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 Q1 FY22 numbers came in lower than our estimates.
Including GlaxoSmithKline Consumer Healthcare Ltd., revenue/ Ebitda/adjusted profit after tax grew 12.8%/7.7%/4.4% YoY.
The domestic business grew 12%, backed by 9% volume growth.
Health, hygiene and nutrition (85%) grew 8%, while discretionary (12%) grew 39%. The out-of-home business (3%) grew 91%, albeit on lower base.
Gross margin contracted 139 basis point to 50.4% due to inflationary costs in top-three commodities – tea, crude oil and palm oil.
The rise in employee cost (up 4.4%), ad-spend (up 28.5%) and other expenditure (up 5.6%) restricted HUL's Ebitda growth at 7.7%, while Ebitda margin shrank 114bp to 23.9%.
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