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.
ICICI Securities Report
Two important takeaways from Hindustan Unilever Ltd.'s Q2 results –
focus (now) on ‘profitable volume growth’ after prioritising market share at (some) cost of margins and
improvement in product innovation after a brief lull (in line with our expectations).
On the industry, some fresh concerns around rural deceleration – HUL, particularly, should be largely fine given recovery in other pockets (urban and discretionary).
Consensus will now have (fresh) concerns on nutrition outlook (both sales and synergies) – we have been highlighting on the Horlicks and Boost price cuts / improving .
On nutrition, we like the tight-rope-act in balancing penetration-driven growth (discounted cash flow-accretive) versus short-term margins (not-withstanding near-term concerns).
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