Hindustan Unilever Q4FY15: Net sales up 9% y/y to Rs7,555cr; Hold

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Hindustan Unilever Ltd.
RESULT UPDATE HOLD CMP: ````864.7/- MAY 12th, 2015
Summary
HUL declared it Q4FY15 & FY15 results recently. Results were in line with our expectations. For
the quarter the key positives were: 1) 6% underlying volume growth; 2) benign input costs
leading to margin expansion of 200bps at EBIDTA level; 3) Double digit growth in oral care,
Fair & Lovely portfolio & packaged foods segment. The company commentary was tilted
towards a wait and watch scenario on demand revival; while on input cost the outlook going
forward was that of stable to upwards swing on account of rupee depreciation. The key
highlights of the result are as follows:
Key Result Highlights
Net sales grew by 9% YOY to `7555.0 crs. in Q4FY15. Domestic consumer business
recorded volume growth of 6% vs. a similar 3% in corresponding quarter last year.
Growth came on the back of healthy volume growth in the detergents, oral care, & the
packaged foods segment. Topline growth was driven by higher ad and promotional
spends across segment & key activation programs to drive stronger brand awareness
and increase consumer engagement.
Operating profit in Q4FY15 grew by 22.3% YOY to `1318.2 crs. on the back
company’s effective cost management, benign input costs and judicious pricing action.
The raw material costs were lower this quarter. PFAD prices were lower. PFAD prices
corrected 21.5% YOY. Crude oil price fall also has had a favourable impact both
sequentially & YOY as its’ derivatives are used in many of the products. Rupee
depreciation was ~1% YOY and stable sequentially. The company has long covers to
hedge against raw material cost volatility. The outlook for raw material costs continues
to remain volatile. Soft outlook for crude oil prices going into 2015 signals better gross
margins going forward. But the depreciation of rupee going forward will restrict soft
raw material prices benefit pass through. Ad & promotional spends were up by
`188crs. (~22%) in this quarter. OPM’s expanded by 200 bps YOY to 17.2% in
Q4FY15. The company continued its focus on margin improvement.
Reported PAT grew by 16.7% to `1,018.1 crs. Effective tax rate moved up to 37.7%
this quarter on account of capital gains tax on sale of property. For the year the tax
rate was 30% and is expected to move up to 30-33% next year. The exceptional item
of ~`179 crs. this quarter is on account of sale of property.
Risks:
o Volatility in raw material prices
o Rupee depreciation
o Competitive intensity especially in a falling input cost scenario where the smaller
brands have an advantage over organised due to predatory pricing strategies.
o Delay in economic revival
o Delay in monsoon to impact rural demand.
Valuations: Stability in commodity prices and the company’s efforts in the direction
of cost saving initiatives like SKU reorganization to prove beneficial to the profitability.
We expect margins remain strong. We expect the deflationary trend in raw material
prices to prove beneficiary post accounting for part pass through and part plough back
into promotional activities. It continues to trade at rich valuations but we believe the
upside to demand revival leaving scope for further growth pick up. At the CMP of
````864.7/- the stock trades at 42.8X FY16E EPS of ````20.2/- respectively. We advice
investors to HOLD the stock.
Nifty 8,325.25
Sensex 27,507.30
Key Stock Data
Market Cap (Rs. Crs.) 186,328.4
52W High/Low `979/555
Bloomberg HUVR IN
Shares o/s (crs.) 216.3
3-m daily average vol 17.3 lakhs
Shareholding Pattern
Promoters 67.23%
FIIs & DIIs 18.83%
Public & Others 13.94%
Comparison Chart
Year FY14 FY15 FY16E
Revenue 29,233.3 31,972.2 35,440.2
EBITDA 8.3% 9.4% 10.8%
OPM(%) 4,741.7 5,413.7 6,272.9
PAT 16.2% 16.9% 17.7%
EPS (Rs)* 18.2 20.2 20.2
Adj PAT 3,706.8 3,683.9 4,365.1
Adj.EPS (Rs) 17.1 17.0 20.2
P/E(x)^ 47.5 42.8 42.8
*Includes Exception Income
^ On reported PAT
Shivani Vivek Vishwanathan
Tel: +9122-66638956
shivani.mehra@tssl.in
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NIFTY HUL

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May 12th, 2015
Key Charts
Source : Bloomberg, Way2Wealth Research Source : Bloomberg, Way2Wealth Research
Source : Bloomberg, Way2Wealth Research Source : Indexmundi.com, Way2Wealth Research
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May 12th, 2015
Segment-Wise Highlights
Soaps and detergents grew by 5% YOY in Q4. It accounts for 47.9% of sales revenue.
There has been a phase out of excise duty benefits. The company corrected the
inventory pricing in Q3 as the segment witnessed deflationary pressures on the back of
correction in input costs. The segment continued to remain competitive with HUL growing
ahead of market. Liquids grew faster. Surf continued its growth on the back of double
digit volume driven. Rin bars growth back on track. Wheel growth was subdued. This
segment also saw price deflation on account of soft raw material prices. Margins
expanded YOY to 13.3% from 12.1% in the corresponding quarter. For FY15 the
segment recorded a growth of 8.7% driven by a volume growth of 3%. Key milestones
for this segment were that lifebuoy crossed the ~`2000 crs. mark & Surf became the
largest brand for HUL. All three detergent brands are now greater than `2000 crs. The
margins for FY15 were at 13.7% vs. 13.3%.
In the personal care segment which accounts for 29.3% of the topline, grew by
~13.4% on account of growth revival in the Fair & Lovely relaunched SKU. Pond’s SKU
performed well in the premium skin lightening portfolio. Color cosmetics and face
washes and male grooming segment continued their growth trajectory. Hair care grew
on double digits led by volumes. Dove, clinic plus and Sunsilk growth led by bottle and
TRESemme continued to make good progress. Growth in oral care returned with Close
up growing at a healthy double digit. Lakme continued healthy growth trajectory with
the launch of 9 to 5 Eyeconic range and the new gloss addict range. Margins in this
segment were at 27.8% vs. 25%. For FY15 this segment saw a growth of ~11% with
volumes growth in the range of 6%. Key achievement of this segment was revival in
growth momentum for Fair & Lovely. Fair & Lovely reached the `2000 crs mark.
Except for Oral care all three other segments i.e. hair, skin & cosmetics saw healthy
growth. Margins expanded from 25.5% to 26.9%.
Beverages which constitute 12.7% of revenues grew by 12.3%. Pricing growth faded.
Tea continued to grow at healthy double digits. Mix and activation helped drive
growth. Red Label & 3 roses drove volume growth. Margins were lower at 18.6% vs.
18.8%. The green teas drove growth. Coffee portfolio growth stepped up. Coffee
grew by double digit on the back of value added premium offerings, Bru Gold. In
Fy15 this segment recorded a growth of 9.7%. Volume grow was at 5%. Growth was
on the back of premium offerings in coffee and the green tea offering in the tea
segment. Margins were lower at 16.9% vs. 17.5%.
Packaged foods which constitute 6.2% of revenues grew by 13.1%. Knorr growth was
driven was overall with soups doubling. Kissan sustained strong growth momentum.
Margins contracted from 5.5% to 5.3%. In FY15 this segment saw growth of 14.8%
driven by healthy 10% volume growth. This segment saw various activation programs
for furthering consumer engagement with the HUL brands. This segment witnessed a
35% improvement at EBIT level with margins at 4.4% vs. 3.7%. Kwality walls is now an
`500 crs+ brand.

May 12th, 2015
Risks
Volatility in raw material prices
Rupee depreciation
Competitive intensity especially in a falling input cost scenario where the smaller brands
have an advantage over organised due to predatory pricing strategies.
Delay in economic revival
Delay in monsoon to impact rural demand.
Valuation & Outlook
Thought long term growth drivers stay intact we believe valuations are stretched for benign
growth expectation for the next few quarters. H2FY14 was a period when price growth
faded and volume growth constituted 60 to 70% of the overall growth. On this low growth
base period FY15 growth should be viewed with a pinch of salt. Price growth faded into
FY15 and volume growth remains stable in the lower end of the range at 4 to 5% while
consumer sentiment remained weak with rural as well as urban India growth slowed down.
Downtrading and growth in smaller SKU’s is privy to consumer hold back.
We believe the consumer is still waiting to convert the optimism of the new Govt. till the
ground level growth returns. Jobs, coupled with volatile inflation and higher interest rates
are still dampening the demand scenario. Stability in commodity prices and the company’s
efforts in the direction of cost saving initiatives like SKU reorganization to prove beneficial
to the profitability. We expect margins remain strong. We expect the deflationary trend in
raw material prices to prove beneficiary post accounting for part pass through and part
plough back into promotional activities. It continues to trade at rich valuations but we believe
the upside to demand revival leaving scope for further growth pick up. At the CMP of ````864.7/-
the stock trades at 42.8x FY16E EPS of ````20.2/- respectively. We advice investors to HOLD the
stock.

May 12th, 2015
QUARTERLY STANDALONE FINANCIALS
(` Cr.)
Q4FY15 Q4FY14 YOY [%] Q3FY15 QOQ [%] FY15 FY14 YOY [%]
Net Sales 7,555.0 6,935.8 8.9 7,579.2 (0.3) 30,170.5 27,408.3 10.1
Other Operating Income 120.6 158.3 (23.8) 195.1 (38.2) 635.1 610.8 4.0
Other Income 98.4 150.6 (34.7) 120.1 (18.0) 618.4 621.0 (0.4)
Total Income 7,774.0 7,244.7 7.3 7,894.4 (1.5) 31,424.0 28,640.2 9.7
Raw Material Consumed 2,929.2 2,910.0 0.7 2,860.6 2.4 11,867.3 11,159.8 6.3
Purchase of stock in trade 914.0 950.7 (3.9) 949.1 (3.7) 3,698.0 3,350.2 10.4
Stock Adjustment (16.2) (129.9) 87.5 38.2 142.4 58.3 (166.4) 135.0
RMC as a %age of sales 49.9% 52.6% 49.5% 50.7% 51.2%
Employee Expenses 388.4 378.3 2.7 441.8 (12.1) 1,578.9 1,436.0 10.0
EPC as a %age of sales 5.1% 5.3% 5.7% 5.1% 5.1%
Advertisement Expenses 1,027.9 840.3 22.3 977.1 3,874.9 3,613.6 7.2
Advertisement Expenses as a %age of sales 13.4% 11.8% 12.6% 12.6% 12.9%
Other Expenses 1,114.2 1,067.1 4.4 1,175.9 (5.2) 4,520.0 4,150.7 8.9
Other Expenses as a %age of sales 14.5% 15.0% 15.1% 14.7% 14.8%
Total Expenditure 6,357.5 6,016.6 5.7 6,442.8 (1.3) 25,597.4 23,543.9 8.7
PBIDT 1,318.2 1,077.6 22.3 1,331.5 (1.0) 5,208.2 4,475.3 16.4
OPM% 17.2% 15.2% 17.1% 16.9% 16.0%
Interest - 5.3 (100.0) 4.2 (100.0) 16.8 36.0 (53.3)
PBDT 1,416.6 1,222.9 15.8 1,447.3 (2.1) 5,809.8 5,060.3 14.8
Depreciation 70.5 65.8 7.2 73.1 (3.5) 286.7 260.6 10.0
PBT before exceptional items 1,346.1 1,157.1 16.3 1,374.3 (2.1) 5,523.1 4,799.7 15.1
Exceptional items 179.4 66.0 396.6 664.3 228.7
PBT 1,525.5 1,223.1 24.7 1,770.8 (13.9) 6,187.4 5,028.4 23.0
Tax 507.4 351.0 44.6 518.7 (2.2) 1,872.2 1,160.9 61.3
Fringe Benefit Tax - - - - -
Tax Rate 37.7% 30.3% 37.7% 33.9% 24.2%
Reported Profit After Tax 1,018.1 872.1 16.7 1,252.2 (18.7) 4,315.2 3,867.5 11.6
Minority Interest After NP - - - -
Net Profit after Minority Interest & P/L Asso.Co. 1,018.1 872.1 16.7 1,252.2 (18.7) 4,315.2 3,867.5 11.6
PATM % 13.3% 12.3% 16.1% 14.0% 13.8%
Basic:
EPS before Exceptional/Extraordinary items-
Basic
4.7 4.0 16.7 5.8 (18.7) 20.0 17.9 11.6
Equity 216.3 216.3 216.3 216.3 216.3
Face Value 1.0 1.0 1.0 1.0 1.0

May 12th, 2015
QUARTERLY SEGMENTAL STANDALONE
(` Cr.)
Q4FY15 Q4FY14 Change % Q3FY15 Change % FY15 FY14
REVENUES
Revenue from Operations 7,671.1 7,064.9 8.6 7,747.8 (1.0) 30,719.3 27,920.8
Soaps and Detergents 3,673.7 3,497.1 5.0 3,600.2 2.0 14,876.6 13,683.4
Mix % 47.9% 49.5% 46.5% 48.4% 49.0%
Personal Products 2,249.7 1,983.3 13.4 2,454.6 (8.3) 9,006.5 8,120.9
Mix % 29.3% 28.1% 31.7% 29.3% 29.1%
Beverages 976.2 869.0 12.3 919.7 6.1 3,631.5 3,311.9
Mix % 12.7% 12.3% 11.9% 11.8% 11.9%
Others(includes Exports,Water,Infant Care,etc) 294.7 295.8 (0.4) 353.5 (16.6) 1,312.9 1,156.3
Mix % 3.8% 4.2% 4.6% 4.3% 4.1%
Packaged Foods 476.8 419.7 13.6 419.9 13.6 1,891.8 1,648.3
Mix % 6.2% 5.9% 5.4% 6.2% 5.9%
Total Segment Revenue 7,671.1 7,064.9 8.6 7,747.8 (1.0) 30,719.3 27,920.8
Net Revenue from Operations 7,671.1 7,064.9 8.6 7,747.8 (1.0) 30,719.3 27,920.8
-
PROFIT
Profit/Loss Before Interest and Tax 1,312.0 1,078.5 21.6 1,299.3 1.0 5,140.2 4,458.8
Margin % 17.1% 15.3% 16.8% 16.7% 16.0%
Soaps and Detergents 488.3 421.7 15.8 502.4 (2.8) 2,033.7 1,785.8
Margin % 13.3% 12.1% 14.0% 13.7% 13.1%
Personal Products 624.5 495.8 26.0 680.9 (8.3) 2,424.3 2,068.1
Margin % 27.8% 25.0% 27.7% 26.9% 25.5%
Beverages 181.6 163.0 11.4 141.0 28.8 614.6 580.7
Margin % 18.6% 18.8% 15.3% 16.9% 17.5%
Others(includes Exports,Water,Infant Care,etc) (7.8) (25.1) (68.7) (3.8) 108.2 (15.5) (37.0)
Margin % -2.7% -8.5% -1.1% -1.2% -3.2%
Packaged Foods 25.4 23.0 10.6 (21.3) (219.5) 83.2 61.3
Margin % 5.3% 5.5% -5.1% 4.4% 3.7%
Less : Interest - 5.3 (100.0) 4.2 (100.0) 16.8 36.0
Add : Other Income 213.5 150.0 42.4 475.8 (55.1) 1,064.0 605.6
Net Profit/Loss Before Tax 1,525.5 1,223.1 24.7 1,770.8 (13.9) 6,187.4 5,028.4

May 12th, 2015
CONSOLIDATED FINANCIALS
(` Cr.)
FY15 FY14 YOY [%]
Net Sales 31,199.7 28,539.4 9.3
Other Operating Income 772.5 694.3 11.3
Other Income 566.7 570.1 (0.6)
Total Income 32,538.8 29,803.9 9.2
Raw Material Consumed 12,569.2 11,889.7 5.7
Purchase of stock in trade 3,549.8 3,151.6 12.6
Stock Adjustment 57.0 (171.3) 133.3
RMC as a %age of sales 50.6% 50.9%
Employee Expenses 1,723.9 1,572.7 9.6
EPC as a %age of sales 5.4% 5.4%
Advertisement Expenses 3,943.6 3,674.6 7.3
Advertisement Expenses as a %age of sales 12.3% 12.6%
Other Expenses 4,714.9 4,370.7 7.9
Other Expenses as a %age of sales 14.7% 15.0%
Total Expenditure 26,558.5 24,488.0 8.5
PBIDT 5,413.7 4,745.8 14.1
OPM% 16.9% 16.2%
Interest 17.7 40.7 (56.5)
Interest 17.7 40.7
Loss/Gain in Forex - -
PBDT 5,962.7 5,275.2 13.0
Depreciation 322.4 295.5 9.1
Minority Interest Before NP - -
PBT before exceptional items 5,640.3 4,979.7 13.3
Exceptional items 679.2 235.6
PBT 6,319.5 5,215.3 21.2
Tax 1,944.0 1,259.4 54.4
Fringe Benefit Tax - - -
Tax Rate 34.5% 25.3%
Reported Profit After Tax 4,375.5 3,955.8 10.6
Minority Interest After NP (12.4) (10.2)
Profit/Loss of Associate Company - -
Net Profit after Minority Interest & P/L Asso.Co. 4,363.1 3,945.7 10.6
PATM % 13.7% 13.5%
Extra-ordinary Items - -
Adjusted Profit After Extra-ordinary item 4,363.1 3,945.7 10.6
Basic:
EPS after Exceptional/Extraordinary items-Basic 20.2 18.3 10.6
Equity 216.3 216.3
Face Value 1.0 1.0

May 12th, 2015
CONSOLIDATED SEGMENTAL
(` Cr.)
FY15 FY14 Change %
REVENUES
Revenue from Operations 31,891.6 29,144.2 9.4
Soaps and Detergents 14,876.5 13,683.4 8.7
Mix % 46.6% 47.0%
Personal Products 9,100.0 8,194.4 11.1
Mix % 28.5% 28.1%
Beverages 3,631.3 3,311.9 9.6
Mix % 11.4% 11.4%
Others(includes Exports,Water,Infant Care,etc) 2,392.0 2,306.3 3.7
Mix % 7.5% 7.9%
Packaged Foods 1,891.8 1,648.3 14.8
Mix % 5.9% 5.7%
Less : Inter Segment Revenues - - #DIV/0!
Total Segment Revenue 31,891.6 29,144.2 9.4
Net Revenue from Operations 31,891.6 29,144.2 9.4
PROFIT
Profit/Loss Before Interest and Tax 5,382.9 4,706.4 14.4
Margin % 16.9% 16.1%
Soaps and Detergents 2,065.5 1,802.3 14.6
Margin % 13.9% 13.2%
Personal Products 2,423.5 2,056.8 17.8
Margin % 26.6% 25.1%
Beverages 614.6 580.7 5.8
Margin % 16.9% 17.5%
Others(includes Exports,Water,Infant Care,etc) 196.1 205.3 (4.5)
Margin % 8.2% 8.9%
Packaged Foods 83.2 61.3 35.8
Margin % 4.4% 3.7%
Less : Interest 17.7 40.7 (56.5)
Add : Other Income 954.4 549.5 73.7
Net Profit/Loss Before Tax 6,319.5 5,215.2 21.2

May 12th, 2015
Team
Analyst Designation Sector Email Telephone
Nilesh Doshi President (Research) nilesh.doshi@tssl.in +9122-6633 8950
Mahesh Bendre AVP
Capital Goods, Auto, Auto
Ancillary
maheshbendre@way2wealth.com +9122-6146 8937
Jaysheel Garg AVP Power jaisheelgarg@way2wealth.com +9122-6146 8921
Shivani V. Vishwanathan Sr. Research Analyst FMCG, Auto shivani.mehra@tssl.in +9122-6663 8956
Nisha Harchekar Sr. Research Analyst Chemicals, Textiles nishaharchekar@way2wealth.com +9122-6146 2952
Ronak Morjaria Research Associate ronakd@way2wealth.com +9122-6633 8959
Vijay Gyanchandani Research Associate vijaygyanchandani@way2wealth.com +9122-6633 8272
Institutional Sales Designation Email Telephone
Ramanjaneyulu BV Institutional Head – Sales raman@way2wealth.com +9122-6146 2956
Vinod Vijay Birla Senior Manager vinodbirla@way2wealth.com +9122-4019 2998
Bhavika Ravasia Senior Manager bhavikaravasia@way2wealth.com +9122-4019 2995
Institutional Dealing Designation Email Telephone
Ajay Prabhudesai Assistant Vice President ajay.prabhudesai@tssl.in +9122-4027 8930
Mitul Doshi Senior Executive mitul.doshi@tssl.in +9122-4027 8932
Gautam Vyas Institutional Sales Trader gautam.vyas@tssl.in +9122-4027 8934

May 12th, 2015
Disclaimer
Analyst Certification: I, Shivani Vishwanathan, the research analyst and author of this report, hereby certify that the views expressed in this
research report accurately reflect our personal views about the subject securities, issuers, products, sectors or industries. It is also certified
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achieve and maintain independence and objectivity in making any recommendations.
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Disclosure of Interest Statement in Hindustan Unilever Ltd. as on May 12, 2015
Name of the Security Hindustan Unilever Ltd.
Name of the analyst Shivani Vishwanathan
Analysts’ ownership of any stock related to the information
contained
Financial Interest
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Hindustan Unilever Q4FY15: Net sales up 9% y/y to Rs7,555cr; Hold

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Hindustan Unilever Q4FY15: Net sales up 9% y/y to Rs7,555cr; Hold