Hindustan Unilever - Q4FY13 Result Review - Angel Broking

HUL delivered healthy set of numbers for 4QFY2013. The company's top-line and bottom-line rose by 12.5% and 18.1% respectively. OPM stood at 13.7%, ahead of our estimates of 13.4%. The most positive aspect of the result is the 6% yoy volume growth posted by the company for the quarter. HUL managed to revive the volume growth by passing on some benefits of reduction in raw material costs to customers by way of price cuts and increased A&P expenditure. Soaps and Detergents segment grew by 12.6% yoy, led by key brands such as Dove, Lux, Lifebuoy, Rin and Surf. The high margin Personal Products segment rose by 12.1%. Beverages segment rose by 18.3% yoy.

We maintain our Neutral recommendation on the stock.

Source : Equity Bulls

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