External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.</li><li>While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.</li><li>We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).</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.

Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).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 - Accumulate for Moderate Returns

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>ICICI Securities research report onHindustan Unilever It's surprising that organisational learning missed in just 15 years (HUL had volume decline of 4.2% in MQ'2009 thanks to delay in price cuts in Detergents).</li><li>It's history repeating and not just rhyming.</li><li>10% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.</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.

ICICI Securities research report onHindustan Unilever It's surprising that organisational learning missed in just 15 years (HUL had volume decline of 4.2% in MQ'2009 thanks to delay in price cuts in Detergents).It's history repeating and not just rhyming.10% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.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 - Déjà Vu March'2009

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>HUL reported flat revenue growth (2% volume growth) to Rs 14,693 Cr,  which was in line with our/cons estimates.</li><li>This was on account of a subdued demand environment. Furthermore, price cuts in the Home Care and Skin Care segments impacted the overall revenue growth.</li><li>Premium portfolio (~25% of the portfolio) continues to remain strong and urban business continues to grow faster than rural. </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 reported flat revenue growth (2% volume growth) to Rs 14,693 Cr,  which was in line with our/cons estimates.This was on account of a subdued demand environment. Furthermore, price cuts in the Home Care and Skin Care segments impacted the overall revenue growth.Premium portfolio (~25% of the portfolio) continues to remain strong and urban business continues to grow faster than rural. 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 - Demand Recovery Will Be Gradual; Maintain BUY

<ul><li>HUL reported revenue growth of 4% YoY (2% volume growth) to Rs 15,099 Cr, which stood in line with our estimates as the demand environment remained stable.</li><li>Home Care (up 3% YoY) was impacted due to price cuts undertaken in detergent, however premium portfolio continues to remain strong.</li><li>BPC has seen volume recovery and F&amp;R growth was modest. </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 reported revenue growth of 4% YoY (2% volume growth) to Rs 15,099 Cr, which stood in line with our estimates as the demand environment remained stable.Home Care (up 3% YoY) was impacted due to price cuts undertaken in detergent, however premium portfolio continues to remain strong.BPC has seen volume recovery and F&amp;R growth was modest. 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 - Demand On Recovery Track; Maintain BUY

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>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>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.

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

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.

Hindustan Unilever (HUVR IN)

Hindustan Unilever - Accumulate for Moderate Returns

We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).

Prabhudas Lilladhar

Hindustan Unilever - Déjà Vu March'2009

0% revenue decline in Personal Care in MQ'2024 was due to delay in passing on value (higher grammage) in INR10 price point (high salience) in soaps.

ICICI Securities Limited

Hindustan Unilever Ltd - Demand Recovery Will Be Gradual; Maintain BUY

HUL reported flat revenue growth (2% volume growth) to Rs 14,693 Cr, which was in line with our/cons estimates. This was on account of a subdued...

Axis Direct

Hindustan Unilever Ltd - Demand On Recovery Track; Maintain BUY

HUL reported revenue growth of 4% YoY (2% volume growth) to Rs 15,099 Cr, which stood in line with our estimates as the demand environment remained...

Axis Direct

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