Hindustan Unilever Ltd

Hindustan Unilever is Indias largest fast-moving consumer goods (fmcg) company with a historical presence in India of over 80 years. Nine out of ten Indian households use one or more of its brands to feel good, look good and get more out of life, giving them a unique opportunity to contribute towards a brighter future for its customers and consumers.(Source : 201903 Annual Report Page No: 2)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 77.26%
Company has been maintaining a healthy dividend payout of 81.00%
Cons:
Stock is trading at 55.59 times its book value
The company has delivered a poor growth of 6.41% 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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
7,705 8,213 8,529 8,309 8,590 9,097 9,487 9,234 9,558 9,945 10,114 9,852
6,356 6,566 6,667 6,637 6,916 7,049 7,236 7,215 7,512 7,624 7,481 7,415
Operating Profit 1,349 1,647 1,862 1,672 1,674 2,048 2,251 2,019 2,046 2,321 2,633 2,437
OPM % 18% 20% 22% 20% 19% 23% 24% 22% 21% 23% 26% 25%
Other Income 242 86 104 250 137 36 76 270 44 47 168 139
Interest 5 6 6 6 5 4 7 7 7 7 24 31
Depreciation 100 108 114 115 121 128 127 130 133 134 214 237
Profit before tax 1,486 1,619 1,846 1,801 1,685 1,952 2,193 2,152 1,950 2,227 2,563 2,308
Tax % 30% 27% 30% 29% 21% 31% 30% 29% 26% 31% 32% 20%
Net Profit 1,038 1,183 1,283 1,276 1,326 1,351 1,529 1,525 1,444 1,538 1,755 1,848
EPS in Rs 4.80 5.47 5.93 5.90 6.13 6.24 7.06 7.04 6.67 7.11 8.11 8.54
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
13,641 20,205 17,502 19,736 22,116 25,810 28,019 30,806 31,061 31,890 34,525 38,224 39,469
11,834 17,797 15,158 17,071 18,860 21,846 23,554 25,611 25,422 25,900 27,305 29,587 30,032
Operating Profit 1,807 2,408 2,344 2,664 3,257 3,964 4,465 5,194 5,639 5,990 7,220 8,637 9,437
OPM % 13% 12% 13% 14% 15% 15% 16% 17% 18% 19% 21% 23% 24%
Other Income 685 813 666 494 432 1,255 860 1,296 643 824 563 437 398
Interest 26 25 7 0 1 25 36 17 15 22 20 28 69
Depreciation 138 195 184 221 218 236 261 287 321 396 478 524 718
Profit before tax 2,328 3,001 2,820 2,937 3,469 4,958 5,028 6,187 5,946 6,396 7,285 8,522 9,048
Tax % 17% 17% 22% 21% 22% 23% 23% 30% 30% 30% 28% 29%
Net Profit 1,925 2,496 2,202 2,306 2,691 3,797 3,867 4,315 4,137 4,490 5,237 6,036 6,585
EPS in Rs 7.21 8.14 9.00 9.61 11.23 14.52 15.75 19.95 19.15 20.79 24.25 27.94 30.43
Dividend Payout % 102% 65% 64% 61% 60% 105% 73% 75% 84% 82% 82% 79%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.58%
5 Years:6.41%
3 Years:7.16%
TTM:8.41%
Compounded Profit Growth
10 Years:9.58%
5 Years:11.98%
3 Years:14.19%
TTM:14.90%
Stock Price CAGR
10 Years:21.59%
5 Years:22.49%
3 Years:33.73%
1 Year:31.97%
Return on Equity
10 Years:86.01%
5 Years:81.51%
3 Years:77.26%
Last Year:84.04%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
218 218 218 216 216 216 216 216 216 216 216 216 216
Reserves 1,221 1,844 2,365 2,444 3,297 2,458 3,061 3,508 6,063 6,274 6,859 7,443 7,628
Borrowings 89 422 0 0 0 0 0 0 0 0 0 0 0
5,302 5,968 6,936 7,692 7,634 9,049 9,956 10,180 7,983 8,673 10,472 10,645 12,005
Total Liabilities 6,830 8,452 9,519 10,352 11,147 11,723 13,233 13,905 14,262 15,163 17,547 18,304 19,849
1,523 1,607 2,162 2,169 2,147 2,293 2,422 2,458 2,914 4,024 4,142 4,343 5,110
CWIP 186 472 274 289 215 216 320 479 386 203 430 373 480
Investments 1,441 333 1,264 1,261 2,438 2,331 3,094 3,278 2,780 3,779 3,111 2,949 2,827
3,681 6,040 5,819 6,633 6,346 6,884 7,397 7,690 8,182 7,157 9,864 10,639 11,432
Total Assets 6,830 8,452 9,519 10,352 11,147 11,723 13,233 13,905 14,262 15,163 17,547 18,304 19,849

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,680 2,029 3,441 1,892 2,872 3,530 3,724 3,272 3,974 4,953 5,913 5,728
1,025 878 -1,146 -294 -452 34 -513 280 -51 -752 -1,261 -264
-2,921 -1,330 -2,180 -2,276 -1,725 -4,160 -2,917 -3,450 -4,008 -4,264 -4,651 -5,462
Net Cash Flow -216 1,576 115 -678 695 -597 294 101 -85 -63 1 2

Ratios Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 98% 150% 107% 102% 105% 135% 154% 150% 120% 97% 109% 119%
Debtor Days 12 10 14 17 11 12 11 9 12 11 12 16
Inventory Turnover 7.79 9.02 7.43 7.91 8.30 10.23 10.62 11.52 12.11 13.04 14.63 15.99