Hindustan Unilever Ltd

About [ edit ]

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.#

Key Points [ edit ]
  • Market Cap 557,905 Cr.
  • Current Price 2,374
  • High / Low 2,506 / 1,955
  • Stock P/E 68.7
  • Book Value 202
  • Dividend Yield 1.31 %
  • ROCE 39.0 %
  • ROE 29.3 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 49.36%
  • Company has been maintaining a healthy dividend payout of 92.84%

Cons

  • Stock is trading at 11.76 times its book value
  • The company has delivered a poor sales growth of 8.17% 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

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
9,487 9,234 9,558 9,945 10,114 9,852 9,808 9,011 10,560 11,442 11,862 12,132
7,236 7,215 7,512 7,624 7,481 7,415 7,365 6,963 7,916 8,573 9,008 9,175
Operating Profit 2,251 2,019 2,046 2,321 2,633 2,437 2,443 2,048 2,644 2,869 2,854 2,957
OPM % 24% 22% 21% 23% 26% 25% 25% 23% 25% 25% 24% 24%
Other Income 76 270 44 47 168 139 43 225 38 70 55 123
Interest 7 7 7 7 24 31 25 26 29 29 41 9
Depreciation 127 130 133 134 214 237 232 255 242 249 272 249
Profit before tax 2,193 2,152 1,950 2,227 2,563 2,308 2,229 1,992 2,411 2,661 2,596 2,822
Tax % 30% 29% 26% 31% 32% 20% 28% 24% 22% 24% 26% 24%
Net Profit 1,529 1,525 1,444 1,538 1,755 1,848 1,616 1,519 1,881 2,009 1,921 2,143
EPS in Rs 7.06 7.05 6.67 7.10 8.11 8.54 7.46 7.02 8.01 8.55 8.18 9.12

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
17,502 19,736 22,116 25,810 28,019 30,806 31,061 31,890 34,525 38,224 38,785 45,996
15,158 17,071 18,860 21,846 23,554 25,611 25,422 25,900 27,305 29,587 29,257 34,672
Operating Profit 2,344 2,664 3,257 3,964 4,465 5,194 5,639 5,990 7,220 8,637 9,528 11,324
OPM % 13% 14% 15% 15% 16% 17% 18% 19% 21% 23% 25% 25%
Other Income 666 494 432 1,255 860 1,296 643 824 563 437 608 286
Interest 7 0 1 25 36 17 15 22 20 28 106 108
Depreciation 184 221 218 236 261 287 321 396 478 524 938 1,012
Profit before tax 2,820 2,937 3,469 4,958 5,028 6,187 5,946 6,396 7,285 8,522 9,092 10,490
Tax % 22% 21% 22% 23% 23% 30% 30% 30% 28% 29% 26% 24%
Net Profit 2,202 2,306 2,691 3,797 3,867 4,315 4,137 4,490 5,237 6,036 6,738 7,954
EPS in Rs 10.09 10.68 12.45 17.56 17.88 19.95 19.12 20.75 24.19 27.88 31.12 33.85
Dividend Payout % 64% 61% 60% 105% 73% 75% 84% 82% 82% 79% 80% 120%
Compounded Sales Growth
10 Years:9%
5 Years:8%
3 Years:10%
TTM:19%
Compounded Profit Growth
10 Years:14%
5 Years:14%
3 Years:15%
TTM:18%
Stock Price CAGR
10 Years:23%
5 Years:24%
3 Years:14%
1 Year:20%
Return on Equity
10 Years:65%
5 Years:55%
3 Years:49%
Last Year:29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
218 216 216 216 216 216 216 216 216 216 216 235
Reserves 2,365 2,444 3,297 2,458 3,061 3,508 6,063 6,274 6,859 7,443 7,815 47,199
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
6,733 7,503 7,445 8,838 9,721 9,909 7,641 8,261 10,074 10,206 11,571 20,682
Total Liabilities 9,317 10,163 10,958 11,512 12,998 13,634 13,920 14,751 17,149 17,865 19,602 68,116
2,162 2,169 2,147 2,293 2,422 2,458 2,914 4,024 4,142 4,343 5,056 51,027
CWIP 274 289 215 216 320 479 386 203 430 373 513 623
Investments 1,264 1,261 2,438 2,331 3,094 3,278 2,780 3,779 3,111 2,949 1,500 2,995
5,617 6,444 6,157 6,673 7,162 7,420 7,840 6,745 9,466 10,200 12,533 13,471
Total Assets 9,317 10,163 10,958 11,512 12,998 13,634 13,920 14,751 17,149 17,865 19,602 68,116

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3,441 1,892 2,872 3,530 3,724 3,272 3,974 4,953 5,913 5,728 7,305 8,957
-1,146 -294 -452 34 -513 280 -51 -752 -1,261 -264 1,926 -1,367
-2,180 -2,276 -1,725 -4,160 -2,917 -3,450 -4,008 -4,264 -4,651 -5,462 -6,676 -9,280
Net Cash Flow 115 -678 695 -597 294 101 -85 -63 1 2 2,555 -1,690

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 107% 102% 105% 135% 154% 150% 120% 97% 109% 119% 120% 39%
Debtor Days 14 17 11 12 11 9 12 11 12 16 10 13
Inventory Turnover 3.30 3.48 3.80 4.68 4.71 5.05 5.15 5.55 5.95 6.57 6.14 7.20

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
67.19 67.19 67.19 67.19 67.18 67.18 67.18 67.18 61.90 61.90 61.90 61.90
12.15 12.11 11.96 11.83 12.06 12.40 12.32 12.10 14.81 14.54 14.92 14.95
7.27 7.31 7.44 7.03 6.93 6.67 6.68 6.67 8.34 10.82 10.72 10.68
13.39 13.39 13.41 13.95 13.82 13.74 13.82 14.05 14.95 12.74 12.46 12.47

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