Dear All,
Forwarding you the Result Flash on HUL for 4QFY2011 with an Accumulate recommendation.
CMP: `284 Recommendation: Accumulate Target Price: Under Review
| Exhibit 1: Quarterly Summary | |||||
| (` cr) | 4QFY11 | 4QFY10 | % yoy | Angel Est | % Diff |
| Revenue | 4,899.4 | 4,315.8 | 13.5 | 4,843.4 | 1.2 |
| EBITDA | 579.2 | 531.0 | 9.1 | 575.4 | 0.7 |
| OPM (%) | 11.8 | 12.3 | (48) | 11.9 | (6) |
| PAT | 485.5 | 385.7 | 25.9 | 455.1 | 6.7 |
Source: Company, Angel Research
HUL posted modest set of numbers for the quarter, largely in line with our estimates. The top-line grew by 13.5% yoy to `4,899cr (`4,316cr). Recurring earnings for the quarter grew by 25.9% yoy, above our estimates, led by lower tax rate and high other income. Other key highlights of the results include – 1) 11.4% yoy revenue growth in S&D segment, EBIT margin contracted by 525bp yoy to 7.5%, 2) food business showed a growth of 26.6% yoy and 3) personal products grew by 16.2% yoy, eighth consecutive quarter of double-digit volume led growth. We maintain Accumulate view on the stock.
| Exhibit 2: Quarterly Financial Performance | ||||||
| Y/E March (` cr) | 4QFY11 | 4QFY10 | % chg | FY2011 | FY2010 | % chg |
| Net Sales | 4,899.4 | 4,315.8 | 13.5 | 19,401.1 | 17,523.8 | 10.7 |
| Consumption of RM | 2,658.1 | 2,217.5 | 19.9 | 10,056.8 | 8,877.9 | 13.3 |
| (% of Sales) | 54.3 | 51.4 | 51.8 | 50.7 | ||
| Staff Costs | 234.6 | 238.1 | (1.5) | 961.3 | 936.3 | 2.7 |
| (% of Sales) | 4.8 | 5.5 | 5.0 | 5.3 | ||
| Advertising Expenses | 623.3 | 626.5 | (0.5) | 2,764.2 | 2,391.4 | 15.6 |
| (% of Sales) | 12.7 | 14.5 | 14.2 | 13.6 | ||
| Other Expenses | 804.1 | 702.6 | 14.4 | 3,253.6 | 2,769.7 | 17.5 |
| (% of Sales) | 16.4 | 16.3 | 16.8 | 15.8 | ||
| Total Expenditure | 4,320.1 | 3,784.8 | 14.1 
Subscribe to:
Post Comments (Atom)
| |||
No comments:
Post a Comment