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Hindustan Unilever Ltd.’s Q1 FY22 result was better than our expectations led by topline growth.
Sales in the month of June 2021 were reportedly back to levels seen before the second Covid-19 wave witnessed in March 2021, and augurs well for discretionary sales and margin going forward.
Despite the higher incidence of Covid-19 cases in rural India compared to last year, HUL’s demand momentum remains resilient. The expectation of a good monsoon should sustain this momentum.
Urban demand is expected to see a strong rebound.
With discretionary demand back on the recovery path, mix improvements will play a major role in driving a gradual margin improvement sequentially.
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