Hindustan Unilever Ltd’s (HUL) March quarter results are far from inspiring. The company’s volume growth stood at 4% versus analysts’ expectations of 5-6%. Revenue and margin performance too wasn’t particularly striking. Helped by pricing growth, HUL’s revenue rose by 10.6% year-on-year (y-o-y) to ₹14,893 crore last quarter, falling short of analysts’ estimates.
As such, pricing growth was a key factor that helped HUL clock double-digit revenue growth for the year as a whole. But repeating the same feat this year could be a tall ask. “FY24 revenue growth will be lower than what HUL clocked in FY23. For one, rural demand recovery is likely to be gradual. Secondly, with price hikes now in the base, revenue growth needs to be driven by volume which will pick up only gradually. We expect FY24 revenue growth to be in high single digit," said Alok Shah, an analyst at Ambit Capital. Hence, a lot depends on how rural demand shapes up in this financial year.
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