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 561,547 Cr.
  • Current Price 2,390
  • High / Low 2,506 / 1,902
  • Stock P/E 68.7
  • Book Value 203
  • Dividend Yield 1.30 %
  • ROCE 39.2 %
  • ROE 29.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 48.82%
  • Company has been maintaining a healthy dividend payout of 92.52%

Cons

  • Stock is trading at 11.78 times its book value
  • The company has delivered a poor sales growth of 7.88% over past five years.
  • Promoter holding has decreased over last 3 years: -5.29%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
9,778 9,490 9,841 10,201 10,364 10,105 10,103 9,211 10,731 11,683 12,181 12,433
7,459 7,416 7,748 7,807 7,654 7,603 7,574 7,119 8,036 8,758 9,218 9,391
Operating Profit 2,319 2,074 2,093 2,394 2,710 2,502 2,529 2,092 2,695 2,925 2,963 3,042
OPM % 24% 22% 21% 23% 26% 25% 25% 23% 25% 25% 24% 24%
Other Income 72 186 15 49 166 76 5 205 35 10 3 123
Interest 7 10 9 7 27 34 27 30 31 31 44 11
Depreciation 138 140 143 144 229 254 248 271 257 265 286 266
Profit before tax 2,246 2,110 1,956 2,292 2,620 2,290 2,259 1,996 2,442 2,639 2,636 2,888
Tax % 30% 30% 26% 31% 31% 21% 28% 24% 22% 25% 26% 24%
Net Profit 1,565 1,478 1,440 1,571 1,792 1,814 1,627 1,515 1,898 1,974 1,937 2,186
EPS in Rs 7.23 6.83 6.65 7.26 8.28 8.38 7.52 7.00 8.08 8.40 8.24 9.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
17,738 20,023 23,436 27,004 29,234 31,972 32,186 33,162 35,545 39,310 39,783 47,028
15,373 17,325 19,982 22,844 24,502 26,576 26,276 26,895 28,140 30,434 30,004 35,403
Operating Profit 2,364 2,697 3,455 4,160 4,732 5,396 5,910 6,267 7,405 8,876 9,779 11,625
OPM % 13% 13% 15% 15% 16% 17% 18% 19% 21% 23% 25% 25%
Other Income 629 490 402 1,183 820 1,264 486 667 447 326 506 171
Interest 7 1 2 26 41 18 17 35 26 33 118 117
Depreciation 192 229 234 251 296 322 353 432 520 565 1,002 1,074
Profit before tax 2,794 2,957 3,622 5,066 5,215 6,320 6,026 6,467 7,306 8,604 9,165 10,605
Tax % 23% 22% 23% 24% 24% 31% 31% 31% 28% 30% 26% 25%
Net Profit 2,157 2,296 2,791 3,829 3,946 4,363 4,151 4,476 5,214 6,054 6,748 7,995
EPS in Rs 9.89 10.63 12.91 17.71 18.24 20.17 19.18 20.68 24.09 27.97 31.17 34.03
Dividend Payout % 66% 61% 58% 104% 71% 74% 83% 82% 83% 78% 80% 119%
Compounded Sales Growth
10 Years:9%
5 Years:8%
3 Years:10%
TTM:18%
Compounded Profit Growth
10 Years:15%
5 Years:14%
3 Years:16%
TTM:19%
Stock Price CAGR
10 Years:23%
5 Years:23%
3 Years:17%
1 Year:20%
Return on Equity
10 Years:63%
5 Years:54%
3 Years:49%
Last Year:29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 2,451 2,519 3,465 2,649 3,321 3,811 6,357 6,528 7,065 7,651 8,013 47,439
Borrowings 11 0 0 25 46 43 177 277 0 99 0 0
6,826 7,613 7,726 9,202 10,171 10,359 8,043 8,685 10,581 10,663 11,924 21,083
Total Liabilities 9,506 10,348 11,407 12,092 13,754 14,430 14,793 15,706 17,862 18,629 20,153 68,757
2,214 2,223 2,263 2,431 2,746 2,821 3,258 4,419 4,528 4,715 5,479 51,443
CWIP 280 289 228 222 373 516 408 229 461 406 597 745
Investments 1,224 1,188 2,322 2,252 2,838 3,025 2,592 3,794 2,873 2,716 1,255 2,709
5,787 6,647 6,595 7,186 7,797 8,067 8,535 7,264 10,000 10,792 12,822 13,860
Total Assets 9,506 10,348 11,407 12,092 13,754 14,430 14,793 15,706 17,862 18,629 20,153 68,757

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3,480 1,924 2,932 3,605 3,818 3,292 4,171 5,185 6,059 5,800 7,623 9,163
-1,144 -327 -514 63 -475 138 -282 -1,173 -1,063 -438 1,791 -1,528
-2,188 -2,283 -1,726 -4,147 -2,960 -3,462 -3,864 -4,214 -4,975 -5,390 -6,819 -9,309
Net Cash Flow 148 -687 692 -480 383 -33 25 -202 21 -28 2,595 -1,674

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 103% 99% 106% 131% 148% 140% 112% 91% 103% 116% 117% 39%
Debtor Days 14 18 13 13 13 12 14 12 13 17 11 14
Inventory Turnover 3.28 3.44 3.86 4.56 4.55 4.81 4.87 5.33 5.72 6.36 5.95 6.98

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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