INTRODUCTION

Hindustan Unilever Limited (HUL) stands as a British-owned Indian consumer goods giant, headquartered
in Mumbai and operating under the subsidiary of the British multinational Unilever. Since its inception in
1931 as Hindustan Vanaspati Manufacturing Co., it has undergone significant transformations, merging
constituent groups in 1956 to become Hindustan Lever Limited and subsequently rebranding in June 2007 as
Hindustan Unilever Limited. Despite its market dominance and wide-ranging product offerings spanning
foods, beverages, cleaning agents, personal care products, water purifiers, and various fast-moving consumer
goods (FMCGs), HUL has encountered its share of controversies. Notably, the company faced severe
criticism for environmental issues, particularly the dumping of highly toxic mercury-contaminated waste in
Kodaikanal, resulting in land and water contamination. Additionally, a contentious advertising campaign
targeting the Hindu pilgrimage site at Kumbh Mela sparked uproar due to its insensitive portrayal. However,
amidst these challenges, HUL maintains a substantial portfolio, boasting over 50 product brands across 14
categories by 2019, serving an extensive consumer base of over 700 million Indians. Its workforce of 21,000
employees and notable sales of ₹34,619 crores in FY2017–18 underscore its significant economic and
employment contributions. Notably, in December 2018, HUL's acquisition of GlaxoSmithKline India's
consumer business for US$3.8 billion marked a strategic move to expand its product offerings. This
acquisition, completed in April 2020 after fulfilling legal procedures, further solidified HUL's market
position. The company's corporate headquarters, now situated in Andheri, Mumbai, accommodate over 1,600
employees, housed in a campus designed by the Mumbai-based architecture firm Kapadia Associates. Over
the years, HUL has centralized its research efforts, establishing the Hindustan Unilever Research Centre
(HURC) in Mumbai in 1966 and later Unilever Research India in Bangalore in 1997. In 2006, these research
facilities were consolidated into a single site in Bangalore. Despite its controversies, HUL continues to
maintain a strong foothold as the market leader in Indian consumer products, trusted by millions of
consumers, with 16 of its brands featuring in the ACNielsen Brand Equity list of 100 Most Trusted Brands
Annual Survey in 2014, conducted by Brand Equity, a supplement of The Economic Times.
HUL encompasses an extensive array of products spanning various categories catering to diverse consumer
needs. In the realm of food, its offerings include a wide spectrum ranging from essentials like Annapurna salt
and Atta (formerly known as Kissan Annapurna) to popular beverage choices like Boost, Bru coffee, and an
assortment of teas under the Brooke Bond brand (including 3 Roses, Taj Mahal, Taaza, and Red Label).
Additionally, Kissan stands out with its range of squashes, ketchups, juices, and jams while Lipton satisfies
the thirst for ice tea. Knorr adds to the mix with its soups, meal makers, and soupy noodles, while Kwality
Wall's and Magnum delight consumers with frozen desserts and ice cream options like Cornetto Ice cream
cones. Notably, Hellmann's mayonnaise also falls under this umbrella of food products.
In the homecare sector, HUL offers a comprehensive lineup including Active Wheel detergent, Cif Cream
Cleaner, Comfort fabric softeners, Domex disinfectant/toilet cleaner, Love & Care wash care, Nature Protect
disinfectant surface cleaner, Rin detergents and bleach, Sunlight detergent and colour care, Surf Excel
detergent and gentle wash, Vim dishwash, and Magic – Water Saver, emphasizing efficiency and cleanliness
in household maintenance.
The realm of personal care is equally diverse, encompassing a plethora of brands and products aimed at
addressing various beauty and grooming needs. Brands like Axe, LEVER Ayush Therapy, Brylcreem, Clear,
Clinic Plus, Close Up, Dove, Hamam, Indulekha, Lakmé, Lifebuoy, Liril, Lux, Pears, Pepsodent, Pond's,
Rexona, Sunsilk, Sure, V Wash, Vaseline, TRESemmé, and TIGI collectively offer a wide range of skincare,

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haircare, oral care, and personal hygiene solutions. From skin-lightening creams to shampoos and toothpaste,
these products cater to a broad spectrum of preferences and requirements.
Brands of HUL
With over 50 diverse brands in India, HUL collective mission is to create a positive impact. From the
inception of our business, making a difference has been at the core of HUL objectives. HUL commitment
extends beyond profit margins; it encompasses a dedication to fostering sustainable living practices that
benefit society and the environment. Although there are ongoing challenges, we firmly believe that through
collaborative efforts, we can continue to pave the way for a future where sustainable living becomes the
norm. Each of HUL brands plays a vital role in this journey, contributing unique perspectives and initiatives
aimed at making a meaningful and lasting difference. Together, we are dedicated to making a tangible and
positive difference in the world, setting a precedent for responsible and ethical business practices while
striving to create a more sustainable and inclusive future for all.
HUL Compass Organisation: introducing Unilever’s five new Business Groups
The new structure helping Unilever navigate to sustainable growth, faster innovation and a profitable future.
In July 2022, Unilever underwent significant transformations geared towards propelling company towards
growth both in the present and the future. These pivotal changes were strategically implemented to fortify
position in the market, ensuring that we are equipped to adapt and thrive in an ever-evolving landscape. With
an eye towards innovation and sustainability, these adjustments were aimed at aligning HUL strategies,
structures, and operations to maximize potential for growth while maintaining a steadfast commitment to
HUL values and objectives. These changes serve as a foundation for Unilever's continued evolution and
advancement, positioning us to meet the demands of tomorrow's consumers and markets with resilience and
forward-thinking vision.

HUL transitioned to a refined operating model structured around five distinct Business Groups, each
dedicated to specific categories and brands. This strategic alignment empowers every Business Group—
Beauty & Wellbeing, Personal Care, Nutrition, Home Care, and Ice Cream—with complete ownership and
responsibility for its unique strategy, growth trajectory, and global profit delivery. Through this
organizational framework, every group operates autonomously, ensuring focused attention on their
designated categories and brands while driving forward-thinking initiatives and innovations within their
domains. This approach fosters agility, efficiency, and a heightened sense of accountability, allowing each
Business Group to leverage its expertise and resources to maximize growth and drive success on a global
scale.
• Beauty & Wellbeing
• Personal Care
• Nutrition
• Home Care
• Ice Cream

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The freshly introduced model serves as the backbone for elevated performance, streamlining operations by
simplifying complexities and enabling swift responses to evolving consumer behaviours and channel trends.
This organizational structure, known as HUL Compass Organisation, embodies HUL commitment to
realizing the objectives outlined in HUL Compass strategy. It acts as a guiding framework, steering HUL
purpose-driven, forward-looking company towards becoming a preeminent global leader in sustainable
business practices. By embracing this model, we aim to not only enhance efficiency and agility but also stay
aligned with HUL mission of sustainability while continually adapting to meet the demands of an ever-
changing market landscape.

BIGGEST BRANDS
1.Dove
• For more than 17 years, Dove has been dedicated to transforming beauty into a source of confidence rather
than anxiety. Rejecting the limitations imposed by shape, size, or color, Dove believes in authentic, unique,
and real beauty. Encouraging women to embrace beauty on their terms, Dove's range of products delivers
exceptional care, aiming to empower individuals through superior self-care experiences.
• The Dove difference transcends product excellence. It embodies a compelling social mission deeply
embedded in the brand's history. Originating in 1957 with the groundbreaking beauty cleansing bar, Dove's
iconic Beauty Bar revolutionized skincare with its unique blend of mild cleansers and moisturizing cream,
leaving skin clean, soft, and smooth. Renowned as the top dermatologist recommended brand in the US,
Canada, and France, Dove garners strong endorsements from dermatologists worldwide.
• Beyond product innovation, Dove's commitment extends to fostering a world where beauty and body
image positively impact everyone. Championing a redefinition of beauty standards, Dove supports women,
female-identifying individuals, and non-binary individuals alike. Their initiatives span empowering the next
generation through the Dove Self-Esteem Project, advocating for a world devoid of toxic beauty standards.
• Central to Dove's ethos is their care for how products are made and their commitment to sustainability.
With an unwavering dedication to providing superior care to all women, Dove's advertising campaigns have
consistently featured real women, challenging stereotypes, and widening the definition of beauty. Upholding
this commitment, Dove launched the Dove Real Beauty Pledge in 2017, vowing to portray women
authentically without digital alterations, always featuring real women rather than models, and actively
promoting positive body confidence in young people.
• The Dove Self-Esteem Project, initiated in 2004, delivers self-esteem education to young individuals
worldwide, engaging through school lessons, youth group workshops, and online resources for parents.
Collaborating with leading global experts in body image, Dove strives to empower young people, aiming to
reach 250 million individuals by 2030.
• Dove remains steadfast in its mission to redefine beauty and invites all women to join this transformative
journey. Through tangible actions and a commitment to change beauty standards, Dove aims to foster a
world where every individual can embrace their unique beauty confidently. Let's Change Beauty together.
• More recently, in September 2023, Dove faced calls for a boycott following a perceived association with a
BLM activist who incorrectly accused a university student of making a racist comment. This event sparked
further public scrutiny and demands for accountability from the brand.

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• Over more than six decades in the cosmetics industry, the Dove Soap logo has undergone notable
transformations while retaining key elements that define its enduring identity. The evolution of the emblem,
marked by shifts in design and color palettes, reflects Dove's commitment to staying relevant in an ever-
evolving beauty landscape.
• The original logo from 1955 showcased the brand name "Dove" in an elegant white cursive font against a
soothing blue backdrop. Accompanying this script was a slightly abstract yet discernible white Dove bird,
situated within a gold stripe atop the packaging. Over time, Dove's logo evolved; by 1969, the cursive font
persisted but appeared in a deeper blue hue against a white background. The Dove bird, now depicted in
gold, symbolized movement by facing right, signifying growth and progression.
• Advancing into the early 2000s, Dove refined its logo with subtler, slimmer lettering in a darker shade. The
Dove emblem, appearing beneath the wordmark, sported a gradient finish, giving the metallic bird design a
softer appearance. In subsequent iterations, including the 2012 version, Dove maintained consistency with
its color scheme and core elements but opted for slimmer, less ornate lettering and a sleeker representation of
the Dove bird, aligning with contemporary design sensibilities.
• Throughout these changes, Dove has preserved specific elements, such as the accompanying Dove bird
symbolizing elegance, care, and tenderness alongside the cursive font, evoking sophistication. The color
scheme, comprising gold for luxury and blue for reliability, has remained a steadfast presence, though shades
have evolved to resonate with shifting aesthetics.
• The Dove Soap logo has held a prominent place in the beauty and skincare sphere, undergoing iterative
changes that reflect the brand's adaptability while upholding its core values. Each rendition of the logo, from
its elegant script to the golden bird, plays a crucial role in solidifying Dove's identity—a commitment to
authenticity, transparency, and a genuine rapport with its diverse customer base. As a beacon of
trustworthiness and elegance, the Dove Soap logo stands as a testament to the brand's enduring presence and
commitment to excellence in the beauty industry.
2 .Sunsilk
Sunsilk, a hair care brand under the umbrella of Unilever, made its debut in 1954 within the United
Kingdom, swiftly expanding its reach to become a staple in numerous countries worldwide. Its presence is
particularly prominent in Southeast Asia, notably in Malaysia, Vietnam, the Philippines, Indonesia, and
Thailand. Sunsilk has established itself as a household name in the realm of hair care, garnering widespread
recognition and popularity across diverse global markets. Sunsilk's journey spans over several decades,
marked by a series of pioneering innovations and strategic rebranding efforts. Introduced in the United
Kingdom in 1954, Sunsilk quickly gained global prominence, becoming available in 45 countries within its
launch year. At its inception, Sunsilk's unique selling point lay in its ability to cleanse hair effectively with
just one application, preserving natural oils—an advantage distinguishing it from other shampoos.
The brand continued to evolve and innovate. In 1960, Sunsilk unveiled the Tonic shampoo infused with
Allantoin, a skin-healing ingredient. As the shampoo landscape evolved, Sunsilk adapted, rebranding its
Liquid shampoo as Sunsilk Beauty in 1961 to better reflect its product offering in the liquid shampoo
market.
By 1962, Sunsilk strategically positioned itself as a diverse range catering to various hair types. Notably, in
1966, Sunsilk underwent a significant transformation, introducing new variants and reformulating its product
lineup.

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Branching into hair styling, Sunsilk ventured into the hair spray market in 1964, later revamping its formula
in 1966 to align with market demands. This period also witnessed Sunsilk's shift to PVC bottles for shampoo
packaging in 1969, emphasizing its commitment to innovation and adaptability.
Expansion into hair care extended further in 1971 with the launch of Sunsilk conditioner, offering variants
tailored for dry, normal, and greasy hair. Subsequent introductions, including an aerosol-dispensed setting
lotion in 1973 and an economy-sized shampoo bottle in 1974, expanded Sunsilk's product range and
accessibility.
Aiming to reposition itself in the market, Sunsilk underwent a re-launch in 1980, emphasizing improved
formulations and updated packaging designs to solidify its brand identity and competitive edge. Further
product diversification unfolded in the 1980s, with the introduction of styling mousse in 1985, followed by
conditioning mousse two years later.
In response to market demands, Sunsilk unveiled a new range of shampoos and conditioners in 1993,
developed by the "Elida Hair Institute" in accordance with extensive market research.
A significant milestone occurred in 2001 when Sunsilk ventured into the hair colorant market, targeting
Asian-type dark hair in markets such as India, Pakistan, and Thailand, further expanding its product portfolio
to meet diverse consumer needs. Throughout its extensive history, Sunsilk's evolution reflects a commitment
to innovation, responsiveness to market trends, and a dedication to offering a comprehensive range of hair
care solutions.
Sunsilk's journey spans over several decades, marked by significant milestones and expansions that have
solidified its presence as a pioneering hair care brand. Originating in the UK in 1954, Sunsilk quickly made
its mark, stepping into the television advertising arena by 1955, laying the groundwork for its global
recognition.
Throughout the years, Sunsilk continually innovated, expanding its product line to cater to diverse hair care
needs. The introduction of Sunsilk hair spray in 1964 marked its foray into styling products, while
repackaging its shampoo in PVC bottles in 1968 coincided with its expansion across Europe, Brazil, and
Asia, cementing its international footprint.
Sunsilk's evolution continued with pivotal launches such as the conditioner in 1971 and the pioneering 2-in-1
shampoo with conditioner in 1982, revolutionizing hair care routines. The brand's campaigns gained
momentum, featuring hair experts like Dusty Fleming in 1986, reinforcing Sunsilk's expertise and
credibility.
Expanding its conditioning range in the Philippines in 1990 and introducing Sunsilk Classic and Expert Care
in 1992 further solidified its commitment to tailored hair care solutions. Sunsilk's global campaign with the
Elida Institute in 1993 and subsequent relaunches, including variants like Ceramides and Frutamin,
showcased its dedication to innovation and consumer-focused offerings.
The brand's presence expanded into multimedia with the launch of Sunsilk glossy magazine in Argentina in
2003, catering to a wider audience through diverse platforms. Sunsilk's adaptation to changing times became
evident with the introduction of the Gang of Girls social networking site in India in 2009, aligning with
evolving consumer behaviours.

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In a move reflecting adaptability and freshness, Sunsilk underwent a rebranding as Sunsilk Co-Creations in
2010, emphasizing collaboration and innovation. Celebrating 67 years of existence, Sunsilk further
revamped itself as Sunsilk Activ-Infusion on New Year's Day 2022, embodying rejuvenation and modernity.
The brand's resonance with its consumers persisted, evident in the revival of Sunsilk Anti-Dandruff in the
Philippines after a nine-year hiatus, signaling its commitment to addressing diverse hair care needs. Sunsilk's
enduring presence for over seven decades, particularly its steadfast companionship with the people of
Indonesia for 71 years, reflects its continuous evolution, innovation, and dedication to delivering quality hair
care solutions.
Sunsilk's advertising journey has been a vibrant tapestry of innovative campaigns, celebrity endorsements,
and interactive initiatives. The brand made a splash with its first television advertisement in 1955, focusing
on specific hair concerns. Notably, the UK campaign emphasized shiny hair, setting the stage for Sunsilk's
distinctive marketing strategies.
During the 1960s, Sunsilk's television commercial featured a tune by John Barry, "The Girl with the Sun in
Her Hair," which gained immense popularity and was released as a standalone pop single, highlighting
Sunsilk's cultural impact beyond hair care.
The brand's radio commercials in 1969, led by Derek Nimmo, promoted Sunsilk Herb shampoo, targeting
hair-related problems under the campaign "Hairy Tales." As the '70s dawned, Sunsilk's slogan "All you need
is Sunsilk" encapsulated its holistic approach to hair care.
Sunsilk's association with celebrities has been a cornerstone of its marketing strategy. From Madonna to
Krisdayanti, Maja Salvador to Alia Bhatt, the brand collaborated with influential personalities worldwide,
emphasizing empowerment and control through the campaign "Life Can’t Wait." Notably, star-studded
endorsements from Marilyn Monroe and modern icons like Shakira reinforced Sunsilk's global reach and
impact.
Local brand ambassadors, such as Star Magic actresses in the Philippines, Humaima Malick in Pakistan, and
Yureni Noshika in Sri Lanka, brought Sunsilk's message closer to regional audiences. Partnerships with
singers like Delta Goodrem in Australia and Girls Aloud in the UK expanded the brand's reach through
music and tours.
In Southeast Asia, Sunsilk's ambassadors evolved, with Isyana Sarasvati and Raisa Andriana representing the
brand in Indonesia until New Year's Eve 2021. Dolla took over as brand ambassadors in Malaysia from New
Year's Day 2022, signaling a new era for Sunsilk in the region.
The brand's initiative, "Gang of Girls" in India, pioneered a social networking platform offering expert
advice on hair care, fashion, and lifestyle, engaging users through interactive content, blogs, and live chat
rooms.
Sunsilk's "Co-Creation" collaboration strategy since 2009 has involved partnering with hair experts like Dr.
Francesca Fusco and Jamal Hammadi to develop specialized variants addressing specific hair concerns. This
collaboration extended to Rita Hazan, Teddy Charles, Thomas Taw, Ouidad, and Yuko Yamashita,
amplifying Sunsilk's commitment to tailored solutions.
Sunsilk's multifaceted approach, blending celebrity endorsements, interactive platforms, and expert
collaborations, has continuously evolved to cater to diverse global audiences, establishing the brand as a
trendsetter in the dynamic world of hair care.

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Sunsilk offers a diverse range of hair care products tailored to address various hair concerns, ensuring
vibrant and healthy locks for every need and preference.
Addictive Brilliant Shine: Infused with five natural oils and a delightful summer berry fragrance, this
formula smoothens your hair, imparting a radiant shine that captivates.
Refreshing Hydration: Harnessing the power of Aqua Minerals, Sunsilk's Refreshing Hydration range keeps
your hair soft, hydrated, and effortlessly healthy, accompanied by an invigorating lemon and mint aroma.
Damaged Hair Reconstruction: Enriched with nourishing lipids, this formula targets damage across every
hair strand, offering a sweet apple and gardenia scent while repairing and rejuvenating.
Longer & Stronger: Formulated with Rooibos and Nutri Calcium, this line strengthens hair from root to tip,
minimizing breakage and promoting lush, lengthy locks. The delightful mango and vanilla fragrance elevates
the experience.
Vibrant Colour Protection: Protect your vibrant hair color with Sunsilk's innovative Amino Care Technology
and UV filter, ensuring long-lasting color protection and preventing fading.
Perfect Straight: Leveraging Straight Lock Technology infused with mineral oils and a tropical fruit and
jasmine aroma, this line helps achieve sleek, straight hair effortlessly.
Detox for Men: Specifically crafted for men, this formula, enriched with Eucalyptus and Vitamin B5
complex, ensures a clean scalp, perfect for daily use, providing a refreshing experience.
Total Care 2 in 1: Sunsilk's Total Care 2 in 1, powered by the Micro-Moisture Complex, efficiently cleanses
and lightly conditions your hair, leaving a delicate pear and apricot flower fragrance for a revitalized feel.
Frizz Defence: Combat humidity and frizz for up to 24 hours with the Frizz Defence formula, featuring a
smoothing serum to tame unruly hair and maintain its sleekness.
Sunsilk's array of products caters to every hair type and concern, promising effective solutions accompanied
by delightful fragrances to elevate your hair care routine to a luxurious experience. Each Sunsilk product
caters to specific hair needs, ranging from shine enhancement and hydration to damage repair, color
protection, straightening, and defense against frizz and humidity. The diverse formulations and fragrances
offer options for varied hair concerns, promising effective solutions for different hair types and preferences.
3.Clear
CLEAR is global anti-dandruff shampoo brand, Clear, falls under the ownership of the British-Dutch
company Unilever. Its roots can be traced back to Italy, where it originated and was initially introduced as
Clinic shampoo in 1975. However, the rebranding took place in 1982 when it was relaunched as Clear. This
renowned shampoo is marketed under the name Clear in numerous countries worldwide. In specific regions,
it is recognized as Ultrex in Greece, Linic in Portugal, and Pure Derm in India. The product had a different
name in Thailand until 2010, being known as Clinic Clear, while it was simply Clinic before the early 2000s.
In a world where conformity often takes center stage, CLEAR champions the empowerment of individuals
to embrace their uniqueness and shine brightly by embracing their authentic selves.
Since its launch in 1975, CLEAR has remained dedicated to its core mission: providing the most effective
solution for dandruff to consumers worldwide. Our commitment has driven us forward without looking back,
propelling us to make a lasting impact.

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Distinct from other shampoos that solely tackle dandruff, CLEAR shampoos are meticulously crafted not
just to eliminate flakes but also to fortify the scalp's natural defenses, putting an end to recurring dandruff
worries*.
Recognizing the differing needs between men's and women's scalps, CLEAR innovated the world's first
dual-gender anti-dandruff shampoo, acknowledging and catering to individual needs.
Every moment becomes an opportunity to shine because when you embrace your true self, you have nothing
to hide.
*Regular use ensures no visible flakes while helping to restore the scalp's skin barrier function.
4. Vaseline
Vaseline, an American brand of petroleum jelly-based products, is under the ownership of the multinational
corporation Unilever. Its product line encompasses plain petroleum jelly along with various skin creams,
soaps, lotions, cleansers, and deodorants.
Interestingly, in several languages, "Vaseline" has become a generic term for petroleum jelly. For instance, in
Portugal, Unilever's products are referred to as Vasenol, while in Brazil and certain Spanish-speaking
countries, the Unilever products are known as Vaselina. This widespread usage of the term showcases the
brand's influence and recognition in the realm of petroleum jelly-based products across diverse regions.

In 1859, Robert Chesebrough, a chemist who had previously worked with whale oil, ventured to the oil
fields in Titusville, Pennsylvania, seeking new materials derived from the emerging fuel source. There, he
discovered a substance called rod wax, a residue removed from oil rig pumps, which the workers used to
treat cuts and burns. Bringing samples of this rod wax back to Brooklyn, Chesebrough extracted the usable
petroleum jelly and began producing a medicinal product he named Vaseline.
The term "Vaseline" was first mentioned by Chesebrough himself in his 1872 U.S. patent (U.S. Patent
127,568), describing it as a new product derived from petroleum.
The name "vaseline" is claimed by the manufacturer to be a combination of the German word "Wasser,"
meaning water, and the Greek word "έλαιον" (elaion), meaning oil.
Initially manufactured by the Chesebrough Manufacturing Company, which later merged with Pond's in
1955, Vaseline eventually became part of Unilever's portfolio when they acquired the company in 1987.
As for its uses, Vaseline serves various purposes. It can act as a lubricant for metallic and plastic surfaces but
should not be used in sexual practices due to the risk of introducing infection-causing bacteria and damaging
latex condoms. It's also not recommended for internal use. However, Vaseline is often used as a moisture
insulator for local skin conditions characterized by dryness, such as atopic dermatitis and eczema.
As a petrolatum product, Vaseline functions as a topical moisturizer, aiding in skin water retention by acting
as a protective barrier that prevents water evaporation from the outermost skin layer (stratum corneum) and
blocks external moisture.
It's important to note that while Vaseline contains mineral oils, when used topically as directed, the dermal
absorption of certain compounds is insignificant, and no substantial evidence links petroleum jelly-based
moisturizers to cancer in large-scale studies conducted over many years.

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For more than 140 years, the Vaseline® brand has been dedicated to enhancing and maintaining healthy skin.
From its beginnings in 1870, Vaseline® continues to play a crucial role in nurturing skin health.
Your skin is truly remarkable! Comprising around 800 million cells, it acts as your protective shield against
the elements, guarding you against diseases and aiding your sensory experiences. It's in a perpetual state of
growth and regeneration, always renewing itself, and even possesses the incredible ability to heal when
injured. While it's easy to overlook the marvels of our skin, the Vaseline® brand has always revered its
importance.
For over 135 years, Vaseline® has celebrated the wonders of skin by crafting products specifically designed
to maintain its brilliance. From Vaseline® Hand and Body Lotions to Vaseline® Lip Therapy and Vaseline®
Petroleum Jelly, our range is aimed at preserving the incredible properties of your skin, ensuring it remains
healthy and vibrant.
Vaseline, a timeless skincare essential, celebrated a significant milestone recently. Its enduring presence in
the skincare world has been complemented by cutting-edge innovations and a surge in social media
popularity, propelling its growth faster than ever before.

For 150 years, Vaseline has been a fundamental inclusion in bathroom cabinets, makeup bags, and first-aid
kits, and its age hasn't hindered its progress. In fact, Vaseline stands tall as one of the fastest-growing brands
within the Unilever portfolio.
Renowned for its gentle, healing, and smoothing properties, this enduring brand has evolved significantly
since chemist Robert Chesebrough patented the process of creating purified petroleum jelly. Initially
intended to treat chapped hands and style hair, Vaseline gained immense traction when women discovered its
affordability and versatility, using it on lashes, lips, and skin and enthusiastically sharing their experiences
with friends.
Fast forward through a century and a half, and Vaseline is experiencing a resurgence in popularity, fueled by
a new generation of skincare enthusiasts who extol its virtues on social media. The 'slugging' trend, where
users coat their faces with Vaseline Jelly before bedtime to wake up with a radiant complexion, has sparked a
devoted following among Gen Z. The hashtag #Slugging amassed over 415 million views on TikTok in
August 2022, with numerous users praising the glow-inducing powers of Vaseline.
Yet, Vaseline's lasting appeal isn't solely due to beauty trends. Its enduring purpose, continual product
innovations, adeptness in the digital landscape, strategic entry into new markets, and, importantly, the deep-
seated affection it has garnered over the years all contribute to its enduring success.
Here are factors behind Vaseline’s 15 decades of success…
Absolutely, Vaseline's remarkable success over 150 years is a result of several key factors:
1. Longevity and Trust: Vaseline's heritage spans generations, establishing a profound trust with consumers
worldwide. Its original healing jelly laid the foundation for a diverse product line that has catered to various
skincare needs, earning the loyalty of millions.
2. Global Expansion and Adaptability: Beginning in the United States, Vaseline strategically expanded
across continents. Its success in key Asian markets like India, Thailand, and notably China highlights its

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adaptability to diverse cultural and environmental needs. The introduction of region-specific products, like
the summer range in India, showcases a keen understanding of local demands.
3. Innovation and Premium Offerings: Vaseline's commitment to innovation, as seen with the Pro Derma line
developed by a specialized team, demonstrates a dedication to advanced skincare solutions. The integration
of cutting-edge technology and clinically proven formulations addresses specific skin concerns, meeting
evolving consumer expectations and contributing significantly to sales, especially in China.
4. Digital Engagement and Accessibility: In response to the growing prominence of online sales, particularly
in Asia, Vaseline has adapted its marketing and distribution strategies. Leveraging partnerships with major e-
commerce platforms and influencers, the brand has augmented its online presence, catering to a diverse
audience and boosting sales, especially with the popularity of skincare trends like the "slugging skincare
technique."
These factors collectively highlight Vaseline's enduring success, driven by a blend of heritage, innovation,
adaptability to diverse markets, and a forward-thinking approach in embracing digital avenues for
engagement and sales.
Vaseline's continued success in the digital age and its enduring impact on global skincare reflect its
adaptability, purpose-driven initiatives, and technological advancements.
Digital Engagement and Market Reach: In response to shifting consumer behaviours, Vaseline has
effectively tapped into online sales, especially in burgeoning markets like India, Indonesia, and China.
Collaborations with major e-commerce platforms and influencers have propelled the brand's visibility and
sales. Leveraging trends like the "slugging skincare technique" and engaging with a younger audience
through digital creators have cemented Vaseline's relevance in the competitive beauty market.
Commitment to Purpose and Equity: Beyond commercial success, Vaseline has dedicated itself to a
meaningful cause—providing skincare solutions for all. Through the Vaseline Healing Project, the brand
partners with humanitarian organizations to extend dermatological care, medical supplies, and education to
millions affected by emergencies and poverty. Locally tailored initiatives, such as the 'Equitable Skin Care
for All' program in the U.S., underscore Vaseline's commitment to addressing diverse skin needs.
Collaborations with healthcare tech startups like HUED and the creation of resources like 'See My Skin'
demonstrate a concerted effort to bridge healthcare disparities.
In summary, Vaseline's success is grounded in its ability to evolve with the times, leveraging digital
platforms, and its unwavering commitment to global skincare needs through purposeful initiatives and
technological advancements, setting the stage for another 150 years of innovation and impact.
5. TRESemmé
For seven decades, TRESemmé has been championing women in their journey to self-expression and
confidence.
Starting in the vibrant atmosphere of salons, TRESemmé's core belief remains unchanged: every woman
should embrace a fabulous look and feel empowered as if they've just walked out of a top-notch salon.
At the heart of TRESemmé is a commitment to crafting hair care and styling solutions that mirror salon
quality but at an accessible price. Our products draw inspiration from salon expertise, providing you with the
tools to create your signature style and relish that salon-fresh feeling every single day.

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Embracing values like independence and self-assurance, TRESemmé stands for the confidence needed to
tackle any challenge head-on. Recognizing the transformative power of hair in boosting confidence, we
strive to empower today's modern women, encouraging them to take charge and pave the way forward.
The roots of TRESemmé trace back to its inception in 1947 by Godefroy Manufacturing, initially tailored
exclusively for salon use. However, as its popularity surged, the brand expanded its reach beyond beauty
salons and entered the consumer market, making its way into supermarkets and pharmacies.
In 1968, Alberto-Culver recognized the brand's potential and acquired TRESemmé, further bolstering its
presence and accessibility. This move propelled the product line into wider circulation and popularity among
consumers.
The brand continued to evolve under Alberto-Culver's ownership, gaining traction and diversifying its range
of offerings. However, a significant turning point occurred in 2010 when Unilever, a prominent multinational
consumer goods company, acquired Alberto-Culver. This acquisition marked a new chapter for TRESemmé,
allowing for expanded development and the introduction of more diverse products into the line.
TRESemmé has curated a diverse range of hair care solutions tailored to different hair types, encompassing
shampoos, conditioners, dry shampoos, styling products like mousse, gels, hair sprays, and an array of
styling sprays, crèmes, and milk. Widely used in salons across several countries, their products particularly
address hair damage caused by heat styling tools like hair irons and blow dryers.
In the past, the brand offered a "PROfiler" tool on its website, aiding consumers in finding the right products
for their hair. However, this tool was discontinued by 2018.
Despite their product success, TRESemmé faced controversy in 2020 due to a marketing campaign in South
Africa. An advertisement at a retail chain led to allegations of racism as it displayed differing descriptors
between a black model and a white model. This sparked outrage, protests, and store closures. Several
retailers removed TRESemmé products from their shelves, leading to Unilever, TRESemmé's parent
company, pulling the products from all retailers for a limited period. While TRESemmé and Clicks, the retail
chain, claimed no intentional racial bias, they issued apologies and undertook corrective actions.
The debate over the controversial ad's intent remains divided. While some view it as inadvertently
insensitive, others believe it highlighted hair characteristics affected by certain treatments, with opinions
from public figures expressing both perspectives.

During the Mercedes-Benz Fashion Week 2014 in New York held in February, TRESemmé took center stage
as the official hair care sponsor, a role the brand had held since 2006. As part of its involvement, TRESemmé
assembled a specialized team known as the "Runway Insiders," which notably included the talented
American model and DJ, Harley Viera-Newton.
TRESemmé's contributions and influence in the fashion industry have been recognized through several
prestigious awards:
 Cosmopolitan Beauty Award 2010: Acknowledged for its outstanding contributions in the realm of
beauty.
 Allure Best of Beauty Award 2010: Recognized by Allure magazine for its exceptional quality and
innovation in the beauty industry.

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  Cosmopolitan Beauty Award 2011: Continuously demonstrating excellence in the beauty sector.
 Elle Beauty Award 2011: Esteemed recognition from Elle magazine for its notable achievements in
the beauty domain.
 Allure Readers' Choice Breakthroughs 2011: Acknowledged by Allure readers for its innovative
breakthroughs that have positively impacted the beauty industry.
These awards serve as a testament to TRESemmé's commitment to excellence, innovation, and its impactful
presence within the beauty and fashion landscape.
TRESemmé, the premium hair care brand under Hindustan Unilever Limited (HUL), made a resounding
impact upon its launch in India in October 2012. Within just a year, it surged to a remarkable ₹100 crore in
sales. This swift success is attributed to TRESemmé's strategic approach, focusing on the urban female
demographic seeking salon-quality products. Positioned for frequent salon-goers, its pricing, ranging from
₹60 to ₹1000, aims to strike a balance between mass accessibility and prestige.
TRESemmé's distribution strategy plays a pivotal role, leveraging high-end beauty stores and modern trade
outlets to reach its target audience effectively. Its association with actor and model Diana Penty, alongside
international hair stylist Marcus Francis, amplifies its allure within the style and fashion realms.
While TRESemmé's rapid rise is commendable, it prompts speculation about reactions from competitors
such as L'Oreal and P&G. These industry giants may view TRESemmé's success as both a challenge and an
opportunity, prompting them to potentially refine their strategies or introduce competing products.
In gearing up to tackle imminent competition, TRESemmé needs to fortify its differentiation and value
proposition. Its premiumization strategy through salon-centric offerings must continually resonate with
consumers. Expanding market presence and innovating with a diverse product range could aid in scaling
TRESemmé to a ₹500 crore or even a ₹1000 crore brand within HUL's portfolio.
Ultimately, the brand's trajectory towards these lofty benchmarks would demand sustained market
penetration, continuous product innovation, and a strategic response to evolving consumer preferences.
TRESemmé is a brand rooted in over 60 years of hair salon heritage, offering a wide array of salon-quality
hair care products designed for both men and women. The brand's mission revolves around providing
professional-grade products at an accessible price, ensuring everyone can achieve a fabulous, salon-fresh
look without breaking the bank. This commitment to affordability and excellence extends across their range
of shampoos, conditioners, hairsprays, gels, dry shampoos, mousses, and more.
Understanding the uniqueness of every individual's hair, TRESemmé tailors its formulas to cater to diverse
hair types and styles. Their collections encompass solutions for moisturizing, preventing breakage, managing
frizz, adding volume, and repairing damaged hair, ensuring long-lasting styles that meet various needs.
For those seeking hairstyling guidance, TRESemmé provides online expertise, offering a wealth of
hairstyling tips and advice from expert stylists. Additionally, the brand remains at the forefront of
innovation, continuously developing new approaches to both style and protect hair. One notable example is
the Beauty-Full Volume Collection, leveraging Fleximax Polymers to enhance volume while preserving
softness for a salon-quality, voluminous finish. Unique to this collection is the "reverse" approach, starting
with the Pre-Wash Conditioner to soften hair before using the Shampoo to wash away weight, resulting in
fuller-bodied hair.

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As the official hair care sponsor of New York Fashion Week, TRESemmé's team of stylists consistently
crafts on-trend hair looks season after season. To offer enthusiasts a glimpse into the convergence of hair and
fashion on the runway, the brand has developed a digital web series, Style Setters, providing a behind-the-
scenes view of this dynamic intersection.
1.Liquid I.V.
Unilever has just confirmed the acquisition of Liquid I.V., a U.S.-based health and wellness company
renowned for its innovative electrolyte drink mixes. Founded in 2012 by entrepreneur Brandin Cohen,
Liquid I.V. harnesses Cellular Transport Technology (CTT®), which enhances the rapid absorption of water
and essential nutrients into the bloodstream, aiding swift recovery and overall well-being. The company's
approach aligns with the World Health Organization's proven Oral Rehydration Solution (ORS), effectively
preventing and treating dehydration.
Beyond hydration, Liquid I.V. offers a comprehensive range of products focusing on energy and sleep, all
while maintaining a commitment to non-GMO, vegan, gluten-free, soy-free, and dairy-free formulations.
Fabian Garcia, President of Unilever North America, expressed enthusiasm about the acquisition,
highlighting Liquid I.V.'s impressive innovation in the rapidly expanding health and personal nutrition
sector. He emphasized the shared vision between Liquid I.V. and Unilever to enhance people's health, create
sustainable products, and make a positive social impact. Brandin Cohen, CEO and founder of Liquid I.V.,
echoed this sentiment, expressing excitement about partnering with Unilever to expand the brand's reach and
fulfill Liquid I.V.'s mission of improving lives by optimizing health, aiding hydration efforts, and
contributing to a better planet. Under the terms of the acquisition, Liquid I.V. will maintain its base in El
Segundo, California, and Brandin Cohen will continue to lead the company as Chief Executive Officer and
Founder.
As for specific financial details, they have not been disclosed yet, pending regulatory approvals and standard
closing conditions.
Liquid I.V., headquartered in El Segundo, CA, specializes in crafting nutrition and wellness solutions
tailored to energize life's adventures. Their drink mixes boast exceptional taste, are non-GMO, proudly made
in the USA, and are free from artificial ingredients. By leveraging Cellular Transport Technology (CTT®),
Liquid I.V. ensures swift absorption of hydration and vital nutrients, promoting a rapid and enhanced sense
of well-being for consumers.
At the core of their ethos is the 1 to 1 Giveback Mission, an initiative dedicated to catalyzing global change.
Through this mission, Liquid I.V. has generously donated over 5 million servings to individuals in need
worldwide. Their products are readily available in more than 30,000 retail outlets nationwide, spanning
prominent specialty, major retail chains, and online platforms such as Costco, Target, Whole Foods Market,
Amazon, CVS, Walgreens, Albertsons, and various other esteemed retailers. It also contains forward-looking
statements as per the United States Private Securities Litigation Reform Act of 1995. These statements use
terms like 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', or similar expressions to
outline future performance or results. They're based on current expectations and assumptions about
anticipated developments and factors influencing the Unilever Group (the ‘Group’), rather than historical
facts.
Given the inherent risks and uncertainties, certain factors could cause actual results to differ from these
forward-looking statements. These include various elements such as consumer preferences not aligning with

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Unilever’s global brands, competitive challenges, climate change effects, sustainable solutions in packaging,
changes in customer relationships, talent management, supply chain disruptions, cost fluctuations in raw
materials, ensuring product quality, robust IT infrastructure, effective execution of business strategies,
economic and social risks including those escalated by the Covid-19 pandemic, financial risks, ethical
standards compliance, and navigating regulatory, tax, and legal matters.
It's emphasized that these forward-looking statements are valid only as of the date of the announcement. The
Group clarifies it holds no obligation to publicly release updates or revisions to these statements unless
required by law. For a more comprehensive understanding of potential risks and uncertainties impacting the
Group, detailed information is available in the Unilever Annual Report and Accounts 2020, filed with the
London Stock Exchange, Euronext Amsterdam, and the US Securities and Exchange Commission. Health
experts, including a dietitian and certified physical trainer from Healthine, acknowledge the efficacy of
Liquid I.V. electrolyte powders in replenishing lost electrolytes and highlight their enjoyable taste.
Liquid I.V., a well-known electrolyte powder, is lauded for its claim of aiding faster rehydration compared to
water alone. These powders are commonly favored in the fitness realm to restore electrolytes lost through
intense exercise or exposure to hot climates. As a dietitian and certified personal trainer, I had the
opportunity to personally test all of Liquid I.V.'s products, sharing my experience and insights to determine
their efficacy. Let's delve into Liquid I.V.: Founded in 2012 by Brandon Cohen, the company offers an array
of pre-packaged electrolyte powders designed to bolster hydration. Notably, Liquid I.V. is recognized for its
Cellular Transport Technology (CTT®️), purportedly superior in hydrating compared to water alone, as
asserted by the company. In 2020, Unilever acquired Liquid I.V., further bolstering its reach and potential
impact. Liquid I.V. is a brand specializing in electrolyte drink mixes, renowned for its proprietary system
purported to enhance the rapid delivery of water and nutrients through the bloodstream, surpassing the speed
of water consumption alone.
During a two-week trial involving 15 Liquid I.V. sticks, I found distinct appreciation for the diverse flavors,
each offering a unique taste profile. Additionally, the convenience of consumption stood out, making it easy
to complete each stick. This product seamlessly integrates with water, encouraging increased water intake.
However, the higher carbohydrate and sugar content may serve as a deterrent for some individuals.
Liquid I.V. stands out for several key features:
Health-Conscious Formulation: The brand offers products that are Non-GMO, gluten-free, dairy-free, and
soy-free, catering to various dietary needs.
Enhanced Hydration Technology: Liquid I.V. boasts a formula with a specific balance of electrolytes,
glucose, and water, designed to optimize hydration levels beyond what water alone can achieve, according to
the company's claims.
Social Impact: The brand's commitment to social responsibility is evident through its significant
philanthropic efforts. Liquid I.V. has donated over 31 million hydration sticks to various groups, including
unhoused individuals, people in Haiti, humanitarian organizations, and frontline workers battling COVID-
19.
Company Background: Founded in 2012 by entrepreneur Brandin Cohen, Liquid I.V. attracted the attention
of consumer goods giant Unilever, leading to its acquisition in 2020. The product lineup spans electrolyte
drink mixes, probiotic kombucha drink mixes, immune support drink mixes, and energy drink mixes.

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Wide Availability: Liquid I.V. products are easily accessible, being stocked in over 20,000 stores across the
United States, including prominent retailers like Target, Walmart, and CVS Pharmacy, as well as being
available for purchase directly through their website.
Certainly, here's a balanced view of Liquid I.V.'s attributes:
PROS:
Health-Conscious Composition: Liquid I.V. prides itself on being non-GMO, gluten-free, dairy-free, and
soy-free, appealing to those with specific dietary preferences or restrictions.
Electrolyte Richness: The formulation is packed with essential electrolytes like potassium and sodium,
optimizing water absorption and supporting enhanced hydration.
Positive Social Contribution: Notably, Liquid I.V. has made a considerable impact through its philanthropic
endeavors, donating over 31 million servings globally, showcasing a commitment to social responsibility.
CONS:
Sugar Content: Some flavors may contain a relatively higher sugar content, ranging from 4 to 11 grams per
stick, which could be a concern for individuals monitoring their sugar intake.
Limited International Reach: Presently, Liquid I.V. products are not available for international shipping,
restricting access for those outside the United States.
Consideration for Specific Conditions: Individuals, especially those who are pregnant, nursing, or have
specific medical concerns, are advised by Liquid I.V. to consult with a healthcare professional before
consumption, potentially limiting its suitability for certain individuals.

Liquid I.V. presents a comprehensive hydration solution based on their adherence to stringent standards:
Company Standards:
The formulation of Liquid I.V. aligns with the World Health Organization (WHO) guidelines for Oral
Rehydration Solution, emphasizing a strategic blend of sodium, glucose, and water. This formula mirrors the
principles used in regions requiring heightened hydration support.
Nutritional Profile:
Each Liquid I.V. stick typically contains around 11 grams of sugar, 500 milligrams of sodium, and up to 380
milligrams of potassium, varying slightly based on flavor or type.
Diverse Product Range:
The brand offers a wide range of products tailored for specific needs, including hydration (with options for
mocktails), energy, sleep aids, probiotic kombucha, and immune support.
Functionality:
Liquid I.V.'s effectiveness lies in its ability, as claimed by the company, to efficiently deliver water and
essential nutrients to the bloodstream, surpassing the efficiency of water alone.
Usage Instructions:
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A single stick, considered one serving, when mixed with 16 ounces of cold water, constitutes a daily intake
as recommended for healthy adults. This combination is suggested before travel or physical exertion.
Additionally, the company posits potential benefits for focus, hangover relief, energy enhancement, stress
reduction, and more.
Enhancements and Pairings:
The brand suggests enhancing the Liquid I.V. experience by incorporating complementary elements like
ginger, cucumber slices, citrus juice, mint, and other additions.
Pricing and Discounts:
Liquid I.V. provides various products and flavors through its website, offered at different price points. For
instance, a 24-pack of the Hydration Multiplier costs $34.99, with a 48-pack priced at $69.99. Free shipping
for three to six days is standard, while expedited shipping within two to three days is available for an extra
$15.00. Discounts, including a 27% discount for students and a membership program, are available, with
subscription options offering regular product shipments that can be modified or canceled at any time.
This range of offerings and its adherence to health standards positions Liquid I.V. as a comprehensive
hydration solution catering to diverse needs.
Liquid I.V. presents a diverse range of hydration sticks tailored to different needs, each offering unique
nutritional compositions:
Hydration Multiplier: Contains 500mg sodium, 370mg potassium, and 73mg vitamin C. Hydration
Multiplier+ Immune Support: Offers 500mg sodium, 370mg potassium, and an elevated 504mg vitamin C
for immune reinforcement.
Energy Multiplier: Includes 500mg sodium, 380mg potassium, and 73mg vitamin C, specifically formulated
to boost energy levels.
Sleep Multiplier: Comprises 380mg sodium, 195mg potassium, and 3mg melatonin, promoting better sleep.
Hydration Multiplier+ Probiotic Kombucha: Provides 510mg sodium, 380mg potassium, and 77mg vitamin
C, combining hydration and probiotics. Aside from the Hydration Multiplier Variety Pack, Liquid I.V. offers
multiple bundle options like the Winter Refreshers, Happy Hour, and Back-to-School Bundles, enabling
customers to explore various combinations or create personalized bundles to suit their preferences.
It's important to note that, similar to other supplements, Liquid I.V. products have not received U.S. Food
and Drug Administration (FDA) approval. However, they are manufactured in facilities compliant with FDA
standards, ensuring quality and safety in production.
Lindsey Donovan, a registered dietitian nutritionist and pediatric clinical dietitian, highlights the natural
sourcing of ingredients in Liquid I.V. and their alignment with simplified electrolyte forms. While
acknowledging the absence of FDA approval, she sees value in the product as an alternative to similar
options for her patients. However, she cautions against its use for sedentary individuals or those unwell to
prevent excessive sodium intake. Donovan particularly advises monitoring caffeine-containing variants for
children due to limited research on its effects, suggesting a restriction for those under 12.
Emily Paonessa, another registered dietitian, notes the intended use of Liquid I.V. for rehydration post-fluid
loss due to heat exposure, GI disturbances, or strenuous exercise. She supports the inclusion of sugar and

16
electrolytes for these purposes, highlighting its lower calorie and sugar content compared to competitors.
Paonessa emphasizes the need to consider the carbohydrate, sugar, potassium, and sodium levels, cautioning
against potential overconsumption for individuals with certain medical conditions or food allergies.
Both experts advocate moderation in the product's usage, acknowledging that while water suffices for most
hydration needs, incorporating Liquid I.V. should be a conscious choice due to its potential to surpass added
sugar and sodium requirements if used daily.
The Product Experience By Customer
During a two-week span, I sampled 15 Liquid I.V. products from the LIV Universe Sampler, exploring
various flavors and product types without exceeding one stick per day. While the LIV Universe Sampler is
currently unavailable on their website, they do offer alternative variety packs and bundles.
Initially, I encountered disappointment upon unboxing as one stick had a puncture, causing some powder
leakage. The packaging lacked guidance or information cards, an expectation I had for a product of this
nature.
My aim was consistent usage, exploring different scenarios for consumption—before activities or at various
times of the day. For instance, I tried the Energy Multiplier before a walk, the Hydration Multiplier before a
Peloton ride, another before dinner, and one during work breaks.
Each stick was mixed into a cup of water, sometimes with ice, sometimes without. The stick with the
puncture experienced more clumping, likely due to exposure to air and potential moisture during shipping.
However, generally, the powder dissolved easily, with only minimal sediment in a couple of instances.
Flavor-wise, most were fruity (I favored Tangerine but least preferred Golden Cherry). The Energy
Multiplier in Lemon Ginger, while enjoyable in taste, colored the water dark green, akin to matcha, which
might deter some users.
Although I didn’t notice a direct impact like increased energy, I found that using this product encouraged me
to stay hydrated and be more active. However, considering my weight loss goals and the high sugar and
carbohydrate content, I've opted not to continue using it.
2.Dermalogica
Dermalogica, based in Carson, California, is an American personal care company renowned for its diverse
product range. Their offerings encompass cleansers, exfoliants, toners, masques, eye treatments,
moisturizers, and a dedicated acne treatment line for teenagers. Operating across the United States, the
United Kingdom, Canada, Australia, India, Pakistan, and Ireland, Dermalogica has established a significant
global presence, retailing in over 80 countries worldwide.
In 1983, Jane Wurwand, a seasoned skin therapist and instructor, arrived in Los Angeles after a stint in South
Africa. Her husband, Raymond Wurwand, had recently taken a sales job for a skincare equipment company.
Together, they conducted skin therapy classes in the company's showroom, sparking a successful educational
initiative. Inspired by this success, they established the inaugural International Dermal Institute (IDI) in
Marina Del Rey by the year's end.
Two years later, driven by student demands and Jane Wurwand's personal struggle with skin conditions, they
embarked on creating skin products devoid of common irritants. Dermalogica emerged in 1986 as a skincare
line, initially available in select concept spaces and authorized salons, spas, and beauty supply stores.

17
By 2013, Dermalogica boasted over 100,000 trained skin therapists worldwide and operated 22 concept
spaces spanning North America, Europe, Asia, Australia, Africa, and the Middle East. These spaces served as
hubs for consumer and professional education, offering treatments and retail sales.
Dermalogica maintains The International Dermal Institute (IDI), a premier postgraduate skincare education
provider. With 38 training centers globally and 45 international affiliates, IDI annually trains over 75,000
skin therapists and drives research and development for Dermalogica treatments and products.
From August 1, 2015, Dermalogica, Inc. operates as a subsidiary under Unilever plc, furthering its reach and
influence in the skincare industry. Dermalogica has garnered significant recognition and accolades from
various publications and award bodies such as InStyle, Harper's Bazaar, and Vogue, among others. The
brand's excellence has been acknowledged by industry-leading platforms like Beauty LaunchPad, Cosmetic
Executive Women (CEW), Allure, American Spa, and American Salon, alongside esteemed awards like the
Guild Awards of Excellence, The UK Beauty Awards, and CoolBrands.
However, in 2011, The Sunday Times published an article titled "The Woman Who Started a Cult,"
referencing Dermalogica's passionate and dedicated following. This article raised concerns in Germany,
alleging potential ties between Dermalogica and Scientology. Jane Wurwand, in response, clarified the
brand's position, stating they had to disassociate themselves from Scientology, as misconceptions arose due
to the enthusiastic allegiance of Dermalogica's supporters. She acknowledged the fervent loyalty to
Dermalogica might have led to misconceptions, emphasizing the brand's commitment to its mission and
community.
Our foundation lies in education, aiming to equip skin therapists with top-tier skincare products and
knowledge. Our commitment extends to a global community of skin therapists united in their pursuit:
ensuring optimal skin health for all. Dermalogica stands as the top choice among skincare professionals
worldwide.
Our growth stems from a dedication to tailored skincare regimens. Each individual's skin is unique, driving
us to craft personalized routines and services. Recognizing the distinctiveness of every skin condition, our
products perform at their best when recommended by a professional skin therapist. Regardless of your
lifestyle, background, or surroundings, rest assured, Dermalogica caters to your needs.
At our core, we believe in the profound impact of human touch. It's reflected in our hands, our voice, and our
intentions, forming an authentic and enduring connection with people. This belief underscores how we
interact and establish a distinctive and lasting bond with our community.
OUR strongly prioritize sustainability, recognizing the profound connection between our daily choices and
the well-being of our planet. As a global brand, we conscientiously acknowledge the significant impact our
actions can exert on the environment. Therefore, we've embarked on a bold new initiative, the Healthy Skin,
Healthy Planet, as a testament to our commitment to a healthier world for all.
We're revolutionizing our cleanser packaging by introducing a recyclable pump made of a single material,
alongside bottles crafted from 50% post-consumer-recycled plastic. This innovation significantly reduces
waste and enhances recyclability, eliminating the issue of hidden non-recyclable components like metal
springs commonly found in pumps.
Our collaboration with TerraCycle empowers you to easily recycle your used Dermalogica products at no
cost. Discover more about our partnership with TerraCycle, contributing to a more sustainable future.

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By 2025, Dermalogica commits to meeting ambitious sustainability objectives:
Sourcing 90% of our ingredients sustainably, validated through certifications or substantiated data.
Designing all tubes, bottles, and boxes for reusability, recycling, or composting. Shifting the majority of our
plastic packaging toward recycled or plant-based materials. Partnering primarily with suppliers who
diligently monitor and manage their carbon footprint. Our sub-brand, Clear Start, aligns with these Healthy
Skin, Healthy Planet targets by 2025.
Recognized as cruelty-free by PETA and Leaping Bunny, we are certified vegan and gluten-free. Since 1986,
our formulas have remained clean, void of artificial colors, fragrances, mineral oil, lanolin, S.D. alcohol,
parabens, and microplastics.
Moving forward, all paper and cartons utilized by Dermalogica will be FSC certified, ensuring sustainability
in forest resources.
Manufactured exclusively in California, our formulas adhere to the state's stringent environmental and
consumer protection standards. We uphold a commitment to partners and vendors, requiring evidence of
their practices in managing and mitigating their carbon footprint. Each year, Dermalogica's social impact
initiatives have been dedicated to fostering the next generation of industry professionals by offering
scholarships, mentorships, and valuable skills training opportunities.
Our purpose is deeply rooted in the belief that possessing a skill set empowers individuals to shape their own
destinies. Jane Wurwand, our founder, personally experienced this transformative power as a child when her
mother, suddenly widowed, took on the financial responsibility of their household. Today, we witness this
same empowerment through the multitude of skin therapists we train annually.
In line with our commitment to enabling skin therapists to unlock their full potential, we actively support the
provision of professional-grade skillset training in underserved communities globally. This dedication
reflects our belief in fostering empowerment and creating opportunities for individuals to shape their futures.
We're proud to collaborate with impactful partners who share our vision:
Beauty Changes Lives is committed to nurturing the entire journey of beauty professionals by providing
scholarships, mentorships, and advanced education. Through this alliance, Dermalogica offers scholarships
and mentorship opportunities to aspiring students in the United States, offering them access to esthetics
programs they might not otherwise have.
Justice & Soul empowers vulnerable young women and men, particularly those affected by trafficking, by
providing professional training in cosmetology. Our annual contributions aid in supporting the organization's
operations, training initiatives, and offering stipends to students in the program, fostering their confidence
and self-sufficiency.
Invest in Her Potential, a non-profit, offers comprehensive skin therapist certification scholarships to women
from underserved regions in Vietnam. Our collaboration aims to uplift these women by providing access to
education and certification, enabling them to pursue careers in skincare therapy.
Dermalogica stands as a leading expert in skincare treatments and products, centered on the pillars of
education, personalized care, and a human-centric approach. With a tribe exceeding 100,000 skilled skin
therapists, we provide unparalleled expertise to help individuals achieve their healthiest skin.

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Established in 1986 by skin therapist Jane Wurwand, Dermalogica's research and development are driven by
the International Dermal Institute (IDI), founded by Jane in 1983. Both entities aim to elevate the skincare
industry and empower individuals toward financial independence through careers as skin therapists.
Dermalogica remains committed to advancing vocational training locally, fostering global impact through
local community development.
Our product range and treatments cater to initiating each individual's journey toward optimal skin health.
Emphasizing personalized care, our offerings address diverse skin types and concerns. Dermalogica takes
pride in offering paraben-free, artificial color and fragrance-free products, with an extensive vegan-friendly
selection.
In alignment with our commitment to global change, sustainability is at the forefront. Our products are
cruelty-free, FSC-certified, and prioritizing recyclability, with over 90% of our packaging designed to be
recycled or biodegradable. This dedication underscores our endeavor to create a positive impact on the
planet.
Categories:
1. Hair Care
2. Skin Care
3. Prestige Beauty
4. Health & Wellbeing (includes our Vitamins, Minerals and Supplements business)

During the initial quarter of 2022, Unilever's Beauty & Wellbeing sector showcased impressive underlying
sales growth (USG) of 7.4%. Subsequently, in the second quarter, this Business Group further excelled,
reporting a robust USG of 9.5%. Notably, in the previous year, the Asia Pacific/Africa region played a
pivotal role, contributing significantly by accounting for 54% of the overall growth achieved in 2021. These
substantial figures underscore the consistent momentum and impact generated by Unilever's Beauty &
Wellbeing sector, affirming its substantial growth trajectory and the regional significance in driving the
company's success.
Unilever's Beauty & Wellbeing sector is at the forefront of innovation and growth, exemplified by Vaseline's
remarkable journey spanning over 150 years. Despite its longstanding heritage, Vaseline continues to thrive,
emerging as one of Unilever's fastest-growing brands. Notably, its Pro Derma line, featuring cutting-edge
ingredients like hyaluronic acid and niacinamide, has made significant strides, constituting a substantial 20%
share of Vaseline's business in China. This success story exemplifies Unilever Beauty & Wellbeing's
commitment to embracing a progressive approach to beauty and wellness, focusing on inclusivity, equity,
regeneration, and positivity.
With a global reach touching the lives of over 1 billion individuals daily, the Business Group recognizes its
immense potential to leverage scale for positive impact. Beyond household favorites such as Vaseline, Dove,
and Sunsilk, Unilever Beauty & Wellbeing boasts a diverse portfolio. This includes our Prestige collection
encompassing luxury brands like Dermalogica, Hourglass, and Living Proof, as well as our Health &
Wellbeing segment featuring carefully curated vitamins, minerals, and supplements brands such as Liquid
I.V. and OLLY. Through this extensive array of brands, the sector strives not only to minimize harm but also
to actively contribute towards a world where people and the planet can flourish together. This ethos
underscores a commitment to fostering a more sustainable, inclusive, and beneficial future for all.

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HUL also ventures into the water purifier domain with its offering Pureit, aiming to provide safe and clean
drinking water to consumers. This comprehensive portfolio across food, homecare, personal care, and water
purifiers solidifies HUL's presence as a significant player in the FMCG industry, catering to the diverse
needs of millions of consumers.
Hindustan Unilever Limited (HUL) embarked on its journey in the late 19th century with the introduction of
Sunlight soap bars in Kolkata's harbour in 1888, marking the onset of branded Fast Moving Consumer
Goods (FMCG) marketing. This landmark was swiftly followed by the launch of Lifebuoy in 1895, paving
the way for an illustrious lineup of iconic brands including Pears, Lux, and Vim. The 20th century witnessed
the arrival of Vanaspati in 1918, soon followed by the renowned Dalda brand in 1937.
The groundwork for HUL's presence in India began in 1931 when Unilever established its first Indian
subsidiary, Hindustan Vanaspati Manufacturing Company. Subsequently, Lever Brothers India Limited
(1933) and United Traders Limited (1935) joined the landscape. These three entities amalgamated to form
HUL in November 1956, becoming the pioneer among foreign subsidiaries to offer 10% of its equity to the
Indian public.
The conglomerate's portfolio expanded further with the integration of erstwhile entities like Brooke Bond,
which marked its presence in India in 1900 and subsequently introduced Red Label tea in 1903. Brooke
Bond & Co. India Limited was formed in 1912 and became a part of Unilever in 1984 through an
international acquisition. Similarly, Lipton, with its roots dating back to 1898, was acquired by Unilever in
1972, leading to the incorporation of Lipton Tea (India) Limited in 1977. Pond's (India) Limited, present
since 1947, merged with Chesebrough Pond's USA in 1986 and became part of Unilever's fold.
The dawn of economic liberalization in 1991 spurred a significant shift in HUL's growth trajectory, allowing
exploration across various product segments without constraints on production capacity. Deregulation
facilitated alliances, acquisitions, and mergers, marking landmark events such as the merger of Tata Oil Mills
Company (TOMCO) with HUL in 1993 and the subsequent formation of a joint venture, Lakmé Unilever
Limited, in 1996 with Lakmé Limited. HUL's strategic collaborations extended globally, including a joint
venture with the US-based Kimberly Clark Corporation in 1994, leading to the establishment of Kimberly-
Clark Lever Ltd focusing on Huggies Diapers and Kotex Sanitary Pads.
The '90s witnessed a series of crucial mergers, acquisitions, and alliances in the Foods and Beverages sector.
Notably, the integration of Brooke Bond India and Lipton India in 1994 formed Brooke Bond Lipton India
Limited (BBLIL), which later merged with HUL in 1996. The internal reorganization culminated in the
merger of Pond's (India) Limited (PIL) with HUL in 1998, aligning their interests in Personal Products,
Speciality Chemicals, and Exports businesses. This period reflected HUL's adaptive diversification and
strategic alignments, reinforcing its position as a frontrunner in India's FMCG industry.
Hindustan Unilever Limited (HUL) underwent significant transformations and expansions over the years.
Starting in the early 2000s, HUL strategically integrated Modern Foods into its portfolio, marking its foray
into the bread segment. The government's divestment of equity in Modern Foods to HUL in 2000 kickstarted
this transition towards private sector partnerships.
In the subsequent years, HUL embarked on various business initiatives, such as Project Shakti targeting rural
communities and the launch of innovative products like the ‘Pureit’ water purifier. The company's evolution
continued with the introduction of Hindustan Unilever Network for direct-to-home business in 2003.

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The year 2007 was marked by a significant milestone as the company officially changed its name to
Hindustan Unilever Limited, aligning itself more closely with its global identity. This was also the year when
several key brands like Brooke Bond, Surf excel, and Wheel achieved substantial sales milestones.
HUL commemorated its 75th corporate anniversary in 2008, celebrating a legacy of presence and
contribution in India's market. Subsequently, in 2010, the company moved its headquarters to a new campus
in Mumbai, signifying a shift in its operational landscape.
The company’s commitment to sustainability was evident with the launch of the Unilever Sustainable Living
Plan in India in 2010 and the establishment of state-of-the-art learning and innovation centers in 2012. HUL
continued its sustainable initiatives with the ‘Prabhat’ program and the inauguration of Unilever's first
aerosol plant in Asia in 2013.
Leadership transitioned in October 2013 when Sanjiv Mehta assumed the role of CEO and Managing
Director. The company’s operating framework, ‘Winning in Many Indias,’ expanded nationally in 2014,
leading to increased sales offices across the country.
Strategic acquisitions, such as the Indulekha brand in 2015, strengthened HUL's portfolio, while
divestments, like the bread and bakery business to Nimman Foods, streamlined its focus. Initiatives like
‘Suvidha’ and the commissioning of a modern manufacturing facility in Assam showcased HUL’s
commitment to community welfare and expansion.
Further expanding its portfolio, HUL acquired Vijaykant Dairy and Food Products Limited's ice cream and
frozen desserts business in 2018, enhancing its offerings.
Throughout its journey, HUL consistently demonstrated a commitment to growth, innovation, sustainability,
and community development, shaping its position as a leader in India's consumer goods industry.

HUL made strategic moves to expand its market presence and offerings in recent years. In 2020, it acquired
VWash, a leading brand in the female intimate hygiene category, marking its entry into a rapidly growing yet
underpenetrated market segment. Additionally, the merger with GSK Consumer Healthcare brought iconic
health drink brands like Horlicks and Boost into HUL’s foods & refreshment portfolio, solidifying its
position as the largest F&R business in India.
The company's financial prowess was evident as it achieved a significant milestone in 2022, surpassing a
turnover of INR 50,000 Crores. This demonstrated its robust growth trajectory and market influence.
In terms of infrastructure and sustainability, July 2022 saw the inauguration of Unilever India Limited's
innovative Home Care factory and an automated distribution center in Sumerpur, Uttar Pradesh. The factory
stands out as a zero-carbon facility and Unilever South Asia's first gender-balanced factory, showcasing
HUL's commitment to environmentally conscious operations and gender inclusivity.
In early 2023, Rohit Jawa's appointment as the CEO and Managing Director, effective from June 27, 2023,
signaled a leadership transition, underlining the company's continued evolution and strategic direction in the
years ahead.
HUL, a cornerstone in India's consumer goods industry for 90 years, thrives on its mission: to foster
sustainable living. Nearly every Indian household, nine out of ten, interacts with at least one of our brands

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daily, offering us a distinct chance to shape a promising tomorrow. Our reputation rests on stellar brands, a
positive societal impact, and a steadfast commitment to ethical business practices.
At HUL, our daily pursuit revolves around crafting a brighter future while enriching lives—enabling
individuals to feel their best, look their best, and savor life's moments with products that benefit both them
and society. Operating across 16 categories with a diverse portfolio of 50+ brands, spanning from fabric
solutions to health food drinks, we seamlessly integrate into millions of Indian households. Our roster boasts
household names such as Lux, Lifebuoy, Surf excel, Rin, and a wide array of other trusted brands that touch
the lives of consumers every day. A subsidiary of Unilever, a global leader in Food, Home Care, Personal
Care, and Refreshment products, HUL contributes significantly to Unilever's worldwide presence, spanning
sales in over 190 countries. HUL proudly holds the top ESG (Environmental, Social, and Governance) rating
among FMCG companies in India and stands as the premier employer across sectors, cementing its position
as a beacon of excellence and responsibility.
Here's a chronological breakdown of significant events for Hindustan Unilever Limited (HUL):
HUL, an integral part of India's consumer landscape, has scripted a compelling narrative through a timeline
marked by pivotal moments and strategic developments.
• In 2010, a significant shift occurred as HUL relocated to its new headquarters, 'Unilever House' in
Andheri, Mumbai. Simultaneously, the international launch of Pureit and the introduction of the
Unilever Sustainable Living Plan in India set the stage for a commitment to holistic societal
impact. The establishment of the Hindustan Unilever Foundation (HUF) underscored a dedicated
effort to support national priorities for socio-economic development.
• The year 2013 commemorated HUL's 80th anniversary, coinciding with the launch of 'Prabhat'—a
program aligned with the Unilever Sustainable Living Plan, aiming to engage with local
communities around manufacturing sites. Sanjiv Mehta took the helm as the CEO and Managing
Director in October, steering the company towards a new era of leadership.
• In 2014, HUL embraced the 'Winning in Many Indias' operating framework, expanding sales
offices nationally, emphasizing a diversified approach to market penetration. The company's
strategic evolution continued in 2015 with agreements for both acquisition and sale—acquiring
the flagship brand 'Indulekha' while divesting the bread and bakery business under the 'Modern'
brand.
• The year 2016 marked a significant financial milestone as six HUL brands crossed the rupee 2000
crore mark, showcasing robust market performance. Surf excel's surpassing the 3000 crore mark
underlined sustained growth and consumer resonance.
• The following years saw HUL's expansion efforts materialize, with the commissioning of a state-
of-the-art manufacturing facility in Assam in 2017, and strategic acquisitions like the ice cream
and frozen desserts business from Vijaykant Dairy and Food Products Limited in 2018.
• The year 2020 witnessed strategic moves towards market diversification, including the acquisition
of VWash to enter the female intimate hygiene segment and the merger with GSK Consumer
Healthcare, integrating iconic brands like Horlicks and Boost into HUL's portfolio.
• By 2022, HUL's annual turnover crossed the INR 50,000 Crore milestone, a testament to its
sustained growth trajectory. Notably, the inauguration of Unilever India Limited's zero-carbon
factory and gender-balanced automated distribution center in Uttar Pradesh in July 2022
highlighted the company's commitment to innovation, sustainability, and inclusivity on an
unprecedented scale.

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 • In March 2023, Rohit Jawa was named the CEO and Managing Director of HUL, taking on the
role from June 27, 2023.
• Brand Disclaimer: Please note that any mentions of Fair & Lovely in this context refer to the
brand's previous name before it was changed to Glow & Lovely in 2020.
• Foundation Disclaimer: References made to the Fair & Lovely Foundation in this context refer to
its former name before it was changed to Glow & Lovely Careers in 2020. The foundation is now
known as 'Glow & Lovely Careers'.
How has Hindustan Unilever (HUL), our business in India, grown in recent years?
Hindustan Unilever Limited (HUL), our flagship business in India, has witnessed substantial growth in
recent years, solidifying its position as Unilever's largest entity in terms of product volume and market value.
As of January 2023, HUL emerged among the most valuable companies in the country, reflecting its
significant market presence and influence.
The financial year 2021–22 showcased impressive performance for HUL, marked by a remarkable 11%
growth in turnover and a notable underlying volume growth of 3%. These figures outpaced the market
trends, underscoring HUL's exceptional market position. Moreover, the company experienced its highest
year-on-year market share gain in a decade, a testament to its strategic initiatives and consumer resonance. In
the quarter ending December 31, 2022, HUL continued this upward trajectory, reporting a remarkable 16%
increase in turnover, further bolstering its robust financial standing.
Over the past decade, HUL has meticulously executed its growth strategy titled "Winning in Many Indias."
Acknowledging the vast diversity across the nation, the company has tailored its approach by creating
individualized business plans for 15 distinct regional clusters. This strategy acknowledges that what works
effectively in one region might not necessarily yield the same results elsewhere, thus emphasizing localized
products, campaigns, and logistics for optimal market penetration and consumer engagement.
HUL's pervasive presence is reflected in its staggering reach, with an astounding nine out of ten Indian
households regularly using HUL brands. These products are available across approximately 9 million retail
outlets nationwide, highlighting the extensive accessibility and availability of HUL's offerings. Operating
through 29 strategically positioned factories and supported by a workforce of 21,000 employees, HUL has
cemented its position as the premier consumer goods company in India, boasting an unparalleled market
reach and impact.
What is driving this strong growth?
The strong growth witnessed by Hindustan Unilever Limited (HUL) can be attributed to several key factors
aligned with the evolving consumer landscape in India. India stands as one of the world's fastest-growing
consumer goods markets, and HUL's expanding reach across urban and rural regions capitalizes on the vast
potential across the country.
The dynamics of the Indian consumer base are rapidly transforming. The burgeoning middle class, coupled
with a growing working population and increasing urbanization, reflects a demographic shift that fuels
HUL's growth prospects. Moreover, the widespread adoption of technology further amplifies market
accessibility and consumer engagement.
One significant driver of this growth is the shifting consumer preferences toward products offering proven
superiority. HUL's success stems from delivering products that demonstrate clear advantages, catering to the

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evolving needs of consumers. Notably, premium ranges like Vim's anti-bacterial dishwash, Lifebuoy's hand
hygiene products, and specialized health drinks from Horlicks, tailored to address specific nutritional
requirements such as diabetes, have garnered strong consumer traction.
The establishment and success of HUL's Premium Beauty business unit further underscore the company's
adaptability and resonance with the evolving market. Digital-first brands like Simple, Love Beauty & Planet,
and Baby Dove signify HUL's strategic pivot towards catering to changing consumer preferences, especially
in the realm of personal care and beauty products.
By consistently aligning its product offerings with evolving consumer demands, emphasizing product
superiority, and leveraging digital channels to engage with consumers, HUL has capitalized on India's
dynamic consumer landscape to drive its impressive growth trajectory.

Environmental, Social, Governance

It's evident that sustainability is deeply ingrained within our company's ethos and operations. Our purpose of
making sustainable living commonplace is not just a statement but a guiding principle driving our actions.
The Compass, our sustainability framework, is a pivotal aspect of our business strategy, intertwining
sustainability with our core operations. We firmly believe that sustainable practices and financial success are
interconnected. Embracing a robust governance mechanism, we remain steadfast in our commitments toward
Environmental, Social, and Governance (ESG) objectives, aiming to lead transformative change for the
betterment of people and the planet.
Environmental
In the realm of environmental responsibility, we recognize the pressing need to address climate change.
Through time-bound commitments and multifaceted initiatives, we are dedicated to fostering the health of
our planet. Our commitments echo our ambition:
• Achieving net-zero emissions for all our products, from sourcing to point of sale, by 2039.
• Halving the greenhouse gas impact of our products across their lifecycle by 2030.
• Striving for zero emissions in our operations by 2030.
• Transitioning toward renewable or recycled carbon in all our cleaning and laundry product
formulations by 2030.
• Committing to transparently share the carbon footprint of each product we offer.
HUL initiatives are geared towards making tangible, positive changes. Through meticulous steps in our
value chain and active engagement with the communities we operate in, we aim to collectively contribute to
a healthier planet. This includes reducing water usage, minimizing waste, and mitigating emissions within
our factory operations.
HUL commitment to sustainability isn't just a corporate agenda; it's a pledge to foster a better world. By
embracing sustainable practices at every level of our operations, we aim to make a meaningful and lasting
impact on the environment and the communities we serve.

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Our commitment to environmental sustainability is evident through several key initiatives and achievements.
In reducing greenhouse gases, we've made remarkable progress with a 94% reduction in CO2 emissions per
tonne of production, achieved by eliminating coal usage across our sites and enhancing energy efficiency
compared to a 2008 baseline. Similarly, our focus on water conservation has resulted in a 47% reduction in
water consumption through innovative measures like rainwater harvesting, aligning with our targets set
against the 2008 baseline. Notably, we've achieved a zero-waste-to-landfill status by ensuring that 100% of
non-hazardous waste from our factories is either recycled, reused, or disposed of in an environmentally
friendly manner. Moreover, our dedication to waste reduction is evident with a 54% decrease in total waste
generated per tonne of production since 2008, facilitated by comprehensive waste management practices
implemented across all our facilities.
Furthermore, our commitment extends to the use of environment-friendly freezer cabinets for our Ice Cream
and Frozen Desserts, employing Hydrocarbon refrigerants instead of environmentally harmful alternatives.
With over 146,000 such freezers in our fleet in India, we're significantly reducing our carbon footprint.
Emphasizing a waste-free future, we're actively tackling plastic waste by collecting and processing more
plastic packaging waste than what's used in packaging our finished products. Achieving plastic neutrality in
2021, we've collected and safely disposed of over 1.16 lakh tonnes of plastic waste, reflecting our dedication
to a 'less plastic, better plastic, no plastic' approach.
Moreover, our initiatives extend beyond our operations. Through partnerships and initiatives like 'Waste No
More' and 'Project Utthaan' with organizations like Xynteo and UNDP, we're actively engaging communities
and students to advocate waste segregation, recycling, and the well-being of waste pickers and their families.
Additionally, our 'Bin Boy' campaign, featuring the charismatic 'Appu,' aims to inspire households to
segregate waste at its source, fostering a circular economy and driving positive behavioural change towards
environmental sustainability.

SOCIAL

HUL dedicated to leveraging our brands and operations across India to confront social inequalities and
enhance people's overall health, confidence, and well-being. Our commitments outline a proactive approach:
Firstly, in the realm of positive nutrition, we're committed to doubling the sale of products that offer positive
nutritional value by 2025. We're also striving for 70% of our portfolio to align with WHO nutritional
standards by 2022. Additionally, by 2025, 95% of our packaged ice cream will contain no more than 22g of
total sugar and 250 kcal per serving. Moreover, our efforts extend to supporting consumers in reducing their
salt intake to no more than 5g per day, aiming for 85% compliance within our Foods portfolio by 2022.
HUL initiatives are geared towards making a tangible difference. We recognize the pivotal role health and
sanitation play in improving lives. Through our products and social initiatives, we aim to facilitate better
nutrition and hygiene, addressing barriers that often hinder individuals from realizing their full potential.
One of our core initiatives focuses on enhancing sanitation and hygiene by implementing on-ground projects
and behaviour change programs. These efforts directly tackle water, sanitation, and hygiene challenges faced
by various communities, contributing to lasting improvements in these crucial areas.

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HUL Suvidha centers represent a groundbreaking initiative, offering urban communities access to vital
hygiene and sanitation facilities. These centers serve as a fundamental resource, providing clean toilets,
comprehensive laundromats, handwashing and shower stations, purified drinking water, and a safe
environment, particularly prioritizing the needs of women and children. Sustainability lies at the heart of
these centers, evident in their solar-powered infrastructure and innovative wastewater treatment and reuse
systems.
HUL latest center in Dharavi, Mumbai, launched in partnership with HSBC India and the Municipal
Corporation of Greater Mumbai, marks our seventh and most extensive Suvidha center. These centers have
significantly impacted communities:
• Over 2 lakh individuals gain access to safe sanitation annually.
• Remarkably, our focus on wastewater recycling and rainwater harvesting saves over 35 million liters
of water each year.
In parallel, our brand initiatives align with our commitment to promoting hygiene awareness and practices:
Lifebuoy's 'H' for Handwashing campaign introduced an alphabet book authored by Ruskin Bond in 2021.
This innovative approach integrates hand hygiene education into school curriculums, aiming to instill crucial
hygiene habits among children.
Moreover, HUL collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI)
resulted in the 'It's In Your Hands' campaign. This public service initiative aimed to raise awareness about
COVID-19 prevention, advocating for proper hygiene practices, mask-wearing, social distancing,
vaccination, and regular handwashing with soap. These efforts collectively seek to empower communities
with the knowledge and tools necessary to maintain better hygiene and combat health challenges effectively.
Under the 'Domex Disinfect for Safety' initiative, HUL hygiene brand Domex took proactive steps to expand
its product range, catering to professional spaces and businesses in need of robust germ removal solutions
amid the COVID-19 pandemic. Emphasizing the importance of effective hygiene, we contributed through
product donations to municipal corporations, hospitals, and schools, amounting to around 2 lakh Domex
disinfectant products in 2021. Collaborating with the Municipal Corporation of Greater Mumbai (MCGM),
Domex participated in disinfecting identified public spaces, aligning with civic bodies' efforts to ensure
public safety.
HUL 'Swachh Aadat Curriculum' is a vital educational initiative designed for children in classes 1-5. This
curriculum instills the significance of adopting three key clean habits over a 21-day period: handwashing
with soap, practicing safe drinking water habits, and using clean toilets. We've rolled out the textbook
version of this curriculum in Government schools across Bihar, Gujarat, Maharashtra, Uttarakhand, and
Haryana, aiming to embed these essential habits early in children's lives. Additionally, acknowledging the
shift to digital learning during the pandemic, we introduced a digital school curriculum, piloted in
Chhattisgarh, Maharashtra, and Delhi, extending our reach and impact across diverse regions. These
initiatives collectively promote and cultivate hygiene practices essential for a healthier and safer society.
HUL dedication to nutrition, health, and well-being through our brands has been a core focus. Amid the
challenging times of the COVID-19 pandemic, we actively supported India's fight by bolstering medical
oxygen supply and improving healthcare access in rural areas surrounding our operations.

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Under HUL 'Future Foods' initiative, we're committed to being a force for good by continuously enhancing
our products to facilitate healthier diets. Our goal is to encourage a shift toward healthier eating habits by
offering products rich in positive nutrition. These foods contain substantial quantities of vital elements like
vegetables, fruits, proteins, fibre, unsaturated fatty acids, and essential micronutrients such as vitamins, zinc,
iron, and iodine. By 2025, we aim to double the number of products that offer positive nutrition, promoting
healthier choices among consumers.
The 'Horlicks Swasthya Abhiyaan,' initiated in 2013, has been instrumental in improving the nutritional
status of women and children aged 2-15 years. This impactful program operates extensively across 33,000
villages, marking India's largest village-level, community-based nutrition effort.
During the second wave of the COVID-19 pandemic, our 'Mission HO2PE' played a critical role. We
procured over 5,500 oxygen concentrators globally, making them available free of cost to severely impacted
areas across 16 states in India. Furthermore, in collaboration with Portea Medical and KVN Foundation, we
facilitated the delivery of oxygen concentrators to COVID-19 patients at their homes through a borrow-use-
return model. These initiatives underscore our commitment to ensuring access to essential medical resources
and supporting communities in times of crisis, contributing significantly to the nation's healthcare efforts.

Lifebuoy, in collaboration with Practo and Reliance Jio, has taken a significant step in providing free
telehealth facilities accessible to both urban and rural India. This partnership extends critical healthcare
support, reaching far and wide across varied communities. Additionally, Prabhat, with its seven telemedicine
centers strategically located near our factory sites, ensures that rural areas have convenient and affordable
healthcare services, bridging gaps in access for these communities.
Moreover, HUL's 'Sanjeevani' initiative, operating near our Doom Dooma factory in Assam, exemplifies our
commitment to community health. Through two dedicated mobile vans staffed with medical professionals,
including doctors, nurses, and attendants, this program has conducted over 6,000 medical camps in villages,
providing essential healthcare services. Remarkably, it has successfully treated over 3.5 lakh patients since
its inception, underscoring our dedication to improving healthcare access and outcomes for local
communities.
HUL commitments to health and well-being are fundamental, focusing on various crucial aspects:
• Gender equity
• Body confidence and self-esteem
• Mental well-being
• Hand hygiene
• Sanitation
• Oral health
• Skin health and healing
HUL actively pursue these commitments through targeted initiatives and campaigns. By leveraging our
health and sanitation products, we contribute to better nutrition and hygiene practices. Additionally, through

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social initiatives and strategic marketing campaigns, we address the barriers that often hinder individuals
from reaching their full potential.
HUL efforts extend further through on-ground projects and behaviour change initiatives aimed at tackling
water, sanitation, and hygiene challenges in communities. These initiatives collectively strive to empower
individuals, improve health outcomes, and create a healthier, more equitable society.
HUL are dedicated to fostering equity, diversity, and inclusion across our organization, aiming to create an
environment free from bias and discrimination in our practices and policies. Our commitment extends to
accelerating diverse representation at every level of leadership, striving for greater inclusivity and
opportunities for all.
To ensure inclusivity, we have set clear targets:
• By 2025, we aim for 5% of our workforce to comprise individuals with disabilities, promoting a
more diverse and accessible workplace.
• We are committed to spending ₹2,000 crore annually by 2025 with diverse businesses, supporting
and amplifying opportunities within diverse communities.
• Additionally, we are actively working to enhance the representation of diverse groups in our
advertising, reflecting the diverse fabric of our society.
HUL initiatives encompass a multifaceted approach:
• Leveraging our health and sanitation products to improve access to better nutrition and hygiene,
which are fundamental to overall well-being.
• Through strategic social initiatives and impactful marketing campaigns, we address the barriers that
hinder individuals from reaching their full potential, championing inclusivity and empowerment.
Moreover, our commitment to driving better sanitation and hygiene extends beyond products. Through on-
ground projects and behaviour change initiatives, we confront the water, sanitation, and hygiene challenges
faced by communities, striving for sustainable solutions that uplift and benefit all. These initiatives
collectively embody our dedication to equity, diversity, and inclusion, aiming to raise living standards and
create a more inclusive future for all.
HUL commitments reflect a profound dedication to uplifting livelihoods and fostering a sustainable future.
We are resolute in our endeavors to raise living standards and enhance the future of work:
To elevate livelihoods:
• By 2030, our goal is to ensure that every individual directly involved in providing goods and services
to HUL earns a living wage or income.
• We aim to facilitate the growth of 2 million small and medium-sized enterprises by 2025, fostering
economic empowerment and sustainability.
• For the future of work:
• We're committed to equipping 1.5 million young individuals with essential skills by 2030, preparing
them for the evolving job landscape.
• Pioneering new employment models by 2030 is another aim, providing our employees with flexible
work options that align with the changing nature of work.

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 • By 2025, we are dedicated to reskilling or upskilling our employees with future-ready skills, ensuring
their readiness for the dynamic professional landscape.
• HUL initiatives are comprehensive and impactful:
• Leveraging our health and sanitation products to facilitate better nutrition and hygiene, fundamental
to overall well-being.
• Through strategic social initiatives and impactful marketing campaigns, we address barriers
hindering individuals from realizing their full potential, promoting inclusivity and empowerment.
• Furthermore, our commitment to driving better sanitation and hygiene extends to on-ground projects
and behaviour change initiatives. We actively confront water, sanitation, and hygiene challenges
faced by communities, striving for sustainable solutions that uplift and benefit all.
These commitments and initiatives underscore our dedication to not only improving livelihoods and
employment opportunities but also ensuring holistic well-being and empowerment for individuals and
communities alike.
Awards & recognition
HUL journey as a purpose-driven and future-oriented business has been recognized and celebrated through
various accolades and honors:
• CNBC-TV18 honored us with the Outstanding Company of the Year award at the prestigious
17th India Business Leader Awards (IBLA), acknowledging our commitment to purpose-driven
practices.
• Dove's impactful #StopTheBeautyTest campaign was awarded a Silver Cannes Lion, a testament
to our brands' dedication to meaningful initiatives. In total, our brands have received over 80
awards, showcasing their impact and resonance.
• Sanjiv Mehta, our CEO and Managing Director, was recognized as the E4M Impact Person of the
Year 2021, underscoring his leadership and vision in driving impactful change within the
industry.
• Additionally, Sanjiv Mehta received the Business Today MindRush 2021 award for Best CEO in
the Medium Company category, highlighting his exceptional leadership qualities and strategic
acumen.
• Anuradha Razdan, our Executive Director of Human Resources, was honored with the CHRO of
the Year award at the People First HR Excellence Awards 2021, recognizing her contributions and
leadership in human resources.
These awards and recognitions stand as a testament to our commitment to purpose-driven business practices,
impactful campaigns, visionary leadership, and dedication to fostering an inclusive and thriving workplace
culture.

HUL operates across numerous regions globally, divided into several key territories:
Africa: Algeria, Angola, Burundi, Egypt, Ghana, Kenya, Libya, Malawi, Morocco, Mozambique, Nigeria,
Rwanda, South Africa, Sudan, Tanzania, Tunisia, Uganda, Zambia, Zimbabwe

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Americas: Argentina, Bolivia, Brazil, Canada, Caribbean, Chile, Colombia, Costa Rica, Dominican
Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto
Rico, Uruguay, USA, Venezuela
Asia Pacific: Australia, Bangladesh, China, China (Hong Kong), China (Taiwan), India, Indonesia, Japan,
Kazakhstan, Korea, Malaysia, Nepal, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand,
Turkey, Vietnam
Europe: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland,
Italy, Netherlands, Poland, Portugal, Romania, Slovak Republic, Spain, Sweden, Switzerland, Ukraine,
United Kingdom
Middle East: Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi
Arabia, Syria, United Arab Emirates, Yemen

Moreover, within India, HUL has established offices in various states and cities:
• Uttar Pradesh: Lucknow, Kanpur, Orai, Noida, Gorakhpur, Allahabad/Prayagraj, Varanasi, Ghaziabad
• Maharashtra: Mumbai, Navi Mumbai, Pune, Nagpur, Nashik, Khamgaon, Mumbai Suburban
• Gujarat: Ahmedabad, Gandhidham, Surat
• Madhya Pradesh: Indore, Bhopal, Chhindwara
• Haryana: Gurgaon/Gurugram, Sonipat, Faridabad
• Karnataka: Bengaluru/Bangalore, Mysuru/Mysore, Bangalore Rural
• Tamil Nadu: Chennai, Coimbatore
• West Bengal: Kolkata, Haldia
• Bihar: Patna
• Delhi: New Delhi
• Dadra & Nagar Haveli: Dadra & Nagar Haveli/Silvassa
• Assam: Guwahati
• Telangana: Hyderabad/Secunderabad
• Andhra Pradesh: Vijayawada
• Chandigarh
• Punjab
• Jammu & Kashmir
• Rajasthan: Jaipur
• Puducherry: Puducherry/Pondicherry

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• Jharkhand: Ranchi
• Uttarakhand: Haridwar
• Himachal Pradesh: Baddi
• Odisha
This widespread presence underscores HUL's extensive reach and commitment to serving diverse
communities across multiple regions within India and globally.
Hindustan Unilever Limited (HUL) has a rich and dynamic history:
• 1933: Lever Brothers India Limited established on October 17, aiming to build a soap plant near the
Vanaspati factory in Sewri.
• 1934: Soap production commences at the Sewri facility, and the Garden Reach facility in Kolkata is
leased and expanded to produce Lever brands.
• 1935: United Traders founded to sell Personal Products.
• 1937: Mr. Prakash Tandon, one of the first Indian covenant managers, joins HVM.
• 1951: Prakash Tandon becomes the first Indian Director of HUL. Vanaspati industries in Shamnagar,
Tiruchy, and Ghaziabad are acquired.
• 1955: 65% of managers in HUL are Indians.
• 1956: Hindustan Unilever Limited forms as a result of merging three businesses, with 10% Indian
ownership.
• 1957: Unilever Special Committee approves HUL's research endeavors.
• 1958: Mumbai Factory begins operations as a research unit. Surf is launched.
• 1961: Mr. Prakash Tandon appoints 191 of 205 managers, becoming the company's first Indian
chairman.
• 1962: Official Exports Department starts. Head Office building opens in Mumbai.
• 1964: Animal feed facility opens in Ghaziabad, Etah dairy begins, Sunsilk shampoo debuts.
• 1965: Signal Toothpaste launch increases Indian ownership to 14%.
• 1966: Lever's baby food and other foods are launched, nickel catalyst manufacturing starts, Indian
ownership rises to 15%.
• 1967: Hindustan Unilever Research Centre in Mumbai opens.
• 1969: Rin Bar launches, Fine Chemicals Unit Production starts, Bru coffee is introduced.
• 1971: Mr. V. G. Rajadhyaksha presents diversification strategy to the Unilever Special Committee,
leading to Clinic shampoo's availability.
• 1973: Mr. T. Thomas becomes Chairman succeeding Mr. V. G. Rajadhyaksha.

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• 1974: Taloja pilot facility for industrial chemicals established, Liril is commercialized, soap
modernization plan begins.
• 1976: Taloja chemicals facility starts, Haldia chemicals complex construction begins.
• 1977: Indian ownership of Jammu synthetic detergents factory rises to 18.57%.
• 1978: Indian ownership reaches 34%, Fair & Lovely skin lotion is introduced.
• 1979: Sodium tripolyphosphate facility in Haldia is commissioned.
• 1980: Dr. A. S. Ganguly succeeds Mr. T. Thomas as Chairman, Unilever ownership drops to 51%.
• 1987: Breeze and Lifebouy Personal soaps introduced.
• 1988: Lipton Taaza tea debuts.
• 1990: Mr. S. M. Datta succeeds Dr. A. S. Ganguly as Chairman.
• 1991: Launch of Surf Ultra detergent.
• 1992: HUL certified as a Star Trading House in Exports by the Indian government.
• 1993: Merger with Tata Oil Mills Company (TOMCO) takes place.
• 1994: Unilever Nepal Limited established to sell Huggies diapers and Kotex feminine care items.
• 1995: Entry into branded staples market with salt, 50:50 joint venture with Lakme Ltd.
• 1996: Mr. K. B. Dadiseth becomes Chairman, Brooke Bond Lipton India Limited merges with HUL.
• 1997: Regional Innovation Centre established, international research laboratory in Bangalore
founded.
• 1998: Pond's India Ltd. merges with HUL.
• 2000: Mr. M. S. Banga becomes Chairman, K. B. Dadiseth joins Unilever Board.
• 2002: Entry into Ayurvedic health & beauty industry with Ayush line and Therapy Centres.
• 2003: Hindustan Lever Network launched, Amalgam Group purchased.
• 2005: Introduction of 'Pureit' water purifiers.
• 2006: Brookefields' food activities move to Mumbai.
• 2008: HUL celebrates its 75th anniversary on October 17.
• 2009: Licensing of "Lakme" and "Lever Ayush" names to subsidiary Lakme Lever Private Limited
for beauty and wellness services industry.
And so forth! This revised rundown aims to encapsulate the major events and developments in Hindustan
Unilever Limited's evolution over the years.

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HUL's influence extends far beyond its direct brand offerings, reaching various consumer sectors
through its major subsidiaries:
1. Lakmé Cosmetics: Since its establishment in 1952, Lakmé has transcended being merely a cosmetic
brand to becoming a symbol of beauty standards in India. Offering a diverse array of high-quality beauty
products—from lipsticks to skincare lines—Lakmé has become a staple for many Indian women. Its
innovations tailored to the Indian skin type have positioned it as a leader in the cosmetics industry.
2. Lakme Lever Private Limited: The service arm of the Lakmé brand, Lakme Lever Private Limited,
focuses on providing unparalleled beauty and grooming services. Its widespread chain of Lakmé Salons
offers not just aesthetics but a holistic experience. These salons, known for their consistent quality and
trendsetting services, have revolutionized the beauty salon experience in India.
3. Kwality Wall’s: Infusing joy for decades, Kwality Wall’s offers a delightful range of ice creams and
frozen desserts. From classic Cornettos to rich and creamy Feasts, Kwality Wall’s has been part of countless
memories and celebrations, spreading happiness in simple moments.
4. Pond’s Exports Limited: Pond’s, a trusted skincare brand in India and globally, is overseen by Pond’s
Exports Limited. This subsidiary manages international demand and supply for Pond’s products, ensuring its
legacy of quality, trust, and efficacy is seamlessly extended to global markets.
5. Unilever India Exports Limited: Addressing the global demand for Indian agricultural produce and
unique FMCG products, this subsidiary manages the export operations for various HUL products. By
showcasing the best of Indian FMCG offerings on the global stage, it upholds HUL’s commitment to quality
and excellence.

Hindustan Unilever Competitive Strategy

In the FMCG industry, intense rivalry prevails as consumers readily switch between brands over slight price
changes or varied product benefits. The ample availability of substitutes further accentuates this dynamic.
HUL, amid the industry's dynamic nature, has undergone significant transformations in its processes.
Embracing a differentiation strategy as its competitive edge, HUL prioritizes consumer loyalty in the fiercely
competitive market. By adhering to Porter's principles, HUL distinguishes itself through this strategy, aiming
not at singular customer segments but appealing to a wide spectrum of consumers across various product
lines.
The company's success stems from its adept anticipation of market needs and its swift, tailored responses.
HUL's scalable differentiation networks, bolstered by microfinance initiatives, facilitate bottom-level
accessibility, empowering untapped segments and bolstering their purchasing power. By aligning with
consumer groups through existing or forthcoming products, HUL continually engages and understands its
consumer base.
Renowned for its localization approach, HUL thrives on opportunities at the base of the pyramid, offering
products in smaller quantities at affordable prices. A noteworthy initiative involved managers spending
substantial time in BOP markets, fostering deep insights into consumer preferences. This strategic
engagement yielded remarkable results, generating a staggering billion-dollar revenue from these markets in
India alone. HUL embraced a product flanking strategy, tailoring products into smaller segments to match
specific cost and value needs. Innovating with Re.1 shampoo sachets, HUL sparked a trend across various

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categories like coffee, detergents, and toothpaste, enticing rural consumers to switch to these convenient
sachets, despite a relatively higher unit price. Recognizing the untapped potential of rural India, accounting
for over 50% of the FMCG market, HUL capitalized on this market gap, becoming a pioneering force in this
segment.
The company's foresight and proactive approach granted them the first-mover advantage in reaching rural
areas. Additionally, HUL established backward integration with local farmers, sourcing ingredients like
tomatoes for products like ketchup, fostering community ties and initiatives.
In urban markets, HUL positioned itself prominently with brands like Dove, LUX, and Surf-excel, ensuring
widespread availability through a robust distribution network. Employing demographic and behavioural
segmentation, HUL crafted targeted strategies based on consumer preferences, distinguishing itself from
competitors.
Unlike other multinational entrants that adhered to established global business models, HUL took a unique
stance. They diligently analysed and tailored their approaches to every market segment, focusing on refining
their value propositions for each segment. This adaptability was evident through their strategies designed for
local acceptability and sustainable economic growth, distinguishing HUL's approach in the FMCG
landscape. In the fiercely competitive FMCG industry, boasting a global revenue of over $10 trillion in
2018, major international players such as Nestle, Johnson & Johnson, Procter & Gamble, Pepsi, and others
dominate the market. In India, HUL holds the top position, followed by Colgate-Palmolive, P&G, ITC,
among others. Let's delve into a comparative analysis of HUL's strategy with one of its main competitors,
Colgate-Palmolive, a significant player in the Indian FMCG sector. It's part of the FMCG giant's recent
efforts to become more customer-centric, even if it means delivering some hard truths to team members in a
different manner than they're accustomed to. Hemant Bakshi, executive director of home and personal care
at HUL, emphasizes the swift changes in customer behaviour compared to the slower pace of marketers in
adapting. Until recently, the focus was primarily on marketing and sales teams to engage with customers.
However, there's a newfound realization that everyone within the organization must prioritize customers as
their primary stakeholders.
Initiatives like Consumer Shoes offer employees in Mumbai and Bangalore direct experiences with HUL
products. For example, there's contemplation around providing employees with significant discounts to test
new Lakme Salon layouts before official launch. This strategy aims to address issues based on staff feedback
rather than risking alienating real customers. Creating a culture that is less defensive and more open to
critique is an ongoing process. Bakshi acknowledges the previous tendency to dismiss criticism with
statements like "You are not the target audience" and now emphasizes that every opinion, even from within
the company, is valuable.
HUL is seeking greater involvement from its staff beyond being mere product reviewers. Collaborative
efforts across various Unilever departments were witnessed in transforming a retail store into an "ideal store"
post a fire incident three years ago. This collaboration involved sales teams, merchandisers, and retailers,
aiming to empower personnel beyond passive market observation.
Hindustan Unilever Limited faces several challenges in the market landscape. One persistent issue is the
proliferation of counterfeit and imitation products, particularly in rural areas, affecting the brand's integrity
and market position. This ongoing battle against counterfeit goods impacts HUL's brand equity significantly.

35
Additionally, the company grapples with escalating input costs driven by factors such as inflation, increasing
raw material prices, and rising freight expenses. These factors collectively pose a challenge to maintaining
profit margins and operational efficiency.
In the competitive arena, HUL faces strong rivals like ITC, Procter & Gamble, Colgate-Palmolive, Nestle,
and Godrej. Among these, ITC emerges as a formidable opponent with its range of dominant brands,
intensifying the competition for market share and consumer attention.
Overall, HUL navigates a landscape where safeguarding brand authenticity, managing escalating input costs,
and competing with industry giants remain key challenges.
Strategic Alternatives:
HUL faces challenges due to escalating input and operational expenses triggered by increased raw material
costs, the surge in counterfeit products, and aggressive competition from FMCG rivals. The available
strategic options for HUL include:
• Brand Portfolio Expansion and Leverage:
Leveraging the existing brand portfolio while expanding it strategically across diverse market segments is a
potential approach. HUL's strong presence across various product categories and robust distribution
networks can safeguard consumers from counterfeit products. Developing and promoting distinct brand
portfolios within each category could mitigate the impact of imitation goods on revenue generation.
• Competitive Pricing Strategies:
In a highly competitive market, including both organized and unorganized players, maintaining affordable
pricing becomes pivotal. Consumer behaviour is sensitive to price changes, especially amid rising inflation.
HUL can strategize to offer competitive pricing, thereby retaining and attracting customers while deterring
local manufacturers and organized competitors from gaining ground solely through pricing strategies.
• Cost-Effective Measures:
To counteract the impact of escalating raw material prices and volatile markets, HUL needs proactive cost-
saving measures. This might involve a reassessment of operational expenditures, such as optimizing
advertising expenses and other operating costs, without compromising the brand's visibility or market
presence.
These strategic alternatives aim to address the challenges HUL faces by optimizing brand strength,
competitive pricing strategies, and cost-efficiency measures, thereby fortifying its market position amidst
evolving industry dynamics.

Leverage and Brand Portfolio Expansion:

Pros: Expanding the brand portfolio within the same category can mitigate the threat of imitation products
and competitors by providing customers with diverse options under the HUL umbrella. Leveraging strong
distribution networks ensures efficient market reach for new brands.
Cons: Managing multiple brands within the same sector poses a challenge, potentially straining resources
and management focus.

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Cost-Effective Pricing:
Consideration: Reducing prices to compete may not be effective due to the company's rising input and
operational costs. Lowering prices could diminish profit margins and instigate a detrimental pricing war
within the sector. Additionally, competitors possess their own strong brands in crucial segments like oral and
skin care, making price competition less viable.
Cost-Effective Measures:
Advantages: Implementing cost-saving measures like reducing advertising and operational expenses can
optimize operational efficiency.
Consideration: However, reducing advertising expenditure might weaken HUL's competitive edge by
potentially compromising brand visibility. Moreover, solely streamlining procurement processes might not
sufficiently address the mounting costs of raw materials.
In evaluation, while leveraging brand expansion and implementing cost-effective measures hold potential
benefits, challenges like managing multiple brands and the need for continuous brand visibility and
procurement optimization need careful consideration. Meanwhile, cost-effective pricing might not be the
most viable solution due to potential profit margin reduction and the competitive landscape's dynamics.
Strategy Implementation:
HUL's strategy implementation doesn't necessitate significant cultural or structural changes within the
organization. Leveraging its robust supply chain and distribution networks will facilitate reaching customers
effectively, similar to its existing brands.
Immediate Action Plan:
The initial step involves segregating high-performing brands from underperforming ones to optimize
revenue generation. Identifying key competitors in the market category and understanding their brand
relevance becomes pivotal.
Immediate Execution Plan:
HUL needs to determine the specific market segments for expanding its brand portfolio. This involves
comprehensive research to assess the current effectiveness of its brands and the competition's offerings.
Long-Term Strategic Approach:
Establishing a well-structured monitoring system becomes crucial. This system should efficiently evaluate
brand performance both pre and post-launch of new brands within chosen categories. This ongoing
evaluation is essential for informed decision-making and ensuring the success of the brand expansion
strategy.
Strengths:
1. Strong Brand Portfolio: HUL has a diverse and well-established portfolio of brands across various
consumer goods categories.
2. Market Leadership: It holds a leading position in several segments within the FMCG (Fast Moving
Consumer Goods) industry in India.

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3. Extensive Distribution Network: HUL has an extensive distribution network, reaching even remote areas,
giving it a competitive edge.
4. Innovation and R&D: The company has a history of innovation, regularly launching new products and
investing in research and development.
5. Strong Financial Performance: HUL has maintained stable financial performance over the years,
showcasing consistent growth and profitability.
Weaknesses:
1. Dependency on Limited Geographical Presence: Despite being a major player in India, HUL's operations
are largely concentrated in specific geographic regions, leaving it vulnerable to regional economic
fluctuations.
2. Heavy Reliance on Few Categories: A significant portion of revenue comes from a few core product
categories, making it susceptible to market fluctuations in those specific sectors.
3. Price Sensitivity: Consumer preferences for lower-priced alternatives might affect HUL's premium
product lines.
4. Environmental Concerns: Like many FMCG companies, HUL faces scrutiny over its environmental
impact due to packaging and waste generated by its products.
Opportunities:
1. Expansion in Emerging Markets: HUL can explore and expand its presence in emerging markets outside
India.
2. Diversification: Further diversification into new product categories or segments could help in reducing
dependency on specific categories.
3. Digital Transformation: Leveraging digital technologies for marketing, distribution, and sales could open
up new avenues.
4. Focus on Health and Wellness: With the growing trend of health-conscious consumers, there's an
opportunity for HUL to expand its product lines in health and wellness categories.
Threats:
1. Competition: Intense competition from both domestic and international FMCG companies poses a threat
to HUL's market share.
2. Regulatory Changes: Changes in government regulations related to manufacturing, taxation, or product
quality standards can affect operations.
3. Economic Fluctuations: Economic downturns or fluctuations in currency exchange rates can impact
consumer spending patterns.
4. Consumer Preferences: Shifts in consumer preferences towards sustainable, eco-friendly, or healthier
products might challenge existing product lines.
This analysis provides a snapshot of HUL's internal strengths and weaknesses along with external
opportunities and threats in its operating environment.

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Amidst turbulent times for FMCG companies grappling with volatile commodity prices, Hindustan Unilever
Limited (HUL) has emerged as a standout performer, surpassing its parent company's resilience. In a quarter
marked by soaring commodity prices and a rural demand slump, HUL sustained impressive volume growth,
reaching high single digits at 6%, while Unilever reported a 1.6% decline in volume during the same period.
HUL's revenue growth has been remarkable, registering a robust 19% year-on-year increase in turnover in
the April-June 2022 period, outshining Unilever's 8.8% sales growth. With a market capitalization of ₹6.26
trillion as of October 4, 2022, HUL's share price has remained strong, hovering close to its previous record
levels.
Analysts attribute HUL's exceptional performance to its effective premiumization strategy, enhancing its
market performance and enabling it to outpace the industry. Manoj Menon from ICICI Securities highlighted
HUL's relentless focus on category development, embracing new formats and premiumization, as a pivotal
factor contributing to its success.
Experts anticipate HUL's earnings to improve further in the latter half of the year, bolstered by declining
commodity prices like palm oil, a favorable base effect, and expectations of a rural consumption upswing, as
projected by analysts at Jefferies.
While Unilever acknowledged strong sales growth in India in the first half of 2022, its overall global
commentary has been less optimistic. The company revised its guidance for underlying sales growth, citing
price-driven growth with continued pressure on volume. Unilever also downgraded its operating margin
outlook due to escalating commodity prices, leading to increased uncertainty.
Unilever has faced scrutiny from investors, with criticism directed at its focus on sustainability over
financial performance. The fallout from the unsuccessful bid for GSK’s consumer health division
exacerbated investor concerns. Unilever's CEO, Alan Jope, announced plans to retire by the end of 2023
amidst growing discontent among investors.
Conversely, HUL's stellar performance has received market acclaim. Martin Deboo of Jefferies labeled HUL
as one of Unilever's top-performing emerging market businesses, hailing it as "the jewel in the crown."

HUL stands out for several reasons, making it a formidable force in the FMCG industry:
1. Strong Brand Portfolio: HUL boasts an extensive and diversified portfolio of brands across
various categories, catering to a wide spectrum of consumer needs. Brands like Dove, Lux,
Surf Excel, and Knorr have established a strong presence and consumer trust.
2. Market Leadership: It holds a dominant position in several segments of the FMCG market in
India, demonstrating its market understanding and consumer insights.
3. Innovation and Adaptability: HUL has shown a consistent ability to innovate, introducing
new products and adapting to changing consumer preferences. This flexibility allows it to stay
ahead of trends and competitors.
4. Distribution Network: The company has a robust and far-reaching distribution network,
enabling its products to reach both urban and rural markets efficiently.
5. Premiumization Strategy: HUL's emphasis on premiumization has worked well. It has
successfully tapped into the trend of consumers willing to pay a premium for higher-quality
products, contributing to its growth and profitability.

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 6. Financial Performance: HUL has exhibited stable financial performance over the years,
showcasing consistent growth, profitability, and strong market capitalization, which attracts
investors and indicates market confidence.
7. Effective Management: Sound management practices and a focus on operational efficiency
have contributed to its success.
8. Local Understanding: It has a deep understanding of local consumer preferences, allowing it
to tailor products to suit the diverse needs of the Indian market.
9. Parent Company Support: Being a subsidiary of Unilever provides access to global resources,
knowledge, and best practices, further strengthening its capabilities.
10. Sustainability Initiatives: HUL has shown a commitment to sustainability, implementing
initiatives focused on reducing environmental impact and contributing positively to society,
which resonates well with modern consumers.
While HUL excels in these aspects, it's important to note that competition in the FMCG sector is fierce, and
other companies might have their own strengths and strategies that appeal to different market segments or
regions.
Top FMCG companies in India in 2023
As of December 4, 2023, the leading FMCG (Fast Moving Consumer Goods) companies in India, ranked by
their market capitalization, are outlined in the following table. These organizations have established
themselves as frontrunners in the industry, reflecting their market dominance and financial prowess.

Market Cap (in INR,

Rank FMCG Company Name Lakh Crore)

1 Hindustan Unilever Limited (HUL) 6.11

2 ITC Limited 5.66

3 Nestle India Limited 2.35

4 Varun Beverages Limited (VBL) 1.39

5 Britannia Industries Limited 1.18

6 Godrej Consumer Products 1.06

7 Dabur India Limited 0.969

8 Tata Consumer Product 0.879

9 United Spirits 0.764

10 Marico 0.693

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Mergers and Acquisitions
HUL has strategically navigated the Indian market through key acquisitions, shaping its diverse portfolio and
reinforcing its market leadership. One pivotal move was the acquisition of GSK’s Horlicks business in 2020.
This acquisition not only bolstered HUL’s position in the nutrition segment but also provided access to a
broader consumer base that trusts the Horlicks brand implicitly, strengthening HUL’s foothold in this
segment.
In 2015, HUL recognized the burgeoning potential of the ayurvedic personal care space and seized the
opportunity by acquiring Indulekha, a premium hair care brand. This move allowed HUL to expand its
presence in the natural hair care domain, catering to an increasingly discerning audience seeking organic and
traditional solutions in personal care.
In the pursuit of extending its presence in the ice cream and frozen desserts market, HUL made a strategic
move in 2018 by acquiring Adityaa Milk. This acquisition significantly complemented HUL’s existing
presence in this segment through Kwality Wall’s, amplifying its portfolio and market reach.
Acknowledging the critical need for water purification solutions in India, HUL acquired Aquagel Chemicals
in 2012. This strategic move fortified HUL’s position in the water purification business, aligning seamlessly
with its existing Pureit range, thereby offering comprehensive solutions to address this pressing consumer
need.
These acquisitions are emblematic of HUL’s strategic foresight and commitment to evolving with the ever-
changing dynamics of the Indian consumer market. They underscore the company’s vision to remain at the
forefront by integrating diverse and promising brands into its expansive portfolio, ensuring it continues to
meet consumer demands and stay ahead in the competitive landscape.
HUL strategically navigated a series of acquisitions and divestments, shaping its diverse portfolio and
market positioning over the years. A notable merger was the successful completion of the union between
GSK Consumer Healthcare and HUL in 2020. This significant deal fortified HUL's presence in the
expansive Nutrition and Health Food Drinks category, providing a robust foothold in this segment. Another
strategic move was the acquisition of VWash, the leading brand in the female intimate hygiene category,
marking HUL's foray into an emerging and underserved market segment.
In the pursuit of expanding its presence in specific domains, HUL strategically acquired Adityaa Milk,
strengthening its portfolio in the ice cream and frozen desserts sector in 2019. Similarly, the acquisition of
Indulekha in 2015 broadened HUL's reach in the premium hair oil segment, leveraging the brand's strong
Ayurvedic credentials. Additionally, the company strategically divested certain businesses, such as the rice
exports division (Gold Seal Indus Valley and Rozana) and the bread and bakery business, streamlining its
focus and optimizing its portfolio.
Furthermore, HUL's acquisitions, such as Aquagel Chemicals in 2012, have been pivotal in fortifying its
position in crucial markets, like water purification products, complementing its existing product lines.
Additionally, strategic demergers, like the separation of the FMCG Exports Business Division into the
wholly owned subsidiary, Unilever India Exports Limited (UIEL), in 2011-12, have enabled focused
attention on specific market segments.

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These strategic moves, comprising mergers, acquisitions, and divestments, underscore HUL's commitment to
dynamic market evolution, ensuring a diversified and robust portfolio that aligns with consumer demands
while facilitating the company's growth and market leadership.
Unveiling HUL's Consumer-Centric Innovation: Bridging Homes and Lives"
Our brands are deeply woven into the lives of 9 out of 10 Indian households, offering a range of products
that cater to both the everyday needs and aspirations of consumers across the country. In the realm of Beauty
& Personal Care, our iconic brands like Lifebuoy and LUX aren't just market leaders but are tailored
regionally, putting the preferences of our diverse consumer base at the forefront of our product design.
Throughout 2021-22, our commitment to excellence shone through as Lifebuoy maintained its position as
India’s top soap brand. Clinic Plus, Dove, and Sunsilk were recognized as the top 3 Hair Care brands
according to the 'Kantar Brand Health Check Report'. Embracing the digital age, Lakmé, a beauty brand
beloved across India, draws 30% of its sales through digital platforms and boasts the highest following on
Instagram.
Our Premium Beauty Business Unit (PBBU) has successfully launched three digital-first brands—Simple,
Love Beauty & Planet, and Baby Dove. Notably, Dove's impactful ‘Stop The Beauty Test’ campaign
received accolades, winning a Silver Lion at the Cannes Festival of Creativity. Meanwhile, Lifebuoy's 'H’ for
handwashing campaign continues to promote better hand hygiene, and Clinic Plus initiated the 'Meri Beti
Strong' campaign, focusing on educating mothers about domestic violence.
In the realm of Home Care, our brands stand as pioneers, dedicated to making homes cleaner and safer. Surf
excel has emerged as India’s largest fabric solutions brand, while Vim and Rin have surpassed the Rs. 2,000
crores turnover mark. Our commitment to innovation shines through offerings like Surf excel Easy Wash and
Surf excel Matic in detergent powders, and Vim liquid for dishwash. Innovating for the future, formats like
Vim Matic for dishwashers and Surf excel 3 in 1 Smart shots aim at effective and convenient cleaning
solutions.
The ethos of purpose drives our brands forward. Sunlight’s ‘Tantir Rong’ campaign supports Bengal’s
handloom weavers, while Vim’s ‘Change your outlook, move beyond dishes’ seeks to challenge social
norms. Committed to a cleaner future, Surf excel liquid's product and packaging embrace eco-friendliness
with 100% biodegradable actives and recyclable plastic bottles, spearheading our industry towards
sustainable practices.
"Building Brands for Good: HUL's Enduring Journey in India"
For over a century, HUL has championed brands that not only delight consumers but also stand as a force for
positive change. Our commitment to providing nutritious, sustainable foods is at the core of our mission. In
the realm of Tea, our diverse portfolio caters to varied tastes, solidifying our market leadership. Despite
challenges during the pandemic, our Ice Cream business rebounded and now surpasses pre-pandemic levels.
Our Foods portfolio boasts innovative products like Hellmann's Mayonnaise and Kissan Peanut Butter,
gaining traction among consumers. The introduction of Bru Beaten Coffee caters specifically to the
preferences of coffee aficionados in North and West India. In Health Food Drinks, we're enhancing category
relevance and expanding our reach through media campaigns and extensive sampling programs.
Innovations like Horlicks' high sciences range—Diabetes Plus, Mother’s Plus—have addressed specific
nutritional needs, focusing on protein supplementation, calcium for women, and managing sugar and

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cholesterol for diabetics. Moreover, sustainable sourcing is a key focus, with 93% of tomatoes for Kissan
ketchup and 68% of Tea sourced sustainably in the past year, showcasing our commitment to responsible
resourcing.
HUL's legacy in India dates back to the arrival of Sunlight soap bars in Kolkata in 1888. Since then, brands
like Lifebuoy, Pears, Lux, and Vim have become household names. The formation of Hindustan Lever
Limited (HLL) in 1956 marked a pivotal moment, demonstrating our commitment by offering equity to the
Indian public, a significant move among foreign subsidiaries.
Throughout the decades, our journey expanded, incorporating iconic brands like Brooke Bond, Lipton teas,
and Pond’s skincare in the 1990s. Notably, Project Shakti, launched in the early 2000s, empowered women
as micro-entrepreneurs, fostering rural livelihoods by selling our products within their communities.
HUL's presence in India represents more than just products; it mirrors a legacy of commitment, innovation,
and social responsibility, shaping lives and communities for over a century.
"Hindustan Unilever's Brand Impact and Purpose in India"
Hindustan Unilever Limited, formerly HLL, underwent a significant transformation in 2007 and has
continually evolved, embracing GlaxoSmithKline’s consumer health brands in 2020. Innovation has been
pivotal to our success, underpinned by a remarkable pool of research and development talent, including over
730 scientists, over 100 of whom hold PhDs, spread across three R&D centers in India.
Our success story is crafted through a blend of global Unilever brands and cherished local favorites that
resonate deeply with Indian consumers, spanning from fabric wash to tea, health drinks, and dishwashing.
Lifebuoy, Clinic Plus, Dove, and Sunsilk have marked their dominance in the market, with Lifebuoy
reigning as India's top soap brand. Meanwhile, digital platforms have bolstered Lakmé's popularity,
contributing 30% of its sales.
Key brands like Surf and Red Label tea surpass ₹5,000 crores annually, while Dove, Horlicks, Wheel,
Lifebuoy, Glow & Lovely, Vim, and Rin consistently cross ₹2,000 crores. Additionally, Pond’s, Clinic Plus,
Lux, Lakmé, Kissan, Bru, Cornetto, and Kwality Wall’s have all crossed the ₹1,000 crores milestone.
Our brands manifest their purpose through impactful campaigns. Dove’s #StopTheBeautyTest challenges
stereotypes, aiming to redefine beauty standards. Brooke Bond Red Label tea champions inclusivity and
harmony, as recognized by Cannes Lions, showcasing tea's power to unite people.
HUL's commitment to empowering women is evident through the Shakti program, benefiting over 160,000
women in rural areas, nurturing them as micro-entrepreneurs. This initiative reflects our dedication to
uplifting standards of living, promoting diversity, equity, inclusion, and preparing individuals for the
evolving work landscape.
Environmental stewardship is a priority. We're a plastic-neutral business, responsibly disposing of over
100,000 tonnes of plastic waste in 2021. The Hindustan Unilever Foundation collaborates to address India’s
water challenges, implementing scalable solutions in numerous villages.
India's unique market characteristics, boasting nearly 800 million internet users and unparalleled mobile data
consumption, have catalyzed a digital revolution. At HUL, we spearhead a future-fit agenda, leveraging
technology, consumer engagement, and data utilization to redefine our operations and ensure relevance in
this dynamic landscape.

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"Building Strong Partnerships and Empowering Communities"
Our commitment to customers goes beyond transactions—it's about fostering trust and mutual benefit. We
prioritize supporting our partners, from local family-owned stores to expansive organized retail and e-
commerce platforms.
Customers are pivotal in our journey to connect with consumers. By leveraging data and analytics, our
technology-driven customer development strategy empowers us to collaborate effectively with a diverse
spectrum of partners, be it large modern trade outlets or neighborhood kiranas, fostering mutual growth.
Kedar Lele, our Executive Director of Customer Development, spearheads this mission. Project Shakti
stands as a testament to our dedication to empowering women in rural India. Through this initiative, we
provide financial empowerment and livelihood opportunities to women micro-entrepreneurs known as
Shakti Ammas. These women receive comprehensive training in distribution fundamentals, acquaint
themselves with our brands, and are supported to effectively manage their businesses.
However, our commitment extends beyond business. We're striving to create a more profound social impact
by conducting sessions on vital aspects like nutrition awareness, waste recycling, and women empowerment,
empowering Shakti Ammas to drive positive change in their villages. To date, we're proud to have over 1.6
lakh Shakti Ammas across 18 States in India, a testament to our commitment to fostering inclusive growth
and empowering communities.
"Adapting to Transforming Retail Dynamics: Embracing Technology and Empowering Communities"
India's retail landscape is undergoing a dynamic shift propelled by technological advancements shaping
consumer preferences. Today's shoppers seamlessly navigate between online and offline channels,
prioritizing convenience, value, and elevated experiences across product categories. The emergence of novel
models like social commerce highlights the evolving nature of shopping behaviours, where social media and
quick commerce platforms become significant avenues for consumer engagement.
In response to this evolving landscape, our commitment to our partners' readiness for the future drives our
initiatives. Shikhar, our e-B2B solution, stands as a cornerstone offering for retailers, empowering them to
place orders conveniently online, monitor stocks and shipments, access reliable service, and enhance sales
through improved assortment. With over 8 lakh stores integrated into this digital ordering platform, we've
scaled up to ensure seamless operations for our partners.
During the COVID-19 pandemic, our dedication to preserving livelihoods was unwavering. We ensured the
protection of all our associates and extended insurance cover to over 50,000 outer core associates and third-
party workers. Our HUL Medical and Occupational health team provided essential medical assistance, and
on-ground COVID-19 warriors were deployed across the country to support communities.
Project Ahilya exemplifies our commitment to fostering gender equality and empowering women in our
workforce. This project is dedicated to creating equal opportunities for women to join our frontline General
Trade salesforce, equipping them with the necessary training to thrive in the marketplace. By the end of
2022, our goal is to surpass 1000+ Ahilyas within our network of market executives, marking a significant
stride towards gender inclusivity and empowerment.
As we navigate these transformative times, our commitment to leveraging technology, protecting
livelihoods, and fostering inclusivity remains unwavering, reflecting our dedication to adapt, evolve, and
empower communities in a rapidly changing retail environment.

44
 RESEACRCH METHODOLOGY

OBJECTIVES

1. TO STUDY AND LEARN ABOUT HINDUSTAN UNILEVER LTD.

2. TO STUDY AND UNDERSTAND THE PRODUCTS OFFERED BY HUL.

3. TO STUDY AND ANALYSIS, THE FINANCIAL STATEMENT OF HUL.

4. TO STUDY THE VARIOUS BRANDS OF HUL.

5. TO STUDY AND UNDERSTAND ABOUT THE CUSTOMER SATISFACTION OF HUL.

6. TO STUDY AND UNDERSTAND THE POSITION OF HUL IN FMCG.

45
 SCOPE OF STUDY

1. For a research project on Hindustan Unilever Limited (HUL), geographic area of my study could
focus on regions where HUL has a significant presence or operates extensively. I have collect data
from india for my project. In India, HUL's operations are widespread, covering urban and rural areas.
Some key geographic areas that I consider for my study (Urban, Rural And Specific Regions)
2. I Analyse the HUL's financial statements, including balance sheet, profit & loss, and compare them
through collecting 5year data to know the growth rates over specific periods.
3. I have collect the Investment and Capital Structure to Study the HUL's investment decisions, capital
structure, and debt-equity ratios, by collecting ratio of 5 year and analyse it to understand its
operations and expansions.
4. By Combining geographic insights with financial analyses I have understand that how HUL
operates in different regions and how its financial strategies align with its geographic footprint.

46
 LIMITATION OF STUDY

1. Ensuring the reliability and accuracy of the secondary data is a major challenge. Sometimes, data
might be outdated, incomplete, or biased, leading to potential inaccuracies.
2. Not all required data might be readily available. Some information might be proprietary,
restricted, or simply not collected in a manner that suits the research objectives.
3. Data from different sources might not be standardized or compatible, making it challenging to
integrate or compare across sources.
4. Data might have been collected for a different purpose or context, making it necessary to
carefully assess its relevance and applicability to the current research.
5. Assessing the credibility and reliability of the sources providing the secondary data is crucial. It's
important to understand the methodologies used in data collection by the original sources.
6. Identifying, gathering, and organizing secondary data can be time-consuming. Researchers may
need to sift through extensive amounts of information to find what is relevant.
7. Ethical and Legal Concerns: Ensuring compliance with ethical standards and legal requirements
regarding the use of secondary data is essential. This includes issues related to copyright,
intellectual property rights, and data privacy.
8. Sometimes, the required data might have gaps or crucial information might be missing, limiting
the comprehensiveness of the analysis.
9. Interpreting data collected by others requires a deep understanding of the original context and
methodologies used, which might not always be clearly documented.

47
 SIGNIFICANCE OF THE STUDY

1. Understanding HUL's financial statements provides insights into its financial health, profitability,
liquidity, and overall performance. This analysis can help investors, stakeholders, and
management make informed decisions.
2. Analyzing financial statements and customer satisfaction data helps in strategic planning. It
enables HUL to identify areas of strength and weakness, guiding future business strategies and
resource allocation.
3. Understanding customer satisfaction levels can help HUL identify its competitive advantages,
allowing the company to refine its products, services, and marketing strategies to better meet
customer needs.
4. Comparing HUL's financial data and customer satisfaction metrics with industry benchmarks or
competitors can reveal areas where HUL excels or areas that require improvement, facilitating
benchmarking and goal-setting.
5. Reliable data analysis aids in informed decision-making. It helps HUL management in making
strategic decisions related to product development, market expansion, pricing strategies, and
resource allocation.
6. Analyzing customer satisfaction data provides insights into consumer behaviour, preferences, and
trends. This information is invaluable for tailoring products and services to meet customer
expectations.
7. Understanding financial statements can help identify potential financial risks. Simultaneously,
monitoring customer satisfaction helps in risk mitigation by addressing issues that could affect
brand reputation or market share.
8. Evaluating business and financial performance alongside customer satisfaction metrics can lead
to process improvements and increased operational efficiency within HUL.

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 DATA COLLECTION

Data collection refers to the process of gathering and accumulating information or data points from various
sources or methods. It's a fundamental step in research, analysis, and decision-making across different fields
and industries. The collected data can be qualitative (descriptive information) or quantitative (numerical
information) and serves as the foundation for conducting analyses, drawing conclusions, and making
informed decisions.
Primary Data: Primary data refers to the original data collected firsthand by researchers or individuals for a
specific purpose or investigation. This data is directly obtained from the source through various methods like
surveys, interviews, experiments, observations, or focus groups. It's tailored to address the specific research
objectives and can be customized to gather information not previously available. Primary data is often more
time-consuming and resource-intensive to collect but provides fresh and context-specific insights. Examples
include conducting surveys to gather opinions on a new product or observing behaviours in a controlled
experiment.
Secondary Data: Secondary data, on the other hand, refers to data that has already been collected, processed,
and published by others for purposes other than the current research. This data can be sourced from various
existing resources like government publications, academic journals, industry reports, or previously
conducted research studies. Researchers analyse and interpret secondary data to derive insights, draw
conclusions, or complement their own research. It's valuable for providing historical context, benchmarks, or
additional perspectives without the need for direct data collection. Examples include using census data for
demographic analysis or referencing previous studies for literature reviews in research papers.
Both primary and secondary data have their strengths and limitations. Primary data offers specificity and
customization but can be resource-intensive. Secondary data is readily available and cost-effective but might
not perfectly align with the current research needs or might lack control over the data collection process.
Researchers often use a combination of both types to ensure comprehensive and robust analysis in their
studies or investigations.
Researchers often use a combination of both primary and secondary data. Primary data collection ensures
data relevance and specificity to research objectives, while secondary data provides historical context,
additional insights, and cost-effective background information for analysis and comparison. The choice
between using primary or secondary data depends on research goals, resources, and the nature of the study.
For my project i have collect secondary data Gathering secondary data from a company website and utilizing
Google for additional information can provide a wealth of valuable insights for my project. Here's how I can
leverage these sources effectively:
Company Website:
Financial Information: Explore annual reports, financial statements, and investor relations sections for
insights into the company's financial performance, growth trajectory, and strategic direction.
Product/Service Details: Look for product/service descriptions, features, customer reviews, and any updates
or innovations in the pipeline.
Corporate Social Responsibility (CSR): Check for CSR initiatives, sustainability efforts, and community
involvement, which can add depth to I analysis.

49
Google Search:
News and Updates: Use Google News to find recent articles, press releases, or news related to the company.
This could include partnerships, expansions, or significant events that might impact its operations.
Industry Analysis: Search for industry reports, analyses, or expert opinions on the company's sector to gain
broader perspectives and insights.
Market Performance: Look for market analyses or stock market news that might shed light on the company's
standing compared to competitors or market trends.
When utilizing Google or any search engine, I ensure the credibility and reliability of the sources I find.
Academic journals, reputable news outlets, and official company statements usually offer more reliable
information compared to unverified sources or personal blogs.
Once I've gathered this data, organize it systematically, noting key findings and relevant information that
align with my project's objectives. Cross-referencing information from multiple sources can provide a
comprehensive understanding and strengthen the credibility of my project.

50
 LITERATURE REVIEW

 “ Comparison of Financial Performance Based On Ratio Analysis (With Special Reference to

ITC Limited and HUL Limited)”
Researcher: Dr. G.Bhavani – 2018
Ratio analysis is a critical tool in financial analysis, utilizing ratios to assess a firm's financial health and
performance. These metrics provide insight into the efficiency of various aspects of an enterprise.
However, maintaining ideal ratios in a large organization poses significant challenges. Factors like credit
policies and inventory management systems significantly impact ratio analysis. While analyzing diverse
financial data, it's evident that the company is currently in a strong financial position.
Moreover, the importance of ratio analysis varies based on stakeholders' specific needs and situational
requirements. In the study of financial performance, both ITC Limited and HUL Limited demonstrated
satisfactory results. HUL Limited exhibited superior profitability and turnover ratios, while ITC Limited
showcased a stronger liquidity position.
 “A Study On Corporate Social Responsibility: With Special Reference To HUL”
Researcher: Dr. Minu Madlani1- 2014
In developing rural areas, poverty often stems from a lack of financial resources rather than an inability to
manage money. Rural finance encompasses credit, savings, and insurance, vital for the economic stability of
these communities, whether delivered formally or informally. While 'credit' often relates to business growth,
rural finance extends to savings and insurance crucial for stabilizing livelihoods.
HUL's Shakti model presents an opportunity for banks to extend services like insurance and mutual funds to
rural populations. Collaborations among banks, service providers, and multinational corporations (MNCs)
can revolutionize rural areas, encompassing the unbanked masses. For instance, ventures like SBI partnering
with Airtel to offer affordable services to rural residents have shown promise. Cooperative efforts are cost-
effective and could drive impactful financial inclusion.
Similarly, ITC's e-Choupal, designed for farmers, has succeeded in rural regions. ITC can leverage its
methods to integrate the rural poor into the banking system, marking an innovative approach to financial
inclusion by MNCs. In India, the rural market is projected to expand significantly, offering a $100-billion
opportunity for retailers in the next 15 years. MNCs can leverage this growth potential for their marketing
endeavors, contributing to the government's goal of inclusive growth. Collaborative initiatives are not only
lucrative in the long term but also sensible as shared costs yield benefits for all involved.
 “A Study of Consumer Preference towards Marketing Mix of HUL Food Brands with special
response to Amravati district”
Researcher: Dr. Gaurav Sureshrao Jayde- 2018
The study findings suggest that, apart from price, all other factors significantly impact consumer satisfaction
with HUL food brands. Consumer awareness regarding Hindustan Unilever Limited's food brands was most
influenced by product characteristics, followed by price, promotion, and place. Specifically, within the
Marketing Mix's 4 P's, the 'Product' element emerged as the primary influencing factor for consumers in the
Amravati district when making purchasing decisions for food products in the market.

51
  “Role of Promotion Mix in Influencing Rural Consumers”
Researcher: Dr. Sukhmani D. (2011)
conducted research on the Role of Promotion Mix in Influencing Rural Consumers, revealing that changes
in rural lifestyles, increasing incomes, and a focus on value have propelled growth in various product
categories. This shift signifies larger disposable incomes and altered consumption priorities in rural sectors,
favouring FMCG organizations. However, success hinges on developing business models and marketing
strategies aligned with this changed rural market scenario.
underscored the fascinating yet challenging nature of India's rural market, despite its existing difficulties.
They highlight the immense potential and opportunities within these markets, emphasizing the need for
marketers to create and effectively tap into these markets. The understanding that "Markets are created and
not born" underscores the importance of effectively harnessing the created market potential.
 "Customer Loyalty, Satisfaction, and Marketing Mix”
Researcher: Khoo Khay Hooi – 2012
Empirical Evidence from the Infant Formula Industry." The primary objective was to explore the
interconnectedness of customer satisfaction, loyalty, and marketing mix elements. The study employed
statistical tools such as reliability analysis, multiple regression analysis, and Pearson correlation. The
findings highlighted a positive correlation between the marketing mix elements of brands and customer
satisfaction, leading to enhanced customer loyalty.

 "Investigating the Impact of Marketing Mix Elements on Tourist Satisfaction"

Researcher: Wang Aimin and Sumayya Begum -2012
the focus was on understanding how marketing mix elements influence tourist satisfaction. Utilizing
correlation and regression analyses, the study revealed that six out of seven marketing mix elements—
Product, Place, Promotion, People, Process, and Physical evidence—positively influenced tourist
satisfaction. However, the price set by authorities did not meet visitor satisfaction levels.
 "An Empirical Study of Selected Customers on Rural Marketing Strategies of Selected
Products of Hindustan Unilever Limited (H.U.L.) in Gujarat."
Researcher: Shukla Priteshkumar Y. - 2013
This study delved into the rural marketing strategies of specific HUL products and their impact on the
buying behaviour of rural respondents in Gujarat. It sought to identify factors influencing competitiveness
among FMCG manufacturers entering the rural market segment in Gujarat and to analyse various elements
affecting rural consumer behaviour towards selected HUL products in the region.
 “A comparative study of marketing strategies of ITC and HUL”
Researcher: Sharma, Sanjay- 2014
Marketing strategy is the deliberate alignment of a company's efforts and resources toward specific actions
to enhance sales and secure a dominant position within a chosen market segment. It integrates various
elements like product development, promotion, distribution, pricing, and relationship management to
achieve defined marketing goals within a set timeframe. This strategy involves identifying target markets,
refining positioning, shaping the marketing mix, and effectively allocating resources.
For rural markets, effective marketing entails innovative promotional approaches tailored to resonate with
villagers, aligning with their education and comprehension levels. Offering durable FMCG products aligns

52
with rural consumer preferences, associating longevity with larger or sturdier products. Quality is
paramount; maintaining high standards without compromising despite offering competitive prices.
Realizing substantial growth in rural markets is pivotal for FMCG companies. Yet, achieving this requires a
comprehensive understanding of rural dynamics and a strategic, long-term commitment rather than short-
term gains. Success here demands substantial resources, time, financial investment, and inventive strategies.
In the end, companies must enter the rural landscape with a deep and sustained commitment, understanding
that innovation, resources, and perseverance will be the decisive factors in tapping into this lucrative market.

 “Study on the consumers brand preference with reference to bath soaps in Nagapattinam
district”
Researcher: Vijay Anand, V- 2014
The realm of Fast Moving Consumer Goods (FMCG) has embraced globalization, profoundly shaping
policies at local, regional, and global levels. In this study, an extensive exploration was undertaken to
analyse consumer preferences for bath soaps from HUL. The aim was to understand the factors guiding
customers' brand choices and the consequent impact on brand preference dimensions. Given the intense
market competition on pricing, the focus has been on delivering superior quality at lower costs.
The research meticulously identified and analysed four key dimensions crucial in determining brand
preferences. Brand awareness, assessed through 12 variables, emerged as a dominant mediator in shaping
brand preference. Perceived quality, brand image, and brand loyalty, each evaluated through multiple
variables (18, 31, and 13, respectively), displayed significant influences on customers' brand preferences for
bath soaps.
Ultimately, this study effectively pinpointed the influential factors driving brand preference for HUL's bath
soaps, underlining the pivotal role of brand awareness, while also acknowledging the substantial impacts of
perceived quality, brand image, and brand loyalty in shaping consumer preferences.

 “Financial performance of fast-moving consumer goods FMCG industry in India with special
reference to HUL ITC and BIL”
Researcher: Sasikala G - 2013
The study delved into the impact of Capital Structure and Working Capital on the profitability of selected
FMCG companies in India over a fifteen-year span from 2001-02 to 2015-16. Through meticulous analysis
employing various tools and techniques, the findings were interpreted comprehensively.
The analysis primarily focused on trends in capital structure, specifically examining the debt equity ratio and
debt ratio. Notably, BIL and HUL exhibited a high Annual Average Growth Rate (AAGR) in debt equity
ratio in comparison to ITC. However, all three companies displayed negative growth rates in the debt equity
ratio when considering the Long Growth Rate (LGR). The debt ratio portrayed a highly fluctuating trend
across the selected companies, maintaining consistently low mean values throughout the study period.
Further examination revealed intriguing dynamics in metrics like debtors turnover ratio, with ITC displaying
a negative AAGR while BIL showcased significantly higher values compared to HUL. Interestingly, the
Long Growth Rate (LGR) in ITC was negative, while BIL and HUL demonstrated similar LGR patterns.
Additionally, BIL exhibited a notably high Compound Growth Rate (CGR) compared to the other two
companies.

53
Profitability indicators such as Return on Total Assets (ROTA), Return on Capital Employed (ROCE), and
Return on Equity (ROE) displayed considerable fluctuations across the selected companies throughout the
study duration. Factors significantly influencing profitability included Total Cost Ratio (TCR) for BIL,
Miscellaneous Expenses Ratio (MER), TCR, and Size for ITC, and Fuel Cost Ratio (FCR) and Size for
HUL.
To enhance profitability, recommendations were made to focus on reducing total costs, particularly for BIL.
Moreover, maintaining an optimal capital structure was advised for Britannia Industries Limited (BIL) and
Indian Tobacco Company (ITC) to safeguard creditor interests. These measures aimed to bolster overall
financial health and ensure sustained profitability for the studied FMCG companies.

 “A Study of Consumer Buying Decision with Special Reference to FMCG Products of Hul in
Bihar”
Researcher: Chirania Priti- 2019
Influential Factors: Recommendations from shopkeepers and relatives hold significant sway among rural
customers, alongside the impact of attractive packaging. Around 58% of respondents regarded these as the
most influential factors.
Promotion's Impact: Promotion, encompassing personal selling, advertising, and sales promotion, serves as a
pivotal tool for creating awareness, influencing decisions, and stimulating quick purchases. Sales
promotions, specifically, spur large and immediate buying.
Retailer Influence: In rural areas, retailer recommendations carry immense weight; about 71% of consumers
seek advice from retailers or wholesalers before making a purchase.
Packaging Significance: Due to illiteracy, rural consumers identify FMCG products primarily by their
packaging, making it a crucial factor in their buying decisions. Attractive packaging leaves a lasting
impression.
Promotional Schemes: Rural consumers are highly intrigued by various promotional schemes like money-
back offers and prizes on product packaging, indicating a strong influence on their buying behaviour.
Media Reach: While radio historically had a significant impact in rural areas, television has emerged as a
more potent medium, reaching a larger rural audience.
Pricing Strategy: Price sensitivity exists among rural consumers due to lower incomes. However, solely
competing on low prices may not suffice; instead, offering smaller unit packs at lower prices could drive
higher sales.

Supply Constraints: Limited product availability at village retailers, often resulting in out-of-stock situations,
compels rural customers to seek products outside their villages, causing dissatisfaction due to irregular
supply.
So, in essence, rural consumers heavily consider advice from retailers, packaging, promotional offers, and
media reach. While price sensitivity exists, a strategic blend of factors beyond pricing, such as packaging,
promotion, and consistent supply, significantly impacts their buying decisions and satisfaction.

54
  “An Analysis of Consumer Buying Behaviour Towards Different FMCG Products in Indian
Rural Market with special Reference to HUL and ITC s Products”
Researcher: Gupta Madhulika (2018)

Price Strategy for Urban and Rural Markets: Implementing a nuanced pricing strategy for urban and rural
markets is crucial, recognizing the significant influence of price on rural consumers' purchase decisions.
Credit Facilities and Support for Rural Shopkeepers: Extending credit facilities to rural shopkeepers at
reasonable interest rates could drive increased product sales, acknowledging rural consumers' preference for
purchasing products with accessible credit options.
Assessing Advertisement Effectiveness: Evaluating the impact of advertisements in rural areas is essential.
While ads create awareness, ensuring they align with the Attention, Interest, Desire, and Action (AIDA)
model for effective engagement among rural consumers becomes crucial.
Leveraging Haats/Weekly Markets: Leveraging the popularity of haats (weekly markets) by establishing a
strong presence can foster a sense of exclusivity among rural consumers, making them feel the products are
tailor-made for their needs.
Building Repeat Purchase Behaviour: Crafting marketing strategies that encourage repeated purchases by
highlighting associated benefits can foster brand loyalty among rural consumers, despite the general low
loyalty with low-priced FMCG products.
Engaging Opinion Leaders: Involving local representatives or community heads in product promotion can
significantly enhance word-of-mouth publicity and garner trust among rural consumers.
R&D for Evolving Preferences: Prioritizing continuous Research and Development is vital to grasp the
evolving tastes and preferences of rural consumers, allowing companies to adapt their strategies accordingly.
Transitioning Consumer Adoption: Recognizing rural consumers' tendency to belong to the late majority in
adopting new products, devising effective strategies to transition them towards early adopters becomes
crucial. Encouraging acceptance of new or modified products through targeted approaches can drive
increased acceptance among risk-averse rural consumers.

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 DATA ANALYSIS, INTERPRETATION AND PRESENTATION

Data analysis involves the examination of raw data to derive meaningful insights and draw conclusions. It
encompasses various techniques and methods to organize, clean, process, and analyse data to extract
valuable information.
Interpretation in data analysis refers to understanding the patterns, trends, relationships, and implications
found within the analysed data. It involves making sense of the data analysis results, explaining their
significance, and drawing conclusions or making inferences based on the findings.
Presentation of data analysis involves effectively communicating the results, interpretations, and
conclusions drawn from the data. This could include visual representations such as graphs, charts, tables, or
written reports, ensuring that the insights gained are conveyed clearly and understandably to the intended
audience.
Essentially, data analysis involves examining data to discover patterns or trends, interpreting what these
patterns mean in a given context, and presenting these findings in a coherent and understandable manner to
aid decision-making or understanding within a particular domain or field.

56
 BALANCE SHEET OF 5 YEAR OF HUL

BALANCE SHEET OF HINDUSTAN Mar 23 Mar 22 Mar 21 Mar 20 Mar 19

UNILEVER (in Rs. Cr.)
12 mths 12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 235 235 235 216 216
TOTAL SHARE CAPITAL 235 235 235 216 216
Reserves and Surplus 50,069.00 48,826.00 47,439.00 7,998.00 7,627.00
TOTAL RESERVES AND SURPLUS 50,069.00 48,826.00 47,439.00 7,998.00 7,627.00
TOTAL SHAREHOLDERS FUNDS 50,304.00 49,061.00 47,674.00 8,229.00 7,867.00
Minority Interest 218 26 20 17 18
NON-CURRENT LIABILITIES
Long Term Borrowings 0 0 0 0 0
Deferred Tax Liabilities [Net] 6,421.00 6,141.00 5,988.00 0 0
Other Long Term Liabilities 2,753.00 2,429.00 2,394.00 1,363.00 995
Long Term Provisions 1,363.00 1,580.00 1,578.00 1,227.00 1,082.00
TOTAL NON-CURRENT LIABILITIES 10,537.00 10,150.00 9,960.00 2,590.00 2,077.00
CURRENT LIABILITIES
Short Term Borrowings 98 0 0 0 99
Trade Payables 9,574.00 9,068.00 8,802.00 7,535.00 7,206.00
Other Current Liabilities 1,967.00 1,866.00 1,794.00 1,360.00 839
Short Term Provisions 389 346 507 422 523
TOTAL CURRENT LIABILITIES 12,028.00 11,280.00 11,103.00 9,317.00 8,667.00
TOTAL CAPITAL AND LIABILITIES 73,087.00 70,517.00 68,757.00 20,153.00 18,629.00
ASSETS
NON-CURRENT ASSETS
Tangible Assets 6,949.00 6,169.00 6,116.00 4,960.00 4,192.00
Intangible Assets 28,263.00 27,907.00 27,930.00 402 406
Capital Work-In-Progress 1,132.00 1,313.00 745 597 406
FIXED ASSETS 36,344.00 35,389.00 34,791.00 5,959.00 5,004.00
Non-Current Investments 71 2 2 2 2
Deferred Tax Assets [Net] 10 11 17 284 373
Long Term Loans And Advances 98 115 251 238 215
Other Non-Current Assets 2,100.00 2,081.00 2,082.00 1,232.00 1,004.00

57
TOTAL NON-CURRENT ASSETS 56,089.00 54,995.00 54,540.00 7,832.00 6,715.00
CURRENT ASSETS
Current Investments 2,811.00 3,519.00 2,707.00 1,253.00 2,714.00
Inventories 4,251.00 4,096.00 3,579.00 2,767.00 2,574.00
Trade Receivables 3,079.00 2,236.00 1,758.00 1,149.00 1,816.00
Cash And Cash Equivalents 4,678.00 3,846.00 4,471.00 5,113.00 3,757.00
Short Term Loans And Advances 36 35 0 0 4
Other Current Assets 2,143.00 1,790.00 1,702.00 2,039.00 1,049.00
TOTAL CURRENT ASSETS 16,998.00 15,522.00 14,217.00 12,321.00 11,914.00
TOTAL ASSETS 73,087.00 70,517.00 68,757.00 20,153.00 18,629.00
OTHER ADDITIONAL
INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 3,574.00 3,230.00 2,985.00 2,923.00 2,196.00

ANALYSIS OF HINDUSTAN UNILEVER'S BALANCE SHEET:

Equity and Liabilities:

Shareholder's Funds: The equity share capital has gradually increased over the years, indicating potential
equity issuances. Reserves and surplus have seen significant growth, indicating retained earnings or profit
accumulation.
Non-Current Liabilities: There's an increase in deferred tax liabilities and other long-term liabilities,
suggesting potential obligations or debts. Long-term provisions have varied but generally increasing,
indicating future financial commitments.
Current Liabilities: Trade payables and other current liabilities have risen, possibly due to increased business
operations or extended credit terms. Short-term provisions have also increased, indicating potential future
expenses.
Assets:
Non-Current Assets: Tangible and intangible assets have notably increased, likely due to investments in
infrastructure or acquisitions. There's substantial growth in fixed assets and other non-current assets.
Current Assets: Current investments, inventories, and cash equivalents have shown an increasing trend,
indicating good liquidity. Trade receivables have also increased, reflecting potential sales growth or extended
credit to customers.
Financial Position:

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Total Assets: The total assets have consistently increased, showing positive growth and possibly indicating
good business performance and asset management.
Contingent Liabilities: These have grown over the years, indicating potential future liabilities based on
uncertain events, contracts, or legal obligations.
Debt Analysis:
The company appears to have no long-term borrowings, possibly indicating a strong aversion to debt or
successful debt management.
Short-term borrowings have been nominal or non-existent, ensuring minimal short-term debt obligations.
Overall Assessment:
The company seems to have a robust financial position with increasing assets and equity over the years.
Continuous growth in reserves and surplus indicates profitability and efficient financial management.
However, contingent liabilities have also increased, which may pose potential risks that need careful
monitoring.
Year-wise Analysis:
 Shareholder's Funds:
Mar 23: Total Shareholders' Funds: 50,304 Cr
Mar 22: Total Shareholders' Funds: 49,061 Cr
Mar 21: Total Shareholders' Funds: 47,674 Cr
Mar 20: Total Shareholders' Funds: 8,229 Cr
Mar 19: Total Shareholders' Funds: 7,867 Cr
 Non-Current Liabilities:
Mar 23: Total Non-Current Liabilities: 10,537 Cr
Mar 22: Total Non-Current Liabilities: 10,150 Cr
Mar 21: Total Non-Current Liabilities: 9,960 Cr
Mar 20: Total Non-Current Liabilities: 2,590 Cr
Mar 19: Total Non-Current Liabilities: 2,077 Cr
 Current Liabilities:
Mar 23: Total Current Liabilities: 12,028 Cr
Mar 22: Total Current Liabilities: 11,280 Cr
Mar 21: Total Current Liabilities: 11,103 Cr
Mar 20: Total Current Liabilities: 9,317 Cr
Mar 19: Total Current Liabilities: 8,667 Cr
 Assets:

59
Mar 23: Total Assets: 73,087 Cr
Mar 22: Total Assets: 70,517 Cr
Mar 21: Total Assets: 68,757 Cr
Mar 20: Total Assets: 20,153 Cr
Mar 19: Total Assets: 18,629 Cr
 Other Additional Information:
Contingent Liabilities: These are obligations that might arise if a certain event occurs in the future. The value
has been increasing over the years: 3,574 Cr (Mar 23) > 3,230 Cr (Mar 22) > 2,985 Cr (Mar 21) > 2,923 Cr
(Mar 20) > 2,196 Cr (Mar 19).
This analysis provides a snapshot of how the company's shareholder funds, liabilities, assets, and contingent
liabilities have changed over the specified years. It seems the company has shown consistent growth in
various aspects like shareholder funds and total assets over the years.

Let's calculate the percentage increase for each item between the years 2020 and 2019 in
Hindustan Unilever's balance sheet:
Percentage Increase (Mar 20 to Mar 19):
Equity and Liabilities:
Shareholder's Funds:

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Equity Share Capital: ((235 - 216) / 216) * 100 = 8.8% increase
Reserves and Surplus: ((7,998 - 7,627) / 7,627) * 100 = 4.85% increase
Non-Current Liabilities:
Deferred Tax Liabilities [Net]: ((0 - 0) / 0) * 100 = 0% increase (no change)
Other Long Term Liabilities: ((1,363 - 995) / 995) * 100 = 37.18% increase
Long Term Provisions: ((1,227 - 1,082) / 1,082) * 100 = 13.39% increase
Current Liabilities:
Trade Payables: ((7,535 - 7,206) / 7,206) * 100 = 4.57% increase
Other Current Liabilities: ((1,360 - 839) / 839) * 100 = 62.01% increase
Short Term Provisions: ((422 - 523) / 523) * 100 = -19.33% decrease
Assets:
Non-Current Assets:
Tangible Assets: ((4,960 - 4,192) / 4,192) * 100 = 18.31% increase
Intangible Assets: ((402 - 406) / 406) * 100 = -0.99% decrease
Capital Work-In-Progress: ((597 - 406) / 406) * 100 = 47.04% increase
Current Assets:
Current Investments: ((1,253 - 2,714) / 2,714) * 100 = -53.86% decrease
Inventories: ((2,767 - 2,574) / 2,574) * 100 = 7.5% increase
Trade Receivables: ((1,149 - 1,816) / 1,816) * 100 = -36.73% decrease
Cash And Cash Equivalents: ((5,113 - 3,757) / 3,757) * 100 = 36.08% increase
Other Current Assets: ((2,039 - 1,049) / 1,049) * 100 = 94.28% increase
Additional Information:
Contingent Liabilities:
Contingent Liabilities: ((2,923 - 2,196) / 2,196) * 100 = 33.08% increase
These percentages indicate the change in each item from the year 19 to the year 20 . Positive percentages
denote an increase, while negative percentages indicate a decrease in value.

Let's calculate the percentage increase for each item between the years 2020 and 2021 in
Hindustan Unilever's balance sheet:
Percentage Increase (Mar 21 to Mar 20):
Equity and Liabilities:
Shareholder's Funds:

61
Equity Share Capital: ((235 - 216) / 216) * 100 = ~8.8% increase
Reserves and Surplus: ((47,439 - 7,998) / 7,998) * 100 = ~493.7% increase
Non-Current Liabilities:
Deferred Tax Liabilities [Net]: ((5,988 - 0) / 0) * 100 = N/A (As there was no value in Mar 20)
Other Long Term Liabilities: ((2,394 - 1,363) / 1,363) * 100 = ~75.7% increase
Long Term Provisions: ((1,578 - 1,227) / 1,227) * 100 = ~28.6% increase
Current Liabilities:
Trade Payables: ((8,802 - 7,535) / 7,535) * 100 = ~16.8% increase
Other Current Liabilities: ((1,794 - 1,360) / 1,360) * 100 = ~31.9% increase
Short Term Provisions: ((507 - 422) / 422) * 100 = ~20.1% increase
Assets:
Non-Current Assets:
Tangible Assets: ((6,116 - 4,960) / 4,960) * 100 = ~23.4% increase
Intangible Assets: ((27,930 - 402) / 402) * 100 = ~6,826.9% increase
Capital Work-In-Progress: ((745 - 597) / 597) * 100 = ~24.8% increase
Current Assets:
Current Investments: ((2,707 - 1,253) / 1,253) * 100 = ~116.4% increase
Inventories: ((3,579 - 2,767) / 2,767) * 100 = ~29.3% increase
Trade Receivables: ((1,758 - 1,149) / 1,149) * 100 = ~52.9% increase
Cash And Cash Equivalents: ((4,471 - 5,113) / 5,113) * 100 = ~(-12.6)% decrease
Other Current Assets: ((1,702 - 2,039) / 2,039) * 100 = ~(-16.5)% decrease
Additional Information:
Contingent Liabilities:
Contingent Liabilities: ((2,985 - 2,923) / 2,923) * 100 = ~2.1% increase
These percentages indicate the change in each item from 2021 to 2020. Positive percentages denote an
increase, while negative percentages indicate a decrease in value.
Let's calculate the percentage increase for each item between the years 2021 and 2022 in
Hindustan Unilever's balance sheet:
Percentage Increase (Mar 22 to Mar 21):
Equity and Liabilities:
Shareholder's Funds:
Equity Share Capital: ((235 - 235) / 235) * 100 = 0% change

62
Reserves and Surplus: ((48,826 - 47,439) / 47,439) * 100 = 2.92% increase
Non-Current Liabilities:
Deferred Tax Liabilities [Net]: ((6,141 - 5,988) / 5,988) * 100 = 2.55% increase
Other Long Term Liabilities: ((2,429 - 2,394) / 2,394) * 100 = 1.46% increase
Long Term Provisions: ((1,580 - 1,578) / 1,578) * 100 = 0.13% increase
Current Liabilities:
Trade Payables: ((9,068 - 8,802) / 8,802) * 100 = 3.03% increase
Other Current Liabilities: ((1,866 - 1,794) / 1,794) * 100 = 4.01% increase
Short Term Provisions: ((346 - 507) / 507) * 100 = -31.77% decrease
Assets:
Non-Current Assets:
Tangible Assets: ((6,169 - 6,116) / 6,116) * 100 = 0.87% increase
Intangible Assets: ((27,907 - 27,930) / 27,930) * 100 = -0.08% decrease
Capital Work-In-Progress: ((1,313 - 745) / 745) * 100 = 76.17% increase
Current Assets:
Current Investments: ((3,519 - 2,707) / 2,707) * 100 = 29.97% increase
Inventories: ((4,096 - 3,579) / 3,579) * 100 = 14.42% increase
Trade Receivables: ((2,236 - 1,758) / 1,758) * 100 = 27.22% increase
Cash And Cash Equivalents: ((3,846 - 4,471) / 4,471) * 100 = -14.02% decrease
Other Current Assets: ((1,790 - 1,702) / 1,702) * 100 = 5.17% increase
Additional Information:
Contingent Liabilities:
Contingent Liabilities: ((3,230 - 2,985) / 2,985) * 100 = 8.22% increase
These calculations represent the percentage increase or decrease in each item from the year 21 to the year 22.

Let's calculate the percentage increase for each item between the years 2022 and 2023 in
Hindustan Unilever's balance sheet:
Percentage Increase (Mar 23 to Mar 22):

Equity and Liabilities:

Shareholder's Funds:
Equity Share Capital: ((235 - 235) / 235) * 100 = 0% change

63
Reserves and Surplus: ((50,069 - 48,826) / 48,826) * 100 = 2.54% increase
Non-Current Liabilities:
Deferred Tax Liabilities [Net]: ((6,421 - 6,141) / 6,141) * 100 = 4.57% increase
Other Long Term Liabilities: ((2,753 - 2,429) / 2,429) * 100 = 13.35% increase
Long Term Provisions: ((1,363 - 1,580) / 1,580) * 100 = -13.74% decrease
Current Liabilities:
Trade Payables: ((9,574 - 9,068) / 9,068) * 100 = 5.57% increase
Other Current Liabilities: ((1,967 - 1,866) / 1,866) * 100 = 5.41% increase
Short Term Provisions: ((389 - 346) / 346) * 100 = 12.43% increase
Assets:
Non-Current Assets:
Tangible Assets: ((6,949 - 6,169) / 6,169) * 100 = 12.64% increase
Intangible Assets: ((28,263 - 27,907) / 27,907) * 100 = 1.28% increase
Capital Work-In-Progress: ((1,132 - 1,313) / 1,313) * 100 = -13.77% decrease
Current Assets:
Current Investments: ((2,811 - 3,519) / 3,519) * 100 = -20.12% decrease
Inventories: ((4,251 - 4,096) / 4,096) * 100 = 3.78% increase
Trade Receivables: ((3,079 - 2,236) / 2,236) * 100 = 37.75% increase
Cash And Cash Equivalents: ((4,678 - 3,846) / 3,846) * 100 = 21.63% increase
Other Current Assets: ((2,143 - 1,790) / 1,790) * 100 = 19.67% increase
Additional Information:
Contingent Liabilities:
Contingent Liabilities: ((3,574 - 3,230) / 3,230) * 100 = 10.63% increase
These calculations represent the percentage increase or decrease in each item from the year 22 to the year 23.
PROFIT AND LOSS OF 5 YEAR

PROFIT & LOSS ACCOUNT OF Mar 23 Mar 22 Mar 21 Mar 20 Mar 19

HINDUSTAN UNILEVER (in Rs.
Cr.)
12 mths 12 mths 12 mths 12 mths 12 mths
INCOME
REVENUE FROM OPERATIONS 59,549.00 51,548.00 46,321.00 39,238.00 38,684.00

64
[GROSS]
Less: Excise/Service Tax/Other 0 0 0 0 0
Levies
REVENUE FROM OPERATIONS 59,549.00 51,548.00 46,321.00 39,238.00 38,684.00
[NET]
TOTAL OPERATING REVENUES 60,580.00 52,446.00 47,028.00 39,783.00 39,310.00
Other Income 512 258 410 632 550
TOTAL REVENUE 61,092.00 52,704.00 47,438.00 40,415.00 39,860.00
EXPENSES
Cost Of Materials Consumed 20,212.00 16,446.00 15,432.00 11,976.00 13,707.00
Purchase Of Stock-In Trade 11,579.00 9,311.00 7,121.00 6,391.00 4,755.00
Operating And Direct Expenses 0 0 0 0 0
Changes In Inventories Of FGWIP -75 -22 -405 -108 12
And Stock In Trade
Employee Benefit Expenses 2,854.00 2,545.00 2,358.00 1,820.00 1,875.00
Finance Costs 114 106 117 118 33
Depreciation And Amortisation 1,137.00 1,091.00 1,074.00 1,002.00 565
Expenses
Other Expenses 11,861.00 11,309.00 10,896.00 9,843.00 10,081.00
TOTAL EXPENSES 47,682.00 40,786.00 36,593.00 31,042.00 31,028.00
PROFIT/LOSS BEFORE 13,410.00 11,918.00 10,845.00 9,373.00 8,832.00
EXCEPTIONAL,
EXTRAORDINARY ITEMS AND
TAX
Exceptional Items -64 -44 -239 -200 -228
PROFIT/LOSS BEFORE TAX 13,346.00 11,874.00 10,606.00 9,173.00 8,604.00
TAX EXPENSES-CONTINUED
OPERATIONS
Current Tax 3,001.00 2,840.00 2,520.00 2,243.00 2,610.00
Less: MAT Credit Entitlement 0 0 0 0 0
Deferred Tax 200 147 86 166 -66
Other Direct Taxes 0 0 0 0 0
TOTAL TAX EXPENSES 3,201.00 2,987.00 2,606.00 2,409.00 2,544.00
PROFIT/LOSS AFTER TAX 10,145.00 8,887.00 8,000.00 6,764.00 6,060.00

Profit & Loss (P&L) account of Hindustan Unilever

Income Analysis:

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Revenue from Operations [Net]: Shows an increasing trend from Mar 19 to Mar 23, indicating growth in
sales.
Other Income: Fluctuates but generally shows a slight increasing trend.
Expense Analysis:
Cost of Materials Consumed: Shows a consistent upward trend, possibly due to increased production or raw
material costs.
Purchase of Stock-In-Trade: Also shows a consistent increase, indicating potential expansion or higher
inventory turnover.
Employee Benefit Expenses: Gradual increase, likely due to increased workforce or salary increments.
Finance Costs: Relatively stable across the years.
Depreciation and Amortization Expenses: Gradual increase, potentially due to higher investment in fixed
assets.
Other Expenses: Show an increasing trend, possibly due to various operational costs or investments.
Profit Analysis:
Profit Before Tax: Consistently increasing over the years, indicating the company's improved operational
efficiency and increased profitability.
Tax Expenses: Also show an increasing trend, in line with the rising profits.
Profit After Tax: Reflects a growing trend, indicating the company's ability to maintain profitability even
after-tax deductions.
Exceptional Items:
The presence of negative exceptional items might indicate one-time expenses or write-offs affecting
profitability in some years.
Overall Analysis:
Revenue Growth: Generally positive, indicating the company's ability to increase sales over the years.
Expense Management: While certain expenses have increased, they seem to be in line with revenue growth.
Profitability: Consistent growth in profits suggests good financial health.
Tax Impact: The company is consistently paying higher taxes, which align with its increased profits.
This analysis paints a picture of a company experiencing growth in revenue, managing expenses effectively,
and steadily improving its profitability over the years.

66
Let's break down the Profit & Loss (P&L) statement of Hindustan Unilever year by year to
understand the trends and changes:
Year-wise Analysis:
March 2023:
Revenue: Significant growth in Revenue from Operations [Net] compared to the previous year, showing a
substantial increase in sales.
Expenses: Operating expenses have also risen, including costs of materials consumed, stock purchases, and
employee benefits.
Profit Before Tax: Shows a notable increase, indicating improved operational efficiency and higher profits.
Tax Expenses: Higher tax payment aligns with increased profitability.
Profit After Tax: Reflects a substantial growth compared to the previous year.
March 2022:
Revenue: Moderate growth in Revenue from Operations [Net].
Expenses: Incremental rise in operating expenses, indicating potential expansion or increased production
costs.

67
Profit Before Tax: Shows a decent increase compared to the preceding year.
Tax Expenses: Slightly higher than the previous year.
Profit After Tax: Indicates a moderate growth in profitability.
March 2021:
Revenue: Steady growth in Revenue from Operations [Net].
Expenses: Operating expenses increased, but not as significantly as in subsequent years.
Profit Before Tax: Shows a moderate rise compared to the preceding year.
Tax Expenses: Higher tax payment in comparison to the previous year.
Profit After Tax: Reflects a moderate growth in profitability.
March 2020:
Revenue: Shows growth in Revenue from Operations [Net].
Expenses: Operating expenses increased gradually.
Profit Before Tax: Indicates a moderate increase compared to the preceding year.
Tax Expenses: Higher tax payment in comparison to the previous year.
Profit After Tax: Reflects a reasonable growth in profitability.
March 2019:
Revenue: Steady growth in Revenue from Operations [Net].
Expenses: Operating expenses increased moderately.
Profit Before Tax: Shows a moderate increase compared to the preceding year.
Tax Expenses: Higher tax payment in comparison to the previous year.
Profit After Tax: Reflects a moderate growth in profitability.
Overall Trend:
Revenue: Generally, shows an upward trend, indicating consistent sales growth.
Expenses: Have increased gradually over the years, potentially due to expanded operations or rising costs.
Profitability: Shows a consistent growth trend, with higher profits in subsequent years.
Tax Impact: The company consistently pays higher taxes as profits increase.
This year-wise analysis demonstrates a pattern of steady revenue growth, incrementally increasing expenses,
and a consistent rise in profitability for Hindustan Unilever over the analysed years.

Let's compare the financial data of Hindustan Unilever for the years 2019 and 2020 to identify the
changes and trends:
Revenue from Operations [Net]:

68
2019: Rs. 38,684 Cr
2020: Rs. 39,238 Cr
Change: Slight increase of Rs. 554 Cr (Approx. 1.4% increase)
Expenses:
Cost of Materials Consumed:
2019: Rs. 13,707 Cr
2020: Rs. 11,976 Cr
Change: Decrease of Rs. 1,731 Cr (Approx. 12.6% decrease)
Purchase of Stock-In-Trade:
2019: Rs. 4,755 Cr
2020: Rs. 6,391 Cr
Change: Increase of Rs. 1,636 Cr (Approx. 34.4% increase)
Employee Benefit Expenses:
2019: Rs. 1,875 Cr
2020: Rs. 1,820 Cr
Change: Decrease of Rs. 55 Cr (Approx. 2.9% decrease)
Depreciation and Amortization Expenses:
2019: Rs. 565 Cr
2020: Rs. 1,002 Cr
Change: Increase of Rs. 437 Cr (Approx. 77.3% increase)
Other Expenses:
2019: Rs. 10,081 Cr
2020: Rs. 9,843 Cr
Change: Decrease of Rs. 238 Cr (Approx. 2.4% decrease)
Profit Analysis:
Profit Before Tax:
2019: Rs. 8,604 Cr
2020: Rs. 9,173 Cr
Change: Increase of Rs. 569 Cr (Approx. 6.6% increase)
Profit After Tax:
2019: Rs. 6,060 Cr

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2020: Rs. 6,764 Cr
Change: Increase of Rs. 704 Cr (Approx. 11.6% increase)
Key Observations:
Revenue: Experienced a slight increase from 2019 to 2020, indicating steady growth in sales.
Expenses:
Cost of Materials Consumed: Decreased significantly by around 12.6%, possibly due to better cost
management or changes in material sourcing.
Purchase of Stock-In-Trade: Marked increase of about 34.4%, suggesting potential expansion or increased
inventory requirements.
Employee Benefit Expenses: Saw a slight decrease, possibly due to better efficiency or cost-cutting
measures.
Depreciation and Amortization Expenses: Notable increase, indicating higher investments in fixed assets.
Other Expenses: Decreased slightly, showing effective management or cost-saving initiatives.
Profitability: Both Profit Before Tax and Profit After Tax show notable increases, reflecting improved
operational efficiency and higher profitability despite varied expense fluctuations.
This comparison highlights changes in expenses and revenue, indicating shifts in cost structures and business
strategies, ultimately contributing to increased profitability for Hindustan Unilever in 2020 compared to
2019.

Let's compare the financial data of Hindustan Unilever for the years 2020 and 2021 to identify the
changes and trends:
Revenue from Operations [Net]:
2020: Rs. 39,238 Cr
2021: Rs. 46,321 Cr
Change: Increase of Rs. 7,083 Cr (Approx. 18.04% increase)
Expenses:
Cost of Materials Consumed:
2020: Rs. 11,976 Cr
2021: Rs. 15,432 Cr
Change: Increase of Rs. 3,456 Cr (Approx. 28.88% increase)
Purchase of Stock-In-Trade:
2020: Rs. 6,391 Cr
2021: Rs. 7,121 Cr
Change: Increase of Rs. 730 Cr (Approx. 11.42% increase)

70
Employee Benefit Expenses:
2020: Rs. 1,820 Cr
2021: Rs. 2,358 Cr
Change: Increase of Rs. 538 Cr (Approx. 29.56% increase)
Depreciation and Amortization Expenses:
2020: Rs. 1,002 Cr
2021: Rs. 1,074 Cr
Change: Increase of Rs. 72 Cr (Approx. 7.19% increase)
Other Expenses:
2020: Rs. 9,843 Cr
2021: Rs. 10,896 Cr
Change: Increase of Rs. 1,053 Cr (Approx. 10.69% increase)
Profit Analysis:
Profit Before Tax:
2020: Rs. 9,173 Cr
2021: Rs. 10,606 Cr
Change: Increase of Rs. 1,433 Cr (Approx. 15.62% increase)
Profit After Tax:
2020: Rs. 6,764 Cr
2021: Rs. 8,000 Cr
Change: Increase of Rs. 1,236 Cr (Approx. 18.26% increase)
Key Observations:
Revenue: Experienced a significant increase from 2020 to 2021, indicating substantial growth in sales.
Expenses:
Cost of Materials Consumed: Saw a substantial increase of around 28.88%, possibly due to higher raw
material costs or increased production volumes.
Purchase of Stock-In-Trade: Increased by approximately 11.42%, indicating potential expansion or increased
inventory requirements.
Employee Benefit Expenses: Marked increase, possibly due to workforce expansion, salary increments, or
additional benefits.
Depreciation and Amortization Expenses: Continued increase, possibly due to ongoing investments in fixed
assets.

71
Other Expenses: Increased by approximately 10.69%, potentially due to various operational or investment-
related costs.
Profitability: Both Profit Before Tax and Profit After Tax show substantial increases, reflecting improved
operational efficiency and higher profitability despite increased expenses.
This comparison indicates a significant rise in revenue accompanied by notable increases in various expense
categories for Hindustan Unilever from 2020 to 2021. Despite the expense increases, the company managed
to achieve higher profitability, showcasing effective management and growth strategies during this period.

Let's compare the financial data of Hindustan Unilever for the years 2021 and 2022 based on the
provided Profit & Loss account:
Revenue from Operations [Net]:
2021: Rs. 46,321 Cr
2022: Rs. 51,548 Cr
Change: Increase of Rs. 5,227 Cr (Approx. 11.29% increase)
Expenses:
Cost of Materials Consumed:
2021: Rs. 15,432 Cr
2022: Rs. 16,446 Cr
Change: Increase of Rs. 1,014 Cr (Approx. 6.57% increase)
Purchase of Stock-In-Trade:
2021: Rs. 7,121 Cr
2022: Rs. 9,311 Cr
Change: Increase of Rs. 2,190 Cr (Approx. 30.73% increase)
Employee Benefit Expenses:
2021: Rs. 2,358 Cr
2022: Rs. 2,545 Cr
Change: Increase of Rs. 187 Cr (Approx. 7.93% increase)
Depreciation and Amortization Expenses:
2021: Rs. 1,074 Cr
2022: Rs. 1,091 Cr
Change: Increase of Rs. 17 Cr (Approx. 1.58% increase)
Other Expenses:
2021: Rs. 10,896 Cr

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2022: Rs. 11,309 Cr
Change: Increase of Rs. 413 Cr (Approx. 3.79% increase)
Profit Analysis:
Profit Before Tax:
2021: Rs. 10,606 Cr
2022: Rs. 11,874 Cr
Change: Increase of Rs. 1,268 Cr (Approx. 11.96% increase)
Profit After Tax:
2021: Rs. 8,000 Cr
2022: Rs. 8,887 Cr
Change: Increase of Rs. 887 Cr (Approx. 11.09% increase)
Key Observations:
Revenue: Witnessed a substantial increase of approximately 11.29% from 2021 to 2022, reflecting strong
sales growth.
Expenses:
Cost of Materials Consumed: Increased by approximately 6.57%, indicating potential factors such as
increased raw material costs or production volume.
Purchase of Stock-In-Trade: Significantly increased by around 30.73%, potentially due to expanded stock or
inventory requirements.
Employee Benefit Expenses: Saw a moderate increase of about 7.93%.
Depreciation and Amortization Expenses: Marginal increase of approximately 1.58%.
Other Expenses: Rose by about 3.79%, possibly due to various operational or investment-related costs.
Profitability: Both Profit Before Tax and Profit After Tax show notable increases, approximately 11.96% and
11.09% respectively, reflecting improved operational efficiency and higher profitability despite increased
expenses.
This comparison highlights a significant increase in revenue and profitability for Hindustan Unilever from
2021 to 2022, accompanied by varying degrees of expense increases across different categories. Overall, the
company experienced substantial growth in sales and maintained healthy profitability despite the rise in
expenses.

Let's compare the financial data of Hindustan Unilever for the years 2022 and 2023 based on the
provided Profit & Loss account:
Revenue from Operations [Net]
2022: ₹51,548.00 Cr

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2023: ₹59,549.00 Cr
Comparison: Revenue increased by ₹8,001.00 Cr from 2022 to 2023 15.52% increase.
Total Operating Revenues
2022: ₹52,446.00 Cr
2023: ₹60,580.00 Cr
Comparison: Total operating revenues increased by ₹8,134.00 Cr from 2022 to 2023 15.50% increase.
Other Income
2022: ₹258 Cr
2023: ₹512 Cr
Comparison: Other income nearly doubled from 2022 to 2023, increasing by ₹254 Cr 98.84% increase.
Cost of Materials Consumed
2022: ₹16,446.00 Cr
2023: ₹20,212.00 Cr
Comparison: Costs of materials consumed increased by ₹3,766.00 Cr from 2022 to 2023 22.91% increase.
Employee Benefit Expenses
2022: ₹2,545.00 Cr
2023: ₹2,854.00 Cr
Comparison: Employee benefit expenses increased by ₹309.00 Cr from 2022 to 2023 12.13% increase.
Depreciation and Amortization Expenses
2022: ₹1,091.00 Cr
2023: ₹1,137.00 Cr
Comparison: Depreciation and amortization expenses increased by ₹46.00 Cr from 2022 to 2023 4.21%
increase.
Other Expenses
2022: ₹11,309.00 Cr
2023: ₹11,861.00 Cr
Comparison: Other expenses increased by ₹552.00 Cr from 2022 to 2023 4.87% increase.
Profit/Loss Before Tax
2022: ₹11,874.00 Cr
2023: ₹13,346.00 Cr
Comparison: Profit before tax increased by ₹1,472.00 Cr from 2022 to 2023 12.40% increase.

74
Profit/Loss After Tax Before Extraordinary Items
2022: ₹8,887.00 Cr
2023: ₹10,145.00 Cr
Comparison: Profit after tax before extraordinary items increased by ₹1,258.00 Cr from 2022 to 2023
14.15% increase.
Tax Expenses
2022: ₹2,987.00 Cr
2023: ₹3,201.00 Cr
Comparison: Tax expenses increased by ₹214.00 Cr from 2022 to 2023 7.16% increase.
These comparisons demonstrate overall growth in revenues, expenses, and profits for Hindustan Unilever
from 2022 to 2023, indicating an upward trajectory in its financial performance during this period.

RATIO ANALYSIS

KEY FINANCIAL Mar 23 Mar 22 Mar 21 Mar 20 Mar 19

RATIOS OF HINDUSTAN

75
UNILEVER (in Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 43.07 37.79 34.03 31.17 27.97
Revenue from 257.79 223.17 200.12 184.18 181.99
Operations/Share (Rs.)
PBDIT/Share (Rs.) 62.39 55.81 51.22 48.58 43.66
PBIT/Share (Rs.) 57.55 51.17 46.65 43.94 41.04
PBT/Share (Rs.) 56.79 50.53 45.13 42.47 39.83
Net Profit/Share (Rs.) 43.17 37.84 34.04 31.28 28.06
PROFITABILITY
RATIOS
PBDIT Margin (%) 24.2 25 25.59 26.37 23.98
PBIT Margin (%) 22.32 22.92 23.3 23.85 22.55
PBT Margin (%) 22.03 22.64 22.55 23.05 21.88
Net Profit Margin (%) 16.74 16.95 17 16.98 15.41
NP After MI And SOA 16.7 16.92 17 16.96 15.4
Margin (%)
Return on Networth/Equity 20.11 18.09 16.77 82 76.95
(%)
Return on Capital Employed 22.14 20.29 19.01 87.58 88.98
(%)
Return on Assets (%) 13.84 12.59 11.62 33.48 32.49
Total Debt/Equity (X) 0 0 0 0 0.01
Asset Turnover Ratio (%) 0.83 0.74 68.39 197.4 211.01
LIQUIDITY RATIOS
Current Ratio (X) 1.41 1.38 1.28 1.32 1.37
Quick Ratio (X) 1.06 1.01 0.96 1.03 1.08
Inventory Turnover Ratio (X) 4.73 4.25 13.14 14.38 15.27
Dividend Payout Ratio (NP) 83.58 84.68 110.2 77 75.09
(%)
Dividend Payout Ratio (CP) 75.14 75.41 97.15 67.04 68.68
(%)
Earnings Retention Ratio (%) 16.42 15.32 -10.2 23 24.91
Cash Earnings Retention 24.86 24.59 2.85 32.96 31.32
Ratio (%)

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Let's break down the key financial ratios of Hindustan Unilever (HUL) across different categories:
Per Share Ratios:
Basic EPS (Earnings Per Share): This shows the company's profit allocated to each outstanding share of
common stock. It has been consistently increasing from 27.97 in Mar 19 to 43.07 in Mar 23, indicating
growth in earnings per share over the years.
Revenue from Operations/Share: Reflects the revenue generated per share. It has also shown a consistent
increase over the years.
PBDIT/Share, PBIT/Share, PBT/Share, Net Profit/Share: These ratios show profitability before and after
various deductions. All these ratios have shown a positive upward trend, indicating an increase in
profitability per share.
Profitability Ratios:
Margins: PBDIT, PBIT, PBT, and Net Profit Margins all indicate the percentage of profit made concerning
revenue or various stages of deduction. Overall, there's a consistent but slight increase in margins over the
years, indicating stable profitability.
Return on Net Worth/Equity, Return on Capital Employed, Return on Assets: These ratios indicate the
efficiency of the company in generating profits from equity, capital employed, and assets. They have been
relatively stable, with some fluctuations over the years.
Liquidity Ratios:
Current Ratio, Quick Ratio: Measures the company's ability to meet short-term liabilities with its short-term
assets. HUL's current and quick ratios are within a healthy range, indicating a good ability to cover short-
term obligations.
Inventory Turnover Ratio: Shows how many times a company's inventory is sold and replaced over a period.
It has decreased over the years but still shows decent turnover.
Dividend and Retention Ratios:
Dividend Payout Ratio (NP and CP): Indicates the proportion of earnings paid out as dividends. It's been
varying but generally stable.
Earnings Retention Ratio, Cash Earnings Retention Ratio: Depicts the portion of earnings retained by the
company. They've also been fluctuating over the years.
Other:
Total Debt/Equity: Shows the proportion of debt relative to equity. HUL seems to have a very low or
negligible level of debt compared to equity.
Overall Analysis:
HUL appears to be in a favourable financial position with consistent growth in earnings, stable profitability
margins, and reasonable liquidity ratios. The company seems to manage its debt effectively and has been
distributing dividends while retaining a portion of earnings for future growth.

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Let's analyse the key ratios of Hindustan Unilever (HUL) year-wise to understand the trends and
changes:
Year: March 2019
EPS: Rs. 27.97
Revenue from Operations/Share: Rs. 181.99
Margins: Overall margins show a stable pattern, with Net Profit Margin at 15.41%, Return on Net Worth at
76.95%, Return on Capital Employed at 88.98%, and Return on Assets at 32.49%.
Liquidity: Current Ratio was at 1.37, Quick Ratio at 1.08, and the Inventory Turnover Ratio was at 15.27.
Dividend and Retention: The Dividend Payout Ratio (NP) was at 75.09%, while the Earnings Retention
Ratio was at 24.91%.
Year: March 2020
EPS: Rs. 31.17
Revenue from Operations/Share: Rs. 184.18

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Margins: Margins show a slight increase compared to the previous year, with Net Profit Margin at 16.98%,
Return on Net Worth at 82%, Return on Capital Employed at 87.58%, and Return on Assets at 33.48%.
Liquidity: There was a slight decrease in liquidity ratios with the Current Ratio at 1.32 and Quick Ratio at
1.03. Inventory Turnover Ratio reduced to 14.38.
Dividend and Retention: Dividend Payout Ratios remained relatively stable.
Year: March 2021
EPS: Rs. 34.03
Revenue from Operations/Share: Rs. 200.12
Margins: Margins continued to improve slightly, with Net Profit Margin at 17%, Return on Net Worth at
16.77%, Return on Capital Employed at 19.01%, and Return on Assets at 11.62%.
Liquidity: Current Ratio was at 1.28, Quick Ratio at 0.96, and Inventory Turnover Ratio decreased further to
13.14.
Dividend and Retention: Dividend Payout Ratios saw an increase.
Year: March 2022
EPS: Rs. 37.79
Revenue from Operations/Share: Rs. 223.17
Margins: Margins improved significantly, with Net Profit Margin at 16.95%, Return on Net Worth at
18.09%, Return on Capital Employed at 20.29%, and Return on Assets at 12.59%.
Liquidity: Current Ratio slightly increased to 1.38, Quick Ratio at 1.01, and Inventory Turnover Ratio
improved to 4.25.
Dividend and Retention: Dividend Payout Ratios remained stable.

Let's compare the key financial ratios of Hindustan Unilever (HUL) between the years 2019 and 2020:
2019 vs. 2020:
Earnings and Per Share Ratios:
Basic EPS (Earnings Per Share):
2019: 27.97
2020: 31.17
Increase: The EPS increased from 27.97 in 2019 to 31.17 in 2020, indicating higher profitability per share in
2020.
Revenue from Operations/Share:
2019: 181.99
2020: 184.18
Increase: Revenue per share also increased slightly from 181.99 in 2019 to 184.18 in 2020.

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Profitability Ratios:
Margins:
PBDIT Margin, PBIT Margin, PBT Margin, Net Profit Margin slightly increased in 2020 compared to 2019,
showing a positive trend in profitability ratios.
Return on Net Worth/Equity :
2019: 76.95%
2020: 82%
Increase: The return on net worth improved from 76.95% in 2019 to 82% in 2020, indicating better
utilization of equity for generating profits.
Return on Capital Employed (RoCE):
2019: 88.98%
2020: 87.58%
Slight Decrease: There was a slight decrease in RoCE from 88.98% in 2019 to 87.58% in 2020.
Liquidity and Efficiency Ratios:
Current Ratio, Quick Ratio: Both remained relatively stable, showing HUL's ability to cover short-term
liabilities with liquid assets.
Inventory Turnover Ratio:
2019: 15.27
2020: 14.38
Decrease: There was a decrease in the inventory turnover ratio from 15.27 in 2019 to 14.38 in 2020,
indicating a slight slowdown in inventory turnover efficiency.
Dividend and Retention Ratios:
Dividend Payout Ratios (NP and CP):
They remained relatively stable between 2019 and 2020, showing a consistent level of dividend payouts.
Earnings Retention Ratio, Cash Earnings Retention Ratio:
Both ratios showed slight changes but maintained a similar level between the two years.
Debt and Asset Turnover:
Total Debt/Equity: Remained constant at negligible levels or zero in both years, indicating minimal reliance
on debt.
Asset Turnover Ratio (%):
2019: 211.01%
2020: 197.4%

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Decrease: There was a decrease in asset turnover from 211.01% in 2019 to 197.4% in 2020, indicating a
slight reduction in asset utilization efficiency.
Overall Comparison:
Earnings & Profitability: Both increased.
Liquidity & Dividends: Remained stable.
Efficiency & Asset Turnover: Saw slight decreases.
The year 2020 showed improvements in earnings, profitability, and return on net worth for HUL. However,
there were slight reductions in asset turnover and inventory turnover ratios, signalling potential areas that
might have affected efficiency and utilization of resources.

Let's compare the key financial ratios of Hindustan Unilever (HUL) between the years 2020 and 2021:
Financial Performance Comparison: 2020 vs. 2021
Profitability Metrics:
Basic EPS (Earnings Per Share):
2020: Rs. 31.17
2021: Rs. 34.03
Increase: The EPS has grown from 2020 to 2021, indicating higher earnings generated per share.
Revenue from Operations/Share:
2020: Rs. 184.18
2021: Rs. 200.12
Increase: There's a rise in revenue generated per share from 2020 to 2021.
PBDIT/Share (Profit Before Depreciation, Interest, and Taxes):
2020: Rs. 48.58
2021: Rs. 51.22
Increase: PBDIT per share has shown growth, implying an improvement in operating profitability.
Profitability Ratios:
Margins:
PBDIT Margin: Decreased slightly from 2020 to 2021.
PBIT Margin: Similar trend to PBDIT Margin.
PBT Margin: Slight increase from 2020 to 2021.
Net Profit Margin: Fairly consistent around 17%.
Return Ratios:

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Return on Networth/Equity: Growth from 2020 to 2021.
Return on Capital Employed: Gradual improvement.
Return on Assets: Increased steadily.
Liquidity and Efficiency Ratios:
Current Ratio:
2020: 1.32
2021: 1.28
Slight Decrease: The current ratio decreased marginally from 2020 to 2021.
Quick Ratio:
2020: 1.03
2021: 0.96
Decrease: There's a decline in the quick ratio, indicating a reduction in immediate liquidity.
Inventory Turnover Ratio:
Reduced significantly from 2020 to 2021, indicating slower turnover of inventory.
Dividend and Retention Ratios:
Dividend Payout Ratios:
NP (Net Profit): Varied but relatively consistent around 80-110%.
CP (Cash Profit): Shows a decreasing trend.
Earnings Retention and Cash Earnings Retention Ratios:
Earnings Retention: From negative in 2021 to positive in 2020.
Cash Earnings Retention: Declined from 2020 to 2021.
Overall Analysis:
Profitability and Returns: Positive improvements in EPS, revenue per share, and return ratios indicate
enhanced profitability and efficiency.
Margins: Overall steady margins with slight fluctuations.
Liquidity: A slight decrease in current and quick ratios, which might need attention for immediate liquidity
needs.
Inventory: Significant decrease in inventory turnover indicates inventory management changes or market
demand fluctuations.
Dividends and Retention: Fluctuating dividend payout ratios and earnings retention ratios suggest varied
strategies regarding shareholder rewards and reinvestment.

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Hindustan Unilever exhibited growth in various financial aspects from 2020 to 2021, highlighting improved
profitability, returns, and operational efficiency. However, attention might be necessary towards liquidity and
inventory turnover for better short-term management.

Let's compare some key financial ratios of Hindustan Unilever between 2021 and 2022:

Basic EPS (Rs.): Per Share Ratios:

2021: 34.03 Basic EPS (Rs.): Increased by 3.76
2022: 37.79 Revenue from Operations/Share (Rs.): Increased by 23.05
PBDIT Margin (%): PBDIT/Share (Rs.): Increased by 4.59
2021: 25.59 PBIT/Share (Rs.): Increased by 4.52
2022: 25.00 PBT/Share (Rs.): Increased by 5.4
Net Profit Margin (%): Net Profit/Share (Rs.): Increased by 3.8
2021: 17.00
2022: 16.95 Profitability Ratios:
Return on Net worth/Equity (%): PBDIT Margin (%): Decreased by 0.59%
2021: 16.77 PBIT Margin (%): Decreased by 0.38%
2022: 18.09 PBT Margin (%): Increased by 0.09%
Return on Capital Employed (%): Net Profit Margin (%): Increased by 0.05%
2021: 19.01
2022: 20.29 Return Ratios:
Current Ratio (X): Return on Net worth/Equity (%): Increased by 1.32%
2021: 1.28 Return on Capital Employed (%): Increased by 1.28%
2022: 1.38 Return on Assets (%): Increased by 0.97%
Quick Ratio (X):
2021: 0.96 Liquidity Ratios:
2022: 1.01 Current Ratio (X): Increased by 0.1
Inventory Turnover Ratio (X): Quick Ratio (X): Increased by 0.05
2021: 13.14 Inventory Turnover Ratio (X): Decreased by 8.89
2022: 4.25
Dividend Payout Ratio (NP) (%): Dividend and Retention Ratios:
2021: 110.20 Dividend Payout Ratio (NP) (%): Decreased by 25.52%
2022: 84.68 Dividend Payout Ratio (CP) (%): Decreased by 21.74%
Earnings Retention Ratio (%): Earnings Retention Ratio (%): Increased by 25.52%
2021: -10.20 Cash Earnings Retention Ratio (%): Increased by 21.74%
2022: 15.32

These comparisons highlight changes between the two years across various financial performance indicators
for Hindustan Unilever. For instance, there are improvements in Basic EPS, Return on Net worth/Equity,
Current Ratio, Quick Ratio, and Return on Capital Employed, while there's a decrease in Inventory Turnover
Ratio and an increase in Dividend Payout Ratio (NP). The Earnings Retention Ratio also shows a positive
shift from negative to positive values.

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Let's compare the financial ratios of Hindustan Unilever for the years 2022 and 2023:
PER SHARE RATIOS:
Basic EPS (Rs.): Increased from 37.79 (2022) to 43.07 (2023).
Revenue from Operations/Share (Rs.): Increased from 223.17 (2022) to 257.79 (2023).
PBDIT/Share (Rs.): Increased from 55.81 (2022) to 62.39 (2023).
PBIT/Share (Rs.): Increased from 51.17 (2022) to 57.55 (2023).
PBT/Share (Rs.): Increased from 50.53 (2022) to 56.79 (2023).
Net Profit/Share (Rs.): Increased from 37.84 (2022) to 43.17 (2023).
PROFITABILITY RATIOS:
PBDIT Margin (%): Decreased from 25 (2022) to 24.2 (2023).
PBIT Margin (%): Decreased from 22.92 (2022) to 22.32 (2023).
PBT Margin (%): Decreased from 22.64 (2022) to 22.03 (2023).
Net Profit Margin (%): Decreased from 16.95 (2022) to 16.74 (2023).
Return on Net worth/Equity (%): Increased from 18.09 (2022) to 20.11 (2023).
Return on Capital Employed (%): Increased from 20.29 (2022) to 22.14 (2023).
Return on Assets (%): Increased from 12.59 (2022) to 13.84 (2023).
LIQUIDITY RATIOS:
Current Ratio (X): Increased from 1.38 (2022) to 1.41 (2023).
Quick Ratio (X): Increased from 1.01 (2022) to 1.06 (2023).
Inventory Turnover Ratio (X): Increased from 4.25 (2022) to 4.73 (2023).
DIVIDEND AND RETENTION RATIOS:
Dividend Payout Ratio (NP) (%): Decreased from 84.68 (2022) to 83.58 (2023).
Dividend Payout Ratio (CP) (%): Decreased from 75.41 (2022) to 75.14 (2023).
Earnings Retention Ratio (%): Increased from 15.32 (2022) to 16.42 (2023).
Cash Earnings Retention Ratio (%): Increased from 24.59 (2022) to 24.86 (2023).
In summary, in 2023, Hindustan Unilever generally experienced increases in per-share ratios, return ratios,
liquidity ratios, and retention ratios, but slight decreases in profitability margins and dividend payout ratios
compared to 2022.
ANALYSIS OF TOP FMCG COMPANIES IN INDIA IN 2023

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 Market Cap (in INR,
Rank FMCG Company Name Lakh Crore)

Hindustan Unilever Limited

1 (HUL) 6.11

2 ITC Limited 5.66

3 Nestle India Limited 2.35

4 Varun Beverages Limited (VBL) 1.39

5 Britannia Industries Limited 1.18

6 Godrej Consumer Products 1.06

7 Dabur India Limited 0.969

8 Tata Consumer Product 0.879

9 United Spirits 0.764

10 Marico 0.693

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 Hindu
stan Unilever Limited (HUL) holds the top position with a market capitalization of 6.11 lakh crore INR,
showcasing its significant market dominance and strong investor confidence.
1. ITC Limited follows closely behind HUL, with a market cap of 5.66 lakh crore INR, reflecting its
substantial presence and competitive standing in the FMCG sector.
2. Nestle India Limited secures the third spot with a market cap of 2.35 lakh crore INR, positioning
itself as a major player in the market.
3. Other notable companies in the list, such as Varun Beverages Limited, Britannia Industries Limited,
Godrej Consumer Products, Dabur India Limited, Tata Consumer Product, United Spirits, and
Marico, demonstrate significant market values, indicating their relevance and competitiveness in the
FMCG landscape.

This ranking signifies the market confidence and perceived value of these FMCG companies based on their
market capitalizations. HUL and ITC notably stand out as top contenders, while the others maintain
considerable market presence and investor interest.

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 CONCLUSION

1. Hindustan Unilever Ltd. stands as a stalwart in the consumer goods industry, boasting a robust
history, diversified product lines, and a strong market presence. Continuous learning about its
corporate culture and strategic decisions unveils insights into its sustained success. Hindustan
Unilever Limited (HUL) has woven a rich tapestry of history and growth over its 90-year journey
in India's consumer goods landscape. The company's commitment to sustainable living and its
extensive reach into the daily lives of Indian households have cemented its position as a market
leader. With a strong focus on understanding the diverse needs of the Indian consumer, HUL has
tailored its strategies regionally, leveraging the country's diversity to its advantage.Recent years
have seen remarkable growth, marked by double-digit turnover and significant market share gains.
HUL's ability to adapt to evolving consumer preferences, cater to premium segments, and
embrace digital-first approaches has contributed to its continued success.

2. HUL's product portfolio spans diverse categories, showcasing innovation, quality, and
adaptability. Understanding these offerings reveals the company's commitment to catering to
varied consumer needs while emphasizing continuous improvement. In the environmental sphere,
HUL initiatives towards reducing carbon emissions, waste, and water consumption are significant
steps towards a more sustainable future. The focus on renewable and recycled materials, along
with efforts to create a waste-free world and tackle plastic waste, shows a holistic approach to
environmental stewardship.On the social front, HUL initiatives addressing health, nutrition,
hygiene, and overall well-being are pivotal in enhancing the lives of communities. Projects like
Suvidha centers, educational campaigns on hand hygiene, nutrition initiatives, and healthcare
assistance during the pandemic reflect a commitment to improving the quality of life for
individuals and communities across India.

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3. Analysis of HUL's financial statements provides a clear picture of its financial stability,
operational efficiency, and growth trends. These insights aid in informed decision-making for
investors and stakeholders. The comprehensive analysis of Hindustan Unilever's (HUL) financial
statements and key ratios paints a positive picture of the company's financial health and
performance over the years.In terms of equity and liabilities, the gradual increase in shareholder
funds and reserves reflects potential equity issuances and retained earnings, indicating sound
financial management. While non-current liabilities and contingent liabilities have increased,
suggesting potential obligations and risks, the absence of substantial long-term borrowings
showcases prudent debt management.

4. The comprehensive analysis of Hindustan Unilever's (HUL) financial statements and key ratios
paints a positive picture of the company's financial health and performance over the years.In terms
of equity and liabilities, the gradual increase in shareholder funds and reserves reflects potential
equity issuances and retained earnings, indicating sound financial management. While non-current
liabilities and contingent liabilities have increased, suggesting potential obligations and risks, the
absence of substantial long-term borrowings showcases prudent debt management. Asset-wise, the
company has shown consistent growth in non-current and current assets, ensuring good liquidity
and indicating positive business performance. However, the increase in contingent liabilities poses
potential risks that warrant careful monitoring.

5. The Profit & Loss (P&L) account analysis highlights the company's revenue growth, effective
expense management aligned with revenue, and consistent growth in profitability. Despite
fluctuating expenses, the company has maintained an upward trend in profit, reflecting operational
efficiency.Key financial ratios further support the company's strong financial position. Earnings
per share (EPS) have consistently increased, indicating growth in earnings allocated per
outstanding share. Profitability ratios exhibit stable margins and efficiency in generating profits
from equity, capital employed, and assets.

6. HUL's brand portfolio demonstrates strategic diversity, with each brand having a unique market
positioning and contributing to the company's overall success. Exploring these brands opens
avenues for cross-promotion and collaboration opportunities. Customer satisfaction is integral to
HUL's strategy, reflecting its commitment to delivering quality products and services. Analysing
consumer feedback helps in identifying areas of strength and improvement, ensuring sustained
customer delight.

7. Studying HUL's business operations reveals its adaptability and innovation across various sectors
and market segments. Embracing flexibility and staying attuned to market dynamics are crucial
for HUL's continued success.Moreover, liquidity ratios, such as the current and quick ratios,
indicate the company's ability to meet short-term obligations, while the inventory turnover ratio,
although decreasing, still showcases decent turnover.

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 SUGGESTIONS

1. Stay updated through industry publications, forums, and corporate updates to gain insights into
HUL's evolving strategies and market positioning.Analyze market trends and consumer demands
to identify opportunities for product innovation or enhancements within HUL's diverse product
portfolio.Continuously monitor financial reports, compare performance against industry
benchmarks, and use this data for informed investment or business decisions.

2. Explore avenues for cross-brand collaborations or strategic partnerships to maximize brand

visibility and market penetration across HUL's portfolio.Implement robust systems to gather and
analyze customer feedback consistently. Invest in quality improvements aligned with consumer
preferences to maintain high satisfaction levels.Stay agile and flexible in adapting HUL's
business model to changing market dynamics. Embrace innovation and technological
advancements to ensure continued relevance and growth.

3. Despite the favorable financial position, the increasing contingent liabilities could pose potential
risks. It might be prudent to proactively manage and mitigate these uncertainties through diligent
risk assessment and strategic planning.With stable profitability and good liquidity, consider
strategic expansions or diversifications in existing or new markets. This could involve exploring
new product lines or geographical expansions that align with the company's core values and
strengths.

4. Despite the minimal debt, maintaining a careful balance between distributing dividends and
retaining earnings for future growth is crucial. Consider aligning dividend policies with long-term
growth strategies to ensure sustainable development.

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 5. Enhance transparency and engagement with consumers regarding the progress you're making
toward ESG (Environmental, Social, Governance) goals. Consider creating a dedicated section on
HUL website or through periodic reports that showcase the milestones achieved, ongoing
initiatives, and the impact created. This can help build trust, inspire others, and invite valuable
feedback and collaboration from stakeholders, including customers and partners. Additionally,
involving consumers in sustainability journey through educational campaigns or interactive
programs can foster a sense of shared responsibility and deepen their connection with HUL
brand's purpose.

6. To provide a comprehensive comparison between Hindustan Unilever Limited (HUL) and other
key FMCG companies in India, it would be beneficial to delve into a detailed analysis of these
companies related to Company Profiles, Financial Performance, Product Portfolio, Market
Strategies, Consumer Perception, Sustainability Initiatives. By compiling this information for
HUL and its competitors, a clearer picture of their relative positions, strengths, and weaknesses
within the FMCG sector can be obtained.

BIBLIOGRAPHY

https://www.hul.co.in/
https://hul-performance-highlights.hul.co.in/performance-highlights-fy-2021-2022/
consumers.html
https://www.hul.co.in/brands/
https://www.hul.co.in/our-company/
https://hul-performance-highlights.hul.co.in/performance-highlights-fy-2022-2023/
consumers.html
https://www.hul.co.in/our-company/hul-history/
https://en.wikipedia.org/wiki/Hindustan_Unilever
https://www.hul.co.in/investor-relations/annual-reports/

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