>Hindustan Unilever Ltd. (ANAGRAM)

HIGHLIGHTS

• HUL's numbers for the quarter ending December 2008 were in line with our expectations. The company reported a top line growth of 16.8% YoY and a bottom line growth of 11.1 YoY.
• Despite of the receding input costs the margins and did not improve significantly. The full benefit of these falling raw material prices will reflect from the next quarter.
• The Soap & Detergent segment grew by 25%, Personal products 12%, Beverages and Processed food by 24% and 19%, Ice creams 17%. On the other hand the Export segment and other products segment, which includes its water purifier business, saw a negative growth of 22.5% and 21%.
  

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