Market Capitalization Net Revenue Net Profit Return on Equity ROCE Sales Growth Net Profit Growth

Rs. 6,29,162 RS. 1,16,862 Rs. 25,444 35.17% 46.88% 12.75% 12.81%

Sales Growth EBITDA Growth Net Profit Growth

140,000.0 40,000.0 30,000.0

120,000.0 35,000.0
25,000.0
30,000.0
100,000.0
20,000.0
25,000.0
80,000.0
20,000.0 15,000.0
60,000.0
15,000.0
10,000.0
40,000.0
10,000.0
20,000.0 5,000.0
5,000.0

0.0 0.0 0.0

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Share Price Valuation Multipliers Gross Profit Growth

3000
70000

2500 P/E 60000

62.0

50000
2000
40000
1500 EV/Revenue 10.3
30000

1000 20000

EV/EBITDA 42.5
500 10000

0
0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Cost Structure Dividend per share Growth EPS Growth

12.00% 45 50.0
40.5
39 43.2
40 45.0
10.00% 34 37.8
35 40.0
34.0
8.00% 35.0 31.3
30
25 30.0 28.1
25 22 24.2
6.00% 20 25.0
9.70% 9.68% 20
4.00% 20.0
6.55% 15
15.0
2.00% 10 10.0
5 5.0
0.00%
0 0.0
Cost of debt Cost of Equity WACC 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
Financial Modelling & DCF Valuation -
HINDUSTAN UNILEVER LTD

INCOME STATEMENT - HINDUSTAN UNILEVER LTD

HISTORICAL FORECASTED
₹ (in Crores) Mar/18A Mar/19A Mar/20A Mar/21A Mar/22A Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F

Sales ₹ 35,545.0 ₹ 39,310.0 ₹ 39,783.0 ₹ 47,028.0 ₹ 52,446.0 ₹ 60,580.0 ₹ 70,272.8 ₹ 80,755.2 ₹ 91,926.3 ₹ 103,646.9 ₹ 116,861.9
Sales Growth - 10.59% 1.20% 18.21% 11.52% 15.51% 16.00% 14.92% 13.83% 12.75% 12.75%

COGS ₹ 19,314.0 ₹ 21,081.0 ₹ 20,614.0 ₹ 25,301.0 ₹ 29,066.0 ₹ 35,381.0 ₹ 36,940.6 ₹ 41,710.3 ₹ 46,637.2 ₹ 51,632.8 ₹ 58,216.0
COGS % of Sales 54.34% 53.63% 51.82% 53.80% 55.42% 58.40% 52.57% 51.65% 50.73% 49.82% 49.82%

Gross Profit ₹ 16,231.0 ₹ 18,229.0 ₹ 19,169.0 ₹ 21,727.0 ₹ 23,380.0 ₹ 25,199.0 ₹ 33,332.2 ₹ 39,044.8 ₹ 45,289.1 ₹ 52,014.1 ₹ 58,645.8
Gross Profit Margin 45.66% 46.37% 48.18% 46.20% 44.58% 41.60% 47.43% 48.35% 49.27% 50.18% 50.18%

Selling and General Expenses ₹ 8,379.0 ₹ 9,027.0 ₹ 8,884.0 ₹ 9,931.0 ₹ 10,304.0 ₹ 10,604.0 ₹ 13,860.7 ₹ 15,928.3 ₹ 18,131.7 ₹ 20,443.5 ₹ 23,050.0
S&G Exp % of Sales 23.57% 22.96% 22.33% 21.12% 19.65% 17.50% 19.72% 19.72% 19.72% 19.72% 19.72%

EBITDA ₹ 7,852.0 ₹ 9,202.0 ₹ 10,285.0 ₹ 11,796.0 ₹ 13,076.0 ₹ 14,595.0 ₹ 19,471.4 ₹ 23,116.5 ₹ 27,157.4 ₹ 31,570.6 ₹ 35,595.8
EBITDA Margin 22.09% 23.41% 25.85% 25.08% 24.93% 24.09% 27.71% 28.63% 29.54% 30.46% 30.46%

Depreciation & Amortisation ₹ 520.0 ₹ 565.0 ₹ 1,002.0 ₹ 1,074.0 ₹ 1,091.0 ₹ 1,137.0 ₹ 1,014.2 ₹ 1,165.5 ₹ 1,326.8 ₹ 1,495.9 ₹ 1,686.7
D&A % of Sales 1.46% 1.44% 2.52% 2.28% 2.08% 1.88% 1.44% 1.44% 1.44% 1.44% 1.44%

EBIT (Earnings Before Interest & Tax) ₹ 7,332.0 ₹ 8,637.0 ₹ 9,283.0 ₹ 10,722.0 ₹ 11,985.0 ₹ 13,458.0 ₹ 18,457.2 ₹ 21,951.0 ₹ 25,830.7 ₹ 30,074.6 ₹ 33,909.1
EBIT Margin 20.63% 21.97% 23.33% 22.80% 22.85% 22.22% 26.27% 27.18% 28.10% 29.02% 29.02%

Interest ₹ 26.0 ₹ 33.0 ₹ 118.0 ₹ 117.0 ₹ 106.0 ₹ 114.0 ₹ 114.0 ₹ 114.0 ₹ 114.0 ₹ 114.0 ₹ 114.0
Int % of Sales 0.07% 0.08% 0.30% 0.25% 0.20% 0.19% 0.16% 0.14% 0.12% 0.11% 0.10%

EBT (Earnings Before Tax) ₹ 7,306.0 ₹ 8,604.0 ₹ 9,165.0 ₹ 10,605.0 ₹ 11,879.0 ₹ 13,344.0 ₹ 18,343.2 ₹ 21,837.0 ₹ 25,716.7 ₹ 29,960.6 ₹ 33,795.1
EBT Margin 20.55% 21.89% 23.04% 22.55% 22.65% 22.03% 26.10% 27.04% 27.98% 28.91% 28.92%

Tax Expenses ₹ 2,079.0 ₹ 2,544.0 ₹ 2,409.0 ₹ 2,606.0 ₹ 2,987.0 ₹ 3,201.0 ₹ 4,545.8 ₹ 5,406.3 ₹ 6,361.8 ₹ 7,407.1 ₹ 8,351.5
Effective Tax Rate 28.46% 29.57% 26.28% 24.57% 25.15% 23.99% 24.78% 24.76% 24.74% 24.72% 24.71%

Net Profit ₹ 5,227.0 ₹ 6,060.0 ₹ 6,756.0 ₹ 7,999.0 ₹ 8,892.0 ₹ 10,143.0 ₹ 13,797.4 ₹ 16,430.7 ₹ 19,354.8 ₹ 22,553.6 ₹ 25,443.7
Net Profit Margin 14.71% 15.42% 16.98% 17.01% 16.95% 16.74% 19.63% 20.35% 21.05% 21.76% 21.77%

No. of Equity Shares ₹ 216.0 ₹ 216.0 ₹ 216.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0

Earnings Per Share ₹ 24.2 ₹ 28.1 ₹ 31.3 ₹ 34.0 ₹ 37.8 ₹ 43.2 ₹ 58.7 ₹ 69.9 ₹ 82.4 ₹ 96.0 ₹ 108.3
EPS Growth - 15.94% 11.49% 8.83% 11.16% 14.07% 36.03% 19.09% 17.80% 16.53% 12.81%

Dividend Per Share ₹ 20.0 ₹ 22.0 ₹ 25.0 ₹ 40.5 ₹ 34.0 ₹ 39.0 - - - - -

Dividend Payout Ratio 82.65% 78.42% 79.93% 118.98% 89.86% 90.36% - - - - -

Retained Earnings in (₹) ₹ 4.2 ₹ 6.1 ₹ 6.3 - ₹ 3.8 ₹ 4.2 ₹ 58.7 ₹ 69.9 ₹ 82.4 ₹ 96.0 ₹ 108.3
In (%) 17.35% 21.58% 20.07% - 10.14% 9.64% 100.00% 100.00% 100.00% 100.00% 100.00%
 BALANCE SHEET - HINDUSTAN UNILEVER LTD
HISTORICAL FORECASTED
₹ (in Crores) Mar/18A Mar/19A Mar/20A Mar/21A Mar/22A Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F
Shareholders Equity
Equity Share Capital ₹ 216.0 ₹ 216.0 ₹ 216.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0 ₹ 235.0
Reserves ₹ 7,065.0 ₹ 7,651.0 ₹ 8,013.0 ₹ 47,439.0 ₹ 48,826.0 ₹ 50,069.0 ₹ 39,264.3 ₹ 46,795.1 ₹ 54,949.3 ₹ 63,027.3 ₹ 72,102.3
Total Shareholders Equity ₹ 7,281.0 ₹ 7,867.0 ₹ 8,229.0 ₹ 47,674.0 ₹ 49,061.0 ₹ 50,304.0 ₹ 39,499.3 ₹ 47,030.1 ₹ 55,184.3 ₹ 63,262.3 ₹ 72,337.3

Non-Current Liabilities
Borrowings - - - - - - - - - - -
Deferred tax liabilities ₹ 197.0 ₹ 217.0 ₹ 0.0 ₹ 5,988.0 ₹ 6,141.0 ₹ 6,421.0 ₹ 6,421.0 ₹ 6,421.0 ₹ 6,421.0 ₹ 6,421.0 ₹ 6,421.0
Long Term Provisions ₹ 800.0 ₹ 1,082.0 ₹ 1,227.0 ₹ 1,578.0 ₹ 1,580.0 ₹ 1,363.0 ₹ 1,363.0 ₹ 1,363.0 ₹ 1,363.0 ₹ 1,363.0 ₹ 1,363.0
Other financial liabilities ₹ 119.0 ₹ 177.0 ₹ 939.0 ₹ 1,027.0 ₹ 1,098.0 ₹ 1,667.0 ₹ 760.2 ₹ 840.7 ₹ 850.8 ₹ 1,005.8 ₹ 1,121.7
Non-current tax liabilities (net) ₹ 558.0 ₹ 601.0 ₹ 424.0 ₹ 1,367.0 ₹ 1,331.0 ₹ 1,086.0 ₹ 1,086.0 ₹ 1,086.0 ₹ 1,086.0 ₹ 1,086.0 ₹ 1,086.0
Total Non-Current Liabilities ₹ 1,674.0 ₹ 2,077.0 ₹ 2,590.0 ₹ 9,960.0 ₹ 10,150.0 ₹ 10,537.0 ₹ 9,630.2 ₹ 9,710.7 ₹ 9,720.8 ₹ 9,875.8 ₹ 9,991.7

Current Liabilities
Short Term Borrowings ₹ 0.0 ₹ 99.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 98.0 ₹ 48.4 ₹ 31.4 ₹ 8.2 ₹ 9.3 ₹ 10.4
Trade payables ₹ 7,170.0 ₹ 7,206.0 ₹ 7,535.0 ₹ 8,802.0 ₹ 9,068.0 ₹ 9,574.0 ₹ 12,369.3 ₹ 13,966.4 ₹ 15,616.1 ₹ 17,288.9 ₹ 19,493.2
Other current liabilities ₹ 1,049.0 ₹ 1,101.0 ₹ 1,747.0 ₹ 2,021.0 ₹ 2,016.0 ₹ 2,175.0 ₹ 2,562.0 ₹ 2,944.2 ₹ 3,351.5 ₹ 3,778.8 ₹ 4,260.6
Short Term Provisions ₹ 688.0 ₹ 523.0 ₹ 422.0 ₹ 507.0 ₹ 346.0 ₹ 389.0 ₹ 389.0 ₹ 389.0 ₹ 389.0 ₹ 389.0 ₹ 389.0
Total Current Liabilities ₹ 8,907.0 ₹ 8,929.0 ₹ 9,704.0 ₹ 11,330.0 ₹ 11,430.0 ₹ 12,236.0 ₹ 15,368.8 ₹ 17,331.0 ₹ 19,364.8 ₹ 21,465.9 ₹ 24,153.2

Total Liabilities ₹ 17,862.0 ₹ 18,873.0 ₹ 20,523.0 ₹ 68,964.0 ₹ 70,641.0 ₹ 73,077.0 ₹ 64,498.3 ₹ 74,071.8 ₹ 84,270.0 ₹ 94,604.0 ₹ 106,482.2

ASSETS
Non-Current Assets
Fixed Assets Net Block ₹ 4,528.0 ₹ 4,715.0 ₹ 5,479.0 ₹ 51,443.0 ₹ 51,473.0 ₹ 52,678.0 ₹ 39,000.7 ₹ 44,818.3 ₹ 51,018.2 ₹ 57,523.0 ₹ 64,857.2
Capital Work in Progress ₹ 461.0 ₹ 406.0 ₹ 597.0 ₹ 745.0 ₹ 1,313.0 ₹ 1,132.0 ₹ 775.7 ₹ 828.1 ₹ 898.5 ₹ 948.7 ₹ 982.7
Investments ₹ 2,873.0 ₹ 2,716.0 ₹ 1,255.0 ₹ 2,709.0 ₹ 3,521.0 ₹ 2,882.0 ₹ 4,382.9 ₹ 5,036.7 ₹ 5,733.4 ₹ 6,464.4 ₹ 7,288.7
Other Assets ₹ 2,692.0 ₹ 2,889.0 ₹ 4,163.0 ₹ 4,259.0 ₹ 4,156.0 ₹ 4,377.0 ₹ 5,808.4 ₹ 6,674.8 ₹ 7,598.1 ₹ 8,566.9 ₹ 9,659.2
Total Non-Current Assets ₹ 10,554.0 ₹ 10,726.0 ₹ 11,494.0 ₹ 59,156.0 ₹ 60,463.0 ₹ 61,069.0 ₹ 49,967.7 ₹ 57,357.9 ₹ 65,248.2 ₹ 73,503.1 ₹ 82,787.7

Current Assets
Receivables ₹ 1,310.0 ₹ 1,816.0 ₹ 1,149.0 ₹ 1,758.0 ₹ 2,236.0 ₹ 3,079.0 ₹ 2,843.4 ₹ 3,316.1 ₹ 3,696.2 ₹ 4,363.1 ₹ 5,011.2
Inventory ₹ 2,513.0 ₹ 2,574.0 ₹ 2,767.0 ₹ 3,579.0 ₹ 4,096.0 ₹ 4,251.0 ₹ 5,037.5 ₹ 5,802.1 ₹ 6,702.3 ₹ 7,614.9 ₹ 8,534.5
Cash & Bank ₹ 3,485.0 ₹ 3,757.0 ₹ 5,113.0 ₹ 4,471.0 ₹ 3,846.0 ₹ 4,678.0 ₹ 6,649.7 ₹ 7,595.7 ₹ 8,623.2 ₹ 9,122.9 ₹ 10,148.7
Total Current Assets ₹ 7,308.0 ₹ 8,147.0 ₹ 9,029.0 ₹ 9,808.0 ₹ 10,178.0 ₹ 12,008.0 ₹ 14,530.6 ₹ 16,713.9 ₹ 19,021.7 ₹ 21,100.9 ₹ 23,694.4

Total Assets ₹ 17,862.0 ₹ 18,873.0 ₹ 20,523.0 ₹ 68,964.0 ₹ 70,641.0 ₹ 73,077.0 ₹ 64,498.3 ₹ 74,071.8 ₹ 84,270.0 ₹ 94,604.0 ₹ 106,482.2

CHECK TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

CASH FLOW STATEMENT - HINDUSTAN UNILEVER LTD

HISTORICAL FORECASTED
₹ (in Crores) Mar/18A Mar/19A Mar/20A Mar/21A Mar/22A Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F
Cash From Operating Activity ₹ 6,059.0 ₹ 5,800.0 ₹ 7,623.0 ₹ 9,163.0 ₹ 9,048.0 ₹ 9,991.0 ₹ 13,129.8 ₹ 15,088.4 ₹ 17,175.6 ₹ 19,365.5 ₹ 21,834.6

Cash From Investing Activity (₹ 1,063.0) (₹ 438.0) ₹ 1,791.0 (₹ 1,228.0) (₹ 1,728.0) (₹ 1,484.0) (₹ 1,017.6) (₹ 1,169.4) (₹ 1,331.2) (₹ 1,500.9) (₹ 1,692.3)

Cash From Financing Activity (₹ 4,975.0) (₹ 5,390.0) (₹ 6,819.0) (₹ 9,309.0) (₹ 8,015.0) (₹ 8,953.0) (₹ 9,973.1) (₹ 11,460.7) (₹ 13,046.1) (₹ 14,709.5) (₹ 16,585.0)

Net Cash Flow ₹ 21.0 (₹ 28.0) ₹ 2,595.0 (₹ 1,374.0) (₹ 695.0) (₹ 446.0) ₹ 2,139.1 ₹ 2,458.2 ₹ 2,798.3 ₹ 3,155.1 ₹ 3,557.3
Assumption Conservative Case 1
SELECTED CASE 3 Base Case 2
Optimistic Case 3

Assumptions
Increase in industry Growth Rate 8%
Economy Growth Rate 7%
Company growth rate 14%
Tax Rate 30%
Interest Rate 0%
10 Year Bond Yield 7.00%
Market Cap 625320
Shares Outstanding 234.97
Current Market Price ( INR rs) 2,661

Rate weight Growth

Economy growth rate 7% 0.25 2%
Industry growth rate 8% 0.25 2%
Company growth rate 14% 0.5 7%
11%
 P&L ASSUMPTIONS
1 2 3 4 5 6 7 8 9 10 11
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
Rs in Cr Actual Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
Revenues 35,545.0 39,310.0 39,783.0 47,028.0 52,446.0 60,580.0 70,272.8 80,755.2 91,926.3 1,03,646.9 1,16,861.9
% growth 10.59% 1.20% 18.21% 11.52% 15.51% 16.00% 14.92% 13.83% 12.75% 12.75%
Conservative Case 12.50% 11.42% 10.33% 9.25% 9.25%
Base Case 14.00% 12.92% 11.83% 10.75% 10.75%
Optimistic Case 16.00% 14.92% 13.83% 12.75% 12.75%

COGS 19,314.0 21,081.0 20,614.0 25,301.0 29,066.0 35,381.0 36,940.6 41,710.3 46,637.2 51,632.8 58,216.0
% of Revenue 54.34% 53.63% 51.82% 53.80% 55.42% 58.40% 52.57% 51.65% 50.73% 49.82% 49.82%
Conservative Case 56.57% 55.65% 54.73% 53.82% 53.82%
Base Case 54.57% 53.65% 52.73% 51.82% 51.82%
Optimistic Case 52.57% 51.65% 50.73% 49.82% 49.82%

Selling and General expenses 8,379.0 9,027.0 8,884.0 9,931.0 10,304.0 10,604.0 13,860.7 15,928.3 18,131.7 20,443.5 23,050.0
% of Revenue 23.57% 22.96% 22.33% 21.12% 19.65% 17.50% 19.72% 19.72% 19.72% 19.72% 19.72%
Conservative Case 23.72% 23.72% 23.72% 23.72% 23.72%
Base Case 21.72% 21.72% 21.72% 21.72% 21.72%
Optimistic Case 19.72% 19.72% 19.72% 19.72% 19.72%

Depreciation 520.0 565.0 1,002.0 1,074.0 1,091.0 1,137.0 1,014.2 1,165.5 1,326.8 1,495.9 1,686.7
% of Revenue 1.46% 1.44% 2.52% 2.28% 2.08% 1.88% 1.44% 1.44% 1.44% 1.44% 1.44%
Conservative Case 2.44% 2.44% 2.44% 2.44% 2.44%
Base Case 1.94% 1.94% 1.94% 1.94% 1.94%
Optimistic Case 1.44% 1.44% 1.44% 1.44% 1.44%
EBIT 7,332.0 8,637.0 9,283.0 10,722.0 11,985.0 13,458.0 18,457.2 21,951.0 25,830.7 30,074.6 33,909.1

Interest 26.0 33.0 118.0 117.0 106.0 114.0 114.0 114.0 114.0 114.0 114.0
% of EBIT 0.35% 0.38% 1.27% 1.09% 0.88% 0.85% 0.62% 0.52% 0.44% 0.38% 0.34%

Tax 2,079.0 2,544.0 2,409.0 2,606.0 2,987.0 3,201.0 4,545.8 5,406.3 6,361.8 7,407.1 8,351.5
% of EBIT 28.36% 29.45% 25.95% 24.31% 24.92% 23.79% 24.63% 24.63% 24.63% 24.63% 24.63%
Conservative Case 28.13% 28.13% 28.13% 28.13% 28.13%
Base Case 26.13% 26.13% 26.13% 26.13% 26.13%
Optimistic Case 24.63% 24.63% 24.63% 24.63% 24.63%
PAT 5,227.0 6,060.0 6,756.0 7,999.0 8,892.0 10,143.0 13,797.4 16,430.7 19,354.8 22,553.6 25,443.7
Balance Sheet ASSUMPTIONS
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
Rs in Cr Actual Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
Equity Share Capital 216.0 216.0 216.0 235.0 235.0 235.0 235.0 235.0 235.0 235.0 235.0

Borrowings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other financial liabilities 119.0 177.0 939.0 1,027.0 1,098.0 1,667.0 760.2 840.7 850.8 1,005.8 1,121.7
% of Revenue 0.33% 0.45% 2.36% 2.18% 2.09% 2.75% 2.14% 2.14% 2.14% 2.14% 2.14%

Trade payables 7,170.0 7,206.0 7,535.0 8,802.0 9,068.0 9,574.0 12,369.3 13,966.4 15,616.1 17,288.9 19,493.2
Days payable 133.64 123.06 131.59 125.24 112.31 97.41 120.54 120.54 120.54 120.54 120.54

Short term borrowings 0.0 99.0 0.0 0.0 0.0 98.0 48.4 31.4 8.2 9.3 10.4
% of Revenue 0.00% 0.25% 0.00% 0.00% 0.00% 0.16% 0.07% 0.04% 0.01% 0.01% 0.01%

Other current liabilities 1,049.0 1,101.0 1,747.0 2,021.0 2,016.0 2,175.0 2,562.0 2,944.2 3,351.5 3,778.8 4,260.6
% of Revenue 2.95% 2.80% 4.39% 4.30% 3.84% 3.59% 3.65% 3.65% 3.65% 3.65% 3.65%

Fixed Assets 4,528.0 4,715.0 5,479.0 51,443.0 51,473.0 52,678.0 39,000.7 44,818.3 51,018.2 57,523.0 64,857.2
% of Revenue 12.74% 11.99% 13.77% 109.39% 98.14% 86.96% 55.50% 55.50% 55.50% 55.50% 55.50%

Capital work in progress 461.0 406.0 597.0 745.0 1,313.0 1,132.0 775.7 828.1 898.5 948.7 982.7

Investments 2,873.0 2,716.0 1,255.0 2,709.0 3,521.0 2,882.0 4,382.9 5,036.7 5,733.4 6,464.4 7,288.7
% of Revenue 8.08% 6.91% 3.15% 5.76% 6.71% 4.76% 6.24% 6.24% 6.24% 6.24% 6.24%

Other Assets 2,692.0 2,889.0 4,163.0 4,259.0 4,156.0 4,377.0 5,808.4 6,674.8 7,598.1 8,566.9 9,659.2
% of Revenue 7.57% 7.35% 10.46% 9.06% 7.92% 7.23% 8.27% 8.27% 8.27% 8.27% 8.27%

Accounts Receivables 1,310.0 1,816.0 1,149.0 1,758.0 2,236.0 3,079.0 2,843.4 3,316.1 3,696.2 4,363.1 5,011.2
Days Receivables 13.27 16.63 10.40 13.46 15.35 18.30 14.57 14.78 14.47 15.15 15.44

Inventory 2,513.0 2,574.0 2,767.0 3,579.0 4,096.0 4,251.0 5,037.5 5,802.1 6,702.3 7,614.9 8,534.5
% of Revenue 7.07% 6.55% 6.96% 7.61% 7.81% 7.02% 7.17% 7.18% 7.29% 7.35% 7.30%

Cash 3,485.0 3,757.0 5,113.0 4,471.0 3,846.0 4,678.0 6,649.7 7,595.7 8,623.2 9,122.9 10,148.7
% of Revenue 9.80% 9.56% 12.85% 9.51% 7.33% 7.72% 9.46% 9.41% 9.38% 8.80% 8.68%

Reserves 7,065.0 7,651.0 8,013.0 47,439.0 48,826.0 50,069.0 39,364.7 50,100.9 63,554.8 80,121.7 85,746.2
% of Revenue 19.88% 19.46% 20.14% 100.87% 93.10% 82.65% 56.02% 62.04% 69.14% 77.30% 73.37%

Revised reverse 39,264.3 46,795.1 54,949.3 63,027.3 72,102.3

-100.4 -3,305.8 -8,605.5 -17,094.4 -13,643.9

Cash Flow ASSUMPTIONS

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
Rs in Cr Actual Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast

CFO 6,059.0 5,800.0 7,623.0 9,163.0 9,048.0 9,991.0 13,129.8 15,088.4 17,175.6 19,365.5 21,834.6
% of Revenue 17.05% 14.75% 19.16% 19.48% 17.25% 16.49% 18.68% 18.68% 18.68% 18.68% 18.68%

CFI (1,063.0) (438.0) 1,791.0 (1,228.0) (1,728.0) (1,484.0) (1,017.6) (1,169.4) (1,331.2) (1,500.9) (1,692.3)
% of Revenue -2.99% -1.11% 4.50% -2.61% -3.29% -2.45% -1.45% -1.45% -1.45% -1.45% -1.45%

CFF (4,975.0) (5,390.0) (6,819.0) (9,309.0) (8,015.0) (8,953.0) (9,973.1) (11,460.7) (13,046.1) (14,709.5) (16,585.0)
% of Revenue -14.00% -13.71% -17.14% -19.79% -15.28% -14.78% -14.19% -14.19% -14.19% -14.19% -14.19%
 COMMON SIZE INCOME STATEMENT- HINDUSTAN UNILEVER LTD INCOME STATEMENT
PARTICULARS Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-23
Mar-22

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Mar-21

Raw Material Cost 43.25% 42.25% 40.96% 41.03% 40.04% 40.31% 39.46% 42.83% 43.61% 46.92% Mar-20

Change in Inventory 0.59% -0.18% -0.26% -0.43% 0.20% -0.03% 0.27% 0.86% 0.04% 0.12% Mar-19

Power and Fuel 1.24% 1.09% 0.96% 0.89% 0.83% 0.78% 0.75% 0.72% 0.61% 0.63% Mar-18

Other Mfr. Exp 10.06% 9.90% 9.22% 8.71% 8.43% 7.74% 7.30% 6.10% 6.40% 6.26% Mar-17

Employee Cost 5.38% 5.39% 5.22% 5.26% 5.23% 4.77% 4.57% 5.01% 4.85% 4.71% Mar-16

Selling and admin 20.93% 21.17% 20.94% 20.17% 20.40% 19.83% 19.15% 16.79% 15.57% 14.50% Mar-15

Other Expenses 3.45% 3.09% 4.08% 4.43% 4.16% 3.95% 4.26% 4.68% 4.50% 3.74% Mar-14

Other Income 2.71% 3.90% 1.51% 1.83% 0.99% 0.82% 1.09% 0.36% 0.42% 0.74% Raw Material Cost Change in Inventory Power and Fuel
Other Mfr. Exp Employee Cost Selling and admin
EBITDA 22.09% 23.41% 25.85% 25.08% 24.93% 24.09% 27.71% 28.63% 29.54% 30.46% Other Expenses Other Income EBITDA
Depreciation 1.01% 1.01% 1.10% 1.30% 1.46% 1.44% 2.52% 2.28% 2.08% 1.88% Depreciation Interest Profit before tax
Tax Net profit
Interest 0.14% 0.06% 0.05% 0.11% 0.07% 0.08% 0.30% 0.25% 0.20% 0.19%
Profit before tax 17.84% 19.77% 18.72% 19.50% 20.55% 21.89% 23.04% 22.55% 22.65% 22.03%
Tax 4.31% 6.08% 5.83% 5.96% 5.85% 6.47% 6.06% 5.54% 5.70% 5.28% ASSETS
Net profit 13.50% 13.65% 12.90% 13.50% 14.67% 15.40% 16.96% 17.00% 16.93% 16.71% 120.00%

100.00%

80.00%
COMMON SIZE BALANCE SHEET- HINDUSTAN UNILEVER LTD
60.00%
PARTICULARS Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
40.00%
Equity Share Capital 1.57% 1.50% 1.46% 1.38% 1.21% 1.16% 1.07% 0.34% 0.33% 0.32%
20.00%
Reserves 24.15% 26.41% 42.97% 41.56% 39.55% 41.07% 39.76% 69.01% 69.25% 68.52%
Borrowings 0.33% 0.30% 1.20% 1.76% 0.00% 0.53% 0.00% 1.47% 1.48% 1.67% 0.00%
Other Liabilities 73.95% 71.79% 54.37% 55.30% 59.24% 57.24% 59.17% 29.18% 28.94% 29.49%
Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Fixed Assets Capital Work in Progress
Investments Other Assets
Fixed Assets 19.97% 19.55% 22.02% 28.14% 25.35% 25.31% 27.19% 74.84% 73.01% 72.09% Receivables Inventory
Capital Work in Progress 2.71% 3.58% 2.76% 1.46% 2.58% 2.18% 2.96% 1.08% 1.86% 1.55%
Investments 20.64% 20.96% 17.52% 24.16% 16.08% 14.58% 6.23% 3.94% 4.99% 3.94% LIABILITIES
Other Assets 9.63% 10.52% 10.38% 11.52% 15.07% 15.51% 20.66% 6.20% 5.89% 5.99% 120.00%
Receivables 7.39% 7.00% 8.54% 6.91% 7.33% 9.75% 5.70% 2.56% 3.17% 4.21% 100.00%
Inventory 21.37% 19.74% 18.43% 16.18% 14.07% 13.82% 13.73% 5.21% 5.81% 5.82%
80.00%
Cash & Bank 18.29% 18.64% 20.34% 11.64% 19.51% 20.17% 25.37% 6.50% 5.45% 6.40%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 60.00%

40.00%

20.00%

0.00%

Equity Share Capital Reserves

Borrowings Other Liabilities
 RATIO ANALYSIS - HINDUSTAN UNILEVER LTD
HISTORICAL FORECASTED STATS
Years Mar/18A Mar/19A Mar/20A Mar/21A Mar/22A Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F Growth Trend Mean Median

Sales Growth - 10.59% 1.20% 18.21% 11.52% 15.51% 16.00% 14.92% 13.83% 12.75% 12.75% 12.73% 13.29%
EBITDA Growth - 17.19% 11.77% 14.69% 10.85% 11.62% 33.41% 18.72% 17.48% 16.25% 12.75% 16.47% 15.47%
EBIT Growth - 17.80% 7.48% 15.50% 11.78% 12.29% 37.15% 18.93% 17.67% 16.43% 12.75% 16.78% 15.97%
Net profit Growth - 15.94% 11.49% 18.40% 11.16% 14.07% 36.03% 19.09% 17.80% 16.53% 12.81% 17.33% 16.23%
Dividend Growth - 10.00% 13.64% 62.00% -16.05% 14.71% -100.00% - - - - -1.57% -

Gross Margin 45.66% 46.37% 48.18% 46.20% 44.58% 41.60% 47.43% 48.35% 49.27% 50.18% 50.18% 47.09% 47.43%
EBITDA Margin 22.09% 23.41% 25.85% 25.08% 24.93% 24.09% 27.71% 28.63% 29.54% 30.46% 30.46% 26.57% 25.85%
EBIT Margin 20.63% 21.97% 23.33% 22.80% 22.85% 22.22% 26.27% 27.18% 28.10% 29.02% 29.02% 24.85% 23.33%
EBT Margin 20.55% 21.89% 23.04% 22.55% 22.65% 22.03% 26.10% 27.04% 27.98% 28.91% 28.92% 24.70% 23.04%
Net Profit Margin 14.71% 15.42% 16.98% 17.01% 16.95% 16.74% 19.63% 20.35% 21.05% 21.76% 21.77% 18.40% 17.01%

SG&A expenses % Sales 23.57% 22.96% 22.33% 21.12% 19.65% 17.50% 19.72% 19.72% 19.72% 19.72% 19.72% 20.52% 19.72%
Depriciation % Sales 1.46% 1.44% 2.52% 2.28% 2.08% 1.88% 1.44% 1.44% 1.44% 1.44% 1.44% 1.72% 1.44%
Operating Income % Sales 20.63% 21.97% 23.33% 22.80% 22.85% 22.22% 26.27% 27.18% 28.10% 29.02% 29.02% 24.85% 23.33%

Return on Capital Employed 100.70% 109.79% 112.81% 22.49% 24.43% 26.75% 46.73% 46.67% 46.81% 47.54% 46.88% 57.42% 46.81%
Retained Earnings % 17.35% 21.58% 20.07% - 10.14% 9.64% 100.00% 100.00% 100.00% 100.00% 100.00% 52.62% 21.58%
Return on Equity % 71.79% 77.03% 82.10% 16.78% 18.12% 20.16% 34.93% 34.94% 35.07% 35.65% 35.17% 41.98% 35.07%
Self Sustained Growth Rate 12.46% 16.63% 16.48% 0.00% 1.84% 1.94% 34.93% 34.94% 35.07% 35.65% 35.17% 20.46% 16.63%
Interest Coverage Ratio 282.00x 261.73x 78.67x 91.64x 113.07x 118.05x 161.91x 192.55x 226.58x 263.81x 297.45x 18976.91% 19255.28%

Debtor Turnover Ratio 27.13x 21.65x 34.62x 26.75x 23.46x 19.68x 24.71x 24.35x 24.87x 23.76x 23.32x 24.94x 24.35x
Creditor Turnover Ratio 2.69x 2.93x 2.74x 2.87x 3.21x 3.70x 2.99x 2.99x 2.99x 2.99x 2.99x 3.01x 2.99x
Inventory Turnover Ratio 14.14x 15.27x 14.38x 13.14x 12.80x 14.25x 13.95x 13.92x 13.72x 13.61x 13.69x 13.90x 13.92x
Fixed Asset Turnover Ratio 7.85x 8.34x 7.26x 0.91x 1.02x 1.15x 1.80x 1.80x 1.80x 1.80x 1.80x 3.23x 1.80x
Capital Turnover Ratio 4.88x 5.00x 4.83x 0.99x 1.07x 1.20x 1.78x 1.72x 1.67x 1.64x 1.62x 2.40x 1.67x

(In days)
Debtor Days 13 17 11 14 16 19 15 15 15 15 16 15 15
Payable Days 136 125 133 127 114 99 122 122 122 122 122 122 122
Inventory Days 26 24 25 28 29 26 - - - - - 14 24
Cash Conversion Cycle -96 -84 -97 -86 -70 -55 - - - - - -44 -55

CFO/Sales 17.05% 14.75% 19.16% 19.48% 17.25% 16.49% 18.68% 18.68% 18.68% 18.68% 18.68% 17.96% 18.68%
CFO/Total Assets 33.92% 30.73% 37.14% 13.29% 12.81% 13.67% 20.36% 20.37% 20.38% 20.47% 20.51% 22.15% 20.38%
 ****** FORECASTING IS DONE BY USING LINEAR REGRESSION

HINDUSTAN UNILEVER LTD - Sales Forecasting HINDUSTAN UNILEVER LTD - EBITDA Forecasting HINDUSTAN UNILEVER LTD - Net Profit Forecasting
Year Weight Years Sales Sales Growth Year Weight Years EBITDA EBITDA Growth Year Weight Years Net Profit Net Profit Growth
1 2014A 29,233.7 - 1 2014A 5,551.4 - 1 2014A 3,945.6 -
2 2015A 31,972.2 9.37% 2 2015A 6,659.6 19.96% 2 2015A 4,363.1 10.58%
3 2016A 32,186.0 0.67% 3 2016A 6,396.0 -3.96% 3 2016A 4,151.0 -4.86%
4 2017A 33,162.0 3.03% 4 2017A 6,934.0 8.41% 4 2017A 4,476.0 7.83%
5 2018A 35,545.0 7.19% 5 2018A 7,852.0 13.24% 5 2018A 5,214.0 16.49%
6 2019A 39,310.0 10.59% 6 2019A 9,202.0 17.19% 6 2019A 6,054.0 16.11%
7 2020A 39,783.0 1.20% 7 2020A 10,285.0 11.77% 7 2020A 6,748.0 11.46%
8 2021A 47,028.0 18.21% 8 2021A 11,796.0 14.69% 8 2021A 7,995.0 18.48%
9 2022A 52,446.0 11.52% 9 2022A 13,076.0 10.85% 9 2022A 8,879.0 11.06%
10 2023A 60,580.0 15.51% 10 2023A 14,595.0 11.62% 10 2023A 10,120.0 13.98%
11 2024E 57,567.0 -4.97% 11 2024E 14,725.0 0.89% 11 2024E 9,996.5 -1.22%
12 2025E 60,738.3 5.51% 12 2025E 15,723.3 6.78% 12 2025E 10,687.7 6.92%
13 2026E 63,909.6 5.22% 13 2026E 16,721.5 6.35% 13 2026E 11,379.0 6.47%
14 2027E 67,081.0 4.96% 14 2027E 17,719.8 5.97% 14 2027E 12,070.2 6.07%
15 2028E 70,252.3 4.73% 15 2028E 18,718.0 5.63% 15 2028E 12,761.5 5.73%

SALES FORECAST EBITDA FORECAST NET PROFIT FORECAST

80,000.0 20,000.0 14,000.0
70,000.0 18,000.0 12,000.0
60,000.0 16,000.0
14,000.0 10,000.0
50,000.0 12,000.0 8,000.0
40,000.0 10,000.0
8,000.0 6,000.0
30,000.0
6,000.0 4,000.0
20,000.0
4,000.0
10,000.0 2,000.0
2,000.0
0.0 0.0 0.0
 Regression Beta - 2Yrs Weekly

BETA CALCULATION BETA DRIFTING

Hindustan Unilever Ltd Nestle India Britannia Inds. Godrej Consumer Adjusted Beta
Hindustan Unilever Ltd = 0.71 Levered Raw Beta 0.71 Levered Raw Beta 0.48 Levered Raw Beta 0.55 Levered Raw Beta 0.56 Hindustan Unilever Ltd = 0.78
Nestle India = 0.48 Raw Beta Weight 75.00% Raw Beta Weight 75.00% Raw Beta Weight 75.00% Raw Beta Weight 75.00% Nestle India = 0.61
Britannia Inds. = 0.55 Britannia Inds. = 0.66
Godrej Consumer = 0.56 Market Beta 1.00 Market Beta 1.00 Market Beta 1.00 Market Beta 1.00 Godrej Consumer = 0.67
NIFTY = 1.00 Market Beta Weight 25.00% Market Beta Weight 25.00% Market Beta Weight 25.00% Market Beta Weight 25.00%

Adjusted Beta 0.78 Adjusted Beta 0.61 Adjusted Beta 0.66 Adjusted Beta 0.67

0.80
Adjusted Beta Value
0.70
0.90
Hindustan Unilever Ltd
0.60 0.80

0.50 0.70
Nestle India
0.60
0.40
Britannia Inds. 0.50
0.30
0.40
0.20 Godrej Consumer 0.30

0.10 0.20
0.10
0.00
0 0.5 1 1.5 0.00
Hindustan Unilever Ltd Nestle India Britannia Inds. Godrej Consumer
 Return on Market
Year Annual Return (%)
2000 -14.65%
2001 -16.18% Avg Market Return 15.41%
2002 3.25% Dividend Yield 1.36%
2003 71.90% Total approximate market return 16.77%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
Weighted Average Cost of Capital RM CALCULATION

All Figures are in INR unless stated otherwise

Peer Comps Market Return

Debt / Debt / Levered Unlevered Year Annual Return
Name of Comps Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3 2000 -14.65%
2001 -16.18%
Hindustan Unilever Ltd India 1219.00 629,255.8 30.00% 0.19% 0.19% 0.71 0.71 2002 3.25%
Nestle India India 270.52 219,567.4 30.00% 0.12% 0.12% 0.48 0.48 2003 71.90%
Britannia Inds. India 2997.37 120,460.8 30.00% 2.49% 2.43% 0.55 0.54 2004 10.68%
Godrej Consumer India 1129.58 109,781.7 30.00% 1.03% 1.02% 0.56 0.56 2005 36.34%
2006 39.83%
2007 54.77%
Average 30.00% 0.96% 0.94% 0.57 0.57 2008 -51.79%
Median 30.00% 0.61% 0.61% 0.56 0.55 2009 75.76%
2010 17.95%
Cost Of Debt Cost of Equity 2011 -24.62%
2012 27.70%
Risk Free Rate 6.98% 2013 6.76%
Pre-Tax Cost of Debt 9.35% Equity Risk Premium 11.91% 2014 31.39%
Tax Rate 30.00% Levered Beta 4 0.55 2015 -4.06%
Post Tax Cost of Debt 6.55% Cost of Equity 9.70% 2016 3.01%
2017 28.65%
Capital Structure Levered Beta 2018 3.15%
2019 12.02%
Current Target Comps Median Unlevered Beta 0.55 2020 14.17%
Total Debt 1,219.0 0.19% 0.61% Target Debt / Equity 0.61% 2021 24.12%
Market Capitalization 629,255.8 99.81% 99.39% Tax Rate 30.00% 2022 4.32%
630,474.8 100.00% 100.00% 0.55
Average Return 10.55%
Debt / Equity Market value 0.19% 0.61% Weighted Average Cost of Capital Dividend Yield 1.36%
Total Return 11.91%
Cost of Equity 9.70%
COST STRUCTURE OF FIRM Equity Weight 99.39%

Cost of Debt 6.55%

12.00%
Debt Weight 0.61%
10.00%

8.00% WACC 9.68%

6.00%
9.70% 9.68%
4.00%
6.55%
2.00%
Cost of Equity 9.70%
0.00%
Cost of Debt 6.55%
WACC 9.68%

Cost of Debt Cost of Equity WACC

Notes:
1. Tax Rate considered as Marginal Tax Rate for the country
2. Levered Beta is based on 5 yr monthly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax rate)*Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-tax rate)*Debt/Equity)
# Calculation of Net working Capital Mar/18A Mar/19A Mar/20A Mar/21A Mar/22A Mar/23A
Current Assets
Inventories 2,513.0 2,574.0 2,767.0 3,579.0 4,096.0 4,251.0
Trade receivables 1,310.0 1,816.0 1,149.0 1,758.0 2,236.0 3,079.0
Short term loans 40.0 26.0 19.0 112.0 170.0 188.0
Other asset items 2,652.0 2,619.0 3,774.0 3,923.0 3,851.0 4,189.0
Total Current Assets 6,515.0 7,035.0 7,709.0 9,372.0 10,353.0 11,707.0

Current Liabilities
Trade Payables 7,170.0 7,206.0 7,535.0 8,802.0 9,068.0 9,574.0
Advance from Customers 62.0 43.0 158.0 96.0 119.0 98.0
Other liability items 3,329.0 3,396.0 4,214.0 11,139.0 11,189.0 11,664.0
Total Current Liablities 10,561.0 10,645.0 11,907.0 20,037.0 20,376.0 21,336.0

Net Working Capital (4,046.0) (3,610.0) (4,198.0) (10,665.0) (10,023.0) (9,629.0)

# Calculation of Net Non-Current Assets

Non-Current Assets
Land 87.0 86.0 59.0 477.0 477.0 476.0
Building 1,343.0 1,527.0 2,044.0 2,602.0 2,788.0 3,234.0
Plant Machinery 3,691.0 4,092.0 5,001.0 6,097.0 6,566.0 7,645.0
Equipments 74.0 95.0 139.0 175.0 181.0 185.0
Furniture n fittings 76.0 88.0 154.0 156.0 152.0 161.0
Railway sidings - - - - - -
Vehicles - - - - - -
Intangible Assets 455.0 511.0 511.0 45,262.0 45,262.0 45,692.0
Other fixed assets 26.0 60.0 71.0 155.0 152.0 171.0
Gross Block 5,752.0 6,459.0 7,979.0 54,924.0 55,578.0 57,564.0
Accumulated Depreciation (1,224.0) (1,744.0) (2,500.0) (3,481.0) (4,105.0) (4,886.0)
Net Non Current Assets 4,528.0 4,715.0 5,479.0 51,443.0 51,473.0 52,678.0

# Calculation Of ROIC
Invested Capital 482.0 1,105.0 1,281.0 40,778.0 41,450.0 43,049.0
EBIT 7,332.0 8,637.0 9,283.0 10,722.0 11,985.0 13,458.0
NOPAT (Net operating profit after tax) 5,499.0 6,477.8 6,962.3 8,041.5 8,988.8 10,093.5
ROIC 1140.87% 586.22% 543.50% 19.72% 21.69% 23.45%

# Calculation Of Reinvestment Rate

Net Capex 863.0 754.0 810.0 4,066.0 1,053.0 1,011.0
Change in working capital 436.0 (588.0) (6,467.0) 642.0 394.0

EBIT 7,332.0 8,637.0 9,283.0 10,722.0 11,985.0 13,458.0

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
NOPAT (Net operating profit after tax) 5,499.0 6,477.8 6,962.3 8,041.5 8,988.8 10,093.5

Reinvestment 863.0 1,190.0 222.0 (2,401.0) 1,695.0 1,405.0

Reinvestment Rate 15.69% 18.37% 3.19% -29.86% 18.86% 13.92%

4 yr Average 6.70%
4 yr Median 14.81%

# Calculation Of Growth Rate

Reinvestment Rate 15.69% 18.37% 3.19% -29.86% 18.86% 13.92%
ROIC 1140.87% 586.22% 543.50% 19.72% 21.69% 23.45%

Intrinsic Growth 179.05% 107.69% 17.33% -5.89% 4.09% 3.26%

*Notes 4 yr Average 4.70%

1.NOPAT = EBIT*(1-Tax Rate) 4 yr Median 10.71%
2.Reinvestment Rate = (Net Capex + Change in working capital)/NOPAT
 DCF MODEL OF HINDUSTAN UNILEVER LTD

Calculation of PV of FCFF Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F

EBIT 13,458.0 14899.3 16495.0 18261.6 20217.3 22382.6

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-Tax) 10093.5 11174.5 12371.2 13696.2 15163.0 16786.9
Less: Reinvestment Rate 14.81% 14.81% 14.81% 14.81% 14.81% 14.81%
Free Cash Flow to Firm (FCFF) 8,599.0 9519.9 10539.5 11668.2 12917.8 14301.3
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discount Factor 0.955 0.871 0.794 0.724 0.660
PV of FCFF 9090.0 9175.1 9261.0 9347.7 9435.2

Expected Growth 10.71%

Terminal Growth * 5.38%
WACC 9.68%

Calculation of Terminal Value

FCFF (n+1) 15832.9

WACC 9.68%
Terminal Growth Rate 5.38%
Terminal Value 105112.9

Calculation of Equity Value

PV of FCFF 46309.0
PV of Terminal Value 69347.8
Value of Operating Assests 115656.8

Add: Cash 4678

Less: Debt 1219.0
Value of Equity 119115.8
No of shares 235.0

Equity Value per Share 506.9

#UNKNOWN! ₹ 2,698.10 ₹ 2,698.10 ₹ 2,698.10

Discount/premium 5.3x

* Notes
Terminal Growth is the long term GDP growth. Taken froṁ RBI website
Figures in cr
Comparable Company Valuation

Market Data Financials Valuation

Shares Equity Enterprise
Share Price Net Debt EV/Revenue EV/EBITDA P/E
Company Ticker Outstanding Value value Revenue EBITDA Net Income
Hind. Unilever 2678 234.96 629164 -3459 625703 60580 14715 10143 10.3x 42.5x 62.0x
Nestle India 22777 9.64 219567 -675 218892 17726 4012 2542 12.3x 54.6x 86.4x
Britannia Inds. 5000 24.09 120461 2799 123260 16301 3054 2316 7.6x 40.4x 52.0x
Godrej Consumer 1073 102.27 109782 739 110521 13316 2606 1702 8.3x 42.4x 64.5x
Varun Beverages 819 129.91 106338 3599 109936 14239 3099 1718 7.7x 35.5x 61.9x
Dabur India 575 177.20 101961 848 102809 11530 2607 1701 8.9x 39.4x 59.9x
Marico 533 129.32 68940 -148 68792 9764 1953 1322 7.0x 35.2x 52.1x
P & G Hygiene 14369 3.25 46699 -635 46065 3842 768 569 12.0x 60.0x 82.0x
Colgate-Palmoliv 1684 27.20 45806 -854 44952 5226 1601 1047 8.6x 28.1x 43.7x
Hatsun Agro 930 22.27 20711 1751 22462 7247 714 166 3.1x 31.5x 124.9x
High 12.3x 60.0x 124.9x
75th Percentile 10.0x 42.5x 77.6x
Average 8.6x 40.9x 69.0x
Median 8.5x 39.9x 62.0x
25th Percentile 7.6x 35.3x 54.1x
Low 3.1x 28.1x 43.7x

Cipla Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 511,936 587,075 625,105.0
Net Debt -3459 -3459 -3459
Implied Market Value 515,395 590,534 628,564
Shares outstanding 234.96 234.96 234.96
Implied Value per Share 2,193.5 2,513.3 2,675.2
Source: The Valuation School, Screener.in
Overvalued Overvalued Overvalued
 HINDUSTAN UNILEVER LTD
(HINDUNILVR | BSE Code: 500696)
INR 2698.1
52 Week (High - INR 23,200 & Low - INR 17,704)

About The Company

Unilever is a British multinational consumer goods company headquartered in London, England. Unilever products include food, condiments, bottled
water, baby food, soft drink, ice cream, instant coffee, cleaning agents, energy drinks, toothpaste, pet food, pharmaceuticals and consumer healthcare
products, tea, breakfast cereals, beauty products, and personal care. Unilever is the largest producer of soap in the world, and its products are available
in around 190 countries.
Unilever's largest brands include Lifebuoy, Dove, Sunsilk, Knorr, Lux, Sunlight, Rexona/Degree, Axe/Lynx, Ben & Jerry's, Omo/Persil, Heartbrand (Wall's)
ice creams, Hellmann’s, and Magnum.
Unilever is organised into three main divisions: Foods & Refreshments, Home Care, and Beauty & Personal Care. It has research and development
facilities in China, India, the Netherlands, the United Kingdom, and the United States.

Financial Summary

Revenues (INR Crs.) Net Profit (INR Crs.) Average Total Assets (INR Crs.)

60,580.0 10,120.0 69,623.0 71,791.5

52,446.0 8,879.0
47,028.0 7,995.0
39,783.0 6,748.0 44,446.5

19,391.0

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Return on Equity (%) Return on Asset (%) Financial Leverage

83.85%
34.80%
2.4x

1.6x
1.4x 1.4x
17.99%
28.60% 12.75% 14.10%
18.36% 20.37%

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Recent Updates

• For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 15,375.00 Crore, down 2.11 % from last quarter
Total Income of Rs 15,707.00 Crore and up 11.04 % from last year same quarter Total Income of Rs 13,846.00 Crore.
• Company has reported net profit after tax of Rs 2,602.00 Crore in latest quarter.
• The company management said innovations and new product offerings played a significant role in achieving this feat.
• Packaged consumer goods firm Hindustan Unilever Ltd on Monday said it clocked ₹900 crore in incremental revenue over the past two years, as it
strategically intensified its digital-first launches in response to rising competition in India’s fast-moving consumer goods market.
• Mr Nitin Paranjpe, Chairman, Hindustan Unilever Limited (HUL), while addressing shareholders at the Company's 90th Annual General Meeting
held today, said that as India gears up to become one of the largest economies in the world, Hindustan Unilever will continue to play its part in
realising the dream of the new India.
• In his speech titled ‘Transforming to Win in the New India’, Mr Paranjpe cited India as the ‘silver lining’ in a challenging era marked by low growth,
low investment and low co-operation.
Dupont Analysis- Return on Equity & Return on Asset
Return On Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 4,476.0 5,214.0 6,054.0 6,748.0 7,995.0 8,879.0 10,120.0
Average Shareholder Equity 6,658.5 7,012.5 7,574.0 8,048.0 27,951.5 48,367.5 49,682.5
Return On Equity 67.22% 74.35% 79.93% 83.85% 28.60% 18.36% 20.37%

ROE Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 4,476.0 5,214.0 6,054.0 6,748.0 7,995.0 8,879.0 10,120.0
Revenue 33,162.0 35,545.0 39,310.0 39,783.0 47,028.0 52,446.0 60,580.0
Net Profit Margin 13.50% 14.67% 15.40% 16.96% 17.00% 16.93% 16.71%

Revenue 33,162.0 35,545.0 39,310.0 39,783.0 47,028.0 52,446.0 60,580.0

Average Total Assets 15,249.5 16,784.0 18,245.5 19,391.0 44,446.5 69,623.0 71,791.5
Asset Turnover Ratio 2.2x 2.1x 2.2x 2.1x 1.1x 0.8x 0.8x

Average Total Assets 15249.5 16784.0 18245.5 19391.0 44446.5 69623.0 71791.5
Average Shareholder Equity 6658.5 7012.5 7574.0 8048.0 27951.5 48367.5 49682.5
Equity Multiplier (C) 2.3x 2.4x 2.4x 2.4x 1.6x 1.4x 1.4x

Return On Equity (A*B*C) 67.22% 74.35% 79.93% 83.85% 28.60% 18.36% 20.37%

Return On Assets (ROA)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 4476.0 5214.0 6054.0 6748.0 7995.0 8879.0 10120.0
Average Total Assets 15249.5 16784.0 18245.5 19391.0 44446.5 69623.0 71791.5
Return On Assets (ROA) 29.35% 31.07% 33.18% 34.80% 17.99% 12.75% 14.10%

(ROA) Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 4476.0 5214.0 6054.0 6748.0 7995.0 8879.0 10120.0
Revenue 33162.0 35545.0 39310.0 39783.0 47028.0 52446.0 60580.0
Net Profit Margin 13.50% 14.67% 15.40% 16.96% 17.00% 16.93% 16.71%

Revenue 33162.0 35545.0 39310.0 39783.0 47028.0 52446.0 60580.0

Average Total Assets 15249.5 16784.0 18245.5 19391.0 44446.5 69623.0 71791.5
Asset Turnover Ratio 2.2x 2.1x 2.2x 2.1x 1.1x 0.8x 0.8x

Return on Assets (A*B) 29.35% 31.07% 33.18% 34.80% 17.99% 12.75% 14.10%

Dupont Summary
• ROE Ratio of Hindustan Unilever Ltd. with value of 20.37 means its generates profits efficiently by using its Shareholders Fu nd.
• ROE Ratio with value of 83.85 was highest in Year Mar-20 in last Five Years.
• From 2020 ROE has been decreased significantly and currectly at 20.37%.
• ROA Ratio of HINDUNILVR has grown by 10 to 11 % Compared to previous Financial Year.
• ROA Ratio with value of 33.48 was highest in Year Mar-20 in last Five Years.
• Net Profit Margin of Hindustan Unilever Ltd. 2023 decline compare to previous year, it was 16.93% in 2022 and now it is 16.71 % for current year.

Disclaimer: This Report is made as part of educational assignment and is meant for educational purpose only. The author is not liable for any losses due to actions
taken basis this report.
 HINDUSTAN UNILEVER LTD
(HINDUNILVR | BSE Code: 500696)
INR 2698.1
52 Week (High - INR 23,200 & Low - INR 17,704)

Altman's Z Score Analysis

Financial Summary

Working Capital / Total Assets Retained Earnings / Total Assets EBIT / Total Assets
10.00% 20.00% 60.00%
50.00%
5.00% 15.00%
40.00%
10.00% 30.00%
0.00%
Mar-20 Mar-21 Mar-22 Mar-23 20.00%
5.00%
-5.00% 10.00%

0.00% 0.00%
-10.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-20 Mar-21 Mar-22 Mar-23

Market Cap / Long Term Liabilities Total Sales / Total Assets Altman's Z Score
1200000.00% 250.00% 7000.0
1000000.00% 6000.0
200.00%
5000.0
800000.00%
150.00% 4000.0
600000.00%
100.00% 3000.0
400000.00%
2000.0
200000.00% 50.00%
1000.0
0.00% 0.00% 0.0
Mar-20 Mar-21 Mar-22 Mar-23 Mar-20 Mar-21 Mar-22 Mar-23 Mar-20 Mar-21 Mar-22 Mar-23

Altman Z Score Calculation

Working Capital / Total Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Working Capital (1,421.0) (581.0) 373.0 1,268.0 (5,990.0) (6,068.0) (5,169.0)
Total Assets 15,706.0 17,862.0 18,629.0 20,153.0 68,740.0 70,506.0 73,077.0
Working Capital / Total Assets (A) -9.05% -3.25% 2.00% 6.29% -8.71% -8.61% -7.07%

Retained Earning / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earning 907.0 1,308.0 1,356.0 1,356.0 902.0 978.0 13,797.4
Total Assets 15,706.0 17,862.0 18,629.0 20,153.0 68,740.0 70,506.0 73,077.0
Retained Earning / Total Assets (B) 5.77% 7.32% 7.28% 6.73% 1.31% 1.39% 18.88%

EBIT / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
EBIT 7,332.0 8,637.0 9,283.0 10,722.0 11,985.0 13,458.0 18,457.2
Total Assets 15,706.0 17,862.0 18,629.0 20,153.0 68,740.0 70,506.0 73,077.0
EBIT / Total Assets (C) 46.68% 48.35% 49.83% 53.20% 17.44% 19.09% 25.26%

Market Cap / Long Term Liabilities

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Market Cap 197334.6 288607.4 369471.7 497557.3 571297.4 481349.0 601577.6
Long Term Liabilities 277.0 138.5 99.0 49.5 1009.0 1043.0 1219.0
Market Cap / Long Term Liabilities (D) 71239.92% 208380.83% 373203.79% 1005166.28% 56620.16% 46150.43% 49350.09%

Total Sales / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Sales 33162.0 35545.0 39310.0 39783.0 47028.0 52446.0 60580.0
Total Assets 15706.0 17862.0 18629.0 20153.0 68740.0 70506.0 73077.0
Total Sales / Total Assets (E) 211.14% 199.00% 211.02% 197.40% 68.41% 74.39% 82.90%

Altman's Z Score
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Final Score 431.1 1253.9 2243.1 6034.9 340.9 278.2 297.9
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Disclaimer: This Report is made as part of educational assignment and is meant for educational purpose only. The author is not liable forany losses due to actions taken basis this
report.
Data Room -------->>>>>>
COMPANY NAME HINDUSTAN UNILEVER LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
CURRENT VERSION 2.10

META
Number of shares 234.97
Face Value 1
Current Price 2661.25
Market Capitalization 625320.35

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales 29233.74 31972.19 32186 33162 35545 39310 39783 47028 52446 60580
Raw Material Cost 12644.63 13509.4 13184 13606 14233 15845 15697 20141 22871 28427
Change in Inventory 171.3 -57.04 -83 -144 72 -12 108 405 22 75
Power and Fuel 362.76 346.97 309 295 295 308 299 339 318 384
Other Mfr. Exp 2939.55 3164.64 2966 2887 2998 3041 2906 2868 3354 3791
Employee Cost 1572.66 1723.87 1680 1743 1860 1875 1820 2358 2545 2854
Selling and admin 6117.42 6769.04 6741 6689 7252 7796 7620 7898 8164 8785
Other Expenses 216.62 -258.37 827.00 864.00 1,127.00 1,231.00 1,264.00 2,033.00 2,140.00 1,819.00
Other Income 792.39 1247.18 486 606 353 322 432 170 219 447
Depreciation 295.54 322.39 353 432 520 565 1002 1074 1091 1137
Interest 40.68 17.7 17 35 26 33 118 117 106 114
Profit before tax 5215.18 6319.51 6026 6467 7306 8604 9165 10605 11879 13344
Tax 1259.44 1944 1875 1977 2079 2544 2409 2606 2987 3201
Net profit 3945.57 4363.08 4151 4476 5214 6054 6748 7995 8879 10120
Dividend Amount 2811.51 3245.25 3456 3672 4320 4752 5400 9517.5 7990 9165
EBITDA 5,551.40 6,659.60 6,396.00 6,934.00 7,852.00 9,202.00 10,285.00 11,796.00 13,076.00 14,595.00

Quarters
Report Date Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 12181 12433 12194 13046 13439 13767 14624 15144 15597 15215
Expenses 9218 9391 9273 9820 10030 10466 11222 11665 11903 11642
Other Income 3 123 39 51 -7 136 121 80 7 239
Depreciation 286 266 260 281 272 278 281 272 293 291
Interest 44 11 13 28 27 38 28 28 29 29
Profit before tax 2636 2888 2687 2968 3103 3121 3214 3259 3379 3492
Tax 698 698 587 783 803 814 823 589 898 891
Net profit 1937 2186 2097 2181 2297 2304 2381 2665 2474 2600
Operating Profit 2963 3042 2921 3226 3409 3301 3402 3479 3694 3573

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 216.27 216.35 216 216 216 216 216 235 235 235
Reserves 3321.02 3811.13 6357 6528 7065 7651 8013 47439 48826 50069
Borrowings 45.58 43.04 177 277 99 1009 1043 1219
Other Liabilities 10171.02 10359.01 8043 8685 10581 10663 11924 20057 20402 21554
Total 13753.89 14429.53 14793 15706 17862 18629 20153 68740 70506 73077
Net Block 2746.24 2821.01 3258 4419 4528 4715 5479 51443 51473 52678
Capital Work in Progress 372.6 516.3 408 229 461 406 597 745 1313 1132
Investments 2838.14 3025.08 2592 3794 2873 2716 1255 2709 3521 2882
Other Assets 1324.24 1518.58 1536 1810 2692 2889 4163 4259 4156 4377
Total 13753.89 14429.53 14793 15706 17862 18629 20153 68740 70506 73077
Receivables 1016.81 1010.28 1264 1085 1310 1816 1149 1758 2236 3079
Inventory 2939.83 2848.79 2726 2541 2513 2574 2767 3579 4096 4251
Cash & Bank 2516.03 2689.49 3009 1828 3485 3757 5113 4471 3846 4678
No. of Equity Shares 2162696292 2163464851 2163936971 2164349639 2164528777 2164704405 2164704405 2349567819 2349591262 2349591262
New Bonus Shares
Face value 1 1 1 1 1 1 1 1 1 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity 3818.18 3291.91 4171 5185 6059 5800 7623 9163 9048 9991
Cash from Investing Activity -475.04 137.97 -282 -1173 -1063 -438 1791 -1228 -1728 -1484
Cash from Financing Activity -2960.29 -3462.42 -3864 -4214 -4975 -5390 -6819 -9309 -8015 -8953
Net Cash Flow 382.85 -32.54 25 -202 21 -28 2595 -1374 -695 -446

PRICE: 605.55 873.55 869.5 911.75 1333.35 1706.8 2298.5 2431.5 2048.65 2560.35

DERIVED:
Adjusted Equity Shares in Cr 216.27 216.35 216.39 216.43 216.45 216.47 216.48 234.96 234.96 234.96
 Raw - Balace Sheet
Particular Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Equity Capital 216.0 216.0 216.0 216.0 216.0 216.0 216 216.0 216.0 235.0 235.0 235.0
Reserves 3,465.0 2,649.0 3,321.0 3,811.0 6,357.0 6,528.0 7065 7,651.0 8,013.0 47,439.0 48,826.0 50,069.0
Borrowings -
Long term Borrowings - 8.0 8.0 7.0 - - 0 - - - - -
Short term Borrowings 0.0 16.0 37.0 36.0 177.0 277.0 0 99.0 - - - 98.0
Lease Liabilities - - - - - - 0 - - 1,009.0 1,043.0 1,121.0
Other Liabilities -
Non controlling int 18.0 21.0 22.0 25.0 20.0 22.0 20 18.0 17.0 20.0 26.0 218.0
Trade Payables 4,844.0 5,342.0 5,825.0 5,506.0 5,685.0 6,186.0 7170 7,206.0 7,535.0 8,802.0 9,068.0 9,574.0
Advance from Customers 63.0 48.0 37.0 45.0 45.0 78.0 62 43.0 158.0 96.0 119.0 98.0
Other liability items 2,801.0 3,792.0 4,287.0 4,783.0 2,293.0 2,399.0 3329 3,396.0 4,214.0 11,139.0 11,189.0 11,664.0
Total Liabilities 11,407.0 12,092.0 13,754.0 14,430.0 14,793.0 15,706.0 17862 18,629.0 20,153.0 68,740.0 70,506.0 73,077.0

Fixed Assets -
Land 130.0 133.0 133.0 102.0 88.0 89.0 87 86.0 59.0 477.0 477.0 476.0
Building 1,019.0 1,030.0 1,133.0 1,173.0 931.0 1,210.0 1343 1,527.0 2,044.0 2,602.0 2,788.0 3,234.0
Plant Machinery 2,420.0 2,716.0 3,176.0 3,481.0 2,370.0 3,270.0 3691 4,092.0 5,001.0 6,097.0 6,566.0 7,645.0
Equipments 96.0 100.0 104.0 106.0 41.0 62.0 74 95.0 139.0 175.0 181.0 185.0
Furniture n fittings 88.0 94.0 102.0 108.0 61.0 66.0 76 88.0 154.0 156.0 152.0 161.0
Railway sidings - - - - - - 0 - - - - -
Vehicles 2.0 2.0 2.0 1.0 - - 0 - - - - -
Intangible Assets 151.0 166.0 247.0 247.0 85.0 455.0 455 511.0 511.0 45,262.0 45,262.0 45,692.0
Other fixed assets 155.0 177.0 183.0 193.0 19.0 19.0 26 60.0 71.0 155.0 152.0 171.0
Gross Block 4,061.0 4,418.0 5,079.0 5,412.0 3,595.0 5,171.0 5752 6,459.0 7,979.0 54,924.0 55,578.0 57,564.0
Accumulated Depreciation 1,798.0 1,986.0 2,333.0 2,591.0 337.0 752.0 1224 1,744.0 2,500.0 3,481.0 4,105.0 4,886.0
Net Block 2,263.0 2,432.0 2,746.0 2,821.0 3,258.0 4,419.0 4528 4,715.0 5,479.0 51,443.0 51,473.0 52,678.0

CWIP 228.0 222.0 373.0 516.0 408.0 229.0 461 406.0 597.0 745.0 1,313.0 1,132.0
Investments 2,322.0 2,252.0 2,838.0 3,025.0 2,592.0 3,794.0 2873 2,716.0 1,255.0 2,709.0 3,521.0 2,882.0

Other Assets -
Inventories 2,667.0 2,706.0 2,940.0 2,849.0 2,726.0 2,541.0 2513 2,574.0 2,767.0 3,579.0 4,096.0 4,251.0
Trade receivables 857.0 997.0 1,017.0 1,010.0 1,264.0 1,085.0 1310 1,816.0 1,149.0 1,758.0 2,236.0 3,079.0
Cash Equivalents 1,996.0 1,901.0 2,516.0 2,689.0 3,009.0 1,828.0 3485 3,757.0 5,113.0 4,471.0 3,846.0 4,678.0
Short term loans - - - - - 71.0 40 26.0 19.0 112.0 170.0 188.0
Other asset items 1,074.0 1,582.0 1,324.0 1,519.0 1,536.0 1,739.0 2652 2,619.0 3,774.0 3,923.0 3,851.0 4,189.0
Total Assets 11,407.0 12,092.0 13,754.0 14,430.0 14,793.0 15,706.0 17862 18,629.0 20,153.0 68,740.0 70,506.0 73,077.0

Raw - Cash Flow Statement

Particular Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity - 2,932 3,605 3,818 3,292 4,171 5,185 6059 5,800 7,623 9,163 9,048 9,991
Profit from operations 3,541 4,266 4,802 5,510 6,025 6,512 7485 8,909 9,723 11,672 12,829 14,089
Receivables 84 -149 -17 3 -257 173 0 0 0 0 0 0
Inventory 208 -39 -201 91 89 37 -146 -195 -331 -543 -758 -339
Payables -226 493 546 -327 164 501 0 0 0 0 0 0
Loans Advances -65 -152 -4 -148 0 0 0 0 0 0 0 0
Deposits 0 0 0 0 0 -46 0 0 0 0 0 0
Other WC items 100 276 81 38 -77 -99 982 -147 742 442 -242 -619
Working capital changes 100 429 405 -342 -81 566 836 -342 411 -101 -1,000 -958
Direct taxes -695 -1,074 -1,384 -1,862 -1,765 -1,859 -2264 -2,767 -2,505 -2,407 -2,784 -3,138
Other operating items 0 0 -5 -14 -8 -21 0 0 0 0 0 -1
Exceptional CF items -15 -17 0 0 0 -13 2 0 -6 -1 3 -1
Cash from Investing Activity - -514 63 -475 138 -282 -1,173 -1063 -438 1,791 -1,228 -1,728 -1,484
Fixed assets purchased -281 -441 -606 -606 -810 -1,113 -895 -767 -862 -4,163 -1,228 -1,192
Fixed assets sold 7 1 229 560 99 176 32 13 52 97 175 181
Investments purchased -13,966 -15,854 -9,538 -19,353 -20,666 -31,214 -51855 -74,365 -36,090 -39,920 -48,522 -22,649
Investments sold 12,928 16,122 9,213 19,461 20,937 30,083 52897 74,691 37,690 38,486 47,786 23,462
Interest received 134 214 232 218 315 264 297 289 351 277 161 259
Dividends received 17 38 16 24 33 14 0 1 1 1 1 2
Invest in subsidiaries 0 0 -101 0 0 0 0 0 0 0 0 0
Loans to subsidiaries 0 -89 -104 0 0 0 0 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 200 161 20 73 0 0 0 0 0
Acquisition of companies 0 0 0 0 0 0 0 0 0 0 0 -334
Other investing items 645 72 183 -367 -351 597 -1612 -300 649 3,994 -101 -1,213
Cash from Financing Activity - -1,726 -4,147 -2,960 -3,462 -3,864 -4,214 -4975 -5,390 -6,819 -9,309 -8,015 -8,953
Proceeds from shares 34 7 2 2 0 0 0 0 0 0 0 0
Proceeds from borrowings 0 25 0 0 177 460 0 99 0 188 55 286
Repayment of borrowings 0 0 -15 -3 0 -360 -277 0 -99 -188 -55 -208
Interest paid fin -2 -26 -29 -18 -2 -14 -6 -7 -90 -92 -82 -88
Dividends paid -1,509 -3,558 -2,481 -2,912 -3,354 -3,572 -3911 -4,554 -5,196 -8,811 -7,526 -8,474
Financial liabilities 0 0 0 0 0 0 0 0 -373 -406 -407 -467
Other financing items -248 -596 -437 -533 -685 -728 -781 -928 -1,061 0 0 -2
Net Cash Flow 692 -480 383 -33 25 -202 21 -28 2,595 -1,374 -695 -446
S.No. Name CMP Rs. No. Eq. Shares Cr. Market cap Debt Rs.Cr. Cash End Rs.Cr. Net debt EV cal Sales Rs.Cr. EV / EBITDA EBITDA NP 12M Rs.Cr.
1 Hind. Unilever 2677.75 234.96 629161.80 1219.00 4678.00 -3459.00 625702.80 60580.00 42.52 14715.49 10143.00
2 Nestle India 22776.70 9.64 219567.39 270.52 945.55 -675.03 218892.36 17725.73 54.56 4011.96 2541.50
3 Britannia Inds. 5000.45 24.09 120460.84 2997.37 197.98 2799.39 123260.23 16300.55 40.36 3054.02 2316.32
4 Godrej Consumer 1073.45 102.27 109781.73 1129.58 390.72 738.86 110520.59 13315.97 42.41 2606.00 1702.46
5 Varun Beverages 818.55 129.91 106337.83 3883.81 285.27 3598.54 109936.37 14238.66 35.47 3099.42 1717.59
6 Dabur India 575.40 177.20 101960.88 1173.79 325.92 847.87 102808.75 11529.89 39.43 2607.37 1701.33
7 Marico 533.10 129.32 68940.49 608.00 756.00 -148.00 68792.49 9764.00 35.22 1953.22 1322.00
8 P & G Hygiene 14369.05 3.25 46699.41 4.49 639.25 -634.76 46064.65 3841.75 60 767.74 569.45
9 Colgate-Palmoliv 1684.05 27.20 45806.16 68.96 923.00 -854.04 44952.12 5226.20 28.07 1601.43 1047.15
10 Hatsun Agro 930.00 22.27 20711.10 1792.86 41.93 1750.93 22462.03 7246.97 31.45 714.21 165.86
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
COGS 19314 21081 20614 25301 29066 35381
S&G Exp 8,379.00 9,027.00 8,884.00 9,931.00 10,304.00 10,604.00

Non-current liabilities
Borrowings 0 0 0 0 0 0
Other financial liabilities 119 177 939 1,027 1098 1667
Long Term Provisions 800 1,082 1,227 1,578 1,580 1,363
Deferred tax liabilities 197 217 0 5,988 6,141 6,421
Non-current tax liabilities (net) 558 601 424 1,367 1,331 1,086
1674 2077 2590 9960 10150 10537

Current liabilities
Short Term Borrowings 0 99 0 0 0 98
Trade payables 7,170 7,206 7,535 8802 9068 9574
Short Term Provisions 688 523 422 507 346 389
Other current liabilities 1049 1101 1747 2021 2016 2175
8907 8929 9704 11330 11430 12236
 List of Stock
COMPANY_NAME BSE NSE Industry
20 MICRONS LTD 533022 20MICRONS Mining
21ST CENTURY MANAGEMENT SERVICES LTD 526921 21STCENMGM Other Financial Services
3I INFOTECH LTD 532628 3IINFOTECH IT Consulting & Software
3M (INDIA) LTD 523395 3M(INDIA) Diversified
3M INDIA LTD 523395 3MINDIA Diversified
3P LAND HOLDINGS LTD 516092 3PLAND Paper & Paper Products
5PAISA CAPITAL LTD 540776 5PAISA Other Financial Services
63 MOONS TECHNOLOGIES LTD 526881 63MOONS IT Consulting & Software
7NR RETAIL LTD 540615 Not Listed Specialty Retail
7SEAS ENTERTAINMENT LTD 540874 Not Listed Movies & Entertainment
8K MILES SOFTWARE SERVICES LTD 512161 8KMILES Internet Software & Services
A & M FEBCON LTD 540697 Not Listed Industrial Machinery
A AND M JUMBO BAGS LTD Not Listed AMJUMBO SME
A INFRASTRUCTURE LTD 539620 Not Listed Cement & Cement Products
A K SPINTEX LTD 539300 Not Listed Textiles
A K CAPITAL SERVICES LTD 530499 Not Listed Finance (including NBFCs)
A.F. Enterprises Ltd 538351 AFEL Investment Companies
A-1 ACID LTD 542012 Not Listed Comm.Trading & Distribution
A2Z INFRA ENGINEERING LTD 533292 A2ZINFRA Utilities:Non-Elec.
AADHAAR VENTURES (INDIA) LTD 531611 Not Listed Finance (including NBFCs)
AADHAAR VENTURES INDIA LTD 531611 Not Listed Finance (including NBFCs)
AAKASH EXPLORATION SERVICES LTD Not Listed AAKASH SME
AANANDA LAKSHMI SPINNING MILLS LTD 539096 Not Listed Textiles
AANCHAL ISPAT LTD 538812 Not Listed Iron & Steel/Interm.Products
AAR COMMERCIAL COMPANY LTD 539632 Not Listed Distributors
Aar Shyam India Investment Company Ltd 542377 AARSHYAM Finance (including NBFCs)
AAREY DRUGS & PHARMACEUTICALS LTD 524412 Not Listed Pharmaceuticals
AARON INDUSTRIES LTD Not Listed AARON SME
Aartech Solonics Ltd 542580 AARTECH Heavy Electrical Equipment
AARTI DRUGS LTD 524348 AARTIDRUGS Pharmaceuticals
AARTI INDUSTRIES LTD 524208 AARTIIND Commodity Chemicals
AARV INFRATEL LTD 526488 Not Listed Textiles
AARVEE DENIMS & EXPORTS LTD 514274 AARVEEDEN Textiles
AARVI ENCON LTD Not Listed AARVI SME
AASHEE INFOTECH LTD 519319 Not Listed Internet Software & Services
AASWA TRADING & EXPORTS LTD 512038 Not Listed Comm.Trading & Distribution
AAVAS FINANCIERS LTD 541988 AAVAS Housing Finance
AAYUSH FOOD AND HERBS LTD 539528 Not Listed Packaged Foods
ABAN OFFSHORE LTD 523204 ABAN Exploration & Production
ABANS ENTERPRISES LTD 512165 Not Listed Comm.Trading & Distribution
ABB INDIA LTD 500002 ABB Heavy Electrical Equipment
ABBOTT (INDIA) LTD 500488 ABBOT(INDIA) Pharmaceuticals
ABBOTT INDIA LTD 500488 ABBOTINDIA Pharmaceuticals
ABC (INDIA) LTD 520123 Not Listed Surface Transportation
ABC GAS INTERNATIONAL LTD 513119 Not Listed Copper
ABC INDIA LTD 520123 Not Listed Surface Transportation
ABG SHIPYARD LTD 532682 ABGSHIP Commercial Vehicles
ABHIJIT TRADING COMPANY LTD 539560 Not Listed Other Food Products
ABHINAV CAPITAL SERVICES LTD 532057 Not Listed Finance (including NBFCs)
ABHINAV LEASING & FINANCE LTD 538952 Not Listed Finance (including NBFCs)
ABHISHEK FINLEASE LTD 538935 Not Listed Consulting Services
ABHISHEK INFRAVENTURES LTD 539544 Not Listed Realty
ABIRAMI FINANCIAL SERVICES (INDIA) LTD 511756 Not Listed Finance (including NBFCs)
ABIRAMI FINANCIAL SERVICES INDIA LTD 511756 Not Listed Finance (including NBFCs)
ABM INTERNATIONAL LTD Not Listed ABMINTLTD Others
ABM KNOWLEDGEWARE LTD 531161 Not Listed IT Software Products
ACC LTD 500410 ACC Cement & Cement Products
ACCEL LTD 517494 Not Listed Storage Media & Peripherals
ACCELYA KALE SOLUTIONS LTD 532268 ACCELYA IT Consulting & Software
ACCORD SYNERGY LTD Not Listed ACCORD SME
ACCURACY SHIPPING LTD Not Listed ACCURACY SME
ACE EDUTREND LTD 530093 Not Listed Education
ACE INTEGRATED SOLUTIONS LTD Not Listed ACEINTEG SME
ACE MEN ENGG WORKS LTD 539661 Not Listed Distributors
ACE SOFTWARE EXPORTS LTD 531525 Not Listed IT Software Products
Achal Investments Ltd 538570 ACHAL Other Financial Services
ACI INFOCOM LTD 517356 Not Listed Storage Media & Peripherals
ACKNIT INDUSTRIES LTD 530043 Not Listed Other Apparels & Accessories
ACME RESOURCES LTD 539391 Not Listed Finance (including NBFCs)
ACROW INDIA LTD. 513149 ACROW Iron & Steel Products
ACRYSIL LTD 524091 Not Listed Plastic Products
ACTION CONSTRUCTION EQUIPMENT LTD 532762 ACE Transport Related Services
ACTION FINANCIAL SERVICES (INDIA) LTD 511706 Not Listed Other Financial Services
ACTION FINANCIAL SERVICES INDIA LTD 511706 Not Listed Other Financial Services
ACTIVE CLOTHING CO LTD 541144 Not Listed Other Apparels & Accessories
ADANI ENTERPRISES LTD 512599 ADANIENT Comm.Trading & Distribution
ADANI GAS LTD 542066 ADANIGAS Integrated Oil & Gas
ADANI GREEN ENERGY LTD 541450 ADANIGREEN Heavy Electrical Equipment
ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD 532921 ADANIPORTS Marine Port & Services
ADANI POWER LTD 533096 ADANIPOWER Electric Utilities
ADANI TRANSMISSION LTD 539254 ADANITRANS Electric Utilities
ADARSH MERCANTILE LTD 538563 Not Listed Comm.Trading & Distribution
ADARSH PLANT PROTECT LTD 526711 Not Listed Agrochemicals
ADC INDIA COMMUNICATIONS LTD 523411 Not Listed Telecom Equipment
ADCON CAPITAL SERVICES LTD 539506 Not Listed Finance (including NBFCs)
ADDI INDUSTRIES LTD 507852 Not Listed Other Apparels & Accessories
ADD-SHOP PROMOTIONS LTD 541865 Not Listed Distributors
ADF FOODS LTD 519183 ADFFOODS Packaged Foods
ADHARSHILA CAPITAL SERVICES LTD 539493 Not Listed Finance (including NBFCs)