Hindustan Unilever



Q2FY20 :


Price when result was announced : 2014


- Domestic growth was at 7% with Volume growth of 5% , that is stable as compared to previous quarters.

- EBITDA expanded on lower raw material cost at 45.52% compared to 48.03% in previous year same quarter.

- Tax Rate has shifted to new regime benefiting EPS by 10-12%.

- Soap category is facing pressures.

- Distributors and Retailers facing liquidity issues impacting the volume growth.

- Balance sheet has strengthen further by increase in cashflow and maintained working capital.

- GSK consumer approvals taking longer than anticipated.


Recommendation : HOLD





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