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Consumer
We expect Hindustan Unilever to report a moderate 6% YoY growth in net
earnings. While momentum in topline should continue, we expect contribution
from realisation to turn positive after five quarters as the effect of price cuts is
already behind. We expect core Ebitda margins to contract 50bps YoY due to a
high input costs even while A&P should decline sharply from a high base.
We expect ITC’s 1Q earnings growth to come-in at 20%+ YoY. We estimate
cigarette volumes to grow by ~8% YoY driven by low base and expect
margins to improve by 100bps+ YoY driven by better mix along with price
hike. New FMCG losses should be down 30% YoY/8% QoQ, while agri business
Ebit should be up 13%.
United Spirits volumes growth should remain strong at 17% YoY aided by a
low base; benefit of input cost softening should be visible as we expect
margins to rise 150bps YoY and Ebitda is forecasted to rise by 30%.
We expect Nestle’s topline to grow at 20% and Ebitda should also rise by a
similar 25%. Colgate’s earnings should rise 8% while Dabur should report
11% rise.
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