Agreed.
Adjusted for DDT,HUL has paid over 90% of the earnings as dividends.
The reason behind high dividend payment is thats the only way parent MNC makes money (other than royalty
expand margins further by 8-10% in the next few years.
due to emergence of organized retail and thus birth of private brands, margin for FMCG has shrunk.
Check US market and especially how COSTCO and Walmart are going after brand that have high profit margin.