HUL Q4 Review - Revival In Discretionary Categories: Dolat Capital
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Dolat Capital Report
Hindustan Unilever Ltd.'s results came ahead of our estimate as the core business registered 21% sales growth with 16% underlying volume growth.
The beauty and personal care business reported 19.7% growth, exhibiting a strong recovery on a favourable base.
The segment benefited from a strong sequential recovery in the discretionary categories.
Despite the increase in raw material, lower brand investment and improved operating efficiencies helped expansion in Ebitda margin.
We believe that the brand investments would increase hereon to support volume growth.
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