Weather uncertainty and El Niño impact
El Niño has set in early, potentially impacting the latter part of the monsoon, which could affect rural demand and agri output.
HINDUNILVR / Q1-FY24 / risks
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HUL · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Resurgence of small and regional players
Moderating commodity prices have led to increased competition from small/regional players, particularly in mass segments and specific regions.
Delayed volume recovery due to trade destocking
Trade destocking of high-priced inventory and consumer pantry adjustments may delay volume recovery by 2-3 quarters.
Sustained inflation in certain commodities
Coffee, cereals, and cleaning powder continue to see high inflation, impacting margins in the Foods & Refreshment segment.