One of India’s largest consumer goods companies, Hindustan Unilever Ltd (HUL) has announced it financial results for the quarter ending March 2025. The giant recorded 3% YoY growth in revenue during Q4, however, the profits of the company witnessed a dip of 3.4% during the same period.
Looking ahead, the company expects to grow its margins gradually amid portfolio expansion and improving macroeconomic conditions. Let’s decode its financial performance in detail.
HUL Posts 3% YoY Growth in Q4 FY25
Hindustan Unilever’s revenue from operations grew 3% to ₹15,670 crore during the closing quarter of FY25 as compared to ₹15,210 crore generated in the same quarter of the previous financial year.
The total revenue of the company (including non-operating income) went up 3.5% to ₹15,979 crore during the quarter. It posted an EBITDA of ₹3,466 crore in Q4, which barely increased 0.9% from ₹3,435 crore a year ago.
| Financials | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | YoY Change |
| Operating revenue | 15,670 | 15,210 | 3.0% |
| Total revenue | 15,979 | 15,441 | 3.5% |
| EBITDA | 3,466 | 3,435 | 0.9% |
| PAT | 2,475 | 2,561 | -3.4% |
Source: Company filings
Coming to the bottom line, profit after tax slipped 3.4% during the period to ₹2,475 crore against ₹2,561 crore booked in Q4 of FY24.
Moreover, the annual operating revenue of the company increased 2% to ₹63,121 crore in FY25 from ₹61,896 crore in FY24. Its total revenue for the year was recorded at ₹64,138 crore.
Though the quarterly profits for the company went down, its annual profit after tax increased 3.8% to ₹10,671 crore in FY25. In FY24, the profits were at ₹10,282 crore.
| Financials | FY25 (₹ Cr) | FY24 (₹ Cr) | YoY Change |
| Operating revenue | 63,121 | 61,896 | 2.0% |
| Total revenue | 64,138 | 62,707 | 2.3% |
| PAT | 10,671 | 10,282 | 3.8% |
Source: Company filings
On the expense side, the cost of materials (after adjusting for purchases and changes in inventory) increased 5% to ₹7,623 crore and formed 61.1% of the overall expenditure of the company in Q4 FY25. Employee benefits were another major cost, which went up 2.9% to ₹856 crore during the period.
Post announcement of Q4 results, HUL’s share price slid over 4% on April 24, 2025.
How does HUL make money?
Incorporated in 1933, HUL is a subsidiary of Unilever, a British-Dutch multinational. HUL's operations span across food, home care, personal care, and water purifier categories. Its top products include soaps, detergents, shampoos, skin care products, toothpastes, and deodorants.
As much as 37.11% of the FMCG company’s revenue comes from the sale of home care products. Collection from this vertical increased 1.9% to ₹5,815 crore in Q4. Other major revenue categories are food (24.86%), beauty & wellbeing (20.84%), and personal care (13.57%). Growth-wise, beauty & wellbeing product sales saw a decent 6.6% YoY growth to ₹3,265 crore in Q4.
| Segment Revenue | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | YoY Change |
| Home Care | 5,815.0 | 5,709.0 | 1.9% |
| Beauty & Wellbeing | 3,265.0 | 3,062.0 | 6.6% |
| Personal Care | 2,126.0 | 2,063.0 | 3.1% |
| Foods | 3,896.0 | 3,910.0 | -0.4% |
| Others (exports, consignment, etc.) | 568.0 | 466 | 21.9% |
| Total | 15,670.0 | 15,210.0 | 3.0% |
Source: Company filings
HUL's popular brands include Lux, Lifebuoy, Surf Excel, Rin, Sunsilk, Dove, Pond's, Fair & Lovely, Axe, Brooke Bond, Lipton, Bru, Knorr, Kissan, Kwality Wall's, and Pureit.
Why HUL Share Price Is Falling?
Despite revenue growth of 3% in Q4 and 2% during FY25, the company’s share slipped around 4% post-announcement of the results. This can be attributed to the fall in profits during Q4 and an expected moderate performance in the coming quarters.
The company, in its investor presentation, stated that the gross margins will be moderate in the coming quarters. HUL is expecting an EBITDA margin to be in the range of 22-23%, compared to the 23-24% expected earlier.
However, the company continued to expand its portfolio with the acquisition of D2C personal care brand Minimalist. HUL has completed the acquisition of a 90.5% stake in Minimalist for a deal size of ₹2,706.44 crore. In March, it received the Competition Commission of India (CCI) approval for the acquisition in March this year.
Summary
The FMCG company, HUL, reported a 3% YoY revenue growth in Q4, while its profit fell 3.4% to ₹2,475 crore. Segment-wise, beauty & wellbeing saw the highest growth at 6.6%, while food revenue slightly declined. Despite top-line growth, the stock dropped over 4% due to profit decline and lower margin guidance (EBITDA margin revised to 22–23%). Recently, HUL also completed its acquisition of D2C brand Minimalist for ₹2,706 crore, expanding its personal care portfolio. Since January, the company’s share price has dropped 0.19% and increased 3.89% in the last 12 months, as of April 25, 2025. HUL’s current market cap stands at ₹5.45 trillion, while its industry peers, Colgate-Palmolive and Procter & Gamble, currently stand with a market cap of ₹722 billion and ₹461 billion, respectively.
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