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Revenue
₹15,210 Cr
verified against source
Revenue YoY
—
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 reported a resilient Q4 FY24 with underlying volume growth of 2% and sales growth of 1%, amid gradual demand recovery. EBITDA margin contracted 30bps YoY to 23.4%, as gross margin expansion of 350bps was reinvested into A&P (up 200bps to 10.8%) and capabilities. Beauty & Wellbeing grew mid-single digit, while Personal Care declined 10% due to mass skin cleansing weakness. Management expects near-term pricing to remain negative, turning positive by H2 FY25, and aims to maintain EBITDA margins at current levels. Key risk: slower-than-expected rural recovery and competitive intensity in mass segments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to keep EBITDA margin around 23.4% in the short term, with modest improvement over medium to long term.
- If commodity prices remain stable, price growth is expected to plateau in mid-term and become positive low single-digit by end of FY25.
- Focus remains on driving competitive volume-led growth across the business, with gradual demand recovery expected.
- Actions underway to address mass skin cleansing performance, with improvement expected over the next few quarters.
Risks flagged
- Rural demand remains weak due to cumulative inflation and weak monsoon; recovery is gradual and may be impacted by rising telecom costs.
- Mass skin cleansing and fabric wash liquids face increased competition from regional and global players, pressuring volumes and pricing.
- Rising crude or CPO prices could reverse gross margin gains and require price increases, impacting volume growth.
- The end of the GSK distribution agreement will impact EBITDA by ~60bps for the next four quarters, pressuring margins.
Key quotes
- We are not satisfied with this performance of skin cleansing.
- We are holding on to almost all of the gains made in 2021 and 2022.
- We will continue to generate savings through our productivity program and reinvest it behind our brands and long-term strategic capabilities while maintaining EBITDA margin at the current levels.
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