Hindustan Unilever: Impressive volume growth; superior execution, good monsoon make the growth story even more compellin
HUVR's 4QFY18 reported net sales grew 10.8% YoY to INR91b. Domestic comparable consumer business sales were up 16% YoY, with underlying volume growth of 11% YoY (est. of +7%). EBITDA grew 24% YoY to INR20.5b(est. of INR19.1b) and PAT (bei) rose 26% YoY to INR14.1b (est. of INR13b). Gross margin expanded 150bp YoY to 52.6%. Other operating expenses as % of sales were down 90bp YoY. Thus, EBITDA margin expanded 240bp YoY to22.5%. Comparable margin expanded 160bp YoY