Hindustan Unilever Ltd (Q4 F12/07): BUY






Hindustan Unilever Ltd (Q4 F12/07)

CMP Rs203, BUY

Target price Rs244,  Upside 20.2%

 

ä       Net sales slightly above expectations at Rs36.9bn led by strong 18% yoy growth in HPC and 17% growth in foods segment.

ä       Higher adspend and staff cost restricts margin expansion. EBIT margins in the personal products segment witnessed sharp 250bps improvement.

ä       Strong revenue growth coupled with higher other income drives net profit.

ä       We expect HUL to register revenue and profit CAGR of 12% and 12.9% respectively over the next two years. Recommend Buy with a price target of Rs244 - an upside of 20.2%.

 

Click below for the quarterly update on Hindustan Unilever Ltd.

http://www.indiainfoline.com/content/rep/Result_Analysis/2008/2/1522008/hindunilvr_0108.pdf 

 

 

Warm Regards,

 

India Infoline Research Team


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