In-line performance; expects better delivery in FY25

25 Apr 2024
5 Min read 
  • Hindustan Unilever's 4QFY24 performance was in line with estimates.
  •  Home care maintained mid-single-digit volume growth, while BPC and F&R posted flat volume growth.
  •  Gross margin expanded by 320bp YoY to 52.3% in 4Q.
  •  HUVR expects gradual recovery in volume growth in FY25.
  •  Reiterate BUY rating on HUVR with a TP of INR2,900.
  •  Distribution channels: 70% through GT, 20% through MT, 7% through e-commerce, and 3% through quick commerce.
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