Consolidated Balance Sheet

as at 31st March, 2024

(All amounts in ₹ crores, unless otherwise stated)

As at As at
Particulars Note 31st March, 2024 31st March, 2023

ASSETS
Non-current assets
Property, plant and equipment 3 8,031 6,949
Capital work-in-progress 3 1,025 1,132
Goodwill 4 17,466 17,466
Other intangible assets 4 28,247 28,263
Investments accounted for using the equity method 5 65 69
Financial assets
Investments 6 2 2
Loans 7 102 98
Other financial assets 8 760 725
Deferred tax assets 9C 10 10
Non-current tax assets (net) 9E 1,175 1,164
Other non-current assets 10 292 211
Total - Non-current assets (A) 57,175 56,089
Current assets
Inventories 11 4,022 4,251
Financial assets
Investments 6 4,558 2,811
Trade receivables 12 2,997 3,079
Cash and cash equivalents 13 825 714
Bank balances other than cash and cash equivalents mentioned above 14 6,734 3,964
Loans 7 38 36
Other financial assets 8 1,425 1,386
Other current assets 15 713 745
Assets held for sale 16 12 12
Total - Current assets (B) 21,324 16,998
TOTAL ASSETS (A+B) 78,499 73,087

350 HINDUSTAN UNILEVER LIMITED

 FINANCIAL STATEMENTS

(All amounts in ₹ crores, unless otherwise stated)

As at As at
Particulars Note 31st March, 2024 31st March, 2023

EQUITY AND LIABILITIES

Equity
Equity share capital 17 235 235
Other equity 18A 50,983 50,069
Non-controlling interests 19 205 218
Total - Equity (A) 51,423 50,522
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 20 1,106 807
Other financial liabilities 21 718 860
Provisions 22 1,576 1,363
Deferred tax liabilities 9C 6,557 6,421
Non-current tax liabilities (net) 9E 4,243 1,086
Total - Non-current liabilities (B) 14,200 10,537
Current liabilities
Financial liabilities
Borrowings 23 13 98
Lease liabilities 20 365 314
Trade payables
total outstanding dues of micro enterprises and small enterprises 24 250 100
 total outstanding dues of creditors other than micro enterprises and 24
10,236 9,474
small enterprises
Other financial liabilities 21 865 889
Other current liabilities 25 807 764
Provisions 22 340 389
Total - Current liabilities (C) 12,876 12,028
TOTAL EQUITY AND LIABILITIES [(A)+(B)+(C)] 78,499 73,087
Basis of preparation, measurement and material accounting policies 2
Contingent liabilities and commitments 26

The accompanying notes 1 to 50 are an integral part of these consolidated financial statements

As per our report of even date attached For and on behalf of Board of Directors

For B S R & Co. LLP Rohit Jawa Ritesh Tiwari

Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Firm’s Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
[DIN: 10063590] [DIN: 05349994]

Aniruddha Godbole Kalpana Morparia Dev Bajpai

Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
Membership No. FCS 3354
[DIN: 00050516]
Ravishankar A.
Vice President, Finance

Mumbai: 24th April, 2024 Mumbai: 24th April, 2024

INTEGR ATED REPORT 2023-24 351

Consolidated Statement of Profit and Loss
for the year ended 31st March, 2024
(All amounts in ₹ crores, unless otherwise stated)

Year ended Year ended

Particulars Note 31st March, 2024 31st March, 2023

INCOME
Revenue from operations 27 61,896 60,580
Other income 28 811 512
TOTAL INCOME 62,707 61,092
EXPENSES
Cost of materials consumed 29 19,257 20,212
Purchases of stock-in-trade 30 10,514 11,579
Changes in inventories of finished goods, work-in-progress and Stock-in- 31
(11) (75)
Trade
Employee benefits expense 32 3,009 2,854
Finance costs 33 334 114
Depreciation and amortisation expense 34 1,216 1,137
Other expenses 35 14,464 11,862
TOTAL EXPENSES 48,783 47,683
Profit before Exceptional Items and tax and before share of equity accounted
13,924 13,409
investee
Share of loss of equity accounted investee net of tax 5 (4) (1)
Profit before exceptional items and tax 13,920 13,408
Exceptional items (net) 36 6 (64)
Profit before tax 13,926 13,344
Tax expenses
Current tax 9A (3,521) (3,001)
Deferred tax charge 9A (123) (200)
PROFIT FOR THE YEAR (A) 10,282 10,143
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or loss
Remeasurements of the net defined benefit plans 41C 36 (17)
Income tax relating to items that will not be reclassified subsequently to profit
or loss
Remeasurements of the net defined benefit plans 9A (9) 4
Items that will be reclassified subsequently to profit or loss
Fair value of debt instruments through other comprehensive income 18C 2 (1)
Fair value of cash flow hedges through other comprehensive income 18C (1) (21)
Income tax relating to items that will be reclassified subsequently to profit or
loss
Fair value of debt instruments through other comprehensive income 9A (0) 0
Fair value of cash flow hedges through other comprehensive income 9A (3) 9
OTHER COMPREHENSIVE INCOME FOR THE YEAR (B) 25 (26)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B) 10,307 10,117

352 HINDUSTAN UNILEVER LIMITED

 FINANCIAL STATEMENTS

(All amounts in ₹ crores, unless otherwise stated)

Year ended Year ended

Particulars Note 31st March, 2024 31st March, 2023

Profit attributable to:

Owners of the Company 10,277 10,120
Non-controlling interests 19 5 23
Other Comprehensive income attributable to:
Owners of the company 25 (26)
Non-controlling interests 19 0 0
Total Comprehensive income attributable to:
Owners of the company 10,302 10,094
Non-controlling interests 19 5 23
Earnings per equity share
Basic (Face value of ₹1 each) 37 ₹43.74 ₹43.07
Diluted (Face value of ₹1 each) 37 ₹43.74 ₹43.07
Basis of preparation, measurement and material accounting policies 2

Note: During the quarter, there is no separate major line of business that is required to be reported as a discontinued operation. In
order to enhance inter-period comparability of information, the Group has reclassified the comparative information for discontinued
operation on the same basis.

The accompanying notes 1 to 50 are an integral part of these consolidated financial statements

As per our report of even date attached For and on behalf of Board of Directors

For B S R & Co. LLP Rohit Jawa Ritesh Tiwari

Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Firm’s Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
[DIN: 10063590] [DIN: 05349994]

Aniruddha Godbole Kalpana Morparia Dev Bajpai

Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
Membership No. FCS 3354
[DIN: 00050516]
Ravishankar A.
Vice President, Finance

Mumbai: 24th April, 2024 Mumbai: 24th April, 2024

INTEGR ATED REPORT 2023-24 353

Consolidated Statement of Cash Flows
for the year ended 31st March, 2024
(All amounts in ₹ crores, unless otherwise stated)

Year ended Year ended

31st March, 2024 31st March, 2023

A CASH FLOWS FROM OPERATING ACTIVITIES:

Profit before tax 13,926 13,345
Adjustments for:
Depreciation and amortisation expenses 1,216 1,152
(Profit) / loss on sale of property, plant and equipment 18 (100)
Contingent consideration true up for business combination - (2)
Fair value gain on financial liability on acquisition (132) -
Finance Income (546) (411)
Dividend income (3) (2)
Other non operating income - Fair value gain on investments (249) (99)
Interest expense 317 114
Movement in provision towards litigation (159) -
Provision for expenses on employee stock options - 1
Profit on sale of brand rights - (60)
Payment from Retirement Benefit Scheme Reserve (1) (1)
Share of loss of joint venture 4 1
Transaction cost from acquisition - 2
Inventory written off net of Provision for Inventory 167 184
Bad debts/assets written off net of Provision/(write back) (11) (27)
Mark-to-market (gain)/loss on derivative financial instruments (10) (8)
Cash Generated from operations before working capital changes 14,537 14,089
Adjustments for:
(Increase)/decrease in Non-Current Assets (30) (14)
(Increase)/decrease in Current Assets 220 (1,111)
(Increase)/decrease in Inventories 74 (339)
Increase/(decrease) in Non-Current Liabilities 128 (116)
Increase/(decrease) in Current Liabilities 921 620
Cash flows generated from operations 15,850 13,129
Taxes paid, net of refunds (381) (3,138)
Net cash flows generated from operating activities - (A) 15,469 9,991
B CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (1,468) (1,174)
Sale proceeds of property, plant and equipment 20 121
Purchase of intangible assets (9) (18)
Sale proceeds of intangible assets (brand rights) - 60
Investment in subsidiary - (264)
Transaction cost on acquisition - (2)
Investment in joint venture - (70)
Contingent consideration paid on business combination (4) (40)
Purchase of current investments (21,337) (22,649)
Sale proceeds of current investments 19,846 23,462
Loans repaid / (given) to others 1 (1)
Investment in term deposits (having original maturity of more than 3 months) (9,170) (3,668)
Redemption/ maturity of term deposits (having original maturity of more than 3
6,369 2,488
months)
Interest received 425 259
Dividend received from others 3 2
Net cash flows used in investing activities - (B) (5,324) (1,494)

356 HINDUSTAN UNILEVER LIMITED

 FINANCIAL STATEMENTS

(All amounts in ₹ crores, unless otherwise stated)

Year ended Year ended

31st March, 2024 31st March, 2023

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividend paid (9,416) (8,474)
Amount taken for short term purpose 0 286
Repayment of amount taken for short term purpose (85) (201)
Borrowings repaid - (7)
Principal payment of lease liabilities (423) (467)
Interest paid on lease liabilities (106) (84)
Interest paid other than on lease liabilities (4) (4)
Employee stock options paid - (2)
Net cash flows used in financing activities - (C) (10,034) (8,953)
Net increase/(decrease) in cash and cash equivalents - [(A)+(B)+(C)] 111 (456)
Add: Cash and cash equivalents at the beginning of the year 701 1,147
Add: Cash acquired under Business Combination (refer note 44) - 10
Cash and cash equivalents at the end of the year 812 701
Components of cash and cash equivalents:
Cash and cash equivalents as per Consolidated Balance Sheet (refer note 12) 825 714
Less: Bank overdraft (refer note 23) (13) (13)
Cash and cash equivalents for Consolidated Statement of Cash Flows 812 701

Movement in short term borrowings and lease liabilities:

Opening balance Taken/ Non- cash Closing balance
Reconciliation between opening and closing balance 1st April, 2023 (Payments) movement 31st March, 2024

Short term borrowings (refer Note 23) 85 (85) 0 0

Lease Liabilities (refer Note 20) 1,121 (529) 879 1,471

Opening balance Taken/ Non- cash Closing balance

Reconciliation between opening and closing balance 1st April, 2022 (Payments) movement 31st March, 2023

Short term borrowings (refer Note 23) - 85 (0) 85

Lease Liabilities (refer Note 20) 1,043 (551) 629 1,121

Note: The above Consolidated Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7,
‘Consolidated Statement of Cash Flows’.

The accompanying notes 1 to 50 are an integral part of these consolidated financial statements

As per our report of even date attached For and on behalf of Board of Directors

For B S R & Co. LLP Rohit Jawa Ritesh Tiwari

Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Firm’s Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
[DIN: 10063590] [DIN: 05349994]

Aniruddha Godbole Kalpana Morparia Dev Bajpai

Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
Membership No. FCS 3354
[DIN: 00050516]
Ravishankar A.
Vice President, Finance

Mumbai: 24th April, 2024 Mumbai: 24th April, 2024

INTEGR ATED REPORT 2023-24 357