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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹15,623 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HUL crossed INR 15,000 crore quarterly turnover for the first time, with underlying sales growth of 4% and UVG of 2.5%. EBITDA margin improved 130 bps to 24.6%, driven by gross margin recovery to pre-inflation levels of 52%. However, PAT growth was muted at 4% due to higher A&P spend (up 420 bps YoY) and adverse tax comparables. Rural demand remains subdued, with two-year volumes still negative, though gradual recovery is expected. Competitive intensity from regional players persists in tea and detergent bars. Management remains cautiously optimistic, guiding for marginally negative price growth if commodities stay stable, and expects volume recovery to be gradual. Key risk: uneven monsoon and volatile global commodity prices could delay rural recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects price growth to turn marginally negative in the near term if current commodity prices hold.
- Management aims to keep EBITDA margin in a healthy range while investing in brands and capabilities.
- Management expects volume recovery to continue gradually, supported by moderating inflation and festive season.
Risks flagged
- Uneven monsoon with 6% deficit and lower reservoir levels could affect kharif harvest and rural incomes.
- Small and regional players are growing faster in tea and detergent bars, pressuring HUL's market share in those pockets.
- High milk and coffee prices continue to pressure volumes in HFD and coffee, with no near-term relief expected.
- Crude oil above $90 and geopolitical tensions could reverse input cost deflation, impacting margins.
Key quotes
- We have scaled a new milestone by crossing INR 15,000 crore quarterly turnover mark for the first time.
- Our EBITDA margin at 24.6% improved 130 basis points year-on-year.
- We remain cautiously optimistic. Moderating inflation and upcoming festive season should improve consumer sentiment.
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