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 74.11%
Company has been maintaining a healthy dividend payout of 81.13%
Cons:
Stock is trading at 55.45 times its book value
The company has delivered a poor growth of 6.10% over past five years.
** Remarks:
Return on equity is exceptional

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

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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
9,778 9,490 9,841 10,201 10,364 10,105
7,459 7,416 7,748 7,807 7,654 7,603
Operating Profit 2,319 2,074 2,093 2,394 2,710 2,502
OPM % 24% 22% 21% 23% 26% 25%
Other Income 72 186 15 49 166 76
Interest 7 10 9 7 27 34
Depreciation 138 140 143 144 229 254
Profit before tax 2,246 2,110 1,956 2,292 2,620 2,290
Tax % 30% 30% 26% 31% 31% 21%
Net Profit 1,565 1,478 1,440 1,571 1,792 1,814
EPS in Rs 7.23 6.83 6.67 7.27 8.28 8.38
Notes Notes Notes Notes Notes Notes

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

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
13,829 20,458 17,738 20,023 23,436 27,004 29,234 31,972 32,186 33,162 35,545 39,310 40,511
12,007 18,017 15,373 17,325 19,982 22,844 24,502 26,576 26,276 26,895 28,140 30,434 30,812
Operating Profit 1,822 2,441 2,364 2,697 3,455 4,160 4,732 5,396 5,910 6,267 7,405 8,876 9,699
OPM % 13% 12% 13% 13% 15% 15% 16% 17% 18% 19% 21% 23% 24%
Other Income 674 814 629 490 402 1,183 820 1,264 486 667 447 326 306
Interest 26 26 7 1 2 26 41 18 17 35 26 33 77
Depreciation 142 200 192 229 234 251 296 322 353 432 520 565 770
Profit before tax 2,328 3,028 2,794 2,957 3,622 5,066 5,215 6,320 6,026 6,467 7,306 8,604 9,158
Tax % 18% 17% 23% 22% 23% 24% 24% 31% 31% 31% 28% 30%
Net Profit 1,915 2,505 2,157 2,296 2,791 3,829 3,946 4,363 4,151 4,476 5,214 6,054 6,617
EPS in Rs 7.16 8.17 8.79 9.56 11.69 14.63 16.07 17.18 15.89 20.72 24.14 28.03 30.60
Dividend Payout % 102% 65% 66% 61% 58% 104% 71% 74% 83% 82% 83% 78%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.75%
5 Years:6.10%
3 Years:6.89%
TTM:10.59%
Compounded Profit Growth
10 Years:9.64%
5 Years:11.54%
3 Years:14.11%
TTM:18.67%
Stock Price CAGR
10 Years:22.22%
5 Years:22.17%
3 Years:36.70%
1 Year:20.61%
Return on Equity
10 Years:82.53%
5 Years:77.84%
3 Years:74.11%
Last Year:81.95%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 1,290 1,919 2,451 2,519 3,465 2,649 3,321 3,811 6,357 6,528 7,065 7,651 7,817
Borrowings 102 434 11 0 0 25 46 43 177 277 0 99 79
5,396 6,066 7,034 7,806 7,924 9,420 10,412 10,637 8,396 9,103 10,994 11,115 12,544
Total Liabilities 7,006 8,637 9,714 10,541 11,605 12,310 13,995 14,707 15,146 16,124 18,275 19,081 20,656
1,559 1,658 2,214 2,223 2,263 2,431 2,746 2,821 3,258 4,419 4,528 4,715 5,540
CWIP 189 478 280 289 228 222 373 516 408 229 461 406 510
Investments 1,429 288 1,224 1,188 2,322 2,252 2,838 3,025 2,592 3,794 2,873 2,716 2,676
3,829 6,214 5,995 6,840 6,792 7,403 8,038 8,345 8,888 7,682 10,413 11,244 11,930
Total Assets 7,006 8,637 9,714 10,541 11,605 12,310 13,995 14,707 15,146 16,124 18,275 19,081 20,656

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,732 2,054 3,480 1,924 2,932 3,605 3,818 3,292 4,171 5,185 6,059 5,800
1,001 885 -1,144 -327 -514 63 -475 138 -282 -1,173 -1,063 -438
-2,932 -1,338 -2,188 -2,283 -1,726 -4,147 -2,960 -3,462 -3,864 -4,214 -4,975 -5,390
Net Cash Flow -198 1,602 148 -687 692 -480 383 -33 25 -202 21 -28

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 144% 103% 99% 106% 131% 148% 140% 112% 91% 103% 116%
Debtor Days 12 10 14 18 13 13 13 12 14 12 13 17
Inventory Turnover 7.67 8.93 7.38 7.85 8.46 10.05 10.36 11.05 11.55 12.59 14.07 15.46