
The decline has been much slower in sales of discretionary categories (skin care, cosmetics, deodorants, approximately 15% of portfolio) and out of home, Pureit and ice creams (5% of the portfolio) both of which had a decline of 25% YoY in Q2 FY21.
There was a slight tapering in growth in health, hygiene and nutrition (80% of portfolio) which had grown by 10% YoY in Q2 FY21.
Detergents was the only category where some growth was expected but did not materialize yet which is now expected in the Q4 FY21.
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