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Hindustan Unilever: Cautiously optimistic, focus on next leg of growth

Next leg of growth for HUL is likely from increased penetration of GSK portfolio

July 23, 2021 / 12:02 PM IST
Hindustan Unilever: Cautiously optimistic, focus on next leg of growth

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Hindustan Unilever’s (HUL; CMP: Rs 2,379; Market Capitalisation: Rs 558,885 crore) June 2021 quarter results were marginally below Street expectations. The health, hygiene and nutrition portfolio, which forms nearly 85 per cent of revenues, grew by 8 per cent year on year (YoY). Compared to June 2019, they grew by 16 per cent. HUL has gained market share in the all three categories, despite price hikes. June 2021 quarterly results Net sales grew by 14 per cent on the back of...

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