KR Choksey's research report on Hindustan Unilever
HUVR reported revenue from operations of INR 1,54,960 mn in Q1FY24, delivering a 6.0% YoY/ 1.8% QoQ growth. Revenue from the Home Care segment grew by 10.0% YoY but declined by 3.8% sequentially. Beauty & Personal care segment revenue grew by 4.8% YoY/ 7.8% QoQ. Food & Refreshment segment revenue grew by 4.7% YoY and was flat QoQ. EBITDA for the quarter was at INR 36,650 mn, a growth of 7.7% YoY/ 2.5% QoQ. EBITDA margin expanded by 39 bps YoY/ 16 bps QoQ to 23.7%. Net profit was at INR 25,540 mn, a growth of 7.3% YoY but a decline of 1.8% QoQ. Adj. Net Profit grew by 8.3% YoY/ 2.8% QoQ to INR 25,910 mn.
Outlook
We expect Revenue/EBITDA/Adj. PAT to grow by 9.2%/ 12.9%/ 13.6% CAGR over FY23-25E. We assign a P/E multiple of 57x to the FY25E EPS of INR 54.5 to arrive at a target price of INR 3,109 per share (unchanged) with an upside of 19.4%. We maintain our rating ‘BUY’ rating on the stock.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
