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Dolat Capital Report
Hindustan Unilever Ltd.’s revenues came ahead of our estimate but adjusted profit after tax was in line. Core business registered 7% sales growth - was a marginal beat.
Beauty and personal care business reported 9.7% growth after four consecutive quarters of decline, was a positive surprise.
Most discretionary categories witnessed revamp during the quarter. However, an increase in raw material and brand investment in key categories resulted in Ebitda margin contraction.
We believe that brand investment would help the company in the long run.
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