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ICICI Securities Report
Hindustan Unilever Ltd.'s strong double-digit growth in health, hygiene and nutrition portfolio in Q2 FY21 was good (overall volumes up 1%).
There appears a willingness (necessity?) to sacrifice gross margins to drive growth, in our view.
Trade loading of winter season products is delayed a tad (an industry-wide phenomenon, as per management).
We like:
- investments to repurpose its brands,
- increase in consumer-relevant innovation intensity for hygiene related products (and more),
- increase in outlet coverage (back to pre-Covid levels) and
- continuing plans to gain market share in tea from unorganised players by absorbing partial input cost inflation.
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