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

Motilal Oswal

External broker reports(aggregated public sources)

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>Hindustan Unilever’s (HUVR) 3QFY25 revenue was up 2% at INR155.9b (in line), with flat underlying volume growth (est. 1%, 3% in 2QFY25).</li><li>Demand recovery continues to witness a delay, with urban consumption reeling under pressure.</li><li>The higher share of LUPs has further impacted the mix for underlying volume growth (UVG).</li></ul>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’s (HUVR) 3QFY25 revenue was up 2% at INR155.9b (in line), with flat underlying volume growth (est. 1%, 3% in 2QFY25).Demand recovery continues to witness a delay, with urban consumption reeling under pressure.The higher share of LUPs has further impacted the mix for underlying volume growth (UVG).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 - Muted Print; Recovery Delays Further

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and adjusted PAT was flat y-o-y.</li><li>Demand remained subdued as urban growth continued to moderate, while rural sustained its gradual recovery.</li><li>Management expects moderation in consumption trends to continue in the near term.</li></ul>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.

HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and adjusted PAT was flat y-o-y.Demand remained subdued as urban growth continued to moderate, while rural sustained its gradual recovery.Management expects moderation in consumption trends to continue in the near term.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 - Soft Q3; Multiple Growth Levers in Long Run

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Hindustan Unilever’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home care</li><li>It managed to show flat EBITDA, as it drastically cut down brand-building spends (down 8% YoY)</li><li>The home care segment was an outlier and saw the second consecutive quarter of high single-digit volume growth, owing to management's focus on premiumization</li></ul>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’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home careIt managed to show flat EBITDA, as it drastically cut down brand-building spends (down 8% YoY)The home care segment was an outlier and saw the second consecutive quarter of high single-digit volume growth, owing to management's focus on premiumizationContent 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 Likely to Be More Back-Ended

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.

<ul><li>Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.</li><li>Sales grew by 2% (volume flat), led by a price hike. The increased salience of smaller SKUs and the higher salience of premium products impact the overall volume growth.</li><li>Prices of key raw materials such as palm oil and tea remained elevated, leading to a decline in gross margins. </li></ul>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.

Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.Sales grew by 2% (volume flat), led by a price hike. The increased salience of smaller SKUs and the higher salience of premium products impact the overall volume growth.Prices of key raw materials such as palm oil and tea remained elevated, leading to a decline in gross margins. 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 - Moderation in Consumption Trend to Continue

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>HUL’s annual investor day highlights its commitment to the future, where growth ahead should outperform (vs market) with enhanced thrust and execution on future opportunities in core and a market-making strategy.</li><li>HUL remains an execution play, where the management team has identified strategic bets across segments and the premiumization of 10 brands.</li><li>It aspires for double digit earnings growth, which is to be driven by the topline, as margin expansion is expected to be modest going forward.</li></ul>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.

HUL’s annual investor day highlights its commitment to the future, where growth ahead should outperform (vs market) with enhanced thrust and execution on future opportunities in core and a market-making strategy.HUL remains an execution play, where the management team has identified strategic bets across segments and the premiumization of 10 brands.It aspires for double digit earnings growth, which is to be driven by the topline, as margin expansion is expected to be modest going forward.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 - Focusing on the Needs of Affluent and Aspiring Indians to Drive Growth

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 - Muted Print; Recovery Delays Further

Hindustan Unilever’s (HUVR) 3QFY25 revenue was up 2% at INR155.9b (in line), with flat underlying volume growth (est. 1%, 3% in 2QFY25).

Motilal Oswal

Hindustan Unilever Ltd - Soft Q3; Multiple Growth Levers in Long Run

HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and...

Sharekhan

Hindustan Unilever - Growth Likely to Be More Back-Ended

Hindustan Unilever’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home care

HDFC Securities

Hindustan Unilever Ltd - Moderation in Consumption Trend to Continue

Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.

Axis Direct

Hindustan Unilever - Focusing on the Needs of Affluent and Aspiring Indians to Drive Growth

HUL remains an execution play, where the management team has identified strategic bets across segments and the premiumization of 10 brands.

Emkay

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