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<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

<ul><li>Consumption gaps between urban and rural markets narrowed down in the December quarter, for the first time in 2023.</li><li>Modern trade saw double-digit growth in consumption, but growth in <keyword id="20479724" type="General" weightage="20" keywordseo="traditional-trade" source="keywords">traditional trade</keyword> slipped sequentially.</li><li>Non-food category volumes grew sequentially but that of food slowed down, led by staples and impulse categories. </li></ul>Even as FMCG sales growth has been moderating on a sequential basis, sales of noodles and biscuits saw an uptick in the rural markets in the December quarter, says a NielsenIQ report. Rural markets too saw a sequential-quarterly decline, but consumption gaps between urban and rural markets narrowed down for the first time in 2023, in the December quarter. The North and West regions contributed to this phenomenon, the report says. “Despite a sequential-quarter decline, the rural recovery narrative continued to evolve throughout the year. In Q4 2023, we observe an uptick in consumption, primarily driven by habit-forming categories (such as biscuits and noodles) in food and essential home products. These categories have thrived despite flat to negative price growth, indicating resilience and sustained demand,” said <keyword id="20476060" type="General" weightage="20" keywordseo="roosevelt-dsouza" source="keywords">Roosevelt Dsouza</keyword>, Head of Customer Success – India, <keyword id="20475890" type="General" weightage="20" keywordseo="niq" source="keywords">NIQ</keyword>. The rural areas are also seeing a growing preference for larger packs, while urban markets see a persistent preference for larger packs, the report said. It says that the FMCG industry experienced a 6% growth in value, attributed to a 6.4% increase in volume. However, on a sequential basis, there is a moderation in consumption growth, it adds. The pricing growth in the overall fell to 2.7% in Q3, due to the price cuts taken across categories by FMCG majors to fight off competition. In the December quarter of last year, it was 10%, as per Nielsen data. FMCG major <keyword id="19948892" type="General" weightage="20" keywordseo="hul" source="keywords">HUL</keyword> said that in Q3, its volumes grew 2% in Q3, but its value growth fell marginally by 0.3%. Marico’s domestic volumes grew 2% during the quarter, with a flat value growth. <keyword id="20021294" type="General" weightage="20" keywordseo="kirana" source="keywords">Kirana</keyword> continue to suffer Modern trade which consists of supermarkets, hypermarkets and such has seen a double-digit growth in consumption at 16.8%. Traditional Trade which consists of kiranas or mom-and-pop stores saw a 5.3% growth in consumption, falling from 7.5% in the Q2 of FY24. “Despite certain challenges, the positive momentum in modern trade adds a promising dimension to the overall market scenario,” Nielsen says. Non-food categories grow faster The volume growth in general is also much faster for non-food categories. Though more units were purchased in food categories compared to the same period last year, non-foods saw more large packs being purchased. The volume growth in the food sector was at 5.3% YoY, but it was at 8.7% in Q2 of FY23. This slowdown in growth is primarily due to staples (such as refined and non-refined edible oils, etc.) and impulse categories such as confectionery. In non-food categories, volumes grew at 9.6% in Q3 FY24 — higher than the 8.7% recorded in Q2. This improvement can be attributed to an increase in rural consumption growth, with a growth rate of 9.8% (vs. 6.7% in Q2), Nielsen says. “Volume growth is attributed to home care products like detergent cakes and bars, washing powder; and personal care like toilet soaps categories in rural areas,” the report said. In urban areas, the non-food sector is witnessing slower consumption growth, with a growth rate of 9.4% in Q3, slightly down from 10.4% in Q2.

Amidst slowdown, noodle and biscuit sales see an uptick in rural areas

<ul><li>Local brands are making a comeback after their pandemic lows, and are now competing with national brands in categories like detergents, noodles, masalas and more.</li><li>HUL CEO said in an earnings concall that they have seen a market share dip in certain mass categories.</li><li>The number of homes that buy over 4-5 brands of the same product are growing, says a Kantar report. </li></ul>In Karnataka, many stores now have ‘1 To 3 Noodles’ on display along with Nestle’s 2-minute Maggi, the category leader. Apart from a stellar 35% penetration in the state, this local brand is catering to local tastes with a desi twist to instant noodles that comes with more masala. Similarly, North India-based Vasant Masala is catering the specific spice needs with its Awadh Garam Masala. There are more such examples of local brands that concentrate only on specific states — that are making a headway into the retail shelf space as well as the consumer’s homes, if not hearts. “Local brands live up to the local tastes better,” K Ramamkrishan, MD South Asia of Kantar tells Business Insider India. Moreover, these brands are bringing value onto the table beyond price points by capturing the specific preferences of the states and relationships with retailers. So much so, now they’re threatening the national brands sold by FMCG behemoths. “Local brands are no more brands that have basic packaging with a brand name. They are innovating, have brand ambassadors. Today local brands are only limited by their presence not their ambition,” said Ramamkrishan. He says the speed of decision making in local brands is high, and their agility allows them to capture dynamic trends in shopping habits faster. Back from pandemic lows Kantar’s Consumer Connections 2023 report says that there has been a resurgence in local brands that had faced troubles during the pandemic. Curtailed by their inability to raise prices, over 12 brands have shut shop during the pandemic. Many more couldn’t source raw material during the high inflationary period, or bear the costs, Ramamkrishan explains. With the pandemic over, the troubles have decreased and local brands are back with a vengeance. FMCG major HUL also admitted in its recent quarterly announcement that regional brands have curtailed the price growth in the sector. Rohit Jawa, CEO of HUL said that it has seen dips in market share in the mass segment due to small and regional players. “There has been a resurgence of small and regional players in select categories due to softening commodity prices – many of whom had vacated the market during the peak of inflation,” he said in an earnings concall. Most of the local brands tend to categories that are already high in penetration such as food and beverage, detergents, spices, washing powders, hair oils etc. “For example they won't be in face washes where the penetration is low,” Ramkrishnan explains. Kantar has picked a few brands like — Reflect Dishwash in Maharashtra, Saras Detergent Bar in Gujarat, Challenge Detergent Bar in Tamil Nadu, Sastry Balms in Andhra Pradesh, Supreme51 in Madhya Pradesh as some of the single-state brands that have exhibited double or even triple digit growth in the last one year, along with extensive penetration in the state of their choice. Flirting with many brands While consumers are pivoting towards local brands, they’re not shedding their loyalty to national brands either. The complex Indian consumers are more tuned to experimenting more. Ramkrishnan calls it ‘flirting with multiple brands’. The number of shopping trips or purchase occasions for Indians are growing at a rapid pace, says Kantar. An Indian makes 152 shopping trips in a year – which breaks it down to one in every 58 hours. This also includes e-commerce shopping. It indicates that people are buying only as much as required, and household consumption levels are not back to normal in spite of signs of revival. But a few others also prefer frequent shopping for reasons like freshness, accessibility and more. More shopping trips means more experimenting. The homes that buy over eight brands of biscuits/cookies rose to 34% in 2023 from 24% in 2022. The percentage of homes that buy over three brands of washing powders and liquids came in at 47%, going up by 6% in a year. And, 43% of homes bought over six brands of soap bars in 2023, rising by over 5%. Experimenting Indians are also giving a fillip to direct-to-consumer brands that have national ambitions buoyed by PE and VC investors who are betting big on them — all indicating rising competition in the sector.

Local brands rise as Indians flirt with newbies

<ul><li>Price cuts taken in mass segments will erase pricing-led growth seen in FMCG companies.</li><li>Few analysts are confident that price cuts will add to volume growth in Q2.</li><li>Without a meaningful rural recovery, volume growth will remain slow. </li></ul>It might be a slow second quarter for FMCG companies with hazy volume recovery and tapering raw material effects. The rise of new and local players have been eating into the business of top FMCG players. And, they chose to <a href="https://www.businessinsider.in/business/news/soap-opera-fmcg-players-kick-off-price-war-to-bring-back-whats-lost/articleshow/103657469.cms">take price cuts in mass categories </a> during the quarter. Analysts are divided on how much price cuts will add to volume growth. A report by Centrum said that price cuts pushing are primary volumes but off-take lags. The demand for packaged foods is rising but hair oils, toothpaste categories saw falling volumes. “Selling prices have been rationalised given the drop in commodity costs but there has not been a commensurate increase in volumes yet,” said J M Financial. The pricing-led growth in FMCG companies is now a thing of the past. Without significant volume recovery, revenues are ecpected to remain subdued this quarter. “We expect low single digit volume growth and low-to-mid single-digit value growth for most FMCG companies, with the tapering of pricing growth due to price cuts and/or anniversarization of price hikes. The underlying rural demand remains subdued. Uptick, if any, would be optical off a low base,” said a report by Kotak Institutional Equities. Analysts believe that without a meaningful recovery in rural demand which is yet to pick up, volume recovery will remain slow. Even tapering inflation during the quarter has not improved the rural consumer sentiment due to unseasonal rains. Moreso, the festive consumption of discretionary items also comes with a lag this year due to the ‘Adhik Mas’ effect. Raw material benefits slip On the other hand, the margin growth seen last quarter due to lower raw materials will also taper off. The raw material index has moved up by 8-9% over the last three months. Between July and September, crude oil prices rallied by 20%, and commodities will not be as benign as they were in Q1. On a year-on-year basis however their costs will be lower, adding to margins due a favourable basis. “A favourable base would still drive strong year on year gross profit margin expansion and earnings for September quarter, but some of the margin gains would be in the base soon especially given the recent uptick in raw material prices,” said J M Financial. The stress of rising competition will also eat into margins in more ways than price cuts. Players will continue to ‘normalise’ brand-building investments that were run down during the hyper-inflationary phase in FY23. “Most companies have indicated that a large part of gross margin savings will be invested behind brands. Hence, operating margin expansion will be lower compared to gross margin expansion,” said Sharekhan. Investors will watch out for management commentary on how volume uptick in the second half of the year. And a picture on when rural India will see a full-fledged recovery. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Price cuts might not bring in volume growth for FMCG majors in Q2 say analysts

<ul><li>HUL's Home Care grew 15% driven by high double-digit growth in Fabric Wash.</li><li>Household care continued to perform well and grew on a strong base. </li></ul>Hindustan Unilever Limited announced its results for the quarter ended 30th September 2021. September Quarter 2021: Robust broad-based performance in a challenging environment HUL delivered a strong performance in this quarter with Domestic Consumer Growth of 11% and Profit After Tax (PAT) growth of 9%. Performance was broad based with all 3 divisions growing competitively. Business fundamentals remained strong with more than three-fourths of the business gaining market share and penetration. Home Care: Home Care grew 15% driven by high double-digit growth in Fabric Wash. Household care continued to perform well and grew on a strong base. Liquids and Fabric Sensations continue to outperform. Calibrated price increases were taken across Fabric Wash and Household Care portfolios to partly offset the high inflation in input costs. Extending its Clean Future journey, ‘<keyword id="11860121" type="General" weightage="20" keywordseo="surf-excel-matic" source="Orion">Surf Excel Matic</keyword>’ has transitioned to bottles made from 50% recycled plastic while using 100% biodegradable actives in its formulation. Home Care also launched ‘Smart Fill’ machines to empower consumers to reduce plastic waste. Beauty &amp; Personal Care: Beauty &amp; Personal Care grew 10% led by Skin Care, Colour Cosmetics and Hair Care. Contextual communications in Hair Care continue to yield good results as it delivered another quarter of strong performance. Skin Care and Colour Cosmetics delivered high double-digit growths as mobility improved. Soaps grew on a high base led by strong growths in beauty and premium segment. Hand Hygiene portfolio declined against a strong prior year comparator. ‘VWash’ had another strong quarter. A calibrated approach towards price increase has helped protect the business model as vegetable oil prices remain at elevated levels. During this quarter ‘Pond’s Gold Beauty’ range, limited edition lip colours in ‘Lakme’ and ‘Vaseline Lip Therapy’ range were launched. Premium beauty brands ‘Lakme’, ‘Simple’ and now ‘Love Beauty and Planet’ are also available on dedicated D2C platforms. Lakme saw 30% of its sales come through digital platforms. Foods &amp; Refreshment: Foods &amp; Refreshment grew at 7% against a strong prior year comparator. Tea grew on a very strong base and further strengthened its market leadership. Focus on market development in Nutrition is yielding good results. Health Food Drinks volumes grew double-digit and it continued to gain penetration sequentially. Ice Creams recovered strongly driven by effective communications and innovations. Foods had a soft quarter on the back of high teens growth in the base period. ‘Kissan Peanut Butter’ and ‘Hellman’s Mayonnaise’ innovations are picking up momentum. In this quarter, ‘Horlicks’ expanded its high sciences range with the launch of ‘Horlicks Diabetes Plus’. Operating margins: EBITDA margin was stepped up sequentially vs JQ’21 and is at 25%. PAT at Rs. 2,187 Crores increased by 9% year-on-year. We continue to invest behind building our brands, portfolio and future-fit capabilities. Our focused actions on Net Revenue Management and savings have enabled us to manage inflationary pressures and deliver a healthy bottom-line performance.<a name="m_6344563292714055982__Hlk31014716"></a> Interim dividend: The Board of Directors has declared an interim dividend of Rs.15/- per share for year ending 31st March 2022. <a name="m_6344563292714055982__Hlk31014708" data-type="tilCustomLink">Sanjiv Mehta, Chairman and Managing Director said:</a> ‘September quarter witnessed a sequential improvement in trading conditions, albeit remained challenging with unprecedented levels of input cost inflation and subdued consumer sentiments. In this backdrop, we have delivered a strong performance growing topline in double digits and stepping up profitability sequentially. Large parts of our business continue to gain market shares and penetration. Calibrated price increases and laser sharp focus on savings have helped us protect our business model while ensuring the right price-value equation for our consumers. Through our ‘Re-Imagine HUL’ programme, we have further strengthened the digital capabilities across our organisation. We are making significant progress in our sustainable living journey. We are on track to collect and process more plastic waste than we sell in our packaging this year through our network of partners. Looking forward, we remain cautiously optimistic about demand recovery. In these times of uncertainty and unprecedented input cost inflation, we continue to firmly focus on delivering Consistent, Competitive, Profitable and Responsible Growth.’

HUL spent Rs 2,255 crore on advertising between April and September this year

<ul><li><keyword id="44863" type="General" weightage="20" keywordseo="hul" source="Orion">HUL</keyword> in its result said that its growth in the quarter was competitive and profitable with Domestic Consumer Growth of 11% and Profit After Tax (PAT) growth of 17%. </li><li>While its Home Care segment grew at 23%, Beauty &amp; Personal Care grew 7% led by Skin Cleansing, Skin Care and Colour Cosmetics. Meanwhile, Foods &amp; Refreshment grew 3% on a very high prior year comparator, driven by solid performance in Tea and Ice-creams.</li></ul>Hindustan Unilever Limited, in its results for the quarter ended 31st December 2021 said that it spent Rs 1,193 crore on advertising in the quarter. It also said that it saw strong, all-round performance in the quarter. "Growth in the quarter was competitive and profitable with Domestic Consumer Growth of 11% and Profit After Tax (PAT) growth of 17%. Business fundamentals remained strong with handsome market share gains in all our divisions, both urban and rural markets and across price segments. Underlying Volume Growth at 2% was significantly ahead of the market," its report stated. Its Home Care segment witnessed a growth at 23% and was broad based with strong performance in Fabric Wash and Household Care. Fabric Wash grew in strong double-digits with all parts of the portfolio performing well. Household Care sustained its robust performance and grew in high teens on a strong base. Liquids and Fabric Sensations continue to outperform driven by effective market development actions. Calibrated price increases were taken across Fabric Wash and Household Care portfolios to partly offset the significant inflation in input costs. Its Beauty &amp; Personal Care segment grew 7% led by Skin Cleansing, Skin Care and Colour Cosmetics. Skin Cleansing delivered double digit growth driven by strong performance in ‘Lux’, ‘<keyword id="94301" type="General" weightage="20" keywordseo="dove" source="Orion">Dove</keyword>’ and ‘Pears’. Hair Care had a steady quarter enabled by strong performance in premium portfolio. Its brands ‘Clinic Plus’, ‘Dove’ and ‘Sunsilk’ were rated as the top 3 Hair Care brands in the country as per ‘Kantar Brand Health Check Report’. "A calibrated approach towards price increase in Skin Cleansing and Hair Care has helped protect our business model even as vegetable oils continue to inflate at record levels. Together, Skin Care and Colour Cosmetics delivered double-digit growth and are above pre-COVID levels. During this quarter, we had several innovations including ‘Dove Love and Care’ range of moisturizers, serums by clean beauty brand ‘Simple’, a new toothpaste ‘Sensitive Mineral Active’ launched in Tamil Nadu and ‘Lakme’ Volume Mascara, Liquid Concealer and Highlighter," the report further stated. HUL's Foods &amp; Refreshment segment grew 3% on a very high prior year comparator, driven by solid performance in Tea and Ice-creams. Tea continued its robust performance and grew competitively on a strong base delivering high teens 2Y CAGR. Focus on market development actions in Health Food Drinks resulted in handsome market share and penetration gains. Ice Creams had a very strong quarter delivering 2Y CAGR in high teens enabled by impactful innovations and effective activations. Foods grew on a strong base led by Jams and Ketchup. ‘Kissan Peanut Butter’ and ‘Hellman’s Mayonnaise’ innovations continue to perform well. ‘<keyword id="6595123" type="General" weightage="20" keywordseo="bru" source="Orion">Bru</keyword>’ launched a new product ‘Bru Beaten Coffee’. Its EBITDA margin at 25.4% improved 100 bps YoY. PAT at Rs. 2,243 Crores increased by 17% year-on-year. Profit after tax before exceptional items at Rs 2,292 Crores was up 17%. "In the context of unprecedented inflation, we continue to manage our business dynamically driving savings harder across all lines of P&amp;L and taking calibrated pricing actions using the principles of Net Revenue Management. We continue to invest competitively behind our brands," the report stated. Commenting on the results, <keyword id="169120" type="General" weightage="20" keywordseo="sanjiv-mehta" source="Orion">Sanjiv Mehta</keyword>, Chairman and Managing Director said: ‘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 <keyword id="34523" type="General" weightage="20" keywordseo="fmcg" source="Orion">FMCG</keyword> sector and HUL’s ability to deliver a Consistent, Competitive, Profitable and Responsible growth."

HUL spent Rs 1,193 crore on advertising between October and December 2021

<ul><li>FMCG companies are expected to register strong margins in Q1 as they will see the full effect of earlier-taken price hikes playing out. Cooling raw material prices will help. </li><li>Demand for staples have been stable, but the beauty and personal care category has not yet recovered fully. </li><li>The summer has seen a decline or low growth in ice creams and juices due to unseasonal rains. </li></ul>With cooling raw material costs, the FMCG sector is expected to kick in the first quarter of FY24 with ‘good quality’ profits, backed by improvement in margins. Input costs have been cooling over the last few quarters and have either remained stable or seen mild moderation, and companies have not been passing them off very generously in the form of price cuts. “We expect most of the companies to register stronger sequential gross profit margin (GPM) improvement in 1Q24F with input cost inflation cooling down further, high-priced inventory getting consumed and the full effect of earlier-taken price hikes playing out,” said a research report by Nomura. Certain categories such as hair oils, edible oils and soaps had witnessed price cuts in earlier quarters, which will flow through in the first quarter, as per BNP Paribas. Also, new price cuts and promotions were seen in laundry, edible oils and other home care categories during the quarter but no major price cuts were seen in biscuits and salts. Double digit revenue growth expected Price cuts and volume growth for the sector are directly proportional for the sector, and as of now most of growth seen in the sector was pricing-led. But that’s changing, analysts say. Demand from urban areas has been stable, with slight sequential improvement in rural demand as well. Also, the demand for staples have been stable, but the beauty and personal care category has not yet recovered though improving due to the price cuts. All in all, the sector should be able to present a good revenue growth for the quarter – notwithstanding the cooler summer this April-June with unseasonal rains that affected sales of juices and ice creams. “We estimate staples/discretionary (ex-ITC) pack to register 10.2%/8.8% revenue growth. We expect a good quarter from Nestle, Godrej Consumers and ITC and a weak print from Marico,” says a report by Kotak. Antique Stock Broking also expects the FMCG sector (not including ITC) to report early double digit revenue growth with moderation in pricing led growth. ITC is expected to see a fall in revenue as its agri business is expected to see a drop due to high-base effects. Nomura expects Nestle, Tata Consumers and Dabur to report the highest revenue growth YoY, and with ITC and Marico to post lower value growth. FMCG sector revenue growth projections YoY <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Antique Stock Broking </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6%* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>Source: Research reports *Kotak has considered standalone results for ITC Price cuts &amp; rising competition The street will closely watch management commentary on pricing, as analysts believe that the sector is poised for a good show in the first half of FY24 with a raw material cost tailwind. “However, in the second half of FY24 we expect revenue growth to moderate as pricing benefits should fade and growth would have to be volume-led,” said a report by BNP Paribas. There has been no aggressive price war as of now in the sector as of now, but if price cuts are not taken by large players in the segment, it might lead to unorganized players gaining market share. In the last one year, many consumers have ‘downtraded’ to unbranded products or local brands during periods of high inflation. “Prices of most stock keeping units (SKUs) have increased sharply over the last two years. Soap and detergent prices have risen 40-50% over that period. So far the price cuts have been limited and largely confined to the value segment. We believe price cuts might be needed to drive volumes,” said BNP Paribas. Without pricing strategies laid out, most FMCG players might see revenue growth challenges re-emerge this year, especially in the second half. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">IT sector Q1 earnings preview: All eyes on deal wins, revenue guidance cuts</a> <a href="https://www.businessinsider.in/thelife/news/want-your-veggies-to-taste-like-chocolate-a-vr-glass-may-help-trick-your-mind/articleshow/101487079.cms">Want your veggies to taste like chocolate? A VR glass may help trick your mind</a>

You Searched For "hul quarter" and got 7 results

Hindustan Unilever shares tumble over 6% post Q2 results

BI India Bureau

Amidst slowdown, noodle and biscuit sales see an uptick in rural areas

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Local brands rise as Indians flirt with newbies

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Price cuts might not bring in volume growth for FMCG majors in Q2 say analysts

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HUL spent Rs 2,255 crore on advertising between April and September this year

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HUL spent Rs 1,193 crore on advertising between October and December 2021

BI India Partner

FMCG sector Q1 preview — Caught between price cuts and volume growth

Katya Naidu

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