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Results for the quarter and financial year ended 31st March 2024


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A collage of HUL brand key visuals including Kwality walls, Lakme and Surf excel.

Hindustan Unilever Limited announced its results for the quarter and year ended 31st March 2024.

March Quarter Results

HUL delivered a resilient performance in MQ’24 with Underlying Sales Growth[a] (USG) of 1%, Underlying Volume Growth[b] (UVG) of 2% and EBITDA margin at 23.4%. Profit After Tax before exceptional items (PAT bei) and Profit After Tax (PAT) declined by 3% and 6% respectively.

Home Care: Robust Volume led performance

Home Care grew 1% with mid-single digit UVG. Both Fabric Wash and Household Care grew volumes in mid-single digit driven by strong performance in premium portfolio. The category continued to witness YoY price decline on account of actions taken during the year.

Beauty & Personal Care: Flat volumes

Beauty & Personal Care continued to witness premium portfolio growing ahead of the rest. Overall, the segment had a USG of -2% with flat volumes. Hair care delivered volume driven high-single digit growth led by outperformance in Dove and Tresemme. Skin care and colour cosmetics grew in low-single digit. Premium skin care continued its strong double-digit growth trajectory led by innovations in new demand spaces and formats. Skin cleansing declined due to impact of price cuts coupled with drop in volumes in the mass and popular segments while bodywash continued to do well. Oral care saw a double-digit broad based growth driven by pricing. A range of innovations under Lakme cosmetics, sun-care products under Glow and Lovely, Ponds and Lakme skin, and sensitive skin cleansing range by Dove were launched in the quarter.

Foods & Refreshment: Mid-single digit growth driven by pricing

Foods & Refreshment had a USG of 4% with flat volume growth. Functional Nutritional Drinks (Horlicks & Boost) delivered high-single digit growth driven by Plus range. Tea continued to strengthen value and volume market leadership. Category continued to witness consumers downgrading to loose tea. Coffee delivered double digit growth driven by pricing. Foods grew in mid-single digit led by strong performance in Soups and Food solutions. Mayonnaise and Peanut Butter continue to gain consumer traction. Ice Cream grew in double digit led by volumes. An exciting range of innovations including Cadbury crackle feast, American nuts and Mango Duet were launched ahead of the upcoming ice-cream season.

Building back Gross Margin and stepping up in Advertising & Promotion

Gross Margin improved 350 bps versus MQ’23. We continue to focus on building back our gross margins through improved price coverage, mix and net productivity initiatives. A&P investments increased 200 bps as we continued to step up investments behind our brands. EBITDA at 23.4% declined by 30 bps primarily on account of 60 bps impact from termination of GSK consignment selling arrangement and investments in long term capabilities.

Financial Year 2023-24:

Full year turnover was Rs. 59,579 Crores with a USG of 3% and UVG of 2%. EBITDA margin remained healthy at 23.8% with an increase of 40 bps YoY. PAT (bei) and EPS was up 4% and 2% respectively. The Board of Directors have proposed a final dividend of Rs. 24 per share, subject to approval of shareholders at the AGM. Together with interim dividend of Rs. 18 per share, the total dividend for the year amounts to Rs. 42 per share, an increase of 8% vs FY’23.

Rohit Jawa, CEO and Managing Director commented: "In FY’24 we delivered a resilient performance with 3% USG and crossed Rs. 10,000 crores Net Profit mark. We remain focused on driving operational excellence and have continued to build back our gross margins whilst stepping up investment in brands and long-term capabilities. Looking forward, I am optimistic of consumer demand gradually improving due to a normal monsoon and better macro-economic indicators.

With rising affluence, under-indexed FMCG consumption and a strong digital infrastructure, I remain very confident of the medium to long-term potential of Indian FMCG sector. To serve the evolving aspirations of Indian consumers, we have embarked on a journey of 'Transform to Outperform'. Our key thrusts of Growing our Core through Unmissable Brand Superiority, Market making and Premiumisation, Re-shaping our portfolio to high growth spaces and Leadership in Channels of future, backed by our distinctive capabilities will enable us to continue winning in the Indian FMCG sector."


Underlying sales growth (USG) refers to the increase in turnover for the period, excluding any change in turnover resulting from acquisitions, disposal


Underlying volume growth (UVG) refers to volume growth including the impact of mix of turnover realization of products sold

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