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Prabhudas Lilladher Report
We are cutting FY22/23 earning per share of Hindustan Unilever Ltd. by 1.9%/0.2% on the back of-
inflationary environment impacting gross margins and
slowdown witnessed in rural demand neutralised partly by uptick in discretionary segments.
Despite the near term inflation challenges, we remain positive on HUL's structural story given that-
more than 75% of business is gaining share,
health food drink segment is likely to emerge as a key driver of growth with synergies ahead of guidance,
rebound in discretionary and out-of-home expected with improving mobility,
launch of direct-to-customer platforms for Lakme, Simple, Dermalogica and Love Beauty and Planet,
distribution gains from strategies like 'winning in many Indias' and Shikhar.
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