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HLL: Improved topline trend

Jan 29, 2003

FMCG major, Hindustan Unilever's (HLL's) topline degrowth is showing signs of slowing down. The company has reported little over 2% dip in topline in the December quarter, which is much better than what it had reported in the previous quarters of FY03. The sales trend reads like this: down 10% in March quarter, -9% in June quarter and -7% in September quarter during 2002. Compared to the aforesaid figures, the topline performance reported in 4QFY03 is an encouraging sign. HLL has finished FY03 with a 6.7% decline in topline, its worst performance in recent years.

(Rs m) 4QFY02 4QFY03 Change FY02 FY03 Change
Net Sales 26,967 26,345 -2.3% 106,676 99,549 -6.7%
Other Income 750 1,007 34.2% 3,818 3,845 0.7%
Total expenditure 21,202 20,103 -5.2% 89,536 79,990 -10.7%
Operating Profit (EBDIT) 5,765 6,242 8.3% 17,140 19,559 14.1%
Operating Profit Margin (%) 21.4% 23.7%   16.1% 19.6%  
Interest 19 14 -28.4% 77 92 18.6%
Depreciation 394 328 -16.8% 1,447 1,341 -7.3%
Profit before Tax & extraordinary income 6,102 6,908 13.2% 19,434 21,971 13.1%
Extraordinary income -636 -763 - 1,004 384 -61.7%
Tax 1,102 1,479 34.2% 4,024 4,799 19.2%
Profit after Tax/(Loss) 4,364 4,665 6.9% 16,413 17,557 7.0%
Effective tax rate (%) 18.1% 21.4%   20.7% 21.8%  
Net profit margin (%) 16.2% 17.7%   15.4% 17.6%  
No. of Shares (eoy) (m) 2201.2 2201.2   2201.2 2201.2  
Earnings per share* 7.9 8.5   7.5 8.0  
*(annualised)        
Current P/e ratio (incl. Extraordinary income)   20.5     21.8  

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