HUL - Detergent Drags Q3 Volumes; Foods Grow Strongly: ICICI Direct
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ICICI Direct Report
Hindustan Unilever Ltd. reported moderate 4% volume growth in Q3 FY21 unlike strong growth for other fast moving consumer goods companies mainly due to dismal sales in detergent category.
The category (contributes ~30% to the company’s sales) has seen muted sales growth post pandemic as schools and offices are not fully functioning.
Further, price hikes in respect to cost inflation in palm oil and tea have been only calibrated and partial.
The company has taken two subsequent price hikes of 2.5% in December 2020 and January 2021.
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