External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGR</li><li>Domestic revenue (ex-GSK) was up 9% on a three-year CAGR (8% in Q4), with volume CAGR seeing slight deceleration at 1.7% (6% YoY) vs ~3% CAGR in the previous three quarters</li><li>The volume growth was broad-based despite the industry declining 6% YoY</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGRDomestic revenue (ex-GSK) was up 9% on a three-year CAGR (8% in Q4), with volume CAGR seeing slight deceleration at 1.7% (6% YoY) vs ~3% CAGR in the previous three quartersThe volume growth was broad-based despite the industry declining 6% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Hindustan Unilever, Ambuja Cement, ICICI Lombard, Heidelberg Cement

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Gaining market share: HUVR now has 16 brands with over INR10b in annual sales (v/s 14 brands in FY21). In FY22, its gain in market share was the highest in more than a decade.</li><li>Strengthening its technological backbone: HUVR continues to evolve as a digitally capable enterprise, catering to emerging consumer needs.</li><li>The core business continues to use analytics and machine learning to improve efficiency.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Gaining market share: HUVR now has 16 brands with over INR10b in annual sales (v/s 14 brands in FY21). In FY22, its gain in market share was the highest in more than a decade.Strengthening its technological backbone: HUVR continues to evolve as a digitally capable enterprise, catering to emerging consumer needs.The core business continues to use analytics and machine learning to improve efficiency.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever - Widening Its Leadership Position

<div><div><div><div><ul><li>While4QFY22resultswereaboveexpectations, management did highlight the likely sequential margin pressures over the next 2-3 quarters.</li><li>Two factors that constrained HUVR’s earnings growth (ex-GSK) over the past two years were escalating material costs and lower-than-expected premiumization.</li><li>Nevertheless, positive factors can emerge from rural recovery fueled by: a) good Rabi crop, b) good monsoon, and c) sustained agri commodity inflation, unless offset by input cost pressures for farmers. </li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

While4QFY22resultswereaboveexpectations, management did highlight the likely sequential margin pressures over the next 2-3 quarters.Two factors that constrained HUVR’s earnings growth (ex-GSK) over the past two years were escalating material costs and lower-than-expected premiumization.Nevertheless, positive factors can emerge from rural recovery fueled by: a) good Rabi crop, b) good monsoon, and c) sustained agri commodity inflation, unless offset by input cost pressures for farmers.  Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever - Near-Term Headwinds Temper Earnings Expectations

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 headline performance: HUVR’s standalone turnover (including other operating income - OOI) grew by 11% YoY to Rs134.6bn (vs our est. of Rs129.9bn).</li></ul><div><div><div><div><ul><li>4QFY22 segmental performance: Home Care surprised us, growing at 23.7% YoY; segment EBIT margin was down 140bps YoY at 19.8%. Beauty &amp; Personal Care grew by 3.6% YoY; segment EBIT margin was down 130bps YoY at 26.2%.</li></ul><div><div><div><div><ul><li>Operating margins in line: While gross margin was lower than our expectation at 49.5% (vs est. of 51%), down ~300bps YoY at 49.5%.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 headline performance: HUVR’s standalone turnover (including other operating income - OOI) grew by 11% YoY to Rs134.6bn (vs our est. of Rs129.9bn).4QFY22 segmental performance: Home Care surprised us, growing at 23.7% YoY; segment EBIT margin was down 140bps YoY at 19.8%. Beauty &amp; Personal Care grew by 3.6% YoY; segment EBIT margin was down 130bps YoY at 26.2%.Operating margins in line: While gross margin was lower than our expectation at 49.5% (vs est. of 51%), down ~300bps YoY at 49.5%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever - Volumes Surprises; Expect Further Sequential Inflationary Pressure

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<li>Beat on volume: Revenue grew 11% YoY (35% in Q4FY21 and 10% in Q3FY22), with home care/BPC/F&amp;R growing 24/4/5% (11/2/11% three-year CAGR).</li>
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<li>In-line EBITDA margin: Gross margin contracted by 301bps YoY (-117bps in Q4FY21 and -186bps in Q3FY22) due to high commodity inflation.</li>
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<li>Call takeaways: (1) HUL continued to gain volume and value market share in more than 75% of its portfolio.</li>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>





Beat on volume: Revenue grew 11% YoY (35% in Q4FY21 and 10% in Q3FY22), with home care/BPC/F&amp;R growing 24/4/5% (11/2/11% three-year CAGR).



In-line EBITDA margin: Gross margin contracted by 301bps YoY (-117bps in Q4FY21 and -186bps in Q3FY22) due to high commodity inflation.





Call takeaways: (1) HUL continued to gain volume and value market share in more than 75% of its portfolio.








Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever - Home Care Saves the Day; Margin Pressure Continues

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

HSIE Results Daily: Hindustan Unilever, Ambuja Cement, ICICI Lombard, Heidelberg Cement

Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGR

HDFC Securities

Hindustan Unilever - Widening Its Leadership Position

Gaining market share: HUVR now has 16 brands with over INR10b in annual sales (v/s 14 brands in FY21). In FY22, its gain in market share was the...

Motilal Oswal

Hindustan Unilever - Near-Term Headwinds Temper Earnings Expectations

While4QFY22resultswereaboveexpectations,managementdidhighlightthe likely sequential margin pressures over the next 2-3 quarters.

Motilal Oswal

Hindustan Unilever - Volumes Surprises; Expect Further Sequential Inflationary Pressure

Hindustan Unilever’s (HUVR) 4QFY22 operating performance was ahead of our estimate, led by underlying volume growth (UVG), which came in flattish...

Nirmal Bang

Hindustan Unilever - Home Care Saves the Day; Margin Pressure Continues

HUL reported slightly better revenue growth in a challenging period. Domestic revenue/volume YoY growth was at 10%/flat while FMCG market...

HDFC Securities

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