Hindustan Unilever Ltd

About

Hindustan Unilever is in the FMCG business comprising primarily of Home Care, Beauty & Personal Care and Foods & Refreshment segments. The Company has manufacturing facilities across the country and sells primarily in India.

  • Market Cap 513,190 Cr.
  • Current Price 2,184
  • High / Low 2,614 / 1,756
  • Stock P/E 70.4
  • Book Value 199
  • Dividend Yield 1.14 %
  • ROCE 120 %
  • ROE 87.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 83.44%
  • Company has been maintaining a healthy dividend payout of 80.45%

Cons

  • Stock is trading at 11.00 times its book value
  • The company has delivered a poor growth of 4.71% over past five years.
  • Promoter holding has decreased over last 3 years: -5.29%
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
8,590 9,097 9,487 9,234 9,558 9,945 10,114 9,852 9,808 9,011 10,560 11,442
6,916 7,049 7,236 7,215 7,512 7,624 7,481 7,415 7,365 6,963 7,916 8,573
Operating Profit 1,674 2,048 2,251 2,019 2,046 2,321 2,633 2,437 2,443 2,048 2,644 2,869
OPM % 19% 23% 24% 22% 21% 23% 26% 25% 25% 23% 25% 25%
Other Income 137 36 76 270 44 47 168 139 43 225 38 70
Interest 5 4 7 7 7 7 24 31 25 26 29 29
Depreciation 121 128 127 130 133 134 214 237 232 255 242 249
Profit before tax 1,685 1,952 2,193 2,152 1,950 2,227 2,563 2,308 2,229 1,992 2,411 2,661
Tax % 21% 31% 30% 29% 26% 31% 32% 20% 28% 24% 22% 24%
Net Profit 1,326 1,351 1,529 1,525 1,444 1,538 1,755 1,848 1,616 1,519 1,881 2,009
EPS in Rs 6.13 6.24 7.06 7.05 6.67 7.10 8.11 8.54 7.46 7.02 8.01 8.55
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
20,205 17,502 19,736 22,116 25,810 28,019 30,806 31,061 31,890 34,525 38,224 38,785 40,821
17,797 15,158 17,071 18,860 21,846 23,554 25,611 25,422 25,900 27,305 29,587 29,257 30,817
Operating Profit 2,408 2,344 2,664 3,257 3,964 4,465 5,194 5,639 5,990 7,220 8,637 9,528 10,004
OPM % 12% 13% 14% 15% 15% 16% 17% 18% 19% 21% 23% 25% 25%
Other Income 813 666 494 432 1,255 860 1,296 643 824 563 437 608 376
Interest 25 7 0 1 25 36 17 15 22 20 28 106 109
Depreciation 195 184 221 218 236 261 287 321 396 478 524 938 978
Profit before tax 3,001 2,820 2,937 3,469 4,958 5,028 6,187 5,946 6,396 7,285 8,522 9,092 9,293
Tax % 17% 22% 21% 22% 23% 23% 30% 30% 30% 28% 29% 26%
Net Profit 2,496 2,202 2,306 2,691 3,797 3,867 4,315 4,137 4,490 5,237 6,036 6,738 7,025
EPS in Rs 11.45 10.09 10.68 12.45 17.56 17.88 19.95 19.12 20.75 24.19 27.88 31.12 31.04
Dividend Payout % 65% 64% 61% 60% 105% 73% 75% 84% 82% 82% 79% 80%
Compounded Sales Growth
10 Years:8%
5 Years:5%
3 Years:7%
TTM:3%
Compounded Profit Growth
10 Years:13%
5 Years:14%
3 Years:16%
TTM:9%
Stock Price CAGR
10 Years:22%
5 Years:21%
3 Years:20%
1 Year:8%
Return on Equity
10 Years:86%
5 Years:81%
3 Years:83%
Last Year:88%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
218 218 216 216 216 216 216 216 216 216 216 216 235
Reserves 1,844 2,365 2,444 3,297 2,458 3,061 3,508 6,063 6,274 6,859 7,443 7,815 46,409
Borrowings 422 0 0 0 0 0 0 0 0 0 0 0 0
5,784 6,733 7,503 7,445 8,838 9,721 9,909 7,641 8,261 10,074 10,206 11,571 20,264
Total Liabilities 8,267 9,317 10,163 10,958 11,512 12,998 13,634 13,920 14,751 17,149 17,865 19,602 66,908
1,607 2,162 2,169 2,147 2,293 2,422 2,458 2,914 4,024 4,142 4,343 5,056 50,910
CWIP 472 274 289 215 216 320 479 386 203 430 373 513 549
Investments 333 1,264 1,261 2,438 2,331 3,094 3,278 2,780 3,779 3,111 2,949 1,500 1,878
5,856 5,617 6,444 6,157 6,673 7,162 7,420 7,840 6,745 9,466 10,200 12,533 13,571
Total Assets 8,267 9,317 10,163 10,958 11,512 12,998 13,634 13,920 14,751 17,149 17,865 19,602 66,908

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
2,029 3,441 1,892 2,872 3,530 3,724 3,272 3,974 4,953 5,913 5,728 7,305
878 -1,146 -294 -452 34 -513 280 -51 -752 -1,261 -264 1,926
-1,330 -2,180 -2,276 -1,725 -4,160 -2,917 -3,450 -4,008 -4,264 -4,651 -5,462 -6,676
Net Cash Flow 1,576 115 -678 695 -597 294 101 -85 -63 1 2 2,555

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 150% 107% 102% 105% 135% 154% 150% 120% 97% 109% 119% 120%
Debtor Days 10 14 17 11 12 11 9 12 11 12 16 10
Inventory Turnover 4.20 3.30 3.48 3.80 4.68 4.71 5.05 5.15 5.55 5.95 6.57 6.14

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
67.19 67.19 67.19 67.19 67.19 67.19 67.18 67.18 67.18 67.18 61.90 61.90
12.89 12.56 12.15 12.11 11.96 11.83 12.06 12.40 12.32 12.10 14.81 14.54
6.30 6.85 7.27 7.31 7.44 7.03 6.93 6.67 6.68 6.67 8.34 10.82
13.62 13.39 13.39 13.39 13.41 13.95 13.82 13.74 13.82 14.05 14.95 12.74

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