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Results for the quarter ended 31st December 2023


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Resilient performance in a challenging environment

A collage of HUL brand ads of Simple, Sunsilk and Knorr.

Hindustan Unilever Limited (HUL) announced its results for the quarter ended 31st December 2023.

December Quarter 2023 Results

HUL delivered a resilient performance in DQ’23 with Underlying Volume Growth[a] (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 impact of higher commodity cost. Underlying Sales Growth[b] (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 2% and Profit After Tax (PAT) grew 1%.

Home Care: Robust volume led performance on a very high base

Home Care saw a marginal decline in revenue with mid-single digit UVG in the quarter. However, on a 2-year CAGR basis, the business delivered a strong double-digit growth of 14% with high single digit UVG. Fabric Wash volumes grew in mid-single digit YoY driven by outperformance in premium portfolio. Household care volumes grew in low single digit led by Dishwash.

Beauty & Personal Care: Mid-single digit volume growth led by Hair and Premium Skin

Beauty & Personal Care revenue remained flat with mid-single digit UVG. Skin Cleansing revenue declined due to the impact of price reductions taken to pass on the benefits of lower commodity costs to consumers.Market development actions in bodywash continue to yield good results. While delayed winter impacted Skin Care performance in the quarter, premium non-winter portfolio continued to do well.

Hair Care delivered volume led double-digit growth with broad based performance across brands and future formats continuing to gain traction. Oral Care grew mid-single digit led by Closeup. Key launches in this quarter include Glow & Lovely Powder finish crème, New active skin barrier care range by Simple, Sunsilk hair serums, Close-up naturals range and Lakme’s range of make-up products.

Foods & Refreshment: Price led growth driven by Market Development portfolio

Foods & Refreshment revenue grew 1%. Tea further strengthened value and volume market leadership. Green Tea and flavoured tea performed well. Coffee grew in double-digits driven by pricing. Health Food Drinks delivered competitive modest price-led growth driven by Plus range. Foods Solutions, Mayonnaise and Peanut Butter continue to clock strong growths. Ice Cream grew in mid-single digit on a high base. During the quarter, Knorr Korean K-Pot noodles and Bru Gold in Vanilla, Caramel and Hazelnut flavours were launched.

Stepping up Gross Margin and Investments

EBITDA margin at 23.7% improved 10 bps versus DQ’22. Gross Margin and A&P investments increased 400 bps and 270 bps respectively versus DQ’22. We continue to manage our business dynamically by ensuring right price-value equation and investing competitively behind our brands and long-term capabilities.

FY’24: 9-month performance

Turnover at Rs. 44,886 Crores 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 gradual recovery in market demand to continue aided by increased Government spending, recovery in winter crop sowing and better crop realization. Rural income growths 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 Indian FMCG sector and HUL remains well positioned to unlock this opportunity whilst navigating the short-term challenges."


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


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

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