Religare Retail Research report on Hindustan Unilever
HUL’s revenue was below our estimate at Rs 15,496cr, up by 1.8% QoQ and 6% YoY with the underlying volume growth of 3%. Growth is still price -led and volumes are expected to pick-pace gradually as there is sign of recovery from rural. Amongst segments, sequential growth was largely led by the beauty & personal care segment while others remain muted. However comparing YoY numbers all the segments seen decent growth.
Outlook
On a financial front, we have estimated its revenue/EBITDA/PAT to grow at 15.5%/18.3%/17.5% CAGR over FY23-25E and recommend Accumulate rating with a target price of Rs 3,068, assigning a PE multiple of 51x on FY25 EPS.
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