HLL: Topline trend disappoints - Views on News from Equitymaster

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HLL: Topline trend disappoints

Feb 17, 2004

FMCG major, Hindustan Lever's topline growth uptrend seems to have hit a roadblock in 4QFY04. The company has reported nearly 2% dip in topline during the December quarter. Bottomline growth was a marginal 3% YoY. For the full year FY04, HLL has reported 1.8% topline growth, but a flattish bottomline. Let's have a detailed look behind the performance.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 26,345 25,835 -1.9% 99,549 101,384 1.8%
Other Income 1,007 1,011 0.3% 3,845 4,598 19.6%
Total expenditure 20,103 19,732 -1.8% 79,990 81,617 2.0%
Operating Profit (EBDIT) 6,242 6,103 -2.2% 19,559 19,767 1.1%
Operating Profit Margin (%) 23.7% 23.6% 19.6% 19.5%
Interest 14 323 2225.2% 92 668 627.2%
Depreciation 328 329 0.5% 1,341 1,248 -6.9%
Profit before Tax & extraordinary income 6,908 6,461 -6.5% 21,971 22,449 2.2%
Extraordinary income -763 -676 -11.4% 384 -325 -184.7%
Tax 1,339 838 -37.4% 4,658 4,406 -5.4%
Profit after Tax/(Loss) 4,806 4,947 2.9% 17,697 17,718 0.1%
Effective tax rate (%) 19.4% 13.0% 21.2% 19.6%
Net profit margin (%) 18.2% 19.1% 17.8% 17.5%
No. of Shares (eoy) (m) 2201.2 2201.2 2201.2 2201.2
Earnings per share (Rs)* 8.7 9.0 8.0 8.0
Current P/e ratio (incl. Extraordinary income) (x) 21.9 24.5
*(annualised)

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