Hindustan Unilever (HUL)’s performance for 2QFY2017 was below expectations
on the top-line front; however, the bottom-line front performed well. For the
quarter, the company’s top-line grew by 1.4% yoy to Rs7,843cr, while the reported
PAT grew by ~12% yoy to Rs1,096cr. We expect HUL to post ~7% and ~9% CAGR in its
top-line and bottom-line, respectively, over FY2016-18E. At the current market
price, the stock is trading at 37.3x its FY2018E earnings. We maintain our
Neutral view on the stock.

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