BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Hindustan Unilever Ltd.’s Q2 FY21 print was tad above our estimates including GlaxoSmithKline Consumer Healthcare Ltd., revenue/ Ebitda/adjusted profit after tax grew 16.1%/17.4%/10.3% YoY.
The domestic revenues increased 3% (excluding GSK-CH) backed by 1% volume, whilst overall volume grew double digit.
Remarkably health, hygiene and nutrition (80%) portfolio grew over 10%, whilst rest declined 25%.
Home care/beauty and personal care declined marginally, yet foods grew faster at 19%.
Nonetheless gross margin shrunk 145 basis points due to inflationary prices for tea, and palm oil derivatives, despite efficiency gains from GSK-CH merger.
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