HUL Q2 Results Review - On Course Of Consistent Improvement; Maintain 'Buy': HDFC Securities

HDFC Securities Institutional Equities

Hindustan Unilever Ld.’s Q2 FY25 results were marginally below our estimates, as performance in personal care and food and refreshments segments was below our expectations.

Personal care saw a mid-single-digit revenue decline, given the pricing correction during early FY25, whereas adverse weather conditions (for ice cream) and downtrading (for tea) continue to impact the F&R segment.

Management continues to remain cautiously optimistic about rural recovery and will focus on driving moderate margin expansion using its pillars of driving the core, premiumisation trends, and investment in categories of tomorrow and channels and formats of the future.

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