HUL Q3 Review - In-Line Operating Performance; Outlook Improving: Motilal Oswal
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Motilal Oswal Report
Hindustan Unilever Ltd. reported in-line operating performance for Q3 FY21.
Like-to-like sales growth of 7% YoY (20.9% YoY reported growth, including GlaoxSmithKline Consumer HealthCare Ltd.) was in-line.
On the other hand, underlying like-to-like volume growth of 4% was below expectations – with realisations (led by price increases in tea and soaps) making up for lower-than-expected volumes.
Like-to-like sales improved sharply to post 7% growth in Q3 FY21, from 7% decline in Q1 FY21 and 3% growth in Q2 FY21.
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