Q2FY24 Quarterly Result Announced for Hindustan Unilever Ltd.
Personal Products company Hindustan Unilever announced Q2FY24: 1. Financial Performance: -HUL delivered a resilient and competitive performance in Q2FY24 with Underlying Sales Growth (USG) of 4% and Underlying Volume Growth (UVG) of 2%. -EBITDA margin at 24.6% was up 130 bps YoY. -PAT at Rs 2,717 crore grew 4% YoY -Profit After Tax before exceptional items (PAT bei) grew 12% and Profit After Tax (PAT) grew 4%. In the quarter, there was a one-off credit from the favourable resolution of past indirect tax litigation benefiting both the top line and bottom line. -The Board of Directors declared an interim dividend of Rs 18/- per share for year ending March 31, 2024 2. Home Care: - Home Care delivered a 3% growth, driven by mid-single-digit volume growth in the Fabric Wash category. - Household care volumes grew in high single digits, led by Dishwash. - New launches include the Vim Pure range with plant-based actives and Comfort Intense Fabric Conditioner. 3. Beauty & Personal Care: - Beauty & Personal Care grew by 4% with mid-single digit volume growth. - Skin Cleansing had a low-single-digit volume growth, while Skin Care and Colour Cosmetics grew double-digit. - Key launches include a new range of Vaseline moisturizers, Lakme serums and cosmetics, and Pond's serum. 4. Foods & Refreshment: - Foods & Refreshment grew by 4%. - Tea witnessed modest growth due to consumers downgrading, while Coffee grew in double digits. - Horlicks Strength Plus, Slow Churn Ice Cream, and new blends of Lipton Green Tea were launched. Rohit Jawa, CEO and Managing Director commented, "We delivered resilient and competitive growth whilst stepping up our EBITDA margin in a challenging operating environment, marked by subdued rural demand and heightened competitive intensity. Looking forward we remain cautiously optimistic. FMCG demand is likely to continue a gradual recovery with tailwinds from the upcoming festive season, sustained buoyancy of services, and the Government’s thrust on capex. At the same time, we need to be watchful of volatile global commodity prices as well as the impact of monsoon on crop output and reservoir levels. In this context, our focus is to provide superior value to our consumers, drive competitive volume growth, and invest in our brands. We remain confident of the mid to long-term potential of the Indian FMCG sector and HUL’s ability to deliver Consistent, Competitive, Profitable, and Responsible growth." Result PDF19-10-2023
