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Hindustan Unilever Ltd.’s Q1 FY22 result was in line with our estimates.
Resiliency in demand for health, hygiene and nutrition portfolio helped HUL to protect decline in revenue growth (compared to Q4 FY21) due to impact of second wave induced lockdowns.
Revenue from discretionary and out of home consumption portfolio impacted significantly. Demand from rural outperformed urban during the quarter.
Positively the company has taken 3% price hike in respective product portfolio to mitigate the impact of inflation.
Further, premium portfolio is growing at two times compared to other products; this should be more margin accretive.
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