Hindustan Unilever (HUL), a major FMCG company, has reported a consolidated net profit of INR 2,601 crore for the March quarter of the financial year 2022-23 (Q4FY23), up by 12.74% YoY from INR 2,307 crore in the same quarter of the previous year. The company’s total consolidated income for Q4FY23 stood at INR 15,375 crore, up 11% YoY from INR 13,846 crore in Q4FY22. HUL’s total consolidated sales for the quarter were INR 14,953 crore, up by 11% YoY.

Revenue Growth Across Segments, Dividend Announced

HUL’s home care segment’s revenue rose to INR 5,637 crore in Q4FY23, up by 18.85% YoY from INR 4,743 crore, while the revenue of the beauty and personal care segment rose to INR 5,257 crore, up by 10.84% YoY from INR 4,743 crore. However, the foods and refreshment segment’s revenue grew by only 2.6% YoY, reaching INR 3,794 crore from INR 3,698 crore in the same quarter of the previous year. The company’s total segment revenue for the quarter was INR 15,215 crore, up by 10.52% YoY from INR 13,767 crore in Q4FY22.

The HUL board of directors recommended a final dividend of INR 22 per share for FY23, and with the interim dividend of INR 17 per share already paid on November 2, 2022, the total dividend for the financial year 2022-23 amounts to INR 39 per share, as per the company’s BSE filing.

EBITDA Growth and Subsidiary Acquisition

HUL’s earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 8% to INR 3,574 crore in Q4FY23. The company also completed the acquisition of a 51% shareholding (fully diluted basis) of Zywie Ventures Private Limited on January 10, 2023, which has been accounted for as a subsidiary in the consolidated financial statements since then.

Brokerage Firm’s Analysis and Outlook

ICICI Securities, a brokerage firm, said that HUL’s Q4FY23 results were below its estimates on the revenue and operating profit front. The firm stated that the prices of major Crude Oil and palm oil-related commodities have come down significantly in the last six to eight months, resulting in a sequential improvement in margins for the company. However, the extent of improvement was below ICICI Securities’ estimate. The brokerage firm believed that HUL was aggressively passing on the benefit of low commodity prices in terms of price cuts or grammage increases to boost volumes. Despite a low base, volume growth of 5% in FY23 remained at the lower end. The sales of discretionary categories in BPC and malt beverage brands in the foods segment continued to remain under pressure. ICICI Securities remained cautious about HUL’s growth outlook, as well as the possibility of margin expansion, given the highly competitive activity.


HUL’s Q4FY23 results showed strong revenue growth across most segments, with a consolidated net profit of INR 2,601 crore, up by 12.74% YoY. However, the foods and refreshment segment’s revenue growth was only 2.6