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Personal Products company Hindustan Unilever announced Q3FY24 & 9MFY24 results:
- Q3FY24:
- HUL delivered a resilient performance in Q3FY24 with Underlying Volume growth (UVG) at 2%.
- Home Care and Beauty & Personal Care which constitutes about 75% of our business continues to see volume recovery and had mid-single digit UVG.
- Foods & Refreshment, on the other hand, saw a low-single-digit decline in UVG primarily due to pricing taken in the year to offset the impact of higher commodity costs.
- Underlying Sales Growth2 (USG) was flat due to the impact of price reductions.
- EBITDA margin at 23.7% was up 10 bps YoY.
- Profit After Tax before exceptional items (PAT bei) declined by 2% and Profit After Tax (PAT) grew by 1%.
- 9MFY24:
- Turnover at Rs 44,886 crore grew 3%.
- Both EBITDA and PAT (bei) grew 6% while Net Profit grew 4%.
Rohit Jawa, CEO and Managing Director commented: ‘HUL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus on providing the right consumer value, excellence in execution, increased investments behind brands and capabilities, premiumisation and market development continues to serve us well.
Looking forward we expect a gradual recovery in market demand to continue aided by increased Government spending, recovery in winter crop sowing and better crop realization. Rural income growth and winter crop yields are key factors that will determine the pace of recovery. In this context, our focus remains on driving competitive volume growth whilst stepping up investment behind our brands and long-term strategic priorities. We remain confident of the mid to long-term potential of the Indian FMCG sector and HUL remains well positioned to unlock this opportunity whilst navigating the short-term challenges.’
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