HUL Q1 Results Review - Improving Fundamentals, Even Better Narratives May Drive Re-Rating: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Hindustan Unilever Ltd. reported an improvement in underlying volume growth trajectory (at 4% YoY) driven by a recovery in rural markets (outperformed urban after a year) and mass brands portfolio (except mass skin care) which is likely to sustain driven by an improving demand scenario. Further, management has taken corrective actions for improving the proposition of mass skin care. Key positives:Homecare saw an improvement in UVG led by mass fabric wash brands, andhair care saw broad-based double-digit volume growth in beauty and wellbeing, while skin cleansing also saw an improvement led by pricing actions. Food and refreshment segment had a weak quarter due to harsh summers impacting hot beverages. Retention of majority of corporate market share gains (~200 basis points) over inflation and deflation cycle is impressive (unlike previous cycles). Margins are likely to remain stable in the near term due to higher ad-spends. Upgrade to Add (from Hold) with a revised target price of Rs 2,950. .Click on the attachment to read the full report:.HUL Q1 Results Review - Harsh Summer, Price Cuts Lifts The Quarters' Volumes: Centrum.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

HUL Q1 Results Review - Improving Fundamentals, Even Better Narratives May Drive Re-Rating: ICICI Securities

The brokerage upgrades to Add from Hold with a DCF-based revised target price of Rs 2,950 (earlier Rs 2,600).

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HUL Q1 Results Review - Improving Fundamentals, Even Better Narratives May Drive Re-Rating: ICICI Securities

The brokerage upgrades to Add from Hold with a DCF-based revised target price of Rs 2,950 (earlier Rs 2,600).

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