For quarter ended Dec 2021, consolidated Net sales (including other operating income) of Hindustan Unilever has increased 10.33% to Rs 13439 crore compared to quarter ended Dec 2020. Sales of Home Care segment has gone up 22.97% to Rs 4,192.00 crore (accounting for 31.19% of total sales). Sales of Beauty & Personal Care segment has gone up 7.09% to Rs 5,213.00 crore (accounting for 38.79% of total sales). Sales of Foods & Refreshment segment rose 3.28% to Rs 3,466.00 crore (accounting for 25.79% of total sales). Sales of Others segment has gone up 3.65% to Rs 568.00 crore (accounting for 4.23% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 17.18% to Rs 3,137.00 crore. PBIT of Home Care segment rose 33.28% to Rs 861.00 crore (accounting for 27.45% of total PBIT). PBIT of Beauty & Personal Care segment rose 2.18% to Rs 1,454.00 crore (accounting for 46.35% of total PBIT). PBIT of Foods & Refreshment segment rose 36.58% to Rs 646.00 crore (accounting for 20.59% of total PBIT). PBIT of Others segment rose 30.37% to Rs 176.00 crore (accounting for 5.61% of total PBIT).
PBIT margin of Home Care segment rose from 18.95% to 20.54%. PBIT margin of Beauty & Personal Care segment fell from 29.23% to 27.89%. PBIT margin of Foods & Refreshment segment rose from 14.09% to 18.64%. PBIT margin of Others segment rose from 24.64% to 30.99%. Overall PBIT margin rose from 21.98% to 23.34%.
Operating profit margin has jumped from 24.32% to 25.37%, leading to 15.05% rise in operating profit to Rs 3,409.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.36% to 30.06%. Purchase of finished goods cost rose from 14.97% to 17.45%. Employee cost increased from 4.91% to 5.17%. Other expenses fell from 25.15% to 21.85%. Selling and administration expenses fell from 11.56% to 8.91%.
Other income rose 11.11% to Rs 60 crore. PBIDT rose 14.98% to Rs 3469 crore. Provision for interest fell 38.64% to Rs 27 crore.
PBDT rose 15.78% to Rs 3442 crore. Provision for depreciation fell 4.90% to Rs 272 crore.
Profit before tax grew 17.98% to Rs 3,170.00 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -67.00 crore. Provision for tax was expense of Rs 803 crore, compared to Rs 698 crore. Effective tax rate was 25.88% compared to 26.48%.
Minority interest increased 200% to Rs 3.00 crore. Net profit attributable to owners of the company increased 18.59% to Rs 2,297.00 crore.
Promoters stake was 61.90% as of 31 December 2021 ,compared to 61.90% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Hindustan Unilever has increased 11.80% to Rs 38679 crore. Sales of Home Care segment has gone up 16.88% to Rs 11,827.00 crore (accounting for 30.58% of total sales). Sales of Beauty & Personal Care segment has gone up 10.13% to Rs 14,824.00 crore (accounting for 38.33% of total sales). Sales of Foods & Refreshment segment rose 7.37% to Rs 10,407.00 crore (accounting for 26.91% of total sales). Sales of Others segment has gone up 22.62% to Rs 1,621.00 crore (accounting for 4.19% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 12.45% to Rs 8,743.00 crore. PBIT of Home Care segment rose 14.79% to Rs 2,251.00 crore (accounting for 25.75% of total PBIT). PBIT of Beauty & Personal Care segment rose 6.84% to Rs 4,140.00 crore (accounting for 47.35% of total PBIT). PBIT of Foods & Refreshment segment rose 18.34% to Rs 1,910.00 crore (accounting for 21.85% of total PBIT). PBIT of Others segment rose 36.00% to Rs 442.00 crore (accounting for 5.06% of total PBIT).
PBIT margin of Home Care segment fell from 19.38% to 19.03%. PBIT margin of Beauty & Personal Care segment fell from 28.79% to 27.93%. PBIT margin of Foods & Refreshment segment rose from 16.65% to 18.35%. PBIT margin of Others segment rose from 24.58% to 27.27%. Overall PBIT margin rose from 22.47% to 22.60%.
Operating profit margin has declined from 24.81% to 24.71%, leading to 11.32% rise in operating profit to Rs 9,556.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 33.33% to 30.90%. Purchase of finished goods cost rose from 14.05% to 17.61%. Employee cost decreased from 5.17% to 5.09%. Other expenses fell from 22.82% to 21.68%. Selling and administration expenses fell from 9.57% to 8.92%.
Other income fell 40.53% to Rs 179 crore. PBIDT rose 9.57% to Rs 9735 crore. Provision for interest fell 35.85% to Rs 68 crore.
PBDT rose 10.12% to Rs 9667 crore. Provision for depreciation rose 0.62% to Rs 813 crore.
Profit before tax grew 11.08% to Rs 8,854.00 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -99.00 crore. Provision for tax was expense of Rs 2173 crore, compared to Rs 1908 crore. Effective tax rate was 24.82% compared to 24.72%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.13% to Rs 6,572.00 crore.
Promoters stake was 61.90% as of 31 December 2021 ,compared to 61.90% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Hindustan Unilever has increased 18.21% to Rs 47028 crore. Sales of Home Care segment has gone up 2.32% to Rs 13,957.00 crore (accounting for 29.68% of total sales). Sales of Beauty & Personal Care segment has gone up 3.15% to Rs 18,038.00 crore (accounting for 38.36% of total sales). Sales of Foods & Refreshment segment rose 77.23% to Rs 13,204.00 crore (accounting for 28.08% of total sales). Sales of Others segment has gone up 51.78% to Rs 1,829.00 crore (accounting for 3.89% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 19.11% to Rs 10,552.00 crore. PBIT of Home Care segment rose 8.36% to Rs 2,773.00 crore (accounting for 26.28% of total PBIT). PBIT of Beauty & Personal Care segment rose 4.86% to Rs 5,134.00 crore (accounting for 48.65% of total PBIT). PBIT of Foods & Refreshment segment rose 77.68% to Rs 2,189.00 crore (accounting for 20.74% of total PBIT). PBIT of Others segment rose 165.12% to Rs 456.00 crore (accounting for 4.32% of total PBIT).
PBIT margin of Home Care segment rose from 18.76% to 19.87%. PBIT margin of Beauty & Personal Care segment rose from 28.00% to 28.46%. PBIT margin of Foods & Refreshment segment rose from 16.54% to 16.58%. PBIT margin of Others segment rose from 14.27% to 24.93%. Overall PBIT margin rose from 22.27% to 22.44%.
Operating profit margin has declined from 24.79% to 24.72%, leading to 17.90% rise in operating profit to Rs 11,626.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.02% to 32.53%. Purchase of finished goods cost fell from 16.02% to 15.01%. Employee cost increased from 4.56% to 4.97%. Other expenses fell from 24.67% to 22.97%. Selling and administration expenses fell from 11.81% to 10.02%.
Other income fell 35.13% to Rs 410 crore. PBIDT rose 14.71% to Rs 12036 crore. Provision for interest fell 0.85% to Rs 117 crore. Loan funds remained nil. Inventories rose to Rs 3,579.00 crore as of 31 March 2021 from Rs 2,767.00 crore as of 31 March 2020. Sundry debtors were higher at Rs 1,758.00 crore as of 31 March 2021 compared to Rs 1,149.00 crore as of 31 March 2020. Cash and bank balance declined from Rs 5,113.00 crore as of 31 March 2020 to Rs 4,471.00 crore as of 31 March 2021. Investments rose to Rs 2,709.00 crore as of 31 March 2021 from Rs 1,255.00 crore as of 31 March 2020 .
PBDT rose 14.88% to Rs 11919 crore. Provision for depreciation rose 7.19% to Rs 1074 crore. Fixed assets increased to Rs 34,791.00 crore as of 31 March 2021 from Rs 5,959.00 crore as of 31 March 2020. Intangible assets increased from Rs 117.00 crore to Rs 17,397.00 crore.
Profit before tax grew 15.70% to Rs 10,845.00 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -239.00 crore. Provision for tax was expense of Rs 2606 crore, compared to Rs 2409 crore. Effective tax rate was 24.57% compared to 26.26%.
Minority interest decreased 50% to Rs 4.00 crore. Net profit attributable to owners of the company increased 18.35% to Rs 7,996.00 crore.
Equity capital increased from Rs 216.00 crore as of 31 March 2020 to Rs 235.00 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.
Promoters stake was 61.90% as of 31 March 2021 ,compared to 67.18% as of 31 March 2020 .
Cash flow from operating activities increased to Rs 9,163.00 crore for year ended March 2021 from Rs 7,623.00 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 4,163.00 crore, compared to Rs 862.00 crore during the year ended March 2020.
Other Highlights
In Q3 FY22, Companys domestic Consumer Growth was 11% compared to market growth of mid single digit.
Company gained market share in most of its divisions.
Company took calibrated price increases to offset the significant inflation in input costs.
Management Commentary:
Sanjiv Mehta, Chairman and Managing Director commented: We have delivered a strong and resilient performance in the quarter despite moderation in market growths and significant levels of commodity inflation. I am particularly pleased that the growth is extremely competitive with our market share gains being highest in more than a decade. Our performance is reflective of our strategic clarity, strength of our brands, operational excellence, and dynamic financial management of our business. In the near-term, operating environment will continue to remain challenging. In this scenario, we will manage our business with agility, continue to grow our consumer franchise whilst maintaining our margins in a healthy range. We remain confident of the medium to long term potential of Indian FMCG sector and HULs ability to deliver a Consistent, Competitive, Profitable and Responsible growth.
HUL : Consolidated Results
| 2112 (3) | 2012(3) | Var (%) | 2112 (9) | 2012(9) | Var (%) | 2103 (12) | 2003 (12) | Var (%) | |||
| Sales | 13439 | 12181.00 | 10.33% | 38679 | 34595.00 | 11.81% | 47028 | 39783 | 18.21% | ||
| OPM (%) | 25.37% | 24.32% | 105 bps | 24.71% | 24.81% | -10 bps | 24.72% | 24.79% | -7 bps | ||
| OP | 3409 | 2963 | 15.05% | 9556 | 8583 | 11.34% | 11626 | 9861 | 17.90% | ||
| Other inc. | 60.00 | 54.00 | 11.11% | 179.00 | 301.00 | -40.53% | 410 | 632 | -35.13% | ||
| PBIDT | 3469.00 | 3017.00 | 14.98% | 9735.00 | 8884.00 | 9.58% | 12036 | 10493 | 14.71% | ||
| Interest | 27.00 | 44.00 | -38.64% | 68.00 | 106.00 | -35.85% | 117 | 118 | -0.85% | ||
| PBDT | 3442.00 | 2973.00 | 15.78% | 9667.00 | 8778.00 | 10.13% | 11919 | 10375 | 14.88% | ||
| Dep. | 272.00 | 286.00 | -4.90% | 813.00 | 808.00 | 0.62% | 1074 | 1002 | 7.19% | ||
| PBT | 3170.00 | 2687.00 | 17.98% | 8854.00 | 7970.00 | 11.09% | 10845 | 9373 | 15.70% | ||
| Share of profit/loss | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | 0 | 0 | 0.00% | ||
| PBT Befor EO | 3170 | 2687 | 17.98% | 8854 | 7970 | 11.09% | 10845 | 9373 | 15.70% | ||
| Execptional items | 67.00 | 51.00 | 31.37% | 99.00 | 253.00 | -60.87% | 239 | 200 | 19.50% | ||
| PBT After EO | 3103.00 | 2636.00 | 17.72% | 8755.00 | 7717.00 | 13.45% | 10606.00 | 9173.00 | 15.62% | ||
| Total Tax | 803.00 | 698.00 | 15.04% | 2173.00 | 1908.00 | 13.89% | 2606 | 2409 | 8.18% | ||
| PAT | 2300.00 | 1938.00 | 18.68% | 6582.00 | 5809.00 | 13.31% | 8000 | 6764 | 18.27% | ||
| Minority Interest | 3.00 | 1.00 | 200.00% | 10.00 | 0.00 | LP | 4 | 8 | -50.00% | ||
| Net Profit | 2297.00 | 1937.00 | 18.59% | 6572.00 | 5809.00 | 13.13% | 7996 | 6756 | 18.35% | ||
| P/L from discontinued operation | 0.00 | 0.00 | 0.00% | 3.00 | 0.00 | LP | 1 | 8 | -87.50% | ||
| Net profit after P/L from discontinued operations | 2297.00 | 1937.00 | 18.59% | 6575.00 | 5809.00 | 13.19% | 7995 | 6748 | 18.48% | ||
| EPS (Rs)* | # | # | # | # | 34.79 | 29.38 | |||||
| * EPS is on current equity of Rs 235 crore, Face value of Re. 1 Each # EPS is not annualised due to seasonality of business EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax BPS- Basis points LP: Loss to Profit Figures in Rs crore Source: Capitaline Corporate Database |
HUL : Consolidated Segment results
| Sales | % of Total 2112(3) | 2112 (3) | 2012(3) | Var. (%) | % of Total 2112(9) | 2112 (9) | 2012(9) | Var. (%) | % of Total 2103(12) | 2103 (12) | 2003(12) | Var. (%) |
| – Home Care | 31.19% | 4192.00 | 3409.00 | 22.97% | 30.58% | 11827.00 | 10119.00 | 16.88% | 29.68% | 13957.00 | 13640.00 | 2.32% |
| – Beauty & Personal Care | 38.79% | 5213.00 | 4868.00 | 7.09% | 38.33% | 14824.00 | 13461.00 | 10.13% | 38.36% | 18038.00 | 17488.00 | 3.15% |
| – Foods & Refreshment | 25.79% | 3466.00 | 3356.00 | 3.28% | 26.91% | 10407.00 | 9693.00 | 7.37% | 28.08% | 13204.00 | 7450.00 | 77.23% |
| – Others (includes Exports, Infant & Feminine Care etc.) | 4.23% | 568.00 | 548.00 | 3.65% | 4.19% | 1621.00 | 1322.00 | 22.62% | 3.89% | 1829.00 | 1205.00 | 51.78% |
| Total Reportable Segment | 13439.00 | 12181.00 | 10.33% | 38679.00 | 34595.00 | 11.81% | 47028.00 | 39783.00 | 18.21% | |||
| Un allocated | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | |||
| Total | 13439.00 | 12181.00 | 10.33% | 38679.00 | 34595.00 | 11.81% | 47028.00 | 39783.00 | 18.21% | |||
| Less: Inter segment revenues | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | |||
| Net sales | 13439.00 | 12181.00 | 10.33% | 38679.00 | 34595.00 | 11.81% | 47028.00 | 39783.00 | 18.21% | |||
| PBIT | ||||||||||||
| – Home Care | 27.45% | 861.00 | 646.00 | 33.28% | 25.75% | 2251.00 | 1961.00 | 14.79% | 26.28% | 2773.00 | 2559.00 | 8.36% |
| – Beauty & Personal Care | 46.35% | 1454.00 | 1423.00 | 2.18% | 47.35% | 4140.00 | 3875.00 | 6.84% | 48.65% | 5134.00 | 4896.00 | 4.86% |
| – Foods & Refreshment | 20.59% | 646.00 | 473.00 | 36.58% | 21.85% | 1910.00 | 1614.00 | 18.34% | 20.74% | 2189.00 | 1232.00 | 77.68% |
| – Others (includes Exports, Infant & Feminine Care etc.) | 5.61% | 176.00 | 135.00 | 30.37% | 5.06% | 442.00 | 325.00 | 36.00% | 4.32% | 456.00 | 172.00 | 165.12% |
| Total | 3137.00 | 2677.00 | 17.18% | 8743.00 | 7775.00 | 12.45% | 10552.00 | 8859.00 | 19.11% | |||
| Add/(Less): Exceptional Items [net credit/(charge)] | -67.00 | -51.00 | 31.37% | -99.00 | -253.00 | -60.87% | -239.00 | -200.00 | 19.50% | |||
| Less: Finance Costs | 27.00 | 44.00 | -38.64% | 68.00 | 106.00 | -35.85% | 117.00 | 118.00 | 0.00% | |||
| Add/(Less): Finance Income and Other unallocable income net of unallocable expenditure | 60.00 | 54.00 | 11.11% | 179.00 | 301.00 | -40.53% | 410.00 | 632.00 | -35.13% | |||
| PBT | 3103.00 | 2636.00 | 17.72% | 8755.00 | 7717.00 | 13.45% | 10606.00 | 9173.00 | 15.62% | |||
| Figures in Rs crore Source: Capitaline Corporate Database |
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