Hindustan Unilever - All positives factored in, Reiterate HOLD - Emkay

Reco: HOLD
CMP: Rs 476
Target Price: Rs 415

- Ahead Of Expectations On All Counts; Revenue growth +14.1% yoy to Rs63.7 bn, Ebidta growth +28.1% yoy to Rs9.6 bn and APAT growth +46.3% yoy to Rs8.3 bn

- Domestic consumer business grew 19% yoy with underlying volume growth of 9%. All segments except others report robust growth

- We believe growth (price led) in S&D to subside in coming quarters as most of the price hikes have annualized and tough environment makes further price hike more difficult

- Retain that all positives factored in earnings and valuations. Retain HOLD rating with target price of Rs 415/Share (25X FY14E earnings)

Source : Equity Bulls

Keywords