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HUL Q3FY21 results and investor call takeaways - YES Securities Posted On: Good topline performance with improving demand, but margins surprise negatively; expect a phase of consolidation Mr. Himanshu Nayyar, Lead Analyst - Institutional Equities at YES SECURITIES Our view - While growth coming back to 7% was a positive, we do not find the 4% volume growth very exciting. The decline in margins was slightly disappointing as well especially in light of recent RM inflation. While the management s strategy of prioritizing growth over margins in the near term is a positive, this could lead to some sort of a cap on margins thereby leading to some earnings downgrades. With the stock trading at 50x FY23 earnings, we don t expect a further re-rating in the near-term and expect peers like Marico, Nestle, Tata Consumer, Emami to perform relatively better.

India generalUnited statesHimanshu nayyarTime zoneLead analystTata consumerஇந்தியா ஜநரல்ஒன்றுபட்டது மாநிலங்களில்ஹிமான்ஷு நய்யார்நேரம் ஸோந்வழி நடத்து ஆய்வாளர்டாடா நுகர்வோர்