HUL reported Q2 turnover of ₹16,061 Cr, with 2% Underlying Sales Growth (USG). H1 USG was 3% (2% volume growth). EBITDA margin stood at 23.2% (Q2) and 23% (H1), reflecting strategic investments. PAT grew 4-5% due to one-off tax benefits, but PAT before exceptional items declined 4%. Interim dividend is ₹19 per share, totaling ₹4,464 Cr.
Management noted an estimated ~2% Q2 volume impact from GST transition, which caused short-term trade disruption continuing into October. Normalization is expected by early November, paving the way for H2 growth to be better than H1. Key priorities include sharpening consumer segmentation, elevating brand desirability with modern/premium offerings, accelerating future-fit channels like d-commerce/q-commerce (which doubled YoY), and scaling high-growth demand spaces. The Ice Cream demerger, anticipated by December, is expected to add 50-60 bps to the reported EBITDA margin, which remains guided at 22-23%. The company maintains a confident outlook, focusing on competitive, volume-led growth and market development.