Commodity inflation pressure
Crude palm oil and tea prices rose 10% and 25% YoY respectively, impacting gross margins. Management is taking calibrated price increases but full pass-through may not be possible.
HINDUNILVR / Q2-FY25 / 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
Muted urban demand and slow rural recovery
Urban growth moderated, while rural recovery is gradual. Management noted no further acceleration in FMCG growth, which could pressure volume growth.
Personal care segment decline persists
Personal care declined 5% with low single-digit volume decline. Despite formulation changes and innovation, recovery may take a couple more quarters.
Tea downgradation trend may not reverse quickly
Despite 25% tea inflation, downgradation to loose tea persisted in Q2. Management expects reversal but timing is uncertain.