Geojit's research report on Hindustan Unilever
Hindustan Unilever (HUL), a subsidiary of Unilever PLC, is India’s leading FMCG Company. It has over 35 brands spanning across 20 distinct categories, such as soaps, detergents, shampoos and skin care. Q4FY22 standalone revenue up 11.0% YoY to Rs. 13,462cr (+2.8% QoQ), driven by calibrated pricing actions to combat inflationary pressures. EBITDA margin contracted 30bps YoY to 24.1%, largely owing to higher cost inflation and increased A&P spends. Adj. PAT grew 6.6% YoY to Rs 2,269cr (-1.7% QoQ). We expect HUL’s strategic clarity, the strength of their brands, aggregation progress and agility and adaptability will drive superior business performance in the coming months.
Hence, we reiterate our BUY rating with a revised TP of Rs. 2,620 based on 56x FY24E Adj. EPS.
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