Hindustan Unilever Ltd. share price target

Volume growth remains steady

HULs 1QFY16 revenues grew 5% YoY to Rs 81bn, led by steady 6% YoY vol growth in its core business (at par with 4QFY15). Key positives were (1) Gross margin expansion of 356 bps, led by RM tailwinds, (2) PP revenues rose 11.4% YoY, with EBIT margin at 29.6% ( 201bps, highest since Q3FY10), (3) S&D; margins rose 169bps YoY.

HUL's Q1FY16 revenues were below while net profit came in line with our estimates. Volume growth during the quarter stood at 6% came in line with our estimate. Operating profit came in line with our estimates increased by 14.4% to Rs15.1 bn.

HUL's Q1FY16 volume growth was in line with our (and consensus) expectations. While grossmargin expansion surprised positively, price deflation and lower other incomedrove earnings lower than estimates. Personal Products improved in a highly challenging...

platforms for advertising and promotion (c.30% nonTV), and improving the backend systems. All these factors will help the company to grow faster than the market over the mediumtolongterm.However,thecurrentmarketgrowthrateisatatenyearlowandwe...

Key highlights of HUL's FY15 annual report and management commentary: Demand environment continues to remain sluggish: FY15 saw a marked slowdown in growth in developed markets (such as Europe and Japan) and emerging markets (such as...

Buy on dips to Rs 773 - Rs 796 for Target of Rs 864 in 1 quarter

estimates as revenue growth continued to remain tepid on account of sluggish market conditions. The Personal Products (PP) has seen improvement in a highly challenging environment but the sustenance of the segment growth rate will be critical for profitable...

HUL?s 4QFY15 total operating revenues grew by 8.2% YoY to Rs 76.7bn, led by 6% YoY volume growth in the domestic consumer business (3QFY15 : 3% YoY).

HUL's Q4FY15 revenues were in-line while net profit came below our estimates. Volume growth during the quarter stood at 6% came in line with our estimate. Operating profit surpassed our estimates increased by 22.3% to Rs131.8 bn.