External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in the near term.</li><li>The rural trend remains stable, with no further improvement or deterioration over the last quarter.</li><li>Urban demand sustained recovery. With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth. A</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>

Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in the near term.The rural trend remains stable, with no further improvement or deterioration over the last quarter.Urban demand sustained recovery. With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth. AContent 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 - Growth Lagging Expectation. Maintain REDUCE

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

<div><div><div><div><ul><li>HUL reported revenue growth of 7% YoY (3% volume growth) to Rs 14,931 Cr, which stood below our estimates as the demand environment remained volatile, though it has seen a gradual recovery.</li><li>Home Care (up 10% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC has seen volume recovery and F&amp;R was a mixed bag.</li><li>The management reiterated that it has gained market share in over 75% of the portfolio across categories. </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>

HUL reported revenue growth of 7% YoY (3% volume growth) to Rs 14,931 Cr, which stood below our estimates as the demand environment remained volatile, though it has seen a gradual recovery.Home Care (up 10% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC has seen volume recovery and F&amp;R was a mixed bag.The management reiterated that it has gained market share in over 75% of the portfolio across categories. 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 Ltd - Temporary Blip, Demand On Recovery Track

<ul><li>Our interaction with HUL management reinforced our thesis that demand pick-up will be more gradual than margin recovery</li><li>The FMCG industry continues to witness MoM improvement, led by urban markets with rural sustaining its gradual recovery trend</li><li>With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth</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>

Our interaction with HUL management reinforced our thesis that demand pick-up will be more gradual than margin recoveryThe FMCG industry continues to witness MoM improvement, led by urban markets with rural sustaining its gradual recovery trendWith HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growthContent 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 - Demand Recovery to Be Gradual. Maintain REDUCE

<ul><li>HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment and tepid FMCG market growth.</li><li>However, Home Care (up 19% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC and F&amp;R were a mixed bag.</li><li>The management reiterated that it has gained market share in over 75% of the portfolio across categories.</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>

HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment and tepid FMCG market growth.However, Home Care (up 19% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC and F&amp;R were a mixed bag.The management reiterated that it has gained market share in over 75% of the portfolio across categories.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 Ltd - Temporary Blip, Focus on Demand Recovery; Maintain BUY

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.

<ul><li>HUVR’s operating performance in 3QFY23 was in line with expectations.</li><li>PBT and PAT beat our estimates by ~8%, driven by higher-than-expected other income.</li><li>On the effective 80bp increase in royalty (effective for the next five years) from 2.65% to 3.45%, we are not particularly perturbed if HUVR receives commensurate benefits from the parent.</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>

HUVR’s operating performance in 3QFY23 was in line with expectations.PBT and PAT beat our estimates by ~8%, driven by higher-than-expected other income.On the effective 80bp increase in royalty (effective for the next five years) from 2.65% to 3.45%, we are not particularly perturbed if HUVR receives commensurate benefits from the parent.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 - Operating Performance in Line, Royalty Increase Not a Concern

India

Hindustan Unilever Limited (HUL) is an Indian fast-moving consumer goods company that manufactures and sells a wide range of products, including foods, beverages, cleaning agents, and personal care items. It is a subsidiary of the Anglo-Dutch company Unilever, with leading brands like Surf Excel, Dove, Lifebuoy, and Lakmé. The company is headquartered in Mumbai, India, and was founded in 1933.

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Hindustan Unilever (HUVR IN)

Hindustan Unilever - Growth Lagging Expectation. Maintain REDUCE

Our interaction with HUL management reinforced our thesis that demand pickup will be gradual and meaningful volume recovery will not be visible in...

HDFC Securities

Hindustan Unilever Ltd - Temporary Blip, Demand On Recovery Track

HUL reported revenue growth of 7% YoY (3% volume growth) to Rs 14,931 Cr, which stood below our estimates as the demand environment remained volatile

Axis Direct

Hindustan Unilever - Demand Recovery to Be Gradual. Maintain REDUCE

With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence...

HDFC Securities

Hindustan Unilever Ltd - Temporary Blip, Focus on Demand Recovery; Maintain BUY

HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment...

Axis Direct

Hindustan Unilever - Operating Performance in Line, Royalty Increase Not a Concern

HUVR’s operating performance in 3QFY23 was in line with expectations. PBT and PAT beat our estimates by ~8%, driven by higher-than-expected other...

Motilal Oswal

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