Hindustan Unilever

₹2357.1 32.2 | 1.4%

WEBSITE BSE:500696 NSE : HIND UNI LT 10 May, 16:01

Market Cap ₹553822 Cr.

Stock P/E 53.9

P/B 10.8

Current Price ₹2357.1

Book Value ₹ 218

Face Value 1

52W High ₹2768.5

Dividend Yield 1.78%

52W Low ₹ 2170.3

Edit Ratio

Hindustan Unilever Research see more...

Hindustan Unilever Limited: Strong market presence and linkages with Unilever Plc should support growth

EQUITY RESEARCH: HINDUSTAN UNILEVER LIMITED

Hindustan Unilever Limited

Overview Inc. Year: 1933Industry: Household & Personal Products

Hindustan Unilever Limited is an primarily India-based customer goods organization. The Company's segments are Home care, which includes detergent bars, detergent powders, detergent liquids, scourers, water enterprise and purifiers enterprise; Beauty & Personal Care, which includes merchandise in the categories of oral care, pores and skin care, soaps, hair care, deodorants, talcum powder, coloration cosmetics and salon services; Foods & Refreshment, which includes staples, culinary merchandise, tea, coffee, fitness meals liquids, ice-cream and frozen cakes, and Others, which includes exports and child care products. The Company's portfolio consists of household manufacturers, along with Lux, Lifebuoy, Surf excel, Rin, Wheel, Glow & Lovely, Pond's, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's, Horlicks and Pureit.

Hindustan Unilever Share Price

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Peer Comparison

Hindustan Unilever Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	13439	13767	14624	15144	15597	15215	15496	15623	15567	15210
Other Income	60	79	133	109	110	160	183	183	214	231
Total Income	13499	13846	14757	15253	15707	15375	15679	15806	15781	15441
Total Expenditure	10030	10466	11222	11665	11903	11642	11831	11826	11901	11675
Operating Profit	3469	3380	3535	3588	3804	3733	3848	3980	3880	3766
Interest	27	38	28	28	29	29	50	88	91	105
Depreciation	272	278	281	272	293	291	286	297	313	320
Exceptional Income / Expenses	-67	55	-12	-29	-103	80	-37	-5	-30	78
Profit Before Tax	3103	3119	3214	3259	3379	3493	3475	3590	3446	3419
Provision for Tax	803	814	823	589	898	891	918	931	937	858
Profit After Tax	2300	2305	2391	2670	2481	2602	2557	2659	2509	2561
Adjustments	-3	-1	-10	-5	-7	-2	-3	-3	0	-3
Profit After Adjustments	2297	2304	2381	2665	2474	2600	2554	2656	2509	2558
Adjusted Earnings Per Share	9.8	9.8	10.1	11.3	10.5	11.1	10.9	11.3	10.7	10.9

Hindustan Unilever Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	27004	29234	31972	32186	33162	35545	39310	39783	47028	52446	60580	61896
Other Income	532	591	570	426	369	384	550	632	410	258	512	811
Total Income	27536	29824	32542	32612	33531	35929	39860	40415	47438	52704	61092	62707
Total Expenditure	22799	24509	26562	26169	26822	28046	30430	29922	35402	39589	46430	47233
Operating Profit	4737	5316	5980	6443	6709	7883	9430	10493	12036	13115	14662	15474
Interest	26	41	18	17	35	26	33	118	117	106	114	334
Depreciation	251	296	322	353	432	520	565	1002	1074	1091	1138	1216
Exceptional Income / Expenses	606	236	679	-31	237	-33	-228	-200	-239	-44	-64	6
Profit Before Tax	5066	5215	6320	6033	6479	7304	8604	9173	10606	11874	13345	13930
Provision for Tax	1227	1259	1944	1875	1977	2079	2544	2409	2606	2987	3201	3644
Profit After Tax	3839	3956	4376	4158	4502	5225	6060	6764	8000	8887	10144	10286
Adjustments	-10	-10	-12	-19	-26	-11	-6	-16	-5	-8	-24	-9
Profit After Adjustments	3829	3946	4363	4139	4476	5214	6054	6748	7995	8879	10120	10277
Adjusted Earnings Per Share	17.7	18.2	20.2	19.2	20.7	24.1	28	31.2	34	37.8	43.1	43.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	16%	15%	11%	8%
Operating Profit CAGR	12%	12%	13%	12%
PAT CAGR	14%	14%	14%	10%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-7%	-1%	7%	15%
ROE Average	20%	22%	46%	74%
ROCE Average	27%	30%	64%	101%

Hindustan Unilever Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	2865	3537	4027	6573	6744	7281	7867	8229	47674	49061	50304
Minority's Interest	21	22	25	20	22	20	18	17	20	26	218
Borrowings	8	8	7	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	984	1090	969	966	1056	1372	1704	2306	9943	10139	10527
Total Current Liabilities	8006	8917	9202	7067	7714	8887	8667	9317	11103	11280	12028
Total Liabilities	11883	13574	14230	14626	15536	17560	18256	19869	68740	70506	73077
Fixed Assets	2431	2746	2821	3258	4419	4528	4715	5479	51443	51473	52678
Other Non-Current Assets	1336	1300	1428	1023	945	1372	1627	2069	3080	3511	3401
Total Current Assets	8116	9528	9981	10323	10125	11644	11910	12303	14200	15509	16986
Total Assets	11883	13574	14230	14626	15536	17560	18256	19869	68740	70506	73077

Hindustan Unilever Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	942	462	845	805	830	628	649	621	3216	1842	1147
Cash Flow from Operating Activities	3605	3818	3292	4171	5185	6059	5800	7623	9163	9048	9991
Cash Flow from Investing Activities	63	-475	138	-282	-1173	-1063	-438	1791	-1528	-1728	-1494
Cash Flow from Financing Activities	-4147	-2960	-3462	-3864	-4214	-4975	-5390	-6819	-9309	-8015	-8953
Net Cash Inflow / Outflow	-480	383	-33	25	-202	21	-28	2595	-1674	-695	-456
Closing Cash & Cash Equivalent	462	845	813	830	628	649	621	3216	1842	1147	701

Hindustan Unilever Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	17.71	18.24	20.17	19.16	20.72	24.14	28.03	31.24	34.02	37.78	43.06
CEPS(Rs)	18.92	19.66	21.71	20.88	22.84	26.6	30.67	35.95	38.61	42.46	48.01
DPS(Rs)	18.5	13	15	16	17	20	22	25	40.5	34	39
Book NAV/Share(Rs)	13.07	16.16	18.41	30.23	31.09	33.57	36.31	38.03	202.85	208.77	214.06
Core EBITDA Margin(%)	14.76	15.34	15.96	17.38	17.73	18.2	19.91	21.55	22.08	22.08	20.88
EBIT Margin(%)	17.87	17.07	18.69	17.48	18.22	17.79	19.37	20.31	20.36	20.57	19.86
Pre Tax Margin(%)	17.78	16.93	18.64	17.43	18.12	17.72	19.29	20.05	20.14	20.39	19.69
PAT Margin (%)	13.48	12.84	12.91	12.01	12.59	12.68	13.59	14.79	15.19	15.26	14.97
Cash Profit Margin (%)	14.36	13.8	13.86	13.03	13.8	13.94	14.86	16.98	17.23	17.13	16.65
ROA(%)	33.27	31.08	31.47	28.82	29.85	31.57	33.84	35.48	18.06	12.76	14.13
ROE(%)	118.67	125.19	117.02	79.09	67.98	74.82	80.29	84.25	28.63	18.37	20.42
ROCE(%)	155.02	162.44	165.63	111.83	94.6	102.5	113.29	114.74	38.36	24.77	27.06
Receivable days	11.87	11.93	10.91	11.99	11.99	10.61	12.79	11.83	10.07	12.52	14.32
Inventory Days	34.42	33.46	31.16	29.39	26.88	22.38	20.82	21.31	21.99	24.05	22.48
Payable days	127.11	135.12	134.54	143.18	149.78	167.18	163.3	170.63	149.02	140.97	118.62
PER(x)	26.32	33.09	43.28	45.38	43.9	55.34	60.93	73.56	71.45	54.23	59.42
Price/Book(x)	35.67	37.37	47.4	28.76	29.26	39.79	47.03	60.43	11.98	9.81	11.95
Dividend Yield(%)	3.97	2.15	1.72	1.84	1.87	1.5	1.29	1.09	1.67	1.66	1.52
EV/Net Sales(x)	3.66	4.38	5.82	5.75	5.88	8.02	9.29	12.35	12.05	9.11	9.85
EV/Core EBITDA(x)	20.88	24.09	31.14	28.71	29.06	36.16	38.73	46.82	47.09	36.42	40.7
Net Sales Growth(%)	15.22	8.26	9.37	0.67	3.03	7.19	10.59	1.2	18.21	11.52	15.51
EBIT Growth(%)	40.53	3.22	20.57	-4.53	7.67	12.53	17.83	7.57	15.41	11.72	12.35
PAT Growth(%)	37.11	3.03	10.61	-4.97	8.27	16.06	15.98	11.62	18.27	11.09	14.14
EPS Growth(%)	37.14	3.04	10.54	-4.98	8.14	16.49	16.11	11.46	8.9	11.06	13.98
Debt/Equity(x)	0.01	0.01	0.01	0.03	0.04	0	0.01	0	0	0	0
Current Ratio(x)	1.01	1.07	1.08	1.46	1.31	1.31	1.37	1.32	1.28	1.37	1.41
Quick Ratio(x)	0.68	0.74	0.78	1.08	0.98	1.03	1.08	1.02	0.96	1.01	1.06
Interest Cover(x)	197.97	129.2	358.03	355.88	186.11	281.92	261.73	78.74	91.65	113.02	118.06
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Hindustan Unilever Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	61.9	61.9	61.9	61.9	61.9	61.9	61.9	61.9	61.9	61.9
FII	14.71	13.66	13.3	14.04	14.32	14.36	14.48	13.9	13.65	12.67
DII	10.86	11.61	12.19	11.75	11.55	11.56	11.52	11.94	12.35	13.24
Public	12.53	12.83	12.6	12.31	12.23	12.18	12.1	12.26	12.1	12.18
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	145.44	145.44	145.44	145.44	145.44	145.44	145.44	145.44	145.44	145.44
FII	34.55	32.1	31.26	32.99	33.66	33.74	34.02	32.66	32.07	29.77
DII	25.51	27.27	28.65	27.6	27.13	27.17	27.07	28.05	29.02	31.12
Public	29.45	30.15	29.61	28.93	28.74	28.61	28.42	28.81	28.42	28.63
Others	0	0	0	0	0	0	0	0	0	0
Total	234.96	234.96	234.96	234.96	234.96	234.96	234.96	234.96	234.96	234.96

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 22%
Debtor days have improved from 140.97 to 118.62days.
Company is almost debt free.

Cons

Stock is trading at 10.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.