Hindustan Unilever Ltd

Hindustan Unilever Limited is engaged in fast-moving consumer goods business comprising home and personal care, foods and refreshments.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 76.03%
Company has been maintaining a healthy dividend payout of 82.60%
Cons:
Stock is trading at 52.16 times its book value
The company has delivered a poor growth of 5.99% over past five years.
** Remarks:
Return on equity is exceptional

Peer Comparison Sector: FMCG // Industry: Personal Care - Multinational

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
7,721 8,127 7,842 7,705 8,213 8,529 8,309 8,590 9,097 9,487 9,234 9,558
6,251 6,536 6,439 6,356 6,566 6,667 6,637 6,916 7,049 7,236 7,215 7,512
Operating Profit 1,470 1,591 1,403 1,349 1,647 1,862 1,672 1,674 2,048 2,251 2,019 2,046
OPM % 19% 20% 18% 18% 20% 22% 20% 19% 23% 24% 22% 21%
Other Income 154 223 273 242 86 104 250 137 36 76 270 44
Interest 2 6 5 5 6 6 6 5 4 7 7 7
Depreciation 88 93 95 100 108 114 115 121 128 127 130 133
Profit before tax 1,534 1,715 1,576 1,486 1,619 1,846 1,801 1,685 1,952 2,193 2,152 1,950
Tax % 27% 32% 30% 30% 27% 30% 29% 21% 31% 30% 29% 26%
Net Profit 1,114 1,174 1,096 1,038 1,183 1,283 1,276 1,326 1,351 1,529 1,525 1,444
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
12,075 13,641 20,205 17,502 19,736 22,116 25,810 28,019 30,806 31,061 31,890 34,525 37,376
10,645 11,834 17,797 15,158 17,071 18,860 21,846 23,554 25,611 25,422 25,900 27,305 29,012
Operating Profit 1,430 1,807 2,408 2,344 2,664 3,257 3,964 4,465 5,194 5,639 5,990 7,220 8,364
OPM % 12% 13% 12% 13% 14% 15% 15% 16% 17% 18% 19% 21% 22%
Other Income 899 685 813 666 494 432 1,255 860 1,296 643 824 563 426
Interest 11 26 25 7 0 1 25 36 17 15 22 20 25
Depreciation 130 138 195 184 221 218 236 261 287 321 396 478 518
Profit before tax 2,188 2,328 3,001 2,820 2,937 3,469 4,958 5,028 6,187 5,946 6,396 7,285 8,247
Tax % 15% 17% 17% 22% 21% 22% 23% 23% 30% 30% 30% 28%
Net Profit 1,855 1,925 2,496 2,202 2,306 2,691 3,797 3,867 4,315 4,137 4,490 5,237 5,849
EPS in Rs 7.57 7.21 8.14 9.00 9.61 11.23 14.52 15.75 19.95 19.15 20.79 24.25
Dividend Payout % 71% 102% 65% 64% 61% 60% 105% 73% 75% 84% 82% 82%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.73%
5 Years:5.99%
3 Years:3.87%
TTM:11.10%
Compounded Profit Growth
10 Years:11.84%
5 Years:10.53%
3 Years:13.02%
TTM:15.41%
Return on Equity
10 Years:88.96%
5 Years:85.11%
3 Years:76.03%
Last Year:77.57%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
221 218 218 218 216 216 216 216 216 216 216 216 216
Reserves 2,502 1,221 1,843 2,365 2,443 3,296 2,457 3,060 3,508 6,063 6,274 6,859 6,788
Borrowings 73 89 422 0 0 0 0 0 0 0 0 0 0
4,685 5,303 5,969 6,936 7,693 7,635 9,050 9,956 10,181 7,983 8,673 10,472 10,673
Total Liabilities 7,480 6,830 8,452 9,519 10,352 11,147 11,723 13,233 13,905 14,262 15,163 17,547 17,677
1,401 1,523 1,607 2,162 2,169 2,147 2,293 2,422 2,458 2,914 4,024 4,142 4,214
CWIP 110 186 472 274 289 215 216 320 479 386 203 430 452
Investments 2,414 1,441 333 1,264 1,261 2,438 2,331 3,094 3,278 2,780 3,779 3,111 3,795
3,555 3,681 6,040 5,819 6,633 6,346 6,884 7,397 7,690 8,182 7,157 9,864 9,216
Total Assets 7,480 6,830 8,452 9,519 10,352 11,147 11,723 13,233 13,905 14,262 15,163 17,547 17,677

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
1,595 1,680 2,029 3,441 1,892 2,872 3,530 3,724 3,272 3,974 4,953 5,916
-198 1,025 878 -1,146 -294 -452 34 -513 280 -51 -752 -1,264
-1,345 -2,921 -1,330 -2,180 -2,276 -1,725 -4,160 -2,917 -3,450 -4,008 -4,264 -4,651
Net Cash Flow 52 -216 1,576 115 -678 695 -597 294 101 -85 -63 1

Ratios Standalone / View Consolidated

Dec 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 71% 98% 150% 107% 102% 105% 135% 154% 150% 120% 97% 109%
Debtor Days 13 12 10 14 17 11 12 11 9 12 11 12
Inventory Turnover 8.42 7.79 9.02 7.43 7.91 8.30 10.23 10.62 11.52 12.11 13.04 14.63