Hindustan Unilever (HUL) reported revenue growth of 13.2% and operating profit growth of 21.3% for Q1FY15, ahead of estimates. Volume growth was 6% with strong growth across segments like soaps & detergents and personal products. Operating margins expanded for the 12th straight quarter due to lower costs. While results were positive, growth may slow in coming quarters due to rural slowdown and competition. The report recommends buying on dips.
Hindustan Unilever Q2FY15 result in line with estimtaes; buyIndiaNotes.com
HUL’s Q2FY15 results were more or less in line with our estimates with lack of any positive surprises. Volume growth of 5% Y-o-Y was not very encouraging, though it was on expected lines.
ITC Q1FY15 results in line with estimates; buy - HDFC SecIndiaNotes.com
ITC’s Q1FY15 results (Y-o-Y) were in line with our estimates. Cigarettes volumes declined for fifth straight quarter by ~2-3%. However, this was on expected lines. Steep price hikes initiated supported the overall growth, which remained in high double digits.
Hindustan Unilever Q2FY15 result in line with estimtaes; buyIndiaNotes.com
HUL’s Q2FY15 results were more or less in line with our estimates with lack of any positive surprises. Volume growth of 5% Y-o-Y was not very encouraging, though it was on expected lines.
ITC Q1FY15 results in line with estimates; buy - HDFC SecIndiaNotes.com
ITC’s Q1FY15 results (Y-o-Y) were in line with our estimates. Cigarettes volumes declined for fifth straight quarter by ~2-3%. However, this was on expected lines. Steep price hikes initiated supported the overall growth, which remained in high double digits.
Highlights of the second quarter of 2018
Net sales amounted to SEK 31,354m (30,948). Sales growth was 0.7% with organic sales growth across most business areas.
Operating income amounted to SEK 827m (1,919), corresponding to a margin of 2.6% (6.2).
Operating income include costs of SEK 818m, whereof SEK 564m relates to an investigation by the French Competition Authority and SEK 254m to an unfavourable court ruling in France, both impacting Major Appliances EMEA. Excluding these non-recurring items, operating income amounted to SEK 1,645m, corresponding to a margin of 5.2% (6.2).
Higher prices, mix improvements and cost savings contributed positively, however operating income was impacted by higher costs for raw materials and currency headwinds.
Operating cash flow after investments amounted to SEK 1,805m (3,470).
Income for the period decreased to SEK 517m (1,291), and earnings per share was SEK 1.80 (4.49).
On November 8, 2017, the Barry Callebaut Group published its full-year result for the fiscal year 2016/17.
Antoine de Saint-Affrique, CEO of the Barry Callebaut Group, said: “I am delighted to announce a strong set of results. We saw a good performance across all our Regions and Product Groups at the top and bottom-line level. We keep delivering on our ‘smart growth’ agenda, which is reflected in the improvement of all our Group key financial metrics.”
Looking ahead, he added: “We will continue to deliver on our ‘smart growth’ strategy. A more supportive cocoa products market and slightly improving global demand for chocolate, together with the consistent execution of our strategy, give us the confidence to extend our mid-term guidance to fiscal year 2018/19: We are expecting 4-6% volume growth and EBIT above volume growth in local currencies on average for the 4-year period 2015/16 to 2018/19, barring any major unforeseen events.”
Read the full details on our Annual Report microsite: www.annual-report.barry-callebaut.com.
Afrox investor & analyst presentation half-year results 2016 Simon Miller
Afrox held its investor and analysts presentation for half-year results to 30 June 2016 at its head office at Afrox House in Johannesburg on 8 September 2016.
The SGS Group performed solidly in the first semester with total revenue exceeding CHF 3.0 billion and is on track to deliver the revenue growth projected in the 2020 strategic plan.
The Group grew the top line by 4.9% on a constant currency basis, of which 3.4% was organic, with the remainder being associated with recent acquisitions. On a reported basis, Group revenue increased by 5.0%.
The strong growth was mainly attributable to the non-energy related businesses and once again demonstrated the strength of the Group’s well balanced portfolio.
Les slides de mon intervention à la médiathèque des Ulis.
Le but : expliquer ces nouveaux outils/technos aux responsables des EPN (espaces publics numérique) des Ulis.
Sara Soueidan: Styling and Animating Scalable Vector Graphics with CSS [CSSCo...Guillaume Kossi
Scalable Vector Graphics, or SVGs, are the new "big thing" in web design today, and for a good reason. With the proliferation of retina screens and high resolution displays, we need to adopt techniques that allow us to serve graphics that look good on all screens in all circumstances, and because SVGs offer resolution-independent, fully scalable and crystal clear graphics, it is safe to say that they are the future graphics format of the web.
In this talk we're going to see how SVGs can be styled in CSS, and how they can be animated using CSS animations and transitions. We're also going to cover "responsifying" SVGs using CSS media queries, and how we can control the size and looks of SVGs allowing them to adapt to different screen sizes. We'll cover a short workflow from a vector graphics editor to a responsive animated graphic on screen.
Highlights of the second quarter of 2018
Net sales amounted to SEK 31,354m (30,948). Sales growth was 0.7% with organic sales growth across most business areas.
Operating income amounted to SEK 827m (1,919), corresponding to a margin of 2.6% (6.2).
Operating income include costs of SEK 818m, whereof SEK 564m relates to an investigation by the French Competition Authority and SEK 254m to an unfavourable court ruling in France, both impacting Major Appliances EMEA. Excluding these non-recurring items, operating income amounted to SEK 1,645m, corresponding to a margin of 5.2% (6.2).
Higher prices, mix improvements and cost savings contributed positively, however operating income was impacted by higher costs for raw materials and currency headwinds.
Operating cash flow after investments amounted to SEK 1,805m (3,470).
Income for the period decreased to SEK 517m (1,291), and earnings per share was SEK 1.80 (4.49).
On November 8, 2017, the Barry Callebaut Group published its full-year result for the fiscal year 2016/17.
Antoine de Saint-Affrique, CEO of the Barry Callebaut Group, said: “I am delighted to announce a strong set of results. We saw a good performance across all our Regions and Product Groups at the top and bottom-line level. We keep delivering on our ‘smart growth’ agenda, which is reflected in the improvement of all our Group key financial metrics.”
Looking ahead, he added: “We will continue to deliver on our ‘smart growth’ strategy. A more supportive cocoa products market and slightly improving global demand for chocolate, together with the consistent execution of our strategy, give us the confidence to extend our mid-term guidance to fiscal year 2018/19: We are expecting 4-6% volume growth and EBIT above volume growth in local currencies on average for the 4-year period 2015/16 to 2018/19, barring any major unforeseen events.”
Read the full details on our Annual Report microsite: www.annual-report.barry-callebaut.com.
Afrox investor & analyst presentation half-year results 2016 Simon Miller
Afrox held its investor and analysts presentation for half-year results to 30 June 2016 at its head office at Afrox House in Johannesburg on 8 September 2016.
The SGS Group performed solidly in the first semester with total revenue exceeding CHF 3.0 billion and is on track to deliver the revenue growth projected in the 2020 strategic plan.
The Group grew the top line by 4.9% on a constant currency basis, of which 3.4% was organic, with the remainder being associated with recent acquisitions. On a reported basis, Group revenue increased by 5.0%.
The strong growth was mainly attributable to the non-energy related businesses and once again demonstrated the strength of the Group’s well balanced portfolio.
Les slides de mon intervention à la médiathèque des Ulis.
Le but : expliquer ces nouveaux outils/technos aux responsables des EPN (espaces publics numérique) des Ulis.
Sara Soueidan: Styling and Animating Scalable Vector Graphics with CSS [CSSCo...Guillaume Kossi
Scalable Vector Graphics, or SVGs, are the new "big thing" in web design today, and for a good reason. With the proliferation of retina screens and high resolution displays, we need to adopt techniques that allow us to serve graphics that look good on all screens in all circumstances, and because SVGs offer resolution-independent, fully scalable and crystal clear graphics, it is safe to say that they are the future graphics format of the web.
In this talk we're going to see how SVGs can be styled in CSS, and how they can be animated using CSS animations and transitions. We're also going to cover "responsifying" SVGs using CSS media queries, and how we can control the size and looks of SVGs allowing them to adapt to different screen sizes. We'll cover a short workflow from a vector graphics editor to a responsive animated graphic on screen.
Learning Moment sobre avaliação nos Toastmasters. Como dizer, como fazer, palavras assertivas, vocabulário apropriado, expressões mais e menos próprias. As três partes de uma avaliação.
BARREIRO TOASTMASTERS CLUB
El objetivo primordial del análisis bursátil es encontrar elementos que permitan hacer pronósticos acertados sobre el comportamiento de los precios de los valores que cotizan en las bolsas de valores.
Este análisis se ha desarrollado casi exclusivamente en los mercados de los países avanzados y son escasos los estudios formales publicados que existen sobre el tema en México lo cual, a la hora, enorme importancia del mercado bursátil mexicano, hace que resulte imperiosa la necesidad de realizar estudios sobre el particular.
El análisis de valores bursátiles se divide en técnico y fundamental.
En el análisis fundamental se suele agrupar la información referente al estado del entorno económico, las condiciones de la industria específica en la que se encuentra la empresa en cuestión, y sus antecedentes y salud financiera, según se desprende de los estados financieros.
Por otro lado, el análisis técnico se refiere, al estudio grafico del comportamiento de los precios de los valores.
Aunque el análisis bursátil es aplicable a los diversos valores que se negocian en los mercados de valores, aquí se va a concentrar la atención las acciones de empresas, entre otras razones porque son los instrumentos de inversión que ofrecen el mayor potencial de obtención de utilidades y porque son también los valores que con más frecuencia se han analizado.
Nefos mobile, die offline salesforce app, bei kb aKathrin Schmidt
Nefos Mobile, die offline Salesforce App für iPad & iPhone, ermöglicht jederzeit und von jedem Ort den Zugriff auf relevanten Daten und Dokumente aus Salesforce. Die ppt erklärt die Vorteile von Nefos Mobile am Beispiel von Köng & Bauer, dem zweitgrößten Druckmaschinenhersteller weltweit.
Dabur’s (DABUR) 3QFY15 results were mixed, with consolidated sales growth of 9.2% YoY to INR20.7b (est. INR21.7b) and underlying domestic volume growth of 7.4% (est. 9%). EBITDA posted healthy 18.4% growth YoY to INR3.5b (INR3.5b), while recurring PAT grew 16.2% YoY to INR2.8b (est. INR2.8b).
TCS recently reported its Q1FY15 results, which were in line on revenue front & at operating level. However, the net profits were above estimates, aided by higher other income. Buy on dips.
At a glance:
Revenue of CHF 5.9 billion, up 5.4%
Adjusted operating income of CHF 947 million, up 2.6%
Adjusted operating margin of 16.1%
Free cash flow of CHF 607 million, up 2.7%
Basic earnings per share of CHF 81.99, up 10.9%
Proposed dividend of CHF 68, up 4.6%
You can view our financial reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
HUL registers profit in-line with street expectations in Q4FY15IndiaNotes.com
"Hindustan Unilever (HUL) matched street estimates with the fourth quarter profit rising 16.7 percent year-on-year to Rs1,018 crore compared to Rs872 crore in the year-ago period."
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
HUL Q1FY15: Decent numbers; PAT grows 21.2% - HDFC Sec
1. RETAIL RESEARCH Page | 1
HDFC sec Scrip code Industry CMP (Rs.) Recommended Action Entry price band (Rs.)* Target (Rs.) Time Horizon
HLLLTDEQNR FMCG 704.1 Buy on dips 620‐641 694 1 quarter
*Applicable till the next results are announced
Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods company, with leadership in Home & Personal Care Products. It is the market leader
across diverse FMCG categories and has powerful brands like Rin, Surf Excel, Lux, Lifebuoy, and Ponds in its portfolio.
HUL’s Q1FY15 revenue growth was in line, while operating profit & PAT growth were ahead of our estimates. We present an update on the stock.
Q1FY15 Results Review
Y‐o‐Y
Net sales grew by 13.2% Y‐o‐Y to Rs. 75.71 bn [Q1FY14: Rs. 66.87 bn]. The Domestic Consumer business grew at 13.4% with decent volume growth of 6% (adjusting for
transport strike in Q1FY14, volume growth stood at 5%). Home and Personal Care (HPC) reported growth of 13.3% Y‐o‐Y with personal products growing by 14.7% and
Soaps & Detergents segment reporting growth of 12.9%. Foods business grew by 13.4%, helped by healthy growth reported by packaged foods (up 18.8%). Others
category (which includes Exports, Chemicals & Water) grew by 8.5%.
Gross margins fell by 60 bps Y‐o‐Y, led by higher raw material prices. However, operating profit grew at a healthy rate by 21.3%, while OPM improved by 112 bps Y‐o‐Y
to 17.1% (12th straight quarter of margin expansion), driven by lower employee cost (down 1.8% Y‐o‐Y), A&P spends (down 82 bps Y‐o‐Y to 12.2%) and relatively lower
growth in other expenses (up 11.9% Y‐o‐Y, led by cost rationalisation). On a segmental basis, Soaps & Detergents, Personal Products & Packaged foods witnessed
margin expansion, while Beverages witnessed contraction in PBIT margins.
Reported PAT grew at a lower rate by 3.7% Y‐o‐Y, impacted by lower other income (down 14.6%), lower exceptional items (down 66.2%) & higher effective tax rate (up
750 bps Y‐o‐Y). Adjusted PAT (excluding one‐off gains) grew by 9.9% Y‐o‐Y. EPS (Adj.) for Q1FY15 stood at Rs. 4.8 vs. Rs. 4.3 in Q1FY14.
Q‐o‐Q
Sequentially, the results were decent. The Net sales grew by 9.2%, operating profit grew by 22.2%. Reported PAT grew by 21.2%, while adjusted PAT grew by 24.7%.
OPM & PAT margins improved by 187 bps & 170 bps Q‐o‐Q.
The revenue growth was driven by strong growth from packaged foods (up 29.6% Q‐o‐Q) and healthy growth from personal products and soaps & detergents
segments (up 8.9% & 10% Q‐o‐Q) respectively. However, Beverages underperformed (down 3.7% Q‐o‐Q). Profit‐wise, other than beverages (which witnessed
sequential margin contraction) all the business segments witnessed margin expansion.
RETAIL RESEARCH Aug 05, 2014Hindustan Unilever Ltd. (HUL) – Q1FY15 Result
2. RETAIL RESEARCH Page | 2
Quarterly Financials:
(Rs. in Million)
Particulars Q1FY15 Q1FY14 VAR [%] Q4FY14 VAR [%] Remarks
Net Sales 75707.8 66874.9 13.2 69358.2 9.2
The Domestic Consumer business grew at 13.4% with decent volume growth of 6%
(adjusting for transport strike in Q1FY14, volume growth stood at 5%). Home and Personal
Care (HPC) reported growth of 13.3% Y‐o‐Y with personal products growing by 14.7% and
Soaps & Detergents segment reporting growth of 12.9%. Foods business grew by 13.4%,
helped by healthy growth reported by packaged foods (up 18.8%). Others category (which
includes Exports, Chemicals & Water) grew by 8.5%.
Other Operating Income 1455.6 1215.5 19.8 1582.8 ‐8.0
Total Operating Revenue 77163.4 68090.4 13.3 70941 8.8
Total Expenditure 63998.0 57234.4 11.8 60165.5 6.4
(Inc) / Dec. in Stock in Trade ‐146.5 1077.5 ‐ ‐1298.7 ‐
Cons. of Raw / Packaging. Material 31028.2 26252.3 18.2 29100.4 6.6
Material Cost / Net Sales increased by 55 bps Y‐o‐Y, but fell 89 bps Q‐o‐Q to 51.7%. Gross
margins fell on Y‐o‐Y due to input cost inflation. However, it improved on Q‐o‐Q basis.
Purchase of Goods 9014.6 7498.2 20.2 9506.6 ‐5.2
Advertising & Promotions 9448.8 8897.8 6.2 8403.4 12.4 A&P cost / Net Sales declined by 82 bps Y‐o‐Y, but rose 39 bps Q‐o‐Q to 12.2%.
Employees Cost 3356.7 3416.8 ‐1.8 3782.5 ‐11.3
Employee benefit expense for the quarter includes a one‐time credit of an amount of Rs.
324.4 mn on account of adjustments for un‐utilized pension corpus relating to earlier
periods. (Q1FY14: Nil)
Other Expenditure 11296.2 10091.8 11.9 10671.3 5.9
Operating Profit 13165.4 10856.0 21.3 10775.5 22.2
Other Income 2417.5 2830.0 ‐14.6 2166.6 11.6
Other income includes interest, dividends & net gain on sale of other non trade current
investments Rs. 881 mn (Q1FY14: Rs. 797.4 mn), net gain on sale of non current
investments Rs. 1062.2 mn (Q1FY14: Rs. 727.5 mn) and interest on income tax refunds of
Rs. 77.9 mn (Q1FY14: Rs. 242.6 mn).
EBIDTA 15582.9 13686.0 13.9 12942.1 20.4
Interest 62.5 62.2 0.5 53.3 17.3
PBDT 15520.4 13623.8 13.9 12888.8 20.4
Depreciation 667.2 664.4 0.4 657.7 1.4
PBT 14853.2 12959.4 14.6 12231.1 21.4
Tax (incl. DT & FBT) 4284.7 2766.9 54.9 3509.8 22.1
The effective tax rate on PBT increased by 750 bps Y‐o‐Y & 15 bps Q‐o‐Q to 28.8% on the
back of some of the facilities coming out of tax benefits. The effective tax rate for FY15 is
expected to be 29‐30%.
Reported PAT 10568.5 10192.5 3.7 8721.3 21.2
Y‐o‐Y PAT growth was impacted by lower other income, lower exceptional items & higher
effective tax rate.
Extr. Ord. Items [gain /(loss)] 282.1 835.7 ‐66.2 470.8 ‐40.1
Exceptional items, net credit in Q1FY15 include profit on sale of surplus properties Rs.
401.5 mn (Q1FY14: 1062.5 mn) and restructuring expenses Rs. 5.1 mn (Q1FY14: Rs Nil).
Adjusted PAT 10286.4 9356.8 9.9 8250.5 24.7
EPS 4.8 4.3 9.9 3.8 24.7
3. RETAIL RESEARCH Page | 3
Equity 2163.1 2162.5 0.0 2162.7 0.0
Face Value 1.0 1.0 0.0 1.0 0.0
OPM (%) 17.1 15.9 7.0 15.2 12.3
OPM expansion on Y‐o‐Y basis (for 12th
straight quarter) was driven by lower employee
costs, A&P spends and relatively lower growth in other expenses.
PBIT (%) 19.3 19.1 1.1 17.3 11.6
PATM (%) 13.3 13.7 ‐3.0 11.6 14.6
(Source: Company, HDFC Sec)
Segmental Results:
Quarterly:
(Rs. in Million)
Particulars Q1FY15 Q1FY14 VAR [%] Q4FY14 VAR [%] Remarks
Segment Revenue
Soaps & Detergents 38475.8 34076.6 12.9 34971.2 10.0
• Segment witnessed broad based double digit growth. In Skin Cleansing, Dove, Pears, Lux,
Lifebuoy, Liril and Hamam grew well. There was a step up in price growth as judicious pricing
actions were taken to manage input cost inflation. Lux was re‐launched during the quarter
with improved product sensorials and aesthetics.
• In Laundry, growth was led by the premium segment with Surf sustaining its strong growth
momentum and Rin accelerating across both powders and bars. Wheel continued to show
improved growth post its re‐launch at the end of last year.
Personal Products 21595.6 18833.8 14.7 19832.9 8.9
• Personal Products had strong growth in challenging environment. In Skin Care, growth
stepped up with FAL, Pond's and Lakme delivering double digit growth. Hair Care delivered
another quarter of volume led double digit growth driven by Dove, with Clinic Plus doing well
and TRESemmé continuing to make good progress.
• In Oral Care, Close Up delivered double digit growth with re‐launch of core & introduction of
the new ‘Diamond Attraction' variant. Colour Cosmetics maintained its high growth
momentum across both Lakme and Elle 18.
Beverages 8365.6 7573.7 10.5 8690.4 ‐3.7
• Tea delivered a strong volume led performance, driven by strengthened brand equities and
focused in‐market activities. In Coffee, growth stepped up on the core and Bru Gold
continued to do well.
Packaged Foods (including
ice cream)
5437.8 4578.8 18.8 4196.8 29.6
• Growth was led by strong performance from Kissan, Knorr, Kwality Walls and Magnum, which
grew in double digit. Market development activities continued to be the key driver of growth.
• Knorr growth was led by instant soups, which grew more than 2x. Ice creams recorded one of
its strongest quarters, driven by Magnum and sharper in‐market execution on Kwality Walls
during an extended summer season.
Others (includes Exports,
Chemicals & Water)
3029.1 2790.8 8.5 2957.9 2.4
Total 76903.9 67853.7 13.3 70649.2 8.9
4. RETAIL RESEARCH Page | 4
Segment Results
Soaps & Detergents 5318 4393.2 21.1 4217.1 26.1
Personal Products 5966.5 4681.6 27.4 4958.1 20.3
Beverages 1362.5 1386.8 ‐1.8 1630.4 ‐16.4
Packaged Foods 590.5 383.9 53.8 229.6 157.2
Others (includes Exports,
Chemicals & Water) ‐154.5 ‐30.8 ‐ ‐250.5 ‐
Total 13083.0 10814.7 21.0 10784.7 21.3
EBIT Margin (%) bps bps
Soaps & Detergents
13.8 12.9 93 bps 12.1 176 bps
Segment margins improved despite input cost inflation on the back of price hikes &
premiumization
Personal Products 27.6 24.9 277 bps 25.0 263 bps
Recovery in FAL and lower spends on media and promotional activities aided margin expansion
in personal products segment.
Beverages 16.3 18.3 ‐202 bps 18.8 ‐247 bps Margin contraction was led by higher input cost.
Packaged Foods 10.9 8.4 247 bps 5.5 539 bps Margin expansion in the packaged foods segment was encouraging.
Others (includes Exports,
Chemicals & Water)
‐5.1 ‐1.1 ‐400 bps ‐8.5 337 bps
Total PBITM 17.0 15.9 107 bps 15.3 175 bps
Capital Employed
Soaps & Detergents ‐4342.4 ‐6071.4 ‐ ‐2309.1 ‐
Personal Products ‐6160.3 ‐4535.2 ‐ ‐4750.9 ‐
Beverages 2435.9 1624.3 50.0 3473.5 ‐29.9
Packaged Foods 1574.1 1642.4 ‐4.2 1742.8 ‐9.7
Others (includes Exports,
Chemicals & Water) ‐105.2 ‐614.6 ‐ ‐216 ‐
Total ‐6597.9 ‐7954.5 ‐ ‐2059.7 220.3
Other Unallocable Items 50038.3 44887.2 11.5 34830.2 43.7
Total 43440.4 36932.7 17.6 32770.5 32.6
(Source: Company, HDFC Sec)
Other Highlights of the concall
The management said that it is seeing pressure in volume and value across category in FMCG. Premium and discretionary category are under pressure. Input costs are
also high. Competition activities remain high despite lower media intensity.
The management said that sachet is growing faster than bottle packs. Also, consumers are buying premium products but go for small packs.
The company is seeing the urban and rural growth gap narrowing down. Both in urban and rural India, consumers are moving to smaller packs.
5. RETAIL RESEARCH Page | 5
Conclusion & Recommendation:
HUL’s Q1FY15 revenue growth was in line, while operating profit & PAT growth were ahead of our estimates. Volume growth of 6% Y‐o‐Y was healthy in a challenging
environment. Infact it was the highest in the last 5 quarters, which was encouraging. Selective price hikes further supported the overall revenue growth. We were happy
with the double digit growth reported by all its key business segments, especially soaps & detergents & personal products. The revenue growth of Soaps & Detergents
was the highest in the last five quarters and the segment profitability improved significantly, driven by price hikes (in soaps) and premiumization (in laundry). Robust
revenue & profit growth in personal products was also encouraging, aided by recovery in FAL and lower spends on media and promotional activities. Growth in packaged
foods was also impressive. 12th straight quarter of margin expansion (on an overall basis) was a positive highlight of quarter, led by lower employee cost, lower Ad
spends & cost cutting initiatives across the supply chain.
We clearly see a recovery in growth of HUL’s business segments, which is a positive sign. However, we continue to remain cautious in the coming quarters on account of
slowing rural growth, intensifying competition, weak monsoon and slowdown in discretionery spends (which could impact the packaged foods segment). Price
sensitiveness and increased competition from global majors such as P&G and L’Oréal could limit a speedy recovery in Personal Products segment (though gradually
recovery cannot be ruled out). The recovery in the overall volume growth is likely to be gradual (could remain in mid to high single digits over the next one year), unless
the economic growth picks up sharply in the next few months (gradual recovery expected from H2FY15). Volume growth would continue to remain a key focus area for
the company.
While firming PFAD prices & volatile rupee could continue to put pressure on the margins, we expect the OPM to gradually expand over the next two quarters on the
back of cost cutting initiatives. We would continue to monitor the trends in margins going forward. Expected rise in tax rates and phased increase in royalty could keep
EPS growth muted in the near future.
In a scenario of slowdown in consumer spending, the company has limited scope for price hikes, if the input cost inflation persists. Hence improvement in volume growth
is essential. We feel HUL would be able to meet our revenue projections for FY15. Hence we are keeping the same unchanged. However, on profit front, the company
could surpass our estimates at the operating & net level. Hence we are enhancing our operating profit & PAT estimates by 4.8% & 1.2% respectively. Accordingly, revised
EPS for FY15 is estimated at Rs. 18.6. We have incorporated projections for FY16, wherein we expect Net Sales & PAT to grow by 12% & 12.9% respectively. EPS for FY16
is estimated at Rs. 21.
Unilever now has a 67.3% holding in HUL. As it intends to increase its stake to 75%, the stock price may not materially fall. However upsides also remain restricted till the
economic slowdown comes to an end and cost pressures ease. HUL also faces headwinds like deceleration in rural growth, increased competition intensity and probable
drought in parts of India due to ‘El Nino’.
In our Q4FY14 Result Review dated May 02, 2014, we recommended investors to buy HUL on dips to Rs. 525‐543 for a price target of Rs. 589 over the next quarter.
Thereafter, the stock touched a low of Rs. 550.3 on May 08, 2014 and subsequently touched a high of Rs. 708.9 on Aug 05, 2014. HUL remains a core portfolio holding
despite recent underperformance. At CMP, HUL trades at 33.5xFY15E EPS. Valuing the stock at 33xFY16E EPS, we arrive at price target of Rs. 694. We feel the valuations
are stretched at current levels. Hence one should buy the stock only on dips to Rs. 620‐641 (29.5‐30.5xFY15E EPS) to earn decent returns over the next quarter.
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Financial Estimations: (Quick Estimates)
(Rs. in Million)
Particulars FY12 FY13 FY14 FY15 (OE) FY15 (RE) FY16E
Total Operating Revenue 221164 258102 280191 314776 314776 352549
Operating Profit 32568 40038 44753 49560 51938 59580
Adjusted PAT 25992 33276 36927 39829 40291 45479
Adjusted EPS 12.0 15.4 17.1 18.4 18.6 21.0
OPM (%) 14.7 15.5 16.0 15.7 16.5 16.9
PATM (%) 11.8 12.9 13.2 12.7 12.8 12.9
PE 58.6 45.8 41.2 38.2 37.8 33.5
*OE = Original Estimates; RE = Revised Estimates (Source: Company, HDFC Sec Estimates)
Analyst: Mehernosh K. Panthaki – IT, FMCG & Midcaps; Email ID: mehernosh.panthaki@hdfcsec.com
RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
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