HUL Annual Report

Purpose-led,
future-fit
Integrated Annual Report 2022-23

About the report Contents
The terms ‘HUL’, ‘the Company’, ‘your Company’, ‘we’, ‘our’, and ‘us’ Reporting Element Status of Assurance
refer to Hindustan Unilever Limited. Our Integrated Annual Report 02 Our Stakeholders
encompassing the Statutory Reports contains information about Financial Information Audited by Independent
us, how we create value for our stakeholders, and how we run our - Standalone and Auditors M/s. B S R & Co. LLP,
business. It includes our strategy, business model, market outlook, Consolidated Financial Chartered Accountants
04 Corporate Overview
and key performance indicators. The Report of Board of Directors Statements 06 Our History
and the Management Discussion and Analysis include details of
our performance as well as our approach to sustainability and risk Non-Financial Performance 08 Purpose and Vision
management. Our Corporate Governance Report that forms a part 10 HUL Compass ESG Goals
of the Report of Board of Directors contains an analysis of steps (a) Business Our key non-financial indicators
taken in the area of Corporate Governance, including information Responsibility and have been assured by Price 12 Our Value Creation Model
as required under the Securities and Exchange Board of India Sustainability Report Waterhouse Chartered Accountants 14 Our Wide and Resilient Portfolio
(Listing Obligations and Disclosure Requirements) Regulations, (BRSR) LLP in accordance with International
2015 (Listing Regulations). The Integrated Annual Report, Standard on Assurance 16 Our Geographic Footprint
Statutory Reports, and Financial Statements have been approved Engagements (ISAE) 3000 (Revised)
by the Board of Directors. Assurance Engagements other 17 Performance Overview
than Audits or Reviews of Historical
Reporting Standards and Frameworks Financial Information and ISAE 3410 18 Chairman’s Statement
This Integrated Annual Report is aligned to: Assurance Engagements, issued
20 Chief Executive Officer and
by the International Auditing and
a. Integrated Reporting Framework recommended by the Assurance Standards Board (IAASB). Managing Director’s Statement
International Integrated Reporting Council (IIRC); The scope and basis of assurance 22 Our Financial Highlights
b. the Companies Act, 2013 (and the Rules made thereunder); have been described in the
c. Listing Regulations; Assurance Statement issued by Price 24 Segment Performance
Waterhouse Chartered Accountants
d. Indian Accounting Standards (IND AS); 24 Home Care
LLP which forms a part of the BRSR.
e. Secretarial Standards issued by the Institute of Company 28 Beauty and Personal Care
Secretaries of India; (b) H
UL Compass ESG Goals Our Compass sustainability
performance is a subset of
32 Foods and Refreshment
f. National Guidelines on Responsible Business Conduct (NGRBC);
Unilever PLC’s reported Compass 36 ESG Highlights
g. United Nations Sustainable Development Goals (UN SDGs) sustainability performance, in
respect of which independent 40 Awards and Recognitions
Reporting Boundary and Period
limited assurance on certain
This Integrated Annual Report extends beyond financial reporting metrics has been provided by 42 Governance Overview
and includes non-financial performance, opportunities, risks, and PricewaterhouseCoopers LLP, in
outcomes attributable to or associated with our key stakeholders, accordance with ISAE 3000 (Revised), 43 Governance Philosophy and Framework
which have a significant influence on our ability to create value.
All the information presented in this report pertains to standalone
ISAE 3410 and Institute of Chartered 46 Board of Directors and
Accountants in England & Wales
operations of Hindustan Unilever Limited (unless specifically Code of Ethics as applicable.
Management Committee
mentioned otherwise).
48 Governance Highlights
Details are available at
The Integrated Annual Report including the Statutory Reports and https://www.unilever.com/
Audited Financial Statements covers financial and non-financial planet-and-society/sustainability- 50 Statutory Reports
performance of the Company’s operations for the period reporting-centre/independent-
from 1st April, 2022 to 31st March, 2023 (unless specifically 50 Report of Board of Directors and
assurance/
mentioned otherwise). Management Discussion and Analysis
Accountability Statement (c) Compliance with Certificate from M/s. B S R & Co., 51 Our Fast-changing World
conditions of Corporate LLP, Chartered Accountants,
To ensure the integrity of facts and information, the Board of Governance as Statutory Auditors 53 Stakeholder Engagement and Review
Directors and Management of the Company have reviewed the stipulated under the
Integrated Annual Report. Further, the Board of Directors confirms 78 Risks and Opportunities
Listing Regulations
that the Integrated Annual Report, taken as a whole, is fair, 85 Financial Review and
balanced and provides necessary information to stakeholders (d) C
ompliance with the Certificate from
on the Company’s performance, business model, and strategy, Other Statutory Information
Companies Act, 2013 M/s. S. N. Ananthasubramanian
together with a description of the material risks and opportunities. applicable Rules made & Co., Company Secretaries, 98 Annual Report on Corporate
Forward-looking Statement under the Act and Secretarial Auditors Social Responsibility
Listing Regulations
Statements in this Integrated Annual Report, particularly 106 Business Responsibility and
those that relate to the Management Discussion and Analysis, Other non-financial Internally reviewed and assured by Sustainability Report
describing the Company’s objectives, projections, estimates and performance information the Management of the Company.
expectations, generally identified by words such as ‘may’, ‘believe’, 156 Corporate Governance Report
‘outlook’, ‘plan’, ‘anticipate’, ‘continue’, ‘estimate’, and ‘expect’,
may constitute forward-looking statements within the meaning of
182 Secretarial Audit Report
applicable laws and regulations. Such statements are necessarily Materiality Determination
dependent on projection and trends and constitute our current This Integrated Annual Report provides fair and balanced 185 Financial Statements
expectations based on reasonable assumptions. However, the information about the relevant matters that substantively
actual results might differ from those expressed or implied in such affect the Company’s ability to create value both positively and
186 Standalone Financial Statements
forward-looking statements due to risks, uncertainties, and other negatively, including risks and opportunities and favourable and 264 Consolidated Financial Statements
external factors. unfavourable performance or prospects. To identify material
information or matters, we have taken a holistic perspective by 346 Subsidiary Companies’ Financial Highlights
regularly engaging with the various key stakeholders.
348 Notice of Annual General Meeting
Note:
You can find more information about Hindustan Unilever Limited 348 Notice
at www.hul.co.in. 366 Profile of Directors
Find more information about HUL Compass ESG Goals: https://www.
hul.co.in/planet-and-society/ 372 Corporate Information
Integrated Annual Report along with other related documents can
be downloaded: https://www.hul.co.in/investor-relations/annual-
reports/
Value Corporate Performance Governance Statutory Financial
2 3
Creation Overview Overview Overview Reports Statements
Our stakeholders
Suppliers and Planet and

Consumers Customers Our people Shareholders
business partners society
9/10 ~9 Mn >1,300 #1 >2.6 Tn litres L58,154 Cr

Households in India use Retailers reached Key suppliers Employer of choice1 Water potential created4 Turnover
16% YoY Growth
one or more of our brands
>75% 1.2 Mn >L31,000 Cr 40% 97% L9,962 Cr

Business winning Retailers use our Material spends Gender balance2 Reduction in CO2 emissions Profit after tax
market shares1 e-B2B app - Shikhar per tonne of production5 13% YoY Growth
19 30% >65 Bn One of the Best ~9 Mn L39

HINDUSTAN UNILEVER LIMITED

Brands with turnover Digitised demand Units Organisations for People reached through our Dividend per share
exceeding K 1,000 crores capture manufactured2 women in 2022 and 20233 community development
per annum initiative – Prabhat 15% YoY Growth
1) March’23 MAT Business winning report based on Nielsen market data (HUL relevant categories) 1) Based on brand perception study by InsideIIM at target B-schools in Aug-Sep 2022
2) HUL including subsidiaries 2) HUL including subsidiaries
3) Recognised by the Economic Times as one of the Best Organisations for Women
4) Cumulative and collective water potential created by Hindustan Unilever Foundation along with its partners
5) Compared to 2008 baseline
INTEGR ATED ANNUAL REPORT 2022-23 INTEGR ATED ANNUAL REPORT 2022-23
4 5
About Us
Hindustan Unilever Limited is India’s largest
Fast Moving Consumer Goods (FMCG) Company with a
90-year heritage in the country. We are a Company of
brands and people driven by our purpose of making
sustainable living commonplace. Nine out of ten
Indian households use one or more of our brands to
look good, feel good and get more out of life.
Corporate
We have a wide and resilient portfolio of 50+ brands,
spanning 16 FMCG categories, which are a part of
everyday life of millions of consumers across India.
Overview
We manufacture over 65 billion units annually,
that are made available to our consumers through
nine million retail outlets and many digital
commerce platforms.
Our Compass business strategy integrates

sustainability across business operations, enabling
us to deliver 4G growth, growth that is consistent,
competitive, profitable and responsible. In a rapidly
evolving world, where digitisation and sustainability
have taken centre stage, we are steadfastly
progressing on our purpose-led and future-fit journey.

6 7
Our history
90 years of doing well by doing good
It was 1888 when Calcutta harbour On 17th October, 1933, the Company
received a consignment of crates was incorporated in India and has
of ‘Sunlight’, which marked the travelled the past nine decades 2000s
beginning of India’s largest FMCG alongside the country, working towards With the goal of
company’s journey. creating a better future every day, improving hygiene,
fighting disease,
helping people look good, feel good,
and generating
and get more out of life. income for rural
women, Project Shakti
launched as a pilot in
Andhra Pradesh.
The Company’s name
1990s was changed to

Hindustan Unilever
Tata Oil Mills Limited merged with HLL, in the Limited (HUL)
largest M&A in Indian corporate history at retaining continued
the time in 1994. commitment towards
Brooke Bond Lipton India Limited merged its local roots while
with HLL in 1996. leveraging the
global scale and
Lakme Lever Private Limited was formed in 1996. reputation of Unilever.
1930s 1940s
Lever Brothers India Company acquired
Limited incorporated own sales force and
in India — established agencies in Bombay, 2010s 2020s
its first soap factory Calcutta, and Madras.
HUL embraced the Unilever Sustainable GSK Consumer
in Sewri, Bombay.
Living Plan (USLP) — committing towards Healthcare merged
sustainable growth and time-bound targets with HUL marking the
Mr. Morarji Desai, who was then aimed at positively impacting society largest M&A deal in
Deputy Prime Minister, inscribes his and environment. Indian FMCG industry.
1950s name on the concrete plaque at the
inauguration of the Hindustan Lever Hindustan Unilever Foundation (HUF)
Iconic health food drink
brands — Horlicks and
Research Center in 1967.
Lever Brothers India Limited, set-up to support national priorities for
Boost became part of
socio-economic development by addressing
Hindustan Vanaspati Manufacturing Company
Limited, and United Traders Limited merged 1960s water challenges.
HUL’s portfolio.
in 1956 to form Hindustan Lever Limited (HLL), India’s first research New Compass strategy
Project ‘Prabhat’ launched to engage with
with 10% Indian equity participation. The issue centre in FMCG was announced
and contribute to the development of local
was oversubscribed nearly six times, and industry opened in that fully integrated
communities around our manufacturing sites.
21,623 Indians came to own a part of the then Mumbai in 1967. sustainability
Hindustan Lever Limited. The ‘Winning in Many Indias’ (WiMI) operating across our business
framework launched. Three new sales offices operations. At the
setup in Lucknow, Indore, and Bengaluru in heart of Compass
addition to the existing sales offices in Delhi, is our purpose to
1970s Kolkata, Mumbai, and Chennai. make sustainable

living commonplace.

Re-Imagine HUL launched with an aim to
The Integrated Rural Development
leverage data, harness latest technologies,
programme began in Etah, Uttar Pradesh,
and emerging business models in order
with five villages. It grew to cover over
to redefine how HUL engages with
200 villages within 10 years.
consumers, customers, and the way the
A home for the destitute inaugurated in business operates.
Byculla, Mumbai along with the Missionaries
of Charity, aptly named Asha Daan,
a Gift of Hope.
8 9
Purpose and Vision
Our Vision Underpinned by our values
Our Purpose Our vision is to deliver winning performance

is to make by being the leader in sustainable business.
sustainable living We will demonstrate how our purpose-led, future-fit
commonplace Integrity Responsibility Respect Pioneering
business model drives superior performance
delivering consistent, competitive, profitable, and
responsible growth. We do the right thing We take care of the We treat people We have a passion
in every decision we people we serve with dignity, honesty for leading our
make, supporting our and the world in and fairness, and industry, winning
long term success which we operate celebrate the in the market, and
diversity of people intelligent risk-taking
Our strategic priorities
Developing our portfolio

Growing the Core Accelerating Market Development Driving Premiumisation
For the benefit of our stakeholders
Win with our brands as a force for good, powered by purpose and innovation
Improve the health Improve people’s Contribute to a Win with
of the planet health, confidence fairer, more socially differentiated science
and wellbeing inclusive world and technology

Lead in the channels of the future Consumers Customers
Accelerate pure-play and Strengthen e-B2B presence Drive category leadership through
omni-channel e-Commerce shopper insight
Build differentiated structures and capabilities

Empowered Business Units Winning in Many Indias (WiMI) Digital transformation
(Re-Imagine HUL)
Our enablers
Suppliers and
Operational excellence A growth-focused Our people
Leader in business partners
through the 5 growth and purpose-led
sustainable business
fundamentals organisation and culture
Purposeful Brands Drive climate action to Unlock speed and agility
reach net zero of a digitally enabled organisation
Improved Penetration Reduce plastic as part of Be a beacon for equity, diversity,


waste-free world and inclusion

Impactful Innovation Regenerate nature and Leverage power of Unilever-wide
agriculture capabilities
Design for Channel Contribute to creating water Planet and Shareholders
potential at scale in India society
Fuel for Growth Raise living standards in
our value chain
10 11
HUL Compass ESG Goals
Win with our brands as a force for good,

powered by purpose and innovation.
Improve people's Improve people’s

Improve the health of the planet health, confidence health, confidence Contribute to a fairer, more socially inclusive world
and wellbeing and wellbeing
Protect and Health and Equity, diversity Raise living

Climate action Waste-free world Positive nutrition Future of work
regenerate nature wellbeing and inclusion standards
Net zero emissions Deforestation- Collect and Double the number Take action through Achieve an equitable Ensure that everyone Help equip 1.5 million
for all our products free supply chain process more of products sold our brands to improve and inclusive culture who directly provides young people with
from sourcing to point in palm oil, paper plastic than we sell that deliver positive health and wellbeing by eliminating goods and services essential skills by 2030
of sale by 2039 and board, tea, soy, nutrition by 2025 and advance any bias and to HUL will earn at
100% reusable, Pioneer new
and cocoa by 2023 equity and inclusion discrimination in our least a living wage
Halve greenhouse recyclable or 70% of our portfolio employment models
practices and policies or income by 2030
gas impact of our Help protect compostable plastic to meet WHO- We will focus on: and provide access
products across the and regenerate packaging by 2025 aligned nutritional Accelerate diverse Help 2 million small to flexible working
• Gender equity
lifecycle by 2030 land, forests, standards by 2022* representation at all and medium-sized practices to our
15% recycled • Body confidence
and oceans by 2030 levels of leadership enterprises grow their employees by 2030
Zero emissions in our plastic by 2025 95% of packaged and self-esteem business by 2025
operations by 2030 100% sustainable ice cream to contain 5% of our workforce to Reskill or upskill
Halve food waste in our • Mental wellbeing
sourcing of our key no more than 22g be made up of people our employees with
Replace fossil-fuel operations by 2025 • Hand hygiene
agricultural crops total sugar per with disabilities by 2025 future-fit skills by 2025
derived carbon
Maintain zero non- serving by 2025 • Sanitation
with renewable or Empower farmers Spend ₹2,000 crores
hazardous waste to • Oral health
recycled carbon in and smallholders to 95% of packaged ice annually with diverse
landfill in our factories
all our cleaning and protect and regenerate cream to contain no • Skin health businesses by 2025
laundry product farm environments more than 250 kcal per and healing
Increase
formulations by 2030 serving by 2025
Contribute to representation of
Communicate a carbon 3 trillion litres of water 85% of our Foods diverse groups in
footprint for every potential in India portfolio to help our advertising
product we sell through HUF by 2025 consumers reduce
their salt intake to
Implement water
no more than 5g
stewardship
per day by 2022*
programmes in
12 locations in water *From 2023, these commitments
stressed areas by 2030 will be replaced with a new target
to ensure that 85% of our servings
100% of our meet new Unilever Science-based
Nutrition Criteria (USNC) by 2028.
ingredients will be
biodegradable by 2030
Respect human rights Our responsible business fundamentals


Respect and promote human rights and the Business integrity Safeguarding data
effective implementation of the UN Guiding
Principles, and ensure compliance with our Safety at work Responsible advertising and marketing
Responsible Partner Policy. Employee wellbeing Engaging with stakeholders
Product safety and quality Responsible taxpayer
Responsible innovation Committed to transparency
12 13
Our value creation model
A belief that sustainable business drives superior

performance lies at the heart of our Compass.
What we depend on... What we do... What we do... The value we create for...
Relationships Contributing
1 5
Purposeful people to the SDGs
Consumers pg 56-57
Our talented and purpose-driven people invest Consumer insights Logistics We aim to provide superior-quality
their skills and time in our offices, factories, and We track changing A countrywide network products and purposeful brands
R&D Centres. We are increasingly working in more consumer sentiment of logistics warehouses that take action on the issues that
flexible and agile ways. through our People Data ultimately deliver our matter to people and planet.
Centre, combining social products to millions of
Trusted suppliers listening with traditional retail outlets.
consumer research.
Over 1,300 key supplier partners source materials
Customers pg 58-59
and provide critical services for us.
2 6 We partner with traditional trade
distributors, retailers and digital
Committed partners Innovation Marketing commerce marketplaces to grow
Our relationships with governments, customers, our business and theirs.
Our marketing and We are one of the largest
NGOs, and other organisations help us to R&D teams use these advertisers in the country
increase our impact beyond what we could insights, plus, the best based on media spends. We
achieve on our own. ideas and thinking from create an increasing amount
Suppliers and
specialists outside the of tailored digital content
Company to develop our ourselves to connect with business partners pg 60-63
brands and products. consumers and make it easy We partner with suppliers to
Resources for them to choose our brand. help innovate our products
and support mutual and
Input materials sustainable growth.
We use thousands of tonnes of agricultural raw 3 7
materials, packaging materials, and chemicals
for our products. Sourcing Sales Our people pg 64-67
Each year, we buy We use many channels to We aim to reward people fairly
Financial resources large quantities of raw make our brands available for the work they do while helping
Capital from our shareholders allows us to invest materials and packaging to consumers wherever and them find their purpose so they
for the long-term. materials to make our whenever they shop. Our become the best they can be
products and services to products are available in with the Company.
run our business. c.9 million retail outlets.
Intangible assets
50+ brands, R&D capabilities, and
intellectual property, such as patents and Planet and society pg 68-73
trademark, manufacturing excellence, We aim to improve the health
4 8
technological capabilities, and organisational of the planet while contributing
design, set us apart.
Manufacturing Consumer use to a fairer and more socially
inclusive world.

Our factories and 9 out of 10 households in
Owned and leased assets1 third-party manufacturers India use our products to
29 owned factories, 10 offices, and 32 logistics convert materials into the look good, feel good and
warehouses spread across the country. products we sell. get more out of life.
Shareholders pg 74-77
We aim to deliver consistent,

competitive, profitable, and
responsible growth.
All underpinned by the management of our principal risks pg 78-83 All underpinned by the management of our principal risks pg 78-83
1 HUL Including subsidiaries
14 15
Our wide and resilient portfolio
Beauty and Personal Care Home Care
Skin Cleansing Fabric Care
Household Care
Hair Care
Water Purifier
Skin Care & Colour Cosmetics
Foods and Refreshment

Beverages
Oral
Health Food Drinks
Deodorant and Male Toiletries

Ice Cream

Health and Wellbeing Foods
16 17
Our geographic footprint
Owned factories
Regional offices
Corporate office
Performance
Overview
9/10 households c.9 million >3,500

in India use one or more Retail outlets Distributors

of our brands reached
30% 29 32
Digitised demand capture Owned factories Depots
HUL including subsidiaries Map not to scale. For illustrative purposes only.
INTEGR ATED ANNUAL REPORT 2022-23

18 19
Chairman’s
Statement
Being Agile, Responsive and Future-Fit rated FMCG companies in India. This Annual Report We are one of the
At HUL, we have always kept consumers at the heart of
has annexed to it a Business Responsibility and
Sustainability Report that covers our ESG vision, policy, top ESG rated
everything we do. The last few years of the pandemic
coupled with the nation’s rapid digitisation journey
agenda and progress against elements of each of FMCG companies in India
the nine principles under the National Guidelines on
have had a significant impact on consumers. With
Responsible Business Conduct.
increased connectivity and access to information, taken decisive steps to improve gender balance in our
consumers have become more discerning, looking for Our mantra of ‘doing well by doing good’ is ingrained frontline sales force through Project Ahilya and have till
superior products that deliver value and demanding across our business and we have continued to make date onboarded more than 1000 women to our sales
brands with a purpose. strong progress on our sustainability agenda across teams. Equally, we are making progress to improve
the pillars of Climate, Nature and Social. We are representation of women on the factory shopfloor, with
At HUL, we have been on a journey to strengthen
decarbonising our operations and have achieved 97% the addition of over 850 women across our factories.
our digital backbone over the last few years. This
reduction in CO2 emissions per tonne of production
journey towards becoming an intelligent enterprise We strive to enhance livelihoods through our
across our manufacturing operations, when compared
will enable us to create a tech-powered and human- Shakti programme. Till date, we have empowered
to 2008 baseline. We continued to collect more plastic
centric solution that fits the complexity of the business over 1.9 lakhs women in rural India to become
waste from across India than the plastic we use in
and emerging consumer needs – from sourcing to Shakti entrepreneurs, thereby promoting financial
the packaging of our products in 2022. Through the
manufacturing; from innovation to marketing and independence. Through Prabhat, our community
Hindustan Unilever Foundation, a not-for-profit
reaching our consumers through channels of the development programme, we have reached nearly nine
company that was set up in 2010, we support and
future. For instance, through digital tools, we are now million people in the last nine years, with an aim to
amplify scalable solutions that can help address
picking up consumer signals faster. We have setup improve livelihoods, health, nutrition and environment
India’s water challenges. Till date, the Foundation has
an Agile Innovation hub that helps in early trend of communities near our factories.
delivered a cumulative and collective water potential
spotting, digital prototyping and deployment. This
of over 2.6 trillion litres, which is more than the quantity
significantly reduces the time from ideation to launch
required to meet the drinking water needs of India’s Embedding Purpose and Values
of a new product. Leveraging our global repertoire
population for nearly two years. We are committed to a Hindustan Unilever, over its 90 years of corporate
of knowledge in consumer insights and Research &
deforestation free supply chain; in this fiscal, 95% of our existence in the country, has always believed ‘what is
Development, we are devising solutions to address
paper and board in packaging, 82% of our tomatoes good for India, is good for HUL.’ This belief has shaped
evolving local needs with speed and agility.
Dear Shareholders, and 69% of tea came from sustainable sources. our governance framework over the years. Values of
We continue to contemporise and strengthen our iconic Respect, Integrity, Responsibility & Pioneering lie at
In the Financial Year 2022-23, your Company Hindustan Another key commitment that we have made is to build
core brands. Last year, Surf excel crossed the milestone the core of our business. We have been conducting
Unilever Limited demonstrated a strong and resilient more resilient and equitable communities by raising
of being a US$1 billion brand. Lux was relaunched with our operations with integrity and respect for the
performance. We completed the ninth consecutive living standards, advancing equity, diversity and
unique regional mixes and since then the brand has many people, organisations and environment the
quarter of double-digit Underlying Sales Growth and inclusion, and preparing people for the future of work.
been delivering stellar results. Our Skin Care brand business touches.
in the Financial Year, added nearly ₹8,000 crores to We have committed to ensure that every single person
Pond’s has been leading the premiumisation agenda
our turnover, despite a volatile and high-inflationary who provides goods and services to us, earns at least At the same time, we believe that businesses must
with on-trend innovations and future formats. With a
external environment. Our performance has been a living wage required to sustain a decent standard of have a purpose beyond profits, and that brands with
very strong performance, both these brands crossed
especially impressive considering the challenges the living, and that is significantly higher than the legally purpose grow, companies with purpose last and
₹2,000 crores turnover.
world faces today. Economic growth the world over mandated minimum wage. We truly believe that when people with purpose thrive. Driven by purpose and
remains low as financial risks rise. people earn a living wage or income, there is a direct with values embedded deeply into the business, we
People and Planet Positive benefit to the economy, as it stimulates consumer are well-placed to continue to deliver growth that is
Against this backdrop, India comes out as a bright spot
We realise the importance of ensuring that the future spending, aids job creation, helps small businesses, consistent, competitive, profitable and responsible.
in the global economy. Having completed 75 years of
growth is inclusive and does not come at the cost of decreases employee turnover and improves job
independence, India is marching ahead at a fast pace I would like to thank you, our shareholders, for
the environment. We believe that to generate superior productivity and quality – overall creating a virtuous
to take its place as one of the leading economies in the your support and continued trust in Hindustan
long-term value, we need to look beyond just profits cycle of economic growth.
world. The nation is undergoing a social and economic Unilever Limited.
and care for all our stakeholders – our consumers,
transformation that is unmatched in history. It recently In our workplaces, we continue to foster equity,
customers, suppliers & business partners, people, Regards,
became the 5th largest economy in the world with diversity & inclusion, and the overall engagement on
shareholders and above all, the planet and society.
sights now set on achieving the US$5 trillion GDP mark. gender diversity across the organisation has been
We have in fact integrated sustainability into our strengthened. In fact, we strive to be a workplace Nitin Paranjpe
As the leading Fast Moving Consumer Goods company,
business strategy and together with our robust where everyone feels they belong and are able to Chairman
with brands that reach 9 out of 10 Indian households,

governance mechanism we are working towards ESG thrive. This means creating an inclusive culture free
HUL is well placed to partner the India growth
(Environmental, Social and Governance) goals to lead from the barriers that limit people in reaching their
story and is committed to play its role in creating a
change. Our efforts in ESG have been acknowledged true potential. By 2022, the women representation
sustainable and equitable future.
and appreciated, making us one of the top ESG in managerial positions was at 40%. We have also
20 21
Chief Executive Officer
and Managing Director’s Statement
two in India, to create innovative products for Indian industrial chemicals, pesticides, pathogens to provide Our supply chain continues to be a source of
consumers that are superior and sustainable while safe drinking water. competitive advantage ensuring highest standards of
being cost effective. quality in manufacturing, leading benchmarks in costs
Our Foods and Refreshment business growth was
and driving our sustainability agenda. We are on a
In Beauty and Personal Care, we continued to led by a strong performance in Ice Cream, Foods
journey to make our supply chain even more agile and
contemporise our Core brands to keep them relevant and Coffee. Our Ice Cream business had a stellar
resilient by investing in capabilities, deploying the most
and aspirational for our consumers. We leveraged year led by innovations and brilliant execution. In
advanced technologies, driving better efficiencies
our Winning in Many Indias (WiMI) strategy to order to de-seasonalise Ice Cream, we expanded
and improved utilisation of our assets. For instance, in
deaverage India and get closer to our consumers. consumption occasions through innovative campaigns
order to cater to the need for niche premium products
Bringing WiMI alive, Lux created winning products and exclusive products such as Nolen Gur cup and
and on-trend innovations, we have setup seven Nano
and tailored propositions addressing local consumer Gulab Jamun Ice Cream that centred around Indian
factories that enable us to manufacture small batch
needs that helped the brand gain penetration festivals. We continued to leverage technology to cater
products in a much more agile manner.
and win competitively. In Skin Cleansing, we drove to our digitally active consumers through the ICNow
premiumisation from soap bars to bodywash through channel and witnessed strong consumer traction. The We believe that a healthy planet and society are
our relentless focus on market development. At the channel now contributes to about 10% of our Ice Cream essential for the business to flourish. We took decisive
same time, Lifebuoy our #1 soap brand in India built sales. To cater to the rapidly evolving coffee culture actions to reduce the carbon emission by 97% over 2008
relevance of hygiene with its on-ground initiative in India, Bru introduced three new premium offerings baseline, from our manufacturing. We installed solar
‘H for Handwashing’. With our portfolio of beauty of Beaten Coffee, Freeze Dried Coffee and Decoction. plants and windmills, and today the total capacity of
masterbrands like Dove, Lakmé and Pond’s, we tapped Hellmann’s Mayonnaise and Kissan Peanut Butter solar and wind energy in our factories is 20 megawatts.
into emerging demand spaces through on-trend continued to scale up and this year, we introduced Through the Hindustan Unilever Foundation, we
innovations such as Dove Hair Fall Therapy, Lakmé a new variant of Kissan Peanut Butter in Hazelnut created a cumulative and collective water potential
Vitamin C, Pond’s Light Hydration and more. In Hair Choco flavour. Leveraging WiMI strategy, we continued of over 2.6 trillion litres. We continued on our mission
Care, TRESemmé launched its Pro Pure range in the to craft unique tea blends to meet the tastes and to tackle plastic waste and collected more plastic
clean beauty space. Clinic Plus spread its magic preferences of our varied consumer base. At the same waste from across India than we use in packaging
of purposeful marketing with the inspiring ‘Meri time, our purposeful communication helped us drive our products. Suvidha, our pioneering urban water,
Beti Strong’ campaign. Taking its strong ayurvedic brand salience. Consumer-centric innovation and hygiene and sanitation community initiative that
credentials to newer formats, Indulekha launched excellent execution helped us maintain our position ensures access to safe sanitation in slums is now
Dear Shareholders, hair serum and mask. Expanding our offerings in the as the market leader in Tea in India. The Health Foods 12 centres strong and reaches over three lakhs people.
premium beauty space, we launched two new brands Drinks (HFD) portfolio gained handsome market We now have over 1.9 lakhs Shakti Ammas under
Your Company Hindustan Unilever Limited delivered an
Acne Squad and Find Your Happy Place. With this, share led by focused market development strategy. Project Shakti, an initiative that provides livelihood
impressive performance in the Financial Year 2022-23.
we now have five brands in our digital-first Premium During the year, we reached millions of households via opportunities to rural women. Through Prabhat, our
In a challenging macroeconomic environment, marked
Beauty Business Unit. In line with our strategic intent, our sampling programme and educated consumers community development initiative aimed at improving
by geopolitical uncertainties, high commodity inflation
we forayed into the fast-growing demand spaces of about the benefits of HFD. With the recent rise in milk livelihoods, health, nutrition as well as protecting
and tepid market growth, we delivered yet another
‘Health and Wellbeing’ through strategic partnerships prices, we piloted a new 3-in-1 Ready Mix variant of the environment, we have positively impacted nearly
year of strong results. We kept our focus laser sharp on
with two young science- backed brands ‘OZiva’ and Horlicks that provides children with similar nutrition as nine million people till date.
meeting the evolving needs of our consumers and at
‘Wellbeing Nutrition’. available from a glass of milk and Horlicks, at a more
the same time, protecting our business model. Going forward, in a rapidly changing and challenging
affordable price.
Urbanisation, increasing nuclear family structures business environment, I truly believe that our clear
Our turnover at ₹58,154 crores grew 16% with
and rising affluence continued to bolster the growth In order to make our brands available to consumers and compelling Compass strategy, underlined by our
underlying volume growth of 5%. Growth was
of new demand spaces and the premium segment. wherever they shop, we continued to partner with purpose to make sustainable living commonplace,
significantly ahead of the market, leading to
In our Home Care business, for instance, our liquids a diverse set of customers including traditional will hold us in good stead, making us more
handsome market share gains. EBITDA margin
portfolio doubled in the last three years. Our biggest distributors, modern trade partners, digital commerce resilient and agile.
remained healthy at 23.4% despite the unprecedented
Fabric Care brand Surf excel continued to lead platforms as well as thousands of neighbourhood
inflation during the year. PAT at ₹9,962 crores and EPS I would like to thank our people who tirelessly work
premiumisation and drive purpose, and crossed retailers. In a rapidly evolving distribution landscape,
at ₹42.4 per share was up 13%. The Board of Directors in our offices, our factories, our salesforce and the
the US$1 billion turnover milestone this year. On the digital transformation was one of our key enablers
proposed a final dividend of ₹22 per share, subject to extended value chain for making us the number one
other hand, our dishwash brand Vim was recognised for growth. Our pioneering e-B2B app Shikhar is now
approval of shareholders at the AGM. Together with FMCG business in India over the years. Finally, as
by Kantar for its fastest growing consumer reach in used by 1.2 million retail outlets allowing them to
interim dividend of ₹17 per share, the total dividend I sign off as the CEO and MD of this great Company,
the last decade across FMCG brands globally. Vim‘s place orders directly with our distributors anytime.
for the year amounts to ₹39 per share, an increase I would like to thank you, our shareholders, for
campaign, ‘Nazariya Badlo, Dekho Bartano Se Aage’, We embedded technology to improve fulfilment
of 15% vs FY’22. your continued trust, support, and confidence in
won the ‘Un-stereotype’ award at Kantar’s Creative
service to our retailers. For example, in Chennai, we

Hindustan Unilever Limited.
As economic activities normalised after a couple years Effectiveness Awards 2022. The brand took a step are able to fulfil 90% of the orders on the same or next
of the pandemic, in a high inflationary environment, further in this direction with a one-of-its-kind Vim day through our Samadhan initiative. Recognising the Warm regards,
we witnessed consumers prioritising essentials over Black campaign to address gender stereotypes around need to create equal opportunities for women in our
discretionary spends. At the same time, macro trends cleaning. Our surface cleaning brand Domex continued frontline salesforce, we rolled out the Ahilya initiative. Sanjiv Mehta
such as digitisation and sustainability continued to scale up with its superior product backed by Named after the historical warrior queen, this initiative Chief Executive Officer and Managing Director
to play a major role in purchase decisions. To meet patented Fresh Guard Technology. In our Water Purifier has helped us onboard over 1,000 women sales
the needs of the new age consumers, we leveraged business, Pureit expanded its portfolio with the launch representatives so far.
Unilever’s world class Research & Development of Pureit Vital Series, a new range of RO+UV+ Minerals
capabilities which has eight global centres including based water purifiers that remove toxic substances like
22 23
Our Financial Highlights
(Standalone)
Turnover 16% EBITDA 9% PAT 13%

Long-term track record
K58,154 cr K13,632 cr K9,962 cr (Standalone)
(₹ in crores)
IGAAP IND AS
EPS Cash from operations ROCE

Statement of Profit & Loss 2012-13 ^ 2013-14 ^ 2014-15 ^ 2015-16 ^ 2015-16## 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
13% 9%
K12,694 cr 102%
Turnover 26,680 28,947 32,086 33,856 32,929 33,895 34,619 37,660 38,273 45,311 50,336 58,154
K42.4 Profit Before Taxation (PBT) 4,958 5,028 6,187 5,871 5,946 6,396 7,285 8,522 9,092 10,490 11,739 13,079
Profit After Taxation (PAT) 3,797 3,867 4,315 4,082 4,137 4,490 5,237 6,036 6,738 7,954 8,818 9,962
YoY Growth
Earnings Per Share of ₹1 (EPS) 17.56 17.88 19.95 18.87 19.12 20.75 24.20 27.89 31.13 33.85 37.53 42.40
Dividend Per Share of ₹1 18.50$$ 13.00 15.00 16.00 16.00 17.00 20.00 22.00 25.00 40.50$$ 34.00 39.00
(₹ in crores)
Statement of Profit & Loss Account 2022-23 2021-22 2020-21
IGAAP IND AS
Turnover 58,154 50,336 45,311
Other Income (includes other operating income) 1,630 1,250 1,198 Balance Sheet 2012-13^ 2013-14^ 2014-15^ 2015-16^ 2015-16 ##
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Earnings Before Interest and Taxes (EBIT) 12,602 11,478 10,312 Property, Plant and Equipment 2,462 2,710 2,915 3,288 3,288 3,857 4,206 4,280 5,138 6,409 6,714 7,209
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 13,632 12,503 11,324
Profit Before Taxation (PBT) 13,079 11,739 10,490 Intangible Assets 47 32 22 12 12 370 366 436 431 45,241 45,221 45,216
Profit After Taxation (PAT) 9,962 8,818 7,954

Other Assets 9,003 10,256 10,697 10,867 10,620 10,524 12,577 13,149 14,033 16,466 17,802 19,400
Earnings Per Share of ₹1 (EPS) 42.40 37.53 33.85
Dividend Per Share of ₹1 39.00 34.00 40.50+ Total Assets 11,512 12,998 13,634 14,167 13,920 14,751 17,149 17,865 19,602 68,116 69,737 71,825
+ includes Special Dividend
Share Capital 216 216 216 216 216 216 216 216 216 235 235 235
(₹ in crores)
Balance Sheet 2022-23 2021-22 2020-21 Other Equity 2,458 3,061 3,508 3,471 6,063 6,274 6,859 7,443 7,815 47,199 48,525 49,986
Property, Plant and Equipment 7,209 6,714 6,409

Other Liabilities 8,838 9,721 9,909 10,480 7,641 8,261 10,074 10,206 11,571 20,682 20,977 21,604
Intangible Assets 45,216 45,221 45,241
Other Assets 19,400 17,802 16,466 Total Equity and Liabilities 11,512 12,998 13,634 14,167 13,920 14,751 17,149 17,865 19,602 68,116 69,737 71,825
Total Assets 71,825 69,737 68,116

Share Capital 235 235 235
Other Equity 49,986 48,525 47,199 IGAAP IND AS
Other Liabilities 21,604 20,977 20,682 Key ratios and EVA 2012-13^ 2013-14^ 2014-15^ 2015-16^ 2015-16 ##
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Total Equity and Liabilities 71,825 69,737 68,116
Fixed Asset Turnover (No. of Times) 10.6 10.6 10.9 10.3 10.0 8.0 7.6 8.0 6.9 0.9 1.0 1.1
PAT / Turnover (%) 12.4 12.3 12.0 12.0 12.5 12.5 14.8 16.1 17.6 17.6 17.5 17.1
Key Ratios and EVA 2022-23 2021-22 2020-21
Return On Capital Employed (ROCE)
EBITDA (% of Turnover) 23.4 24.8 25.0 143.4 129.9 133.0 147.2 86.6 92.3 101.3 112.3 103.4 113.0 107.8 101.9
(%)#
Fixed Asset Turnover (No. of Times) 1.1 1.0 0.9
PAT/Turnover (%) 17.1 17.5 17.6 Return On Net Worth (RONW) (%)# 122.7 130.0 123.3 110.2 82.5 70.0 77.0 81.9 84.8 17.0** 18.6 20.1
Return on Capital Employed (ROCE) (%) 101.9 107.8 113.0 Economic Value Added (EVA)
2,926 3,147 3,380 3,526 3,438 3,498 4,258 5,291 6,085 3,810** 4,435 4,435
Return On Net Worth (RONW) (%) 20.1 18.6 17.0* (₹ in crores)
Economic Value Added (EVA) (₹ in crores) 4,435 4,435 3,810*
**RONW and EVA have dropped due to increase in shareholders’ equity pursuant to opening balances restated on account of GSK CH merger
*Opening balances adjusted for GSK CH merger
#
ROCE and RONW has been re-stated for all years in accordance with formula prescribed by Guidance note on Schedule III issued by the Institute of Chartered
Accountants of India.
Others 2022-23 2021-22 2020-21
Return metrics (ROCE and RONW) are lower in Ind AS compared to IGAAP since under IND AS final dividend including taxes are accounted after approval in
HUL Share Price on BSE (Per Share of ₹1)# 2,559 2,049 2,431 AGM only; whereas in IGAAP such dividends were recognised in the same year to which they relate to.
Market Capitalisation (₹ in crores) 6,01,202 4,81,396 5,71,133
#
Based on year-end closing prices quoted on BSE Limited
Others 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

HUL Share Price on BSE 466 604 873 870 910 1,336 1,708 2,298 2,431 2,049 2,559
(Per Share of ₹1)*
Segmental Performance in FY 2022-23 (₹ in crores)
Market Capitalisation (₹ in crores) 1,00,793 1,30,551 1,88,849 1,88,154 1,96,902 2,89,159 3,69,688 4,97,514 5,71,133 4,81,396 6,01,202
Segmental Revenue Segmental Results (EBIT) *Based on year-end closing prices quoted on BSE Limited
Home Care 21,230 Home Care 3,875
$$
Includes special dividend ^Based on Revised Schedule VI/Schedule III ##Figures are restated as per IND AS
Revenue Beauty and Personal Care 21,831 EBIT Beauty and Personal Care 5,597
Foods and Refreshment 14,876 Foods and Refreshment 2,662
Others 1,207 Others 468
24 25
Home Care
Making people’s homes a

better world, and our world Performance Snapshots
a better home Revenue Revenue Growth EBIT
K21,230 Cr 28% K3,875 Cr

We are a business of leading Fabric and Household Care brands such
as Surf excel, Wheel, Rin, Comfort, Vim, and Domex. Our aim is to offer
products that are superior, sustainable, and provide great value. Home Care (HC):
Review of the year
Our Home Care business grew 28% in FY’23, significantly
ahead of the market, leading to handsome value and
Home Care represents: volume market share gains. Both Fabric Care and
Household Care delivered stellar performance growing
36% 31%
in high double digits led by robust performance across
all brands and formats. Our Water Purifier business
grew in double digits.
of HUL’s of Earnings Before During the year, the business witnessed unprecedented
Revenues Interest and Tax inflation in input cost led by sharp rise in prices of
key raw materials such as Crude, Soda Ash, Caustic
Soda, and packaging materials. We responded swiftly
by driving savings harder, focused on providing the
right price-value equation to our consumers. This
enabled us to grow competitively while maintaining
healthy margins.
Fabric Care and Household Care Handsome
delivered high double- market share gains Brands with purpose
digit competitive growth across the portfolio, both in
value and volume terms Our Home Care brands recognise the role that
driven by market development
purpose combined with product superiority play in
competitiveness. In Fabric Care, our biggest brand
Surf excel continues to lead the premiumisation
agenda while spreading its philosophy of ‘Daag
Home Care liquids Surf excel crossed
achhe hain’ or ‘Dirt is good’, inspiring people to take
doubled in last 3 years US$1 Bn Annual Turnover action on environmental and social causes. The brand
exceeding ₹3,000 crores becoming the first home and crossed US$1 billion in turnover this year, becoming
in annual turnover personal care brand in India to the first Home and Personal Care brand in India to
reach this milestone reach the milestone. Wheel continued to expand its
consumer franchise and delivered strong competitive
growth in the mass detergents segment. Rin’s latest
campaign celebrates women who shine, and it does so
through the inspiring story of Isaivani, who overcame
many obstacles to fulfil her childhood dream of
becoming a pop singer.
At the heart of our Home Care growth strategy is


Surf excel crossed
a commitment to meet our consumers’ needs with US$1 Bn Annual Turnover
superior products. Through a relentless focus on becoming the first HPC brand in India
science, technology, and innovation, we are driving to reach this milestone
consistent and competitive growth by delivering

exceptional consumer experiences.
26 27
Home Care
Advancing towards
a Cleaner Future
We recognise that consumers are increasingly
seeking sustainable and affordable products
that meet their needs. We continue on our Clean
Future journey, making notable progress towards
a more environment - friendly product line.
Put together, our Home Care

liquids portfolio that includes fabric
conditioners, liquid detergents,
and dishwash, doubled in last
Our dishwash brand Vim was Pureit expanded its portfolio with the launch of Pureit 3 years, exceeding ₹3,000 crores in
recognised by Kantar for fastest Vital Series. It’s a new range of RO+UV+ Minerals-based annual turnover.
water purifiers with FiltraPower Technology, which
growing consumer reach in the last is proven to remove toxic substances like industrial Premiumisation remains core part of our growth
decade across FMCG brands globally. chemicals, pesticides, and pathogens to provide safe strategy and we continue to invest in creating
Vim‘s campaign, ‘Nazariya Badlo, drinking water. categories of the future. We have expanded our
Dekho Bartano Se Aage’, won the Fabric Conditioner portfolio, with ‘Comfort Delicates’,
Creating value through market specifically designed for delicate fabrics, and
‘Un-stereotype’ award at Kantar’s
development ‘Comfort Sweet Dreams’ for bed linens. Surf excel For instance, Surf excel liquids are
Creative Effectiveness Awards 2022. Matic introduced ‘Power Concentrate’, a revolutionary
With rising affluence, changing demographics, formulated with biodegradable
concentrated liquid formulated to give 2x cleaning
The brand took a step further in this direction with urbanisation, and increase in nuclear families, there
power with an intense long-lasting fragrance. actives and packaged in bottles
is a growing need for more convenient ways to do
one-of-its-kind Vim Black campaign to address gender that are made of 70% recycled
stereotypes around cleaning. Our Surface Cleaning household chores. Through our market development
efforts and our portfolio that straddles the price plastic and are 100% recyclable.
brand Domex continues to scale up with its superior
product, backed by patented Fresh Guard Technology. benefit pyramid, we have been able to partner Additionally, our latest product launch, Surf excel
consumers in this upgradation journey. For instance, Matic Power Concentrate, provides powerful
in Fabric Care, we have very successfully upgraded cleaning with half the usual dosage, thus
consumers from mass detergent bars and powders reducing overall plastic consumption.
to the premium ones and from premium machine
wash powders to liquid detergents. Further, we are We are working towards the goal of net zero
widening our consumers’ repertoire by getting them emissions from our products. To achieve this
into adjacencies such as Fabric Conditioners with our goal, we continue to partner with ‘Tuticorin Alkali
brand Comfort. Chemicals and Fertilisers Limited’ and explore
opportunities for Soda Ash, which is a key raw
material for our laundry products using Carbon-

We are also leveraging our ‘Winning
Capture technology. This partnership has been
in Many Indias’ strategy to tailor our a major step in the right direction, and we will
products and marketing strategy to continue to build on this success to achieve our
address the specific consumer needs sustainability goals.
arising from factors including water

quality, geographical variations, weather
patterns, and washing methods.
28 29
Beauty and Personal Care
Building brands that

deliver positive beauty Performance Snapshots
and healthy lifestyles Revenue Revenue Growth EBIT
while caring for people and K21,831 Cr 12% K5,597 Cr

the planet.
We are India’s largest Beauty and Personal Care business. Our portfolio Beauty and Personal Care (BPC): ‘Winning in Many Indias’ (WiMI) strategy, we deaverage
the country basis consumer preferences, skin and
consists of many iconic brands including Lifebuoy, Lux, Sunsilk, Clinic Plus, Review of the year
hair types, and climate conditions to curate a sharply
Dove, Lakmé, Pond’s, and Closeup. Our business in BPC is organised across seven key targeted portfolio. This gives us the opportunity to
categories viz. Skin Cleansing, Hair Care, Skin Care, design products specifically for local preferences,
Colour Cosmetics, Oral Care, Deodorants, and enabling us to better address the needs of diverse
Health and Wellbeing. In FY’23, BPC accelerated its consumer cohorts.
Beauty and Personal Care growth momentum and grew competitively at 12%
represents: led by strong broad-based performance across Bringing this alive, Lux has curated winning products
the categories. and tailored propositions by region, addressing local
37% 44%
consumer needs, helping the brand gain market
In the wake of significant inflation, we dynamically share and penetration. Similarly in Oral Care, Closeup
managed our business with two clear imperatives— has introduced winning regional formulations basis
grow our consumer franchise and protect our business our WiMI approach and that has helped us grow
model. We focused on driving savings harder,
of HUL’s of Earnings Before competitively while also increasing penetration.
enhancing pricing agility and product superiority and In Hair Care, Dove has launched a culturally nuanced
Revenues Interest and Tax investing competitively behind our brands. At the same communication with a winning product, designed for
time, we continued to make strong progress in creating the needs of the consumers in South India.
a future-fit portfolio by bringing more premium
innovations and future formats across our Skin Care, We continue to strengthen brand equity and
Hair Care, and Colour Cosmetics business. build awareness with consistent and purposeful
communications.
Contemporising the core
Double-digit Hair Care reached
As our consumers’ needs are evolving, we continue Clinic Plus continued to spread its
competitive growth, its highest -
to contemporise our core brands to keep them magic of purposeful marketing
broad-based across the portfolio ever market share relevant and aspirational while investing in strong with the inspiring ‘Meri Beti Strong’
fundamentals to drive growth. Leveraging our
campaign.
Lux and Pond’s crossed

Forayed into the fast-evolving
L2,000 crores
‘Health and Wellbeing’ turnover in FY’23,
category taking the total tally to
5 BPC brands in this club

We contemporised our purposeful and sustainable
brands, and invested in portfolio transformation to drive
premiumisation and win in channels of the future
30 31
Beauty and Personal Care
Win in channels
of the future
We are actively participating in the evolving
journey of beauty retail and are driving
transformation to win in the channels
of the future, especially e-Commerce,
Modern Trade, Pharma, and Beauty that are
accelerating growth.
With our Design-for-Channel approach, we are

rapidly building a portfolio spanning price
Expanding our offerings in the
and benefit tiers, with focus on stepping up
premium beauty space, we launched distribution for sharp, channel-specific offerings.
two new brands — ‘Acne Squad’ and We are expanding our play with large packs /
‘Find Your Happy Place’. multi-packs / regime building packs to tap into
the growing opportunity in Modern Trade and
We now have 5 brands in our digital-first Premium e-Commerce channels with the right assortment.
Beauty Business Unit. Acne Squad provides specialised
Clinic Plus launched a new film encouraging mothers With over 100 renowned designers, brands, and
and active solutions for acne, which is one of the
to raise strong daughters, push them to achieve their industry stakeholders interfacing every season, LFW
topmost concerns faced by the hyper-connected
goals and not be confined by societal expectations. has established itself as the hub for confluence of
consumers today. Find Your Happy Place is a premium
Similarly, Dove launched its second year of the ‘Stop beauty and fashion in the country. This year, at LFW,
brand that provides experiential mood transforming
the Beauty Test’ campaign that features girls who our brand Lakmé also embarked upon a new journey of
Bath and Body ranges that are crafted for digital
narrate real stories of how they have been subjected to ‘Unapologetically Me’—to partner the modern Indian
consumers in an era where the trend and need for
varied beauty tests. It urges society to place emphasis woman to own her beauty and embrace it.
self-care is at an all-time high.
on education instead of seeing young girls from the
eyes of a prospective groom. Lifebuoy continues Drive market development and We have also launched a masstige beauty brand
to be the No.1 soap brand in India and is building Novology in the growing segment of Derma-
premiumisation
relevance of hygiene with its on-ground initiative therapeutic Care. It’s a first-to-market, clinically proven
‘H for Handwashing’. As market leaders we are energised by the huge range of solutions for the toughest skin concerns
opportunity to accelerate market development and of our consumers.
lead premiumisation across categories such as face
Our iconic beauty brand Lakmé has
wash, hair post-wash, body lotions, bodywashes as
been re-defining beauty and fashion well as future formats like masks and serums.
for over 25 years through the Lakmé
With our portfolio of beauty masterbrands like
Fashion Week (LFW). Lakmé, Dove, Pond’s, and TRESemmé, we are tapping
into emerging demand spaces through on-trend
innovations such as Dove Hair Fall Therapy, Lakmé We continue to strengthen our content platform
Vitamin C, Pond’s Light Hydration, Lakmé Sunscreen, ‘BeBeautiful’, which educates consumers on
and TRESemmé Pro Pure. We are turbocharging our their Beauty and Personal Care needs. We are
portfolio transformation by expanding our range also creating new ecosystems that can help us
in future formats like serums and masks. Lakmé is scale-up influencer marketing, continue to drive
also bringing make-up benefits to skin care with new premiumisation through salons as well as online
launches such as Lumi Cream—a combination of and medical marketing, and lead the curve on
moisturiser and highlighter—and Skin Dew, serum upcoming opportunities like social commerce, to
In line with our strategic intent, we have forayed
in a foundation. give us a competitive edge.

into the fast-growing demand spaces of ‘Health and
In Skin Cleansing, we are driving premiumisation Wellbeing’ through strategic partnerships with two
from soap bars to bodywash through our relentless young science-backed brands ‘OZiva’ and ‘Wellbeing
focus on market development. In the intimate hygiene Nutrition’. These brands align strongly with our mission
segment, VWash continues to drive competitive growth to improve the health and wellbeing of consumers
enabled by our medical marketing and multi-media and empower people to take charge of their health
deployment of the winning proposition. through solutions that they can trust. We look forward
to scaling these businesses, further leveraging our
complementary expertise and capabilities.
32 33
Taste good, feel good,

force for good Performance Snapshots
Revenue Revenue Growth EBIT
We are one of India’s largest Foods and Refreshment businesses with brands
such as Brooke Bond, Lipton, Horlicks, Boost, Bru, Kissan, Knorr, Hellmann’s, K14,876 Cr 5% K2,662 Cr
Kwality Wall's, and Magnum. Our ambition is to win competitively in the
marketplace while ‘Winning Smiles’ and being a ‘Force for Good’.
Foods and Refreshment (F&R): Growing our core with

Foods and Refreshment Review of the year purposeful brands
represents: Our Foods and Refreshment business grew 5% led We keep our brands contemporary through a
25% 21%
by strong performance in Ice Cream, Foods, and combination of purposeful communications, superior
Coffee. Health Food Drinks gained handsome market products, and impactful innovations. For instance,
shares and penetration led by our focused market leveraging our ‘Winning in Many Indias’ strategy, we
development actions. We continue to be the value and continue to craft unique tea blends to meet the tastes
of HUL’s of Earnings Before volume market leader in Tea. and preferences of our consumer base. Our purposeful
Revenues Interest and Tax communications help us drive relevance of our brands
As mobility improved, we saw an increase in the
trend of eating out while the tailwinds on in-home with consumers. Bringing alive its purpose ‘to bring
consumption faded away. At the same time consumers people together’, Brooke Bond Red Label launched a
witnessed high food inflation. We focused on adapting new heartwarming TV campaign about two strangers
our portfolio to drive better value for consumers, bonding over a cup of tea. Our portfolio of powerhouse
brands that straddle the price-benefit pyramid,
We have widened our making our brands more relevant while also reshaping
Handsome market the portfolio for the future. supported by excellent execution, has helped us to be
market leadership the market leader in Tea and continue to widen the gap
share and penetration
in Tea against versus nearest competitor.
gains in
nearest competitor, Health Food Drinks (HFD)
in both value and volume
Foods Solutions business

Ice Cream delivered stellar
grew in high
performance with high
double-digits and
double-digit growth continues to scale up
Our Foods and Refreshment business is on a journey to

offer holistically superior products which are delicious and

nutritious for our consumers as well as better for our planet.
We remain steadfast on our ambition to be a ‘World-class
Force for Good in Nutrition’ as we strengthen our purpose-
led brands to win competitively in the marketplace.
34 35
With the recent rise in milk prices, we are piloting a

new 3-in-1 Ready Mix variant of Horlicks that provides
children with similar nutrition as available from a glass
of milk and Horlicks, at more affordable prices.
Being boldly healthier
for people and planet
Creating categories of the future
To address the rising consumer need for healthier Our agenda on offering positive nutrition aims
nutrition choices, we are reshaping our portfolio at making our products healthier by reducing
and investing in categories of the future. We offer sugar and calories. 100% of our ice creams
functional tea such as Lipton Green tea, an all-natural have less than 250 kcal and no more than 22g
zero-calorie drink rich in catechins to help improve total sugar on a per serve basis. We are also
body metabolism. This year we also introduced the committed to regenerative agriculture and are
Lipton SipNDigest, a soothing blend of green tea, currently sustainably sourcing bulk of our Tea,
with power-packed natural ingredients like Ginger, Tomatoes, and Chicory.
Tulsi, and Rock salt, traditionally known to improve The year 2023 has been declared as the
metabolism and aid digestion, helping consumers feel International Year of Millets.
light after meals.
The high nutrition value, low carbon footprint,
Our Red Label Natural Care offers the goodness of and ability to endure extreme weather conditions
immunity boosting natural ingredients like Ginger, make millets a better food choice.
Cardamom, Tulsi, Mulethi, and Ashwagandha. We have
also launched Red Label Maa Care—a new premium
tea, especially designed for pregnant and lactating
women. It has 80% less caffeine content and its
ayurvedic ingredients not only ensure a great taste but
Our Jams and Ketchup brand ‘Kissan’ was relaunched We have introduced ‘Chuski’ - an exciting range of Ice are also known to nourish and energise the body.
with new packaging that highlights our deep Candies in 3 popular flavours - ‘Aam Panna’, ‘Masala
connection with the farmers of India and gives our Cola’, and ‘Shikanji’. We are leveraging technology
consumers interesting insights into the life of a farmer. to cater to our digitally active consumers through
the ICNow channel—a fast delivery-at-home service.
Owning seasons through consumer- We are seeing strong consumer traction with ICNow,
which now contributes to about 10% of our Ice Cream
centric innovations and activations
sales. At the same time, we are further expanding our
Our Ice Cream business had a stellar year with strong physical reach by adding more stores.
performance led by innovations and brilliant execution.
In order to de-seasonalise Ice Cream, ~10%

we are expanding consumption ICNow contribution
occasions through innovative to Ice Cream sales
We have introduced Millet
campaigns and launching exclusive
Nourishing a billion lives Chocolate Horlicks which is made
products such as ‘Nolen Gur’ and The coffee culture in India is evolving rapidly, with
with multi-millets like Finger Millet
‘Gulab Jamun’ Ice Cream, centred Our Health Food Drinks (HFD) business strengthened a growing number of consumers experimenting
its consumer franchise gaining market shares and with different brewing methods and flavours. Bru (Ragi), Sorghum (Jowar), Foxtail
around Indian festivals.
penetration handsomely on the back of sustained introduced three new premium offerings of Beaten Millet (Kanngani), and Pearl
market development efforts. We have reinforced Coffee, Freeze Dried Coffee, and Decoction to
Millet (Bajra)—natural sources
efforts to increase HFD relevance for consumers by capitalise on the growing popularity of coffee.
highlighting the core brand proposition ‘Horlicks of Calcium, Iron, Protein, and
Hellmann’s Mayonnaise and Kissan Peanut Butter
makes kids Taller, Stronger, Sharper’. Dietary Fiber—which are critical
continue to gain consumer traction and scale up
rapidly. This year, we introduced a new variant of Kissan for children.

During the year, we reached over 40 Peanut Butter in Hazelnut Choco flavour.
million households via our sampling
Our high science ‘Plus’ range in Horlicks, has product
programme to educate consumers offerings for diabetes, women’s bone health,
about the benefits of HFD and build pregnant and lactating mothers, and adult wellbeing.
relevance for the category. We continued to drive our Plus range by creating
awareness for consumers through activation in
home and in-store as well as by tying up with leading
healthcare diagnostics chains.
36 37
ESG Highlights
HUL Compass integrates sustainability into our business strategy with a belief that sustainable business and ESG Materiality Matrix
financial performance go hand-in-hand. With a robust governance mechanism, we are continually working
We live in an uncertain and constantly changing world. Having a formal process to identify our material
towards our ESG goals to lead change and make a positive difference to people and the planet.
sustainability issues helps us report on those that matter most to our business and stakeholders.
We use our sustainability materiality assessment to identify priority sustainability issues across our value chain
so that we are able to report on the issues of most interest to our stakeholders.
Key ESG Focus Areas
Material Topics
Improving Enhancing Responsible
Health and Wellbeing Livelihoods Business Practices
Climate Human Sustainable Water Governance Packaging Diversity,

Change Rights Sourcing Ethics & and Waste Equity &
Compliance Inclusion
Very High
Human Rights Climate Change
Products &
Reducing Wider Ingredients
Environmental Sustainability Diversity, Packaging and Waste
Sanitation & Hygiene Equity and
Impact Topics Inclusion Water
Unemployment & Poverty

Sustainable Sourcing
Nutrition
Inclusive Business
Importance to Stakeholders
Governance, Ethics
Sustainable and Compliance
Consumption
Digital Economy
ESG Governance Structure
Communicable
Diseases Responsible
Marketing Employees & Talent
Data Security &
Privacy
Biodiversity Macro-economy and
Geopolitical Risk
Board of
Directors
Cities and
The Board is responsible Demographics
Animal
for formulating the welfare
Company’s strategy relating to
ESG and sustainability matters Innovation &
Technology
ESG Committee
Moderate
We have constituted an ESG Committee for overseeing the
vision and focus on the Company’s strategy relating to

ESG and sustainability matters
ESG Functional Leads Moderate Impact to the Business Very High

Our ESG Functional Leads are responsible for on-ground implementation
and execution of HUL Compass ESG Goals Improving Health & Wellbeing Enhancing Livelihoods Responsible Business Practices
Reducing Environmental Impact Wider Sustainability Topics
For more details please refer the ‘Planet & Society’ section on our website https://www.hul.co.in/planet-and-society/sustainability-reporting-centre/
38 39
ESG Highlights
Environment Social
UL has collected
H Over 3 lakh people
and processed more have access to safe
plastic than it uses sanitation through
in packaging its Project Suvidha
products1
>1,00,000
tonnes of plastic waste
collected and processed in 2022
97% 44%
Reduction in CO2 emissions Reduction in total energy
(kg/tonne of production) consumption (per tonne
in HUL’s manufacturing of production) from HUL’s
operations3 factories3
>2.6 Tn 48%
litres of water potential created
by HUF along with its partners,
Reduction in water consumption
(in m3/tonne of production)
>1,90,000 c.9 million
cumulatively and collectively in HUL’s manufacturing Shakti entrepreneurs People reached through Prabhat initiatives
through improved supply and operations3 empowered through the across our factory locations that focus on
demand water management Shakti programme economic empowerment, environment,
since 20102 health, and nutrition
55% Top ESG-rated FMCG Company in India

Reduction in the total waste
generated (kg/tonne of
production) from HUL’s
factories3
82% 76 23.4 68 A/A-

medium risk
of our tomatoes
69% used were from

sustainable sources
#1 in personal products
sector in India and among
#16 globally
in Household
#2 highest
ESG-rated FMCG
Leadership across all
3 categories, i.e., Climate,
of Tea procured was the top 10% companies (medium risk) category Company in India Water, and Forest
sourced sustainably globally in our sector*
1 In calendar year 2021 and 2022
2 Assured by an external independent firm
3 Compared to 2008 baseline
All figures for HUL including subsidiaries *as per DJSI Yearbook 2023
40 41
Awards and recognitions
Brands with Purpose Grow People with Purpose Thrive

DOVE – ‘Stop the beauty test’ won Sanjiv Mehta named CEO of the Year by
Brand Campaign of the Year at Business Standard
the CNBC TV-18 Indian Business
Leaders Awards
Lakmé and HUL’s Eight of our brands Recognised as the Vim’s ‘Nazariya
Premium Beauty featured in the Best Client Insight Badlo, Dekho
Business Unit won at Kantar BrandZ Team of the year Bartano Se Aage’
the FE FutureTech 2022 India’s Most by the Market campaign won the
Awards 2022 Valuable Brands list Research Society ‘Un-stereotype’ award
of India, won six at Kantar’s Creative
more awards across Effectiveness
different categories Awards 2022
Companies with Purpose Last

Recognised by Economic Times as
one of the Best organisations for
Women in 2023
Deepak Subramanian won

Marketer of the Year under
‘Home Care’ categories at the
Top Performer in FMCG
IAA Leadership Awards 2022
category in Dun &
Bradstreet’s India’s Top 500 Received the Certificate of
Companies list 2022 Recognition at the 22nd ICSI Madhusudhan Rao won
National Awards for Excellence Marketer of the Year
Sanjiv Mehta received the
No. 1 Employer of Choice in Corporate Governance, under ‘Personal Care’
ICAI Hall of Fame award
across sectors, based on brand for adopting and promoting categories at the IAA
perception study by InsideIIM exemplary corporate Leadership Awards 2022
at target B-Schools in 2022 governance practices
Won the Masters of Risk Received the Best Company

Management award in Supply award in ESG practices in
Overall winner across Asia Chain category at India Risk the Consumer Products
in the ‘Best Supply Chain Management Awards sector on all three facets of
Ritesh Tiwari named CA
Solution’ category at the E, S, & G at the KPMG India ESG

CFO-For Large Corporates -
Adam Smith Treasury Award Excellence Awards 2023
Manufacturing & Infrastructure
at ICAI Awards 2023
Doom Dooma manufacturing Anuradha Razdan recognised

Named Supply Chain
won under the ‘Employment as Distinguished Alumnus
Company of the Year by Doom Dooma and
Enhancing Skills’ of the Year 2022, by XLRI
Governing Council of the Sonepat factory won at Sanjiv Mehta received Ritesh Tiwari awarded
category at the Annual Jamshedpur and awarded
Institute of Supply Chain and the CII - National Energy the SKOCH Lifetime CFO of the Year at CII CFO
Greentech CSR Award 2022 HR Director of the Year by
Management Pvt. Ltd Efficiency Circle Awards Achievement award Excellence Awards Margadarshak Awards, 2022
42 43
Governance Overview
Conducting our business with integrity and highest level of governance

has been core to our corporate behaviour. Our Corporate Governance
framework has evolved over the years underpinned by our core values of
Integrity, Responsibility, Respect, and Pioneering. We continue to set high
standards of governance which not only meet the applicable legislation
but go beyond in many areas of our functioning.
HUL Governance Framework
Governance Philosophy
With 90 years of heritage in India, the Corporate
Governance
Governance framework of the Company has evolved
over the decades and is inspired by our core values of:
Overview Integrity Responsibility Respect Pioneering
To succeed, we believe, requires highest standards of corporate behaviour towards everyone we work
with, the communities we touch and the environment on which we have an impact. Our Core Principles
of Governance have been the guiding force for our corporate behaviour and will continue to be so
in years to come.
Integrity and
Transparency
h
g u a n w it
Tru
s te
R e aw s n c e
ns
t io d
es
L l ia
hip
la
p
m
Co
Core Principles of
Governance

it y
St r s i g
Ov
ra
bil
e
te ht
ta
gi
un
c
co
Ac
Sustainability
44 45
Governance Overview
Corporate Governance Structure Key Responsibilities of the Committees

Our Governance Structure is multi-tiered, comprising the Board of Directors, Board Committees, the
Chief Executive Officer & Managing Director (CEO & MD), and the Management Committee.
The Board is responsible for and committed to sound principles of Corporate Governance in the Company.
The Board plays a crucial role in overseeing how the management serves the short- and long-term interests of
shareholders and other stakeholders. This belief is reflected in our governance practices, under which we strive
to maintain an effective, informed, and independent Board. We keep our governance practices under continuous
review and benchmark ourselves to best practices across the globe. The Board is overall responsible for the Audit Committee
management, general affairs, strategic direction, and performance of the Company and is ably supported by the
Board Committees, the CEO & MD, and the Management Committee.
Primarily responsible for overseeing: Nomination &
• The integrity of the Company’s Remuneration Committee
financial statements;
• The internal control arrangements; • Recommending candidates for appointment as
• The compliance of financial statements with Directors on the Board or on the Management
legal and regulatory requirements; Committee, or as Key Managerial Personnel in
• The performance, qualifications, and
Board of Directors accordance with the criteria laid down;
independence of the Statutory Auditors and the • Recommending the level and structure of
The Board’s primary role is to ensure the long-term performance of the internal audit function. remuneration for members of the Board
sustainable success of the Company for the mutual benefit
and the Management Committee and Key
of all stakeholders
Managerial Personnel*;
Corporate Social • Performance evaluation of each of the
Responsibility Committee Directors and the Board and the Key
Board Committees Managerial Personnel;
The Board Committees play a crucial role in the governance structure • Ensuring orderly succession planning at
• Formulating and recommending to the
of the Company and have been constituted to deal with specific areas / the Board level.
Board, a Corporate Social Responsibility (CSR)
activities which concern the Company and need a closer review Policy, which shall indicate the activities to be
undertaken by the Company;
• Recommending the amount of expenditure to Environmental, Social
be incurred on the activities referred; and Governance Committee
• Monitoring the CSR Policy of the Company
from time to time. Primarily responsible for overseeing:
Audit Nomination Corporate Social Environmental, Stakeholders Risk
Committee & Remuneration Responsibility Social and Relationship Management • The vision and focus on the Company’s strategy
Committee Committee Governance Committee Committee relating to ESG and sustainability matters;
Committee Stakeholders • Key decisions, monitoring the progress against
Relationship Committee the stated vision, and in reviewing the practices,
initiatives, and goals of the Company relating to
CEO & MD and Management Committee Assist the Board in fulfilling its ESG and ensuring that they remain effective.
The CEO & MD, supported by the Management Committee, is responsible responsibilities towards:
for ensuring delivery of the Company’s strategy, business plans and • Review of Investor Service Standards
financial performance of the Company;
• Redressal of Shareholders’ Grievances. Risk Management Committee
Assist the Board in:

• Monitoring and reviewing the

Risk Management Policy;
• Implementation of the risk
management framework.
*For details on our Reward Policy and the Remuneration paid to the
Directors please refer pages 164 to 166
46 47
Governance Overview
Board of Directors For detailed profile of directors refer pages 366 to 371 Management Committee
R S C E
Mr. Nitin Paranjpe Mr. Sanjiv Mehta Mr. Rohit Jawa Mr. Sanjiv Mehta Mr. Rohit Jawa Mr. Ritesh Tiwari
Chairman and Chief Executive Officer and Whole-time Director Chief Executive Officer and Whole-time Director and Executive Director, Finance & IT
Non-Executive Director Managing Director and CEO-designate Managing Director CEO-designate and Chief Financial Officer
R S C R S C A N E
Mr. Ritesh Tiwari Mr. Dev Bajpai Mr. O. P. Bhatt Mr. Dev Bajpai Mr. Yogesh Mishra Mr. Madhusudhan Rao
Executive Director, Finance & IT Executive Director, Legal & Corporate Independent Executive Director, Legal & Corporate Executive Director, Executive Director,
and Chief Financial Officer Affairs and Company Secretary Director Affairs and Company Secretary Supply Chain Beauty and Personal Care
N A C A N C E S C
Dr. Sanjiv Misra Ms. Kalpana Morparia Mr. Leo Puri Mr. Srinandan Sundaram Ms. Anuradha Razdan Dr. Vibhav Sanzgiri
Independent Independent Independent Executive Director, Executive Director, Executive Director,
Director Director Director Foods and Refreshment Human Resources Research and Development
A E R E A N R A
Dr. Ashish Gupta Ms. Ashu Suyash Mr. Ranjay Gulati Mr. Deepak Subramanian Mr. Kedar Lele
Independent Independent Independent Executive Director, Executive Director,

Director Director Director Home Care Customer Development
Note: A Audit Committee

Mr. Rohit Jawa was appointed as the Additional Director – Whole-time Director of the Company
R Risk Management Committee
w.e.f. 1st April, 2023. Mr. Rohit Jawa will succeed Mr. Sanjiv Mehta as the Managing Director and
Chief Executive Officer (MD & CEO) of the Company w.e.f. 27th June, 2023. S Stakeholders’ Relationship Committee
Note:
Mr. Ranjay Gulati was appointed as the Additional Director - Independent Director of the Company C Corporate Social Responsibility Committee
w.e.f. 1st April, 2023. Mr. Madhusudhan Rao was appointed as Executive Director, Beauty and Personal Care w.e.f. 1st April, 2022.
E Environmental, Social & Governance Committee
Mr. Dev Bajpai acts as the Secretary to all the Committees of the Board. Mr. Deepak Subramanian was appointed as the Executive Director, Home Care w.e.f. 1st July, 2022.
N Nomination and Remuneration Committee
Mr. Ravishankar A, Group Controller is a member of Risk Management Committee. Mr. Yogesh Mishra was appointed as the Executive Director, Supply Chain w.e.f. 1st September, 2022 in succession to Mr. Wilhelmus Uijen.
The composition of the Board referred to above is as on the date of this Integrated Annual Report. Chairperson Member The composition of the Management Committee referred to above is as on the date of this Integrated Annual Report.
48 49
Governance Overview
Governance Highlights Business Integrity &

Compliance at HUL
25%
Living Respecting
the Code People
>50% 97% 1 2
8% We expect everyone at HUL to be an
ambassador of our high ethical standards – Key Pillars of
what we call ‘Business Integrity.’ We believe
our Code of
67% in growing our business responsibly and
sustainably. Our Code of Business Principles Business
5 3
(CoBP) codifies our values, making clear Engaging Principles Countering
Independent Board Age Diversity Average attendance Externally Corruption
what is expected from our people.
Directors 50-69 years 40-49 years 70-79 years in Board Meetings
100% 4
Employees trained
on Code of Business Principles Safeguarding
Information
100% 100% Key Policies that guide our ethical behaviour

Independent Directors covered
5 out of 6
Audit Committee by familiarisation
Committees led Corporate Whistle Blower Policy Policy on Related Party
and Nomination training Governance Code Transactions
by Independent Our Whistle Blower Policy acts
& Remuneration Our Corporate Governance Code a mechanism to help alert the Our Policy on Related Party
Directors adopted by the Board acts as a Management and bring to its Transactions is intended to ensure
Committee comprehensive framework within attention promptly and directly, that proper reporting, approval, and
which the Company, Board of any unethical behaviour, suspected disclosure processes are in place
Directors, and Board Committees fraud, abrasion or irregularity in for all transactions between the
may effectively operate for the the Company practices, which is Company and its Related Parties.
benefit of its varied stakeholders. not in line with our CoBP or the It ensures that all related-party
law of the land, without any fear transactions are carried out as
Highly Skilled and Competent Board or threat of being victimised by
responsible individuals.
per arm’s length parameters and
adequate information is provided to
The Board comprises Directors with appropriate balance of skills, experience, diversity, Gender-Neutral POSH Policy shareholders bringing transparency.
independence, and knowledge about the Company that enables it to discharge its We are committed to provide an
duties and responsibilities effectively. environment that ensures every
person at the workplace is treated Responsible Partner Policy
with dignity, respect, and equality. Our Responsible Partner Policy Policy for Supporting
and its Fundamental Principles Survivors of Abuse
embody our commitment to
responsible, transparent, and We are the first employer in India to
sustainable business. formally launch a holistic, gender-
Leadership Experience of Finance and neutral policy on domestic abuse.
experience of running crafting accounting Affirmative Action Policy
large enterprise business strategy experience Being a signatory to the
Confederation of Indian Industry’s Share Dealing Code
Safety and Health Policy
Code of Conduct on Affirmative Our Share Dealing Code helps
Action, we firmly believe that develop a basic understanding While we strive to supply high quality
equal opportunity in employment of the law relating to prohibition goods and services to meet the daily
needs of consumers and customers,

for all sections of the society is of insider trading and to reiterate
a component of our growth and the Company’s policy and code for we recognise our responsibility
competitiveness. dealing in its securities. to ensure safety and protection
Understanding of Experience in Understanding use of Experience of large of health of our employees,
consumer and customer overseeing large and companies and contractors, visitors, etc.
digital/information
insights in diverse complex supply chain understanding
environments and technology across the of the changing Environment Policy
conditions FMCG value chain regulatory landscape
With our Environment Policy we, encompassing all available knowledge and
information, aim to do all that is reasonably practicable to prevent or minimise
the risk of an adverse environmental impact arising from processing of the
product, its use, or foreseeable misuse.
50 51
Your Board of Directors is pleased to share with you the Business

Performance along with the Audited Financial Statements for the
financial year ended 31st March, 2023
Our fast changing world
We operate in a complex and

volatile world. Our strategy
is constantly evolving to
adapt to the trends and forces
shaping our markets and
Report of Board impacting our stakeholders
of Directors and The FMCG opportunity

Hindustan Unilever Limited is part of the Fast-Moving
Management
Consumer Goods (FMCG) industry, which continues to
be one of the biggest long-term sustainable business
opportunities that our country offers. Despite being
one of the fastest growing markets globally for FMCG
products, India’s per capita FMCG consumption is
Discussion and
still amongst the lowest in the world, offering a huge
runway for growth.
We operate in 16 FMCG categories and are a market

leader in more than 85% of our turnover. A strong
Analysis
talent base, large portfolio of brands that straddle
the price-benefit pyramid, unparalleled distribution
that reaches around 9 million retail stores, and
an agile supply chain, which manufactures over
65 billion units annually—giving us a significant
competitive advantage.
We continue to make significant investment towards

building future-fit capabilities such as ‘Winning in
Many Indias’ and digital transformation through
‘Re-Imagine HUL’—creating strong moats around
our business. All these strengths and a clear and
compelling strategy place us very well to tap the
online and offline channels of trade. Traditional trade
growth potential that Indian FMCG industry offers.
players are reinventing their business models to play a
Given below are some of the key changes that are key role in the new digital India.

taking place in the world around us and how we are
We are at the forefront of the digitisation journey. Back
preparing ourselves to turn them into opportunities.
in 2016, we embarked on ‘Re-Imagine HUL’, our journey
aimed at creating distinctive data and technology
Rapid digital transformation led capabilities that help us meet the complexities
India continues to undergo rapid digitisation with of the business and the evolving needs of consumers
new-age technologies transforming the FMCG market, and customers. We are moving from traditional linear
bringing opportunities for brands, consumers, and value chain to a web of ecosystems viz. Consumer,
customers alike. Digital commerce is gaining more Customer, and Operations with data and technology
relevance as consumers seamlessly move between at the centre.
52 53
Report of Board of Directors and
Management Discussion and Analysis
We are one of the first FMCG companies participating
in the Open Network for Digital Commerce (ONDC),
Stakeholder engagement and review
a pathbreaking initiative by the Government of India
to democratise digital commerce in the country. We Stakeholders are at the heart of our strategy and business model. Understanding
believe this gives us a unique opportunity to reach out their evolving needs helps us make informed strategic decisions.
to many more consumers and customers.
Evolving demographics
Evolving demographics such as rising affluence, large
Our multi-stakeholder model
We have identified six stakeholder groups that are critical to our success:
young working population, growing nuclear-family
structures, urbanisation, and increasing adoption of
technology is rapidly changing consumer preferences Consumers Customers Suppliers and business partners
and their path to purchase. Consumers are increasingly
becoming more discerning—looking for superior Our people Planet and society Shareholders
products, making informed choices, and demanding
brands with purpose and a point of view. The stakeholder review explains how we have worked to create value for each of our stakeholders as well as how
We understand the changing needs of the consumers our business benefits from these vital relationships. We have provided a high-level summary of how we engaged
and believe that businesses that help the people and with stakeholders and considered their interests whilst setting our strategy and taking decisions concerning the
the planet thrive, will continue to succeed in the future. business during the year under review.
We are continuously developing our purpose-driven We have outlined our Environmental, Social and
brands that associate meaningfully with consumers. Governance (ESG) Goals (refer page 10 and 11) which Interests and
are in sync with the challenges that we face as a Stakeholder How we engaged in FY 2022-23
concerns
Through technology, we are society. Refer pages 106 to 155 to find more about our
ESG reporting. Consumers • Superior and • We listen extensively to consumer reviews and queries addressed
addressing the needs of the new-age
9 out of 10 sustainable to us through our consumer care helpline – LeverCare as well as
consumer—be it through on-trend Operating environment products, through reviews received on digital platforms and content hubs.
households in
innovations, digital marketing, digital The operating environment this year continued to India use one offering great • We directly engage with our consumers through in-person and
commerce, or manufacturing niche remain challenging. Geopolitical conflict in Europe or more of our value at virtual consumer surveys. We also use consumer research from
the right price
products in our nano factories. and the global supply chain disruptions led to brands. Meeting partners such as Kantar, Nielsen, etc., who we engage through
an unprecedented inflation in food, energy, and their evolving • Responsible their regular surveys and panels.
We are building capabilities towards mass commodity prices. Aggressive monetary tightening needs, delivering and inclusive • We undertake market development at scale and engage with
customisation and precision-marketing to appeal measures from central banks worldwide led to further superior products, marketing millions of households.
to the consumers. As a business, we are constantly pressure on emerging economies. The widespread and expanding
• Our Board and Management Committee members are regularly
keeping an eye on the future, adapting, and evolving to inflation posed major challenges for the country and our consumer
informed of evolving consumer needs, preferences, and
stay one step ahead. for the FMCG industry specifically with prices of several franchise are
concerns in order to consider these dynamics while making
commodities inflating to their decadal highs. key to our success
business decisions.
Sustainable living This had a significant impact on FMCG consumption as
consumers tried to manage their household budgets Customers • Fair return on • Our distributors have direct channels to us via our Customer
The business case for sustainability is being
by adjusting volumes and prioritising essentials We partner with investment Development teams, meeting regularly to discuss a range of
increasingly accepted by consumers, government
over discretionary categories. FMCG market for the traditional trade • Leading digital topics. They also interact with us through our LeverCare helpline
bodies, and investors looking for businesses to take
categories in which we operate grew c.8% while distributors, transformation to discuss their concerns. Through these relationships, we work
actions to protect people and the planet. India is
volumes declined c.4% year on year. The impact of retailers and towards maximising mutual benefit.
charting a path towards sustainable and inclusive • Reliable service
growth, and it is expected from all companies to do slowdown was more pronounced in rural markets. digital commerce and • Our joint business plans with customers coupled with
business responsibly. Urban markets led growth for FMCG—supported by marketplaces to differentiated customer reviews and dialogues accumulated by our customer
normalisation in economic activities after a couple of grow our business portfolio development team help us lead category development and our
years of COVID-induced disruptions. and theirs ‘Design for Channel’ strategy.
We are a Company of brands and
• Shikhar, our e-B2B platform helps us connect with 1.2 million retail
people with a clear purpose to make The Company’s performance for the FY 2022-23 has to

be viewed in the context of the aforesaid economic and partners. Through our Samadhan warehouse project and other
sustainable living commonplace. digital initiatives, we are working with our customers towards
market environment.
Our strategy is to deliver 4G growth — maximising next-day delivery. We have tied up with banking
growth that is Consistent, Competitive, partners to enable affordable credit for our retailers.
Profitable, and Responsible.
54 55
Interests and Interests and
Stakeholder How we engaged in FY 2022-23 Stakeholder How we engaged in FY 2022-23
concerns concerns
Suppliers • Fair and • Regular communications through our Supply Chain and • Since inception, HUF has delivered a cumulative and collective
and business ethical business Procurement teams and our regular supplier reviews, audits, water potential of over 2.6 trillion litres; over 1.7 million tonnes
partners practices awards, etc., help us understand how our suppliers feel about of additional agricultural and biomass production; and over
We work with • Developing working with us and areas for improvement. Supplier and 110 million person-days of employment across 14,000 villages, in
suppliers in India mutually Service Level Agreements are evaluated at regular intervals 13 States and two Union Territories, with the help of its partners.
and worldwide to beneficial basis feedback. • Suvidha is a first-of-its-kind urban water, hygiene and sanitation
source materials partnerships • Our annual ‘Partner with Purpose’ survey helps us engage with community centre, in Mumbai. We have established 12 Suvidha
and provide • Swift internal our suppliers and business partners over a wide range of topics to centres. More than 3 lakhs people have access to safe sanitation
critical services processes to better our ways of working. through the project.
for us, while minimise lead • We partner with suppliers to identify and realise efficiencies in the • Project Shakti is our initiative that aims to financially empower
supporting mutual times end-to-end value chain. and provide livelihood opportunities to women in rural India. Over
and sustainable 1,90,000 Shakti entrepreneurs have been empowered through
• Synergising
growth the programme.
efficiencies
Our people • Learning and • Through our UniVoice survey we engaged with our employees Shareholders • Long-term • We speak directly to investors through quarterly results
development across offices, R&D centres and factories in FY’23 on a number of Continuous value creation broadcasts and conference presentations, as well as
Our purpose-
topics, from employee wellbeing to leadership performance. We access to capital, • Strong through meetings and calls about aspects of business
driven and • Purpose at work
also continued our UniPulse questionnaires, asking employees progress on our Corporate performance, operating environment, consumer trends and
talented people • Health and
to rate certain aspects of the Company such as culture, work-life strategic priorities, Governance sustainability issues.
work in our offices, wellbeing
R&D centres and balance and development opportunities. and achievement • Sustainable • We hosted Annual General Meeting (AGM) via live webcast
• Sense of of our purpose for our shareholders. At the AGM, the Chairman shared his
factories to help • The results of our surveys are deeply analysed and the emerging business
belonging and vision are all thoughts on business performance and strategy and addressed
us achieve our themes are acted upon to improve our processes, maintain the
purpose and vision • Fair right culture, and make the organisation more agile and inclusive. dependent on the shareholders’ questions.
compensation crucial support of • We hosted our ‘Capital Markets Day’ in November 2022 and
• Regular learning, development and wellbeing initiatives
our shareholders engaged with over 100 investors/analysts on our strategy and
are undertaken across all-work levels to ensure a fulfilling
career trajectory. business performance.
• We communicate directly with our employees through virtual and • We engage with our shareholders via email through our investor
in-person townhalls as well as quarterly results communication by relations email IDs - levercare.shareholder@unilever.com and
Management Committee. Investor.Relations-hul@unilever.com.
• The Board receives regular briefings regarding investor views
Planet and • Improve the • Our Compass strategy integrates sustainability within the on our results, our performance and on any issues raised by
society health of business. We have an ESG Committee chaired by an Independent shareholders that are relevant to their responsibilities.
As a responsible the planet Director. With a robust governance process, we are continually
• Our CEO, CFO and Management bring shareholder feedback to
business, we • Improve working towards our ESG goals to lead change and make a
Board and Management Committee deliberations.
strongly believe in people’s health, positive difference.
• The Stakeholder Relationship Committee of the Company invites
creating a positive confidence, • As part of our ESG materiality process, we analyse insights to
shareholders for an interaction during its meeting(s) to get direct
impact on our and wellbeing make sure we are focussing on the most important ESG issues.
feedback on investor service.
communities and • Contribute to • Each factory location maintains a separate register for receiving
our planet a fairer and any grievances raised by members of the local community. These
more socially grievances are reviewed jointly by the HR Manager, Safety, Health
inclusive world and Environment Manager, and the Factory Manager.
• Prabhat, our Sustainable Community Development programme,
works across our manufacturing locations to uplift and empower
the communities. The factory leadership team forms the local
governing body of these programmes and works closely with

the implementing partners and communities. The programs run
on the thematic pillars of economic empowerment, health and
nutrition, and environmental sustainability.
• We engage with communities through need assessment
surveys for key social and environmental projects. This helps
us tailor relevant interventions in focused geographies and
understand the present ground-level needs in order to generate
maximum impact.
56 57
Consumers Trading up and down for value through which Brooke Bond Red Label aims to break
down social barriers or Surf excel’s ‘Dirt is Good’ that
Hyperconnected consumers
Inflation was one of the key drivers that impacted Today’s hyperconnected consumers are increasingly
urges parents to inculcate values in children or the
9 out of 10 households in consumer demand and behaviour this year. Consumers
adjusted volumes and prioritised essentials over ‘Meri Beti Strong’ campaign by Clinic Plus that inspires
mining information before making a purchase
decision. We’re facilitating consumers’ journey from
India use one or more of discretionary to manage their household budgets. mothers to raise strong daughters – our brands consideration to purchase by creating an end-to-
strive to create a social movement and build brand
our 50+ brands that span While they continued to choose the brands they love,
they were seeking value, and in doing so, they traded equity with our consumers. Our dishwash brand Vim’s
end experience.
16 categories. This gives us up and down among brands and across pack sizes. ‘Nazariya Badlo, Dekho Bartano Se Aage’ campaign For instance, our content hub ‘BeBeautiful’ is helping
consumers understand the latest trends; platforms
won the ‘Un-stereotype’ award at Kantar’s Creative
a unique opportunity to help We continued to focus sharply on delivering superior
products at the right price-value equation making our Effectiveness Awards 2022. such as Lakmé’s ‘Virtual Try-ons’ and ‘SmartPick’ are
our consumers look good, products a clear choice for consumers. In consumer
helping consumers experience our products; and our
8
Direct-to-Consumer (D2C) websites allow consumers to
feel good, and get more out blind tests, our product superiority today stands at
twice of what it was three years ago.
understand our brand propositions and make the final
of life. of our brands featured in the Kantar BrandZ
purchase decision.
2X
Product superiority
2022 India’s Most Valuable Brands list
To cater to the rapidly evolving
needs of these digital natives, we
compared to 3 years ago have setup our Agile Innovation Hub
that helps in early trend spotting,
Through our ‘Winning in Many Indias’ digital prototyping and deployment,
strategy we deaverage India into significantly reducing the time from
16 consumer clusters, bringing us ideation to launch of a new product.
closer to the consumers and helping us
get granular insights. Creating categories of the future Our new digital-first brand Acne Squad was launched
using the Agile Innovation platform to specifically
Urbanisation, increasing nuclear-family structures,
We use these insights to curate our marketing strategy address acne which emerged as one of the top
and rising affluence is leading to the growth of
and product mixes to cater to specific consumer concerns amongst consumers. It includes a range of
new demand spaces and the premium segment.
preferences. For instance, Lux has tailored winning 11 skincare products and curated regime kits proven
Leveraging our proven model of market development,
products and propositions by region, helping the to offer best-in-class acne treatment at each stage of
we strive to address real and unmet consumer needs
brand offer consumer delight. acne lifecycle.
and, at the same time, build our portfolio across
several categories. We undertake extensive sampling We added another brand to our digital Premium
Force for good and consumer education. We reached millions of Beauty Business Unit using the Agile Innovation Hub
Our consumers continue to be discerning, seeking households to drive awareness, educate consumer platform. The brand ‘Find Your Happy Place’ offers four
authentic products that not only deliver superior about our products, and generate trials. Our efforts mood-transforming experiential bath and body ranges
performance but are also good for people and the in market development, over the last decade, have that include moisturising shower gel, bath scrub, bath
planet. We addressed the evolving consumer needs helped us create new segments. For instance, in salts, candles, body lotions, and body butter. Each of
with on-trend innovations. Home Care, our liquids portfolio doubled in the last 3 the four fragrance families has been specially designed
years and crossed ₹3,000 crores turnover. We are de- to appeal to Indian sensibilities—all of them rekindling
Our premium Hair Care brand TRESemmé launched
seasonalising Ice Cream through targeted innovations a memory of one’s favourite place, person or feeling.
its Pro Pure range in the clean beauty space. Love
and activations around festivals. Through Lakmé
Beauty and Planet expanded its portfolio with new At the same time, we are extensively using digital
Fashion Week we continue to build brand salience and
offerings in Vegan and Cruelty-free beauty. Taking marketing and influencer campaigns to reach out to
drive latest beauty and fashion trends with consumers.
its strong ayurvedic credentials to newer formats, our hyperconnected consumers.
As a result, our market development initiatives
Indulekha launched hair serum and mask. Surf excel’s
contributed over ₹10,000 crores to our turnover in FY’23.

latest innovation Matic Power Concentrate helps
reduce plastic consumption by halving the per-wash Indian consumers are becoming increasingly conscious
laundry dosage. Expanding our offerings in the positive
nutrition space, we introduced Millet Chocolate
Horlicks and Kissan Hazelnut Choco Peanut spread.
of holistic health and nutrition. We entered into the
fast-growing Health and Wellbeing category through
strategic partnerships with two young science-backed
>25%
Digital media contribution
brands: 'OZiva', and 'Wellbeing Nutrition'. to total media spends
Over the years, our brands have stood with a social
purpose and created an emotional connect with our
consumers. Be it the ‘Swad apnepan ka’ campaign

58 59
Customers To get our products to consumers across the country,

we partner with a diverse set of customers, including
landscape. We are strengthening our distribution
advantage and fostering a connected and future-fit
rapidly led out of customised innovation and strong
partnerships with customers. We also focused on
traditional distributors, modern trade partners, ecosystem by building competitive moats across the creating capability in performance marketing to build
This year has been a time of digital commerce platforms as well as thousands of three pillars of demand capture, demand fulfilment and grow our brands digitally.
revival post Covid. While our neighbourhood retailers. Our relationship with our and demand generation, enabled by digitalisation of
customers is built on strong pillars of trust and mutual operations and data driven analytics. Our D2C business has grown to
lives adjusted to the ‘new
1.2 Mn
interest. In traditional distribution channels, today
16 brand.com websites and we are
normal’, our business and we foster relationships with even third and fourth
generation of families, some of whom have been our serving consumers across more
customers experienced a customers for 50+ years. than 19,000 pin codes in the country.
paradigm shift. Each element Retail outlets use our Leveraging our multi-brand D2C
Of the 11 million retail outlets present e-B2B app Shikhar
platform, UShop, we are also actively
of our customer development in the country, we sell our brands collaborating as a participant in Indian
value chain embraced through around 9 million outlets.
Shikhar is used by 1.2 million retail outlets allowing
them to place orders directly with our distributors Government’s initiative Open Network
technology, becoming data We reach over 2 million outlets anytime. We have partnered with banking and financial for Digital Commerce (ONDC) to
and digital driven. Today, directly through our network of institutions to unlock low-cost, no-hassle credit for
our retailers. By providing convenience of ordering
democratise digital commerce.
3,500+ traditional distributors.
we are more customer and anytime, choice of assortment, and capital unlock
The pharma and beauty channels offer a strategic
shopper-centric than ever We have always been at the forefront in understanding
for retailers, Shikhar promotes repeat-orders with
assured, reliable, and quick service. This enables our
growth opportunity for operating in the more premium
and help our partners deliver emerging channels of future and engaging early with
customers to partner and win competitively.
distributors to win in the disruptive e-B2B environment.
and specialised Health and Beauty segment. We plan
to invest in route-to-market and in-store execution
4G growth—Consistent, Leveraging Shikhar’s reach in general trade, we are
using intelligent models to analyse retailer order
interventions in these channels. We continue to engage
Competitive, Profitable and Evolving distribution landscape history and associated external trends to plan for
with medical professionals and build advocacy for our
brands through Expert channel. The capabilities we
Responsible. Over the last few years, the distribution landscape has
undergone significant disruption-led by technology
customised retailer centric activations. Further, Shikhar
complements our distributor sales representatives
are building in Expert channel will also be utilised to
drive synergies in our latest M&A actions in health and
and process changes. (DSR) ecosystem by unlocking time from routine order
wellbeing space.
capturing activities and enabling them to focus more
Traditional trade has seen a on market development and innovation agenda.
Selling with purpose
resurgence with the neighborhood With the aim to provide best-in-class fulfilment service
We now empower over 1.9 lakhs women entrepreneurs
kirana stores back at the forefront to the retailers, we are partnering extensively with
through our Shakti programme. We not only continue
our customers to enable next day order servicing. Our
of growth. to enhance the livelihoods and promote financial
next generation fulfilment solutions are customised to
independence of these rural women, but also upskill
handle varying complexities of operating environment.
However, the traditional trade distribution landscape is them on various social and digital outlines to remain
being altered by e-B2B players and solution providers. We are adopting the approach of decoupling order future-fit. Our self-ordering retailer app, Shikhar,
At the other end, e-Commerce has seen heightened capturing and fulfilment actions at distributor being used by 50% of Shakti Ammas currently, is a
growth on the back of convenience and wider choice points and utilising our technology solutions to testimonial of the digital advancement made through
offered to the shoppers. Modern trade players are drive customer efficiencies and profitable growth. the upskilling efforts of our Rural Sales Promoters
also expanding into other sectors (pharma, fashion, Samadhan and Shikhar together provide end to end (RSP). Shakti Ammas also act as agents of social
etc.) while parallely building a seamless omni-channel seamless purchase journey for our retailers. Further, change influencing nutrition, waste recycling and
experience. As consumers increasingly become more in medium and small cities, we are using our logistics hygiene aspects through dedicated trainings on health
discerning, there is an explosion in offerings across expertise and excellence to enable our customers to and nutrition.
categories, addressing niche opportunities. With this run operations efficiently.
Through our Ahilya initiative, we aim to create equal
changing landscape, it is imperative that we build a
We continue to collaborate with our organised retail opportunities for women to join our frontline General

growth-focused, future-fit Customer Development
and digital commerce customers to create growth Trade salesforce. Under this programme, women
organisation while keeping shoppers and customers at
plans based on shopper centric innovations and sales representatives are trained on various sales and
the core of our strategy.
activations. The joint-business planning process promotion aspects to succeed in their jobs. In 2022,
enables creation of Design-for-Channel packs, we crossed 1,000+ Ahilyas in our Distributor Sales
Partnering for growth customised activations and shopper-soulmate led Representatives (DSR) network, uplifting the livelihoods
Distributor-inclusive digital transformation is one of our market development activities across Modern Trade and promoting financial independence of women and
key enablers to win in this rapidly evolving distribution channel. Our e-Commerce business continued to grow their families across the country.

60 61
Suppliers and Agile and resilient supply chain

We have an extensive supply chain network of
business partners 29 owned factories and 50+ manufacturing partners
that manufacture our products using materials and
Our focus remains services of over 1,300 key suppliers. In a year, we
manufacture over 65 billion units, which are distributed
on ‘Delivering Today through our 32 distribution centres to over 3,500
and Transforming for redistributors who in turn take our products to around
9 million retail outlets. Over the years, our supply
Tomorrow’ by accelerating chain has been a source of significant competitive
digital transformation in advantage for us be it in terms of ensuring highest
standards of quality, providing reliable customer
end-to-end supply chain to service, leading benchmarks in costs or driving our
drive Superior Availability, sustainability agenda forward.
Superior Value, Superior As we continue to navigate through the challenging

external environment marked by global supply chain
Product, and Superior care disruptions from two years of pandemic and the
for people and planet while geopolitical conflict in Europe, we are also rewiring our
supply chain to remain future-fit. Our supply chain is
ensuring safe operations. becoming further agile, resilient, and sharply focused
Superior availability Superior value
on sustainability.
We continue to strengthen our resilience In this fiscal, FMCG industry witnessed
programme with our suppliers to ensure business unprecedented and widespread inflation, with
We are investing in capabilities
continuity and respond faster to rapidly changing prices of many commodities hitting their decadal
and deploying the most advanced consumer needs. While creating strong resilience highs all around the same time. During this period
technologies with a vision to make our for high-risk materials, we are also localising of high inflation and uncertainty, we leveraged
supply chain ‘deliver growth today and sourcing of many of our raw material and Unilever’s global scale and expertise, to secure
packaging materials. availability whilst driving cost competitiveness.
transform for tomorrow’.
On manufacturing side, we have further increased Further, we drove continuous improvement
Our focus is on: our production frequency for a quicker response to projects across the width of supply chain by
the changing market demand. driving better efficiencies and improved utilisation
Superior Availability of our assets.
with end-to-end agile and
In order to cater to the need
resilient value chain
for niche premium products, With Nakshatra—our
Superior Value we have setup seven Nano supply chain transformation
to drive competitive and
factories—these are fully project—we are creating
profitable growth
functioning, mini production a more efficient, future-
Superior Quality
lines that house everything fit manufacturing and
products for the
consumers we need to produce a batch distribution network.
Superior Care
of final products.

for people and planet by making These nano factories enable us to manufacture
sustainable living commonplace niche products in a much more agile manner
without impacting our cost efficiency. With our
The end-to-end digital transformation latest demand planning and forecasting tools,
we now operate in a dynamic manner, significantly
of supply chain and purpose led
shortening planning cycles to respond real time to
partnerships will enable us to create a market demand fluctuations.
future-fit supply chain.
All figures for HUL including subsidiaries

62 63
Suppliers and Enabled by digital transformation
business partners Rapid digital transformation in the consumer
and customer landscape requires our supply
chains to be at the forefront to be able to serve
their changing needs. Our supply chain is moving
forward on a holistic digitisation journey across
plan, source, make, and deliver leveraging the
power of data, technology, and analytics.
Our digital planning strategy aims to provide

predictability, enable optimisation, and drive
image to come agility of our planning decisions in the face of
emerging demand fluctuations. In sourcing,
we are using digitisation to enable right price
discovery, competition analytics for value unlocks,
better traceability, and compliance tracking.
We are deploying end-to-end digitisation in our

Partnering with purpose factories. One such example is our factory in
Our supply partners are key to us achieving our Dapada, which became the first manufacturing
ambitious goals on protecting nature, reducing site in Indian FMCG industry to join the World
carbon emissions, improving diversity and inclusion Economic Forum’s (WEF) Global Lighthouse
Superior product Superior care for people and planet while staying competitive. Through our Partner with Network as one of the world’s most digitally
Product superiority has been one of the In 2021, we announced our renewed goals towards Purpose programme, we are working with thousands advanced factories. The factory also joined
cornerstones of our strategy to win in the improving the health of our planet. We are of enterprises on a path of mutual growth while World Economic Forum’s (WEF) Sustainability
competitive environment. working towards delivering the transformation doing good for people and planet. For instance, we Lighthouse network, becoming the first in India
needed on Plastics, CO2 emissions, Water, and have partnered with ‘Tuticorin Alkali Chemicals and across industries to get this coveted recognition.
We have significantly Nature. We have collected and processed more

plastic than we use in packaging our products in
Fertilisers Limited’ to source Soda Ash using carbon-
capture technology. In case of agricultural products
We have moved forward significantly on
our warehousing digitisation journey. At
invested in our products, calendar year 2021 and 2022. Further, our aim is like Tea, Coffee, Tomatoes, Dairy, and Cereals, we our Samadhan warehouse in Chennai, the
using the best of science and to use 100% reusable, recyclable, or compostable
plastic packaging by 2025. We are on track to
are working with thousands of farmers in improving
yields, introducing regenerative agriculture practices
operation is executed in a paperless manner
with real time decisions enabled by Internet of
technology to drive product create deforestation-free supply chain for our and improving transparency, that not only would Things (IoT) devices and intelligent Warehouse
superiority and are getting agriculture inputs. In 2022, 82% of Tomatoes and
69% of tea procured were sustainably sourced.
help us in creating capacity for future growth but also
have a positive social impact on the farmers. We are
Management Systems.
a good response from our With our Prabhat programme, we reached nearly also improving our supplier diversity by inviting more
consumers. Our blind tests 9 million people in the last 9 years across our
factory locations to improve livelihood, health,
women-led and diverse businesses to work with HUL.
indicate that we now have nutrition, and environment of communities

Our Responsible Partner Policy (RPP) and its
Fundamental Principles embody our commitment to
2X more superior products near our factories.
responsible, transparent, and sustainable business.
compared to 3 years back. In our ambition to be a gender-balanced

organisation, our factories have embarked
Launched at end of 2022, the RPP replaces both
our 2017 Responsible Sourcing Policy (RSP) and our
on a journey to employ more women on the 2017 Responsible Business Partner Policy (RBPP). It
To remain best-in-class on quality indicators, we
factory shopfloor. is designed to build more resilient businesses by
have set a holistic quality strategy and are driving
moving beyond a compliance model to a continuous
robust processes for manufacturing in-house as
well as through our co-manufacturers. We have employed over improvement process. We verify alignment to and
achievement of our RPP’s Mandatory Requirements
We continue to drive insights with our business 850 women on the shopfloor and Mandatory Management Systems through the
teams to move further on product superiority,

alongside building digital capabilities, end-
and are working towards use of self-declaration, due diligence scanning, online
assessments, and independent verification by third-
of-line interventions and predictive quality building a more inclusive party audits in high-risk sites. For suppliers of key
in manufacturing.
culture and infrastructure for agricultural materials, our requirements are defined
in Unilever’s Sustainable Agriculture Code (SAC) and
women employees working accompanying Rules. We are fully compliant with
on shopfloor. minimum wage across our network. As a part of RPP,

we are working with our partners to progressively
transition towards living wages by 2030.
All figures for HUL including subsidiaries
64 65
Our people Our people are fundamental to our

success as an organisation. We believe
Our people are our that building a culture that fosters
biggest asset, and as our high performance and engagement,
while empowering employees to
business transforms, we be the best version of themselves,
will accelerate growth and is key to achieving sustainable and
value-creation by creating inclusive growth.
a future-ready workforce.
Health, wellbeing and safety of our
Building end-to-end employees, their families and the
skills will be our biggest people in our extended value chain
differentiator, and we are continue to be our topmost priorities.
committed to upskilling Equally, as an employer, HUL takes the
100% of our workforce on responsibility to proactively invest in
capabilities to upskill our people and
capabilities of the future. make them future-fit.
Wellbeing for all Champions to guide our employees to appropriate

Safety at work Alongside safety at work, supporting our people’s resources on any mental health-related issue.
physical, mental, and emotional wellbeing has Our group of experienced and well-trained medical
We remain strongly committed to the safety of our
been an organisational priority. We aspire to add professionals are committed to maintaining a safe
people and contractors who work with us at our sites.
and healthy working environment. For instance,
Our safety and health-management system is based healthy years to the lives of our people through
targeted interventions. all employees can benefit from periodic health
on the principle of plan, do, check, and act. Credible
evaluations for health issues, access to market-leading
risks are evaluated at every stage of the process, and
medical care, and a host of other support facilities.
adequate actions are taken to mitigate the risks. Safety ‘Healthier U’ is our programme that
Company’s Employee Assistance Programme (EAP)
incidents are reported, investigated and lessons learnt empowers employees to develop and delivers support 24X7 in local languages and is
are communicated widely within the organisation. This
sustain healthy lifestyle choices. accessible via telephone, text, or webchat.
is underpinned by continual improvement objectives
and periodic reviews through our safety and health Our sustained and focused efforts were reflected
The programme helps employees look after their
sub-committees, each headed by a Management in our annual employee survey UniVoice, with 85%
physical and emotional health by enabling them to
Committee member. office-based employees and 98% factory employees
understand their motivations towards a healthier
sharing their belief that the Company cares for
A robust safety - audit mechanism is in place to lifestyle, evaluating their health profiles, and planning
their wellbeing.
verify compliance to internal standards as well as effective interventions.
statutory requirements. A safety culture is promoted by
In 2022, we trained 433 employees to act as first
undertaking behavioural interventions at all levels and
responders to their colleagues suffering from mental
disseminating the importance of safety as a personal
health issues. We now have over 900 Mental Health
value. A comprehensive emergency response plan
and related facilities are maintained at all sites, and
employees are trained to respond accordingly.
85% 98%
Our Total Recordable Frequency Rate (TRFR)1 was
>900

0.27 accidents per million hours worked in FY’22-23 as
compared to 0.38 in last fiscal year.
Mental Health Champions trained to act as Office-based Factory
first responders to their colleagues suffering employees employees
from mental health issues
1 Our Lost Time Injury Frequency Rate (LTIFR), that is injuries per million hours
Employees believe that the Company
worked. It counts all ‘lost-time’ safety injuries, which means injuries that
keep people away from work even for one day. The LTIFR for office-based cares for their wellbeing
employees is 0.0 and 0.13 for factory-based employees

66 67
Our people
Employer of choice Future-fit capabilities and Equity, diversity and inclusion
We continued to strengthen our employer brand leadership edge We continue to progress on our Equity, Diversity,
and were once again ranked #1 employer of choice1 We have created a culture of continuous learning and and Inclusion journey. In 2022, we strengthened our
across sectors. We have constantly been rated as the building future fit capabilities for our people. We are overall engagement in gender diversity. We have been
preferred employer for women in 2022 and 20232 . We making systemic shifts in our skill mix by upskilling investing in the capabilities of our business leaders and
have revamped our employer brand strategy to be our shopfloor employees and moved closer to our HR practitioners to support equity advocacy, diversity
more diverse, more digital and more data-led in our ambition of having more than 50% of our shopfloor awareness, and psychological safety in their teams.
selection. We are making conscious shifts in the talent employees technically skilled. In 2022, we launched We want to be a workplace where everyone feels they
we attract by actively seeking entrepreneurial, digital SkillUp as the first ever digital future-fit capability and belong and are able to thrive. This means creating an
and STEM (science, technology, engineering, and talent development platform for our frontline sales inclusive culture free from the barriers that limit people
mathematics) skills. employees. Our 2,000+ frontline workforce completed in reaching their true potential.
Our flagship Unilever Future Leaders Programme a holistic skill-assessment on 8 future-fit sales skills Our women representation in the managerial
(UFLP) has been the training ground for many inspiring through a rigorous online diagnostic. population stands at 40% as on March 2023. Currently,
leaders across HUL and Unilever. It provides extensive In addition to raising the bar on digital skills of our own many of our functions such as Marketing, R&D, Legal,
cross-functional experience through live projects employees, we have initiated industry first practices for and Human Resources are gender-balanced. We have
and assignments. creating a wider ecosystem of digital talent with over also taken decisive steps to improve gender balance
300 candidates (including 120 women). For instance, in our frontline sales force and outer-core (3rd party
Driven by the ‘leaders build leaders’ Digi Pivot – an exclusive venture between HUL, Google and distributor-led workforce). Through project Ahilya,
our focus is to create equal opportunities for women to
philosophy; we have sustained an and ISB is targeted towards upskilling over 100 women
on digital marketing. Through our pathbreaking join frontline sales roles, which have traditionally been
environment where people are a male bastion. Today, the Ahilya community consists
partnership with UpGrad and IIIT Bangalore, we have
empowered with big responsibilities built a pipeline of expert talent on data science roles. of over 1,000 women and is gaining momentum across
early in their career and are able to We have also launched an exclusive and aspirational the country, with the aim to build a truly diverse and
inclusive sales frontline.
constantly experiment with the right DigiCommerce stream within the UFLP, through
differentiated selection process and investments in Future of work
guidance and support. Equally, we are making progress to improve
masterclass simulations. We are also accelerating representation of women on the factory shopfloor with We are transforming how we work at HUL
external immersions and conducted ‘Inspire Learning the addition of over 850 women across our factories. by introducing more flexible and agile ways
Along with attracting the best talent, we have
Week’ with 10,000+ hours of digital learning. We are building our first gender-balanced site in of working that unlock capacity and help
continued to invest on retaining and ring-fencing
our top talent with differentiated careers and We have stepped up investments to further strengthen Sumerpur and have made significant progress to build individuals find a meaningful and balanced
rewards. In a resurgent talent market, our our leadership edge through our ‘Leading the Unilever 40% women representation by FY’23. We have built a way of working. Our hybrid ways of working are
voluntary attrition continued to be well below the Way’ programme. It encourages leaders to live our conducive work culture and made systemic investments anchored around the employee context and
FMCG industry benchmarks. 3 Standards of Leadership so that we can create a on infrastructure such as unlocking 3-shift working, have flexibility at the heart. We have further
culture that is human, purposeful and accountable. gender-sensitisation workshops, hostels, creche, safe, strengthened our high engagement levels1 –
#1
To support our people to unlock their personal and hygienic washrooms, to build a truly inclusive 86% in offices and 97% in factories – which places
purpose, and contribute to work they find meaningful, frontline in our factories. By 2026, our ambition is to us in the top quartile for employee engagement
we launched ‘Discover Your Purpose’ movement. have 10,000 women in our sales outer core and by compared to industry benchmarks.
Employer of choice across sectors1 Over the past 3 years, 16,000+ employees across our 2025, we aim to have 1,500 women on shopfloor. In
To have access to diverse skills and talent pools
offices, factories and salesforce have been part of 2022, through the levers of attraction, accessibility,
with speed, we are experimenting with new
these workshops which helped them find their purpose. and awareness, we built a base of 70+ People with
employment models viz. Open2U—for ready
Disabilities (PWD) talent with the right job mapping,
access to differentiated skills through a network
2,000+
One of the Best Organisations and our ambition is to have 5% of our workforce
of 1,000+ expert gig-workers—and U-Work —
for women in 2022 and 20232 comprising PWDs by 2025.
to enable our employees to flexibly work on
assignments through a dip-in-dip-out approach.
Frontline workforce completed a holistic
>1,000

skill-assessment on 8 future-fit sales skills through
40%
a rigorous online diagnostic
Ahilyas
Engagement levels
93% across our offices and
16,000+
1) Based on brand perception study by InsideIIM at target
B-schools in Aug-Sep 2022
2) Recognised by the Economic Times as one of the Best Women in managerial
>850 factories
Organisations for Women
population Women on Shopfloor
3) Based on Aon India’s 28th Annual Salary Increase Survey
2022-23 Phase Employees across our offices, factories, and sales
The values indicated above pertain to HUL and its subsidiaries have been part of ‘Discover Your Purpose’ workshops 1) Data from our Annual Employee Survey - UniVoice
68 69
Planet and society Climate action

We are committed to taking steps to collectively and
As a purpose-driven positively impact climate change.
Company, we recognise that To reduce our carbon footprint, we are investing in

new technologies, switching to renewable sources,
a healthy business can only and innovating to transform factory operations. As
prosper in a healthy planet a result, the total energy consumption per tonne of
production from our factories has reduced by 44% over
and society. Sustainability is 2008 baseline. At the same time, we increased our
key to us and the Compass renewable energy footprint by installing additional

solar plants at Chhindwara, Orai, and Haridwar, and
business strategy outlines we are adding four windmills in Nashik manufacturing
goals across key pillars of units. The total capacity of solar and wind energy in our
factories is now 20MW (megawatts).
environment, health, and Through various decarbonisation initiatives and
wellbeing and social inclusion. the introduction of biodiesel in operations, our CO2 Structural changes across manufacturing and In 2022, 82% of tomatoes and over 69% of tea were
emissions have now reduced by 97% per tonne of distribution network ensure higher operational sourced sustainably. By the end of 2022, 100% of
production over 2008 baseline. To know more visit efficiency and fuel-efficient technology usage. We are the chicory was sourced sustainably, and all the
https://www.hul.co.in/planet-and-society/climate- leveraging the work done by Unilever R&D to provide chicory farmers supplying to us were covered under
action/ consumers with sustainable products that reduce the Unilever Sustainable Agriculture Code. We
carbon footprint. are working with more than 1,20,000 smallholder
44%
farmers in our tea, tomato, and chicory supply chain
We have been making efforts towards reducing
to impart knowledge and expertise on sustainable
freshwater abstraction, implementing captive
agriculture practices.
rainwater harvesting, and maximising the
Reduction in total energy consumption per tonne use of RO plants. As a result, there has been We realise that businesses need to play an important
of production from our factories over 2008 baseline significant reduction in the use of water in our role not only through their operations but also through
manufacturing processes. strategic interventions for a greater positive impact on
the planet. Through Hindustan Unilever Foundation
48%
(HUF), our not-for-profit subsidiary that was set up in
20 MW
2010, we aim to support and amplify scalable solutions
that can help address India’s water challenges —
Reduction in water usage (cubic meter per specifically for rural communities that intersect with
Total solar and wind energy capacity tonne of production) over 2008 baseline agriculture. Till date, HUF, along with its partners, has
in our factories delivered a cumulative and collective water potential
of over 2.6 trillion litres through improved supply and
Protect and regenerate nature
demand water management.
97%
Nature is vital to our business, and we have devised a
focused strategy to protect and regenerate the land, CSR To know more about HUF’s initiatives, please refer page 98
forests, and water systems that we rely upon.
Unilever has been at the forefront of driving industry- Our efforts to protect and regenerate
Reduction of CO2 emissions per tonne
of production over 2008 baseline
wide change to ensure a sustainable future for palm nature will increase our capacity
oil. It is one of the major raw materials, and we are
to reduce Greenhouse Gas (GHG)
committed to procuring a sustainable supply of palm
We are committed to achieve oil for our products. emissions, increase biodiversity, and

net-zero emissions from sourcing protect water systems, within and
We have a plan to ensure that the palm oil we buy is
to point of sale for all our products not only sustainably sourced but deforestation-free. beyond our own value chain.
and have been taking steps to help We’ve committed to achieving a deforestation-free
reduce greenhouse gas emissions supply chain by 2023.
across our value chain.
All figures for HUL including subsidiaries All figures for HUL including subsidiaries

70 71
Planet and society
Waste-free world Positive nutrition Health and wellbeing
As the leading
We are committed to create a waste-free future We believe that everyone, everywhere should have We recognise the importance of good hygiene and
and are already taking preventive measures by access to nutritious food that is also affordable. We sanitation for people’s health and wellbeing. Through
FMCG Company in
implementing the reduce-reuse-recycle model. are continuously working to improve our products to our brands, we have been addressing the challenges
Significant progress has been made across all our help people transition towards healthier diets through people face in maintaining health and hygiene.
ambitious goals, including reducing use of virgin foods that deliver positive nutrition. We have doubled
India, we remain
For instance, our Lifebuoy handwashing behaviour -
plastic by rethinking packaging designs, materials, and the number of products sold that deliver positive
change initiative helps in promoting the benefits of
business models. For more information on how we are nutrition. By the end of 2022, 67%1 of our portfolio met
committed to
handwashing with soap at key times during the day
creating a waste-free world, visit https://www.hul.co.in/ WHO-aligned nutritional standards and 50% of our
and encouraging people to adopt and sustain good
planet-and-society/waste-free-world/. Foods portfolio helped consumers reduce their salt
handwashing behaviour.
creating a waste
intake to no more than 5g per day.
In calendar year 2022, we collected and processed over
In 2020, Lifebuoy, launched the award-winning
1,00,000 tonnes of plastic waste, that is more plastic Additionally, 100% of our Ice Cream products have less
free world and are

‘H for Handwashing’ campaign, and this year, children
than we use in packaging our products. than 250 kcal and no more than 22g total sugar on a
became the torchbearers of this movement. Children
per serve basis.
In order to create a plastic waste circular economy, we were nominated as H for Handwashing Chief Education
recognise the imperative need for behaviour change.
To advocate and create awareness in the area of
actively working We have launched products that further bolster our
commitment to positive nutrition such as Kissan
Officers who would help create a real impact by
teaching handwashing habits to thousands of other
waste management, we have partnered with Xynteo
India Private Limited and United Nations Development with our partners Hazelnut Choco Peanut spread that is an excellent
source of Protein, and Millet Chocolate Horlicks with a
school children.
We have been continuously taking steps to improve

Programme (UNDP). For instance, a curriculum called unique blend of four millets that are natural sources of
people’s health and wellbeing through strategic
‘Waste No More’ developed by us in partnership with Calcium, Iron, Protein, and Fiber.
initiatives. For instance, our Swasthya Curriculum
Xynteo, aims to create awareness and drive behaviour
teaches children in classes 1-5 the importance of
change on waste segregation and recycling among
adopting four key habits of having a nutrition-rich
school children.
meal, washing hands with soap, drinking safe water,
and using clean toilets, over a 24-day period.
The programme ‘Waste No More’
To address the challenges of accessibility to proper
has reached out to more than
sanitation in urban areas, we pioneered the ‘Suvidha’
92 lakhs students through direct centre a first-of-its-kind urban water, hygiene and
school interventions and 27 lakhs sanitation community centre. It was first set up at
children digitally. Ghatkopar, one of the largest slums in Mumbai.
Along with UNDP, we have set up end-to-end waste Till date, we have established 12
management projects in Mumbai, right from collection Suvidha centres in Mumbai along with
to segregation and recycling, including behaviour
our partners, that provide access to
change. The plastic waste management programme
at Swachhta Kendras currently active in four wards safe sanitation to over 3 lakhs people.
in Mumbai, reaches out to more than 1,00,000
households for collecting and segregating dry waste To ensure sustainable impact, we have also been
and has onboarded more than 1,000 Safai Saathis. implementing an extensive behaviour change
programme around the Suvidha Centres to encourage
For more information on our plastic waste people to adopt safe hygiene and sanitation habits,
CSR
management initiatives, refer page 101 and nutritional practices to reduce the scope of illness
and create good health outcomes for the families.
We recognise that there is still a lot more work to do
CSR Learn more about Suvidha initiative on page 99
as the challenges faced are industry-wide primarily

driven by lack of collection, segregation and recycling
infrastructure, and the need for behaviour change.
>1,00,000 Tonnes
plastic waste processed in 2022
All figures for HUL including subsidiaries 1 Excluding salt business
72 73
Planet and society
Equity, diversity and inclusion Future of work
We believe that driving equity, diversity, and inclusion We are taking several actions to ensure a
makes the business stronger and helps in building a future-ready work space and are committed to
fairer, more inclusive world. We have made significant reshaping the employment landscape.
progress in improving gender balance in our
managerial workforce and are now looking at inclusion For example, the Glow & Lovely
across all levels including in the frontline. Careers online initiative is designed
to help women create an identity
Project Shakti that aims to financially for themselves by providing them
empower and provide livelihood with career guidance, skill-based
opportunities to women in rural India courses, and information about job
is now over 1.9 lakhs women strong. opportunities.
We have been imparting continuous training to these Human rights
Shakti Ammas to become future-fit. In fact, more than
Respecting Human Rights is a non-negotiable for your
half of these women entrepreneurs in deep rural India
Company. Our Respect, Dignity, and Fair Treatment
are now using our e-B2B app, Shikhar to place their
orders with us. Raise living standards Code Policy sets the base for what our employees
deserve and what we must do to uphold our culture.
We strive to ensure fairer wages and access to
Our Code of Business Principles (CoBP) seeks to
CSR Know more about HUL’s Shakti initiative on pages 99 and 100 opportunities to all across our value chain and are
uphold and promote human rights in its operations,
focused on providing the right opportunities for talent
in relationships with business and partners, and by
We are also focused on driving equity in communities across the country.
working through external initiatives such as the United
in which we operate. For instance, this year, we have
Prabhat, our community-development initiative, since Nations Global Compact. From providing fair wages to
partnered the renowned cricket-coaching academy,
the last nine years has been contributing to a fairer, eliminating discrimination and harassment to building
Coaching Beyond to help reduce barriers that come
more socially and environmentally inclusive world safe workplaces to reducing excessive working hours,
in the way of budding women cricketers and support
through its initiatives. Through Prabhat’s 18 livelihood we aim to build the right foundation of a socially
them to excel in the sport. Through the Kwality Wall’s Through the Trustea programme,
centres, women and youth are trained on vocational inclusive world where everyone matters - right from
mobile-vending initiative ‘I am Wall’s’, we have
skills and entrepreneurship development, making the smallholder farmers who help source ingredients, we provide access to small
provided entrepreneurship opportunities to ~12,600
them future-fit. Nearly 1,10,000 people have been to distributors and everyone who works with us. We holder farmers on formal
people including 250 persons with disabilities across
India. Know more about our initiatives on inclusion
imparted skill development and training through adhere to Unilever’s approach to human rights, and our training opportunities in
Prabhat’s livelihood centres and almost 65,000 people CoBP upholds the principles of human rights and fair
here https://www.hul.co.in/planet-and-society/equity- sustainable practices focused
have secured employment. treatment. The Code also conforms to the International
diversity-and-inclusion/.
Labour Organisation (ILO) principles. on the environment, safety, and
To ensure that rural India has proper access to
livelihoods.
~12,600
nutrition education, pre-school activities, and more
through anganwadis, we, through Prabhat, support
the renovation of infrastructure in anganwadis across The principles of
human rights are
people were provided locations. To know more about how we are working
with entrepreneurship towards raising living standards, visit https://www.hul.
followed in the
opportunities co.in/planet-and-society/raise-living-standards/.
~1,10,000 same spirit within

People have been imparted skill
and outside the

development and training through
Prabhat’s livelihood centres
organisation when
engaging with
~65,000
To know how we are reshaping
Our People
the future of work, refer pages 66 to 67
business partners. You can also visit https://www.hul.co.in/planet-

People have secured and-society/future-of-work/ to know more.
employment To know more about our policies, visit https://www.hul.
co.in/planet-and-society/respect-human-rights/.
74 75
Shareholders Strong outperformance in a challenging we are contemporising our brands through superior
products and purposeful communications to grow
Skin Care, we expanded our portfolio into hydration,
sun-care, anti-ageing, and holistic glow. We have also
environment
our consumer franchise. We continue to increase our launched Novology - a masstige beauty brand in the
Our clear and compelling We delivered another year of solid all-round corporate market share. Derma Therapeutic space. The brand includes clinically
strategy enables us to deliver performance. Our turnover at ₹58,154 crores grew
16% with an underlying volume growth of 5%. Growth We are driving premiumisation and creating
proven range of solutions created with experienced
dermatologists to solve persistent skin concerns.
consistent, competitive, was significantly ahead of the market with more categories of the future through our proven model of
market development. This year, we reached millions Driving our positive-nutrition agenda, we launched
profitable, and responsible than 75% of the business winning both value - and
volume-market shares. On the bottom-line, net profits of households through our consumer-connect Kissan Hazelnut Choco Peanut spread that is an
growth, driving long term increased by 13% to ₹9,962 crores. Our Earnings per programme to drive awareness, educate them about excellent source of Protein, and Millet Chocolate
our products, and generate trials. Over the years, Horlicks with a unique blend of four millets that are
value creation for our Share (EPS) at ₹42.4 grew 13%.
these efforts have helped us create a significant natural sources of Calcium, Iron, Protein, and Fiber.
shareholders In a challenging environment, marked by
unprecedented inflation and significant slowdown
portfolio, which did not exist a decade ago, and now,
In Home Care, we are making good progress on our
contributes over
in market growth, we dynamically managed our ambitious ‘Clean Future’ journey. We have launched
₹10,000 crores to our turnover in FY’23.
business to grow the consumer franchise and protect Surf excel Matic concentrate liquid that provides
our business model. We focused sharply on driving In line with our strategic intent to enter the fast- powerful cleaning with half the usual dosage. We are
savings harder across all lines of the P&L, ensuring growing demand spaces, we forayed into the ‘Health working towards the goal of net-zero emissions from
right price-value equation for our consumers and and Wellbeing’ category through strategic investments our products, and are exploring opportunities for
investing competitively in our brands and in building in two young science-backed brands ‘OZiva’ and soda ash, which is a key raw material for our laundry
future-fit capabilities. ‘Wellbeing Nutrition’. We see immense potential in products using carbon capture technology.
these brands and are excited to partner them to scale
Keeping in view the strong performance, your Directors We have setup an Agile Innovation Hub that helps
the business further.
are pleased to recommend a final dividend of ₹22/- per us spot consumer trends, translate ideas into
equity share of face value of ₹1/- for the year ended During the year, we sold our non-core businesses of prototypes with digital simulations and enables real
31st March, 2023. Together with interim dividend of atta and salt carried out under the brands ‘Annapurna’ time consumer feedback. Through this, we have been
₹17/- per share, the total dividend for the financial year and ‘Captain Cook’ to focus on driving our growth able to significantly reduce time of our innovation
ended 31st March, 2023, amounts to ₹39/- per share of agenda in packaged foods business. cycles. Our new digital-first brands Acne Squad and
face value ₹1/- each, an increase of 15% versus FY’22. Find Your Happy Place were launched using this
Winning with our brands as a force for cutting edge platform.
Our strategic priorities for 4G growth good, powered by purpose and innovation
Leading in the channels of the future
Our consistent, strong all-round performance is a Consumers are increasingly preferring trusted
testament to our strategic clarity, strength of our brands that not only deliver great products but also India’s retail ecosystem is undergoing a rapid
brands and capabilities, our execution prowess, and positively impact planet and society. Through focused transformation. While traditional kirana stores
most importantly, the determination of our talented initiatives, our brands are taking actions to improve continue to be the largest ecosystem for consumers to
purpose-driven people. people’s health and wellbeing. Lifebuoy continues access their brands, new-age digital platforms such
to build relevance of hygiene through its on-ground as e-Commerce, D2C, quick commerce, omni channel
We continue to make great progress on our strategic and e-B2B are scaling up at a fast pace. We are at
activation ‘H for Handwashing’. In its second year of
priorities – to develop our portfolio, win with the forefront of this retail evolution journey with a
‘Stop the Beauty Test’, Dove is urging society to look
our brands, lead in the channels of future, build clear focus on ensuring that our brands are available
beyond beauty stereotypes and celebrate every girl’s
differentiated structure, and capabilities. This, along wherever our shoppers are.
individuality and uniqueness. Clinic Plus is encouraging
with a strong focus on delivering our five Growth
mothers to raise stronger daughters through its ‘Meri Leveraging our Design-for-Channel approach we
Fundamentals, will continue playing a pivotal role
Beti Strong’ campaign. are designing products and organising our business
in achieving 4G growth, growth which is consistent,
competitive, profitable, and responsible. We leverage world class R&D capabilities of our parent for organised retail by collaborating with our
Company ‘Unilever’. Over 5,000 R&D professionals work customers and partners.
Developing our portfolio on breakthrough science and technology in our global Our e-B2B app Shikhar, is now used by 1.2 million

R&D Centres. Our marketing teams work with Unilever’s retailers allowing them to place orders online at their
We have a wide and resilient portfolio that spans
R&D team to create innovative brands and products convenience. Shikhar is also making strides in Project
across 16 FMCG categories. In more than 85% of our
for Indian consumers that are superior and sustainable Shakti where we tap into rural demand through
business, we are the market leaders.
while being cost effective. designated women entrepreneurs in every village
We continue to invest in building a future-fit portfolio called Shakti Ammas. Till date, we have onboarded
During the year, we landed impactful innovations
by strengthening our core, driving premiumisation, over 1,00,000 Shakti women on the app who are now
such as the expansion of our premium hair care with
and creating categories of the future through market able to place orders at their convenience and get HUL
products such as hair serums and masks. Similarly, in
development. In the core part of our portfolio, products in an easy and reliable way.

76 77
Shareholders
To augment faster demand fulfilment, we are Access to world class Brands, Technology, of comparable benchmarks. Further, there was a study
Customer Ecosystem
automating our warehouses. Our Samadhan and Services done to compare the proposed rates against that of
warehouse is a fully automated warehouse, which In our connected customer ecosystem, we have built listed Indian FMCG peers, which again demonstrated
HUL had a Royalty and Central Services arrangement
enables us to maximise next-day delivery. competitive moats across demand capture, demand that HUL’s royalty and central services rates are lower
with Unilever which was signed in January 2013 for a
fulfilment, and demand generation enabled by than the peer set as well.
We continue to partner with our e-Commerce and omni period of 10 years. This arrangement granted HUL the
digitisation. We now capture 30% of our demand
-channel players to expand our digital presence. We right to use Unilever-owned trademarks, technology, After taking into account (i) business requirements
digitally through our future-ready platforms of
have 16 D2C websites for our premium brands giving and corporate logo and gave access to central services of the Company, benefits received by the Company,
Shikhar app, e-Commerce, and D2C websites.
consumers a unique shopping experience. Through our provided by Unilever. The effective pay-out for this detailed evaluation and due diligence led by senior
This also enables us to do demand generation in
multi-brand D2C platform USHOP, we are also actively arrangement for FY’22 was c. 2.65% of HUL’s turnover, HUL Management, (ii) the royalty and central service
a disruptive way. Along with the front end, we are
participating in government’s Open Network for Digital comprising of (i) Trademark and Technology royalty of fee rates paid by similar FMCG peers, (iii) the external
wiring up our distribution backend to maximise
Commerce (ONDC) initiative. c. 1.65% and (ii) Fees for central services of c. 1%. consultant’s report showing HUL rates are competitive
next day delivery.
Over the course of the last decade, we received an within the benchmark range and (iv) approval and
Building differentiated increasing stream of benefits which have equipped recommendation of the Audit Committee, the new
structure and capabilities us to meet emerging consumer needs with agility royalty and central services arrangement effective
Operations Ecosystem from 1st February, 2023, was duly approved by the
FMCG industry is undergoing rapid transformation led and win in the marketplace. This is clearly reflected
Our supply chain is undergoing end-to-end in our strong performance where we have more than Board at its meeting held on 19th January, 2023
by digitisation in the country. Digital and technology
integration enabled through a Nerve Center doubled our turnover and improved EBITDA margins by and will be in force for a period of 5 years. Overall,
has led to fragmentation of consumer choice, new
approach. Our digital-planning strategy aims to around 850 bps. the contracts propose a staggered increase over a
channel shifts and the creation of service ecosystems.
provide predictability, enable optimisation, and period of 3 years from c. 2.65% to c.3.45% of Turnover
To be at the forefront of this digital transformation In view of the current agreement expiring with efflux of
drive agility of our planning decisions. We are using to enable HUL to absorb the increase without
journey, we continue to put a big thrust on leveraging time, Unilever had requested for a review of the current
digitisation in sourcing to create value unlocks. affecting investment:
technology and data-led decision-making. arrangement. A detailed evaluation and due diligence
Our digital factories will enable us to further
improve speed, cost efficiencies, and become led by senior HUL Management was undertaken. • 45 bps increase in effective cost for February
A few years back, we embarked on our more sustainable. We have setup 7 nano factories The Audit Committee was updated from time to time to December 2023
‘Re-Imagine HUL’ journey to create an that enable us to manufacture niche products on the progress of the evaluation and due diligence • 25 bps further increase in effective cost for January
exercise. The recommendations/suggestions of the
intelligent enterprise. Our ‘Re-Imagine in an agile manner. Collectively, this will result in to December 2024
improved customer service, better efficiencies, Audit Committee were duly noted and acted upon by
HUL’ programme is accelerating our the senior HUL Management during the course of the
• 10 bps further increase in effective cost
and reduced costs. from January 2025
shift from traditional linear value exercise. The Non-Executive Chairman and the CEO &
chain to a web of ecosystems across Managing Director of the Company recused themselves
Given that this was a related-party transaction, we
from all discussions relating to these transactions as
consumer, customer, and operations Data, Tech and Analytics ensured that the highest norms of governance were
they are members of the Unilever Leadership Executive
powered by data, technology, and At HUL, we treat data as an enterprise asset. and deemed to be interested in this matter. followed in addition to compliance with applicable
analytics at the core. To democratise data, we have built capabilities such regulations. In line with the provisions of the Listing
as Chanakya, which combines disparate sets of data Given the related party nature of the transactions, it Regulations, approval is sought from shareholders with
from trade, consumers, media, and financial data is important to establish that these transactions are respect to the services-related transactions. For more
This enables the development of modular
and helps analyse across multiple business levers. entered into on an arms’ length basis. Based on the details, please refer pages 360 to 365.
inter-connected capabilities that allow us to create
We have also built diagnostic and prescriptive advice of the Audit Committee, the Company engaged
a friction-less solution for superior experience We remain confident of continuing to deliver
capabilities like Jarvis which combine multiple levers the services of M/s. Deloitte Haskins and Sells LLP for
while improving agility and responsiveness Consistent, Competitive, Profitable and Responsible
to decode the performance and augment decision- conducting an independent benchmarking exercise of
across the business. (4G) growth and stay committed to our mid to long
making capabilities. Digital is no longer restricted to the contract rate of trademark, technology, corporate
logo royalty and fees for central services in our industry term guidance of double-digit EPS growth despite the
each function nor is it an experiment; it has become
between unrelated parties. The benchmarking was increase in rates without any impact on our ability
the way of working in HUL.
conducted at an element level i.e., individually for to invest in growing our business. The new contracts
Consumer Ecosystem trademark royalty, corporate logo royalty, technology ensure continued benefits that HUL has been receiving
‘Winning in Many Indias’ has been the cornerstone
Our connected consumer ecosystem is designed royalty and central service fees by comparing like to from Unilever in terms of a steady stream faster
of our strategy. Looking at the diverse nature of our

to cater to every stage of the consumer journey, like contract rates for each element. The benchmarking innovations, superior products and technology, greater
country, we have deaveraged India into 16 consumer
from insights to innovation, to deployment, to exercise showed that the current and proposed rates expertise, and enhanced services which will equip HUL
clusters. This brings us close to the consumers, allowing
awareness and to final purchase decision. We are are competitive (at or below median) within the range to continue to win in the marketplace.
us to capture insights at a granular level. With the help
using Agile Innovation Hub to land faster, better
of these rich insights, we are able to deploy sharp and
innovations, leveraging data-driven tools to
tailored marketing strategies and product mixes to suit
optimise our media strategy. Our content hubs
consumer preferences leading to new pockets of growth.
(BeBeautiful), consumer trial (Smartpick), and D2C
websites partner consumers in their journey from As we move ahead in our journey towards an intelligent
consideration to purchase. enterprise, we continue to invest in building our
future-fit talent and capabilities.
78 79
Risks and Opportunities
Our risk appetite and Principal risks

In the following pages, we have identified the risks that
We regularly review our risk areas and the Company’s
leadership retains the responsibility for determining the
approach to risk management we currently regard as the most relevant to our business.
These are the risks that we see as most material to HUL’s
nature and extent of significant risks and drawing out
commensurate mitigation plans. We identify the most
business and performance at this time. There may be relevant risks for our business and reflect on whether
Risk management is integral to our strategy and to the achievement of our other risks that could emerge in the future. the level of risk associated with each of our principal
risks is increasing or decreasing.
long-term goals. Our success as an organisation depends on our ability to Our principal risks have not changed this year. However
identify and leverage the opportunities generated by our business and the geopolitical and macro-economic uncertainties, We set out below our principal risks, certain mitigating
actions that we believe help us to manage our
markets we operate in. In doing this, we take an embedded approach to risk climate change, rapidly evolving business models, and
increased vulnerability of systems have accentuated risks, and the increase/decrease corresponding to
management which puts risk and opportunity assessment at the core of the each of the these.
the risks in these areas. Much of our risk mitigation focus
Board’s Agenda, which is where we believe it should be. during the year has been on managing these risks.
HUL’s appetite for risk is driven by the following: Governance related risks), information, cyber security, Risk Description Management of Risk
legal and compliance, and any other risks as may be Brand Preference No Change
Our growth should be consistent, determined by the Company Leadership teams. How
Our success depends on the value and relevance
the identified risks are changing as well as emerging The Company monitors external market trends and
competitive, profitable, and of our brands and products to our consumers collates consumer, customer, and shopper insights in
risk areas are reviewed on an ongoing basis, and
responsible; formally by Risk Management Committee and the and on our ability to innovate and remain order to develop category and brand strategies. We
Board at least twice a year. competitive. invest in markets and segments where we have built, or
Our actions on issues such as plastic Consumer tastes, preferences, and behaviours
are confident that we can build, competitive advantage.
and climate change must reflect their Processes are changing more rapidly than ever before. The Our R&D function actively identifies ways to translate
urgency, and not be constrained by the We engage in a wide range of processes and activities increased competitive intensity due to entry of new trends in consumer preferences into new technologies
players may fuel it further. for incorporation in future products.
uncertainty of potential impacts; across our operations covering strategy, planning,
execution, and performance management. Risk We see a growing trend for consumers preferring Our innovation management process converts category
management is integrated into every stage of the
Our behaviours must be in line with brands which meet both their functional needs and strategies into projects which deliver new products
business cycle. These procedures are formalised and have an explicit social or environmental purpose. to market. We develop product ideas both in-house
our Code of Business Principles (CoBP) documented and are increasingly being centralised Under indexation of product portfolio in segments, and with selected partners to enable us to respond to
and Code Policies; and automated into transactional and other where substantial market is moving to, may lead rapidly changing consumer trends with speed.
information technology systems. to loss of market share and long-term competitive
Our brand communication strategies are designed
Our ambition to continuously improve disadvantage. Our ability to create innovative
to optimise digital communication opportunities. We
our operational efficiency and Risk and Internal Adequacy products that continue meeting the needs of
develop and customise brand messaging content,
consumers and deploy the right communication,
effectiveness. The Board advised by the Risk Management specifically for each of our chosen communication
Committee, where appropriate, regularly reviews both in terms of messaging content and medium, are
channels (both traditional and digital) to ensure that
the significant risks and decisions that could have a critical to the continued strength of our brands.
Our approach to risk management is designed to our brand messages reach our target consumers.
provide reasonable, but not absolute, assurance material impact on HUL. These reviews consider the Our brand teams are driving social purpose into their
that our assets are safeguarded, the risks facing the level of risk that the Company is prepared to take in brand’s proposition and communications.
business are being assessed and mitigated and all pursuit of the business strategy and the effectiveness
of the management controls in place to mitigate Legal and Regulatory No Change
information that may be required to be disclosed is
reported to HUL’s Senior Management and Board the risk exposure. Compliance with laws and regulations is an We are committed to complying with the laws and
and Board Committees including, where appropriate, The Company’s internal control systems are essential part of HUL’s business operations. regulations of the country. In specialist areas, the
the Chief Executive Officer and Managing Director, commensurate with the nature of its business and relevant teams are responsible for setting detailed
Proliferation or changes in regulations related to
Chief Financial Officer, Audit Committee, and Risk the size and complexity of its operations. These are standards and ensuring that all employees are aware
levy of direct/indirect taxes, data privacy, corporate
Management Committee. routinely tested and certified by Statutory as well as of and comply with regulations and laws specific

governance, listing and disclosure, food standards
Internal Auditors and cover all offices, factories and and relevant to their roles. Our legal and regulatory
For each of our principal risks, we have a risk compliance, labour laws, consumer communications
key business areas. Significant audit observations and teams are involved in monitoring and reviewing
management framework detailing the internal controls and advertising, imports, among others, may lead
follow up actions thereon are reported to the Audit our regulatory practices to provide reasonable
we have in place and who is responsible for managing to adverse impact on growth and profitability and
Committee. The Audit Committee reviews adequacy assurance that we remain aware of and are in
both the overall risk and the individual controls increased exposure to civil and/or criminal actions
and effectiveness of the Company’s internal controls line with all relevant laws and legal obligations.
mitigating that risk. Our assessment of risk considers leading to damages, fines, and criminal sanctions
environment and monitors the implementation of The teams also work with the Industry and Trade
short and long term as well as internal and external against us and/or our employees with possible
audit recommendations, including those relating to Associations in making recommendations on
risks, including financial, operational, sectoral, consequences for our corporate reputation. Changes
strengthening of the Company’s risk management newer and evolving regulations keeping the multi-
sustainability (particularly Environmental, Social and to laws and regulations could have a material impact
policies and systems. stakeholder model in mind.
on the cost of doing business.
80 81
Risks
Supply chain No Change Plastic packaging No Change
Our business depends on purchasing materials, We have contingency plans designed to enable us We use a significant amount of plastic to package We are working on three different streams to
efficient manufacturing and the timely to secure alternative key material supplies at short our products. A reduction in the amount of virgin address the risk:
distribution of products to our customers. notice, to transfer or share production between plastic we use, the use of recycled plastic, and an
Advocacy: We are working with Government and
manufacturing sites and to use substitute materials increase in the recyclability of our packaging are
Our supply chain network is exposed to potentially Industry bodies on packing substitutes, central
in our product formulations and recipes. critical to our future success.
adverse events, such as physical disruptions, regulation for all States, improving recycling
environmental and industrial accidents, labour Commodity price risk is actively managed through Consumer and customer responses to environmental infrastructure for plastics, framing of Extended
unrest, trade restrictions, or disruptions at a key forward buying of traded commodities, other impact of plastic waste and emerging regulations by Producer Responsibility (EPR) regulation framework.
supplier, which could impact our ability to deliver hedging mechanisms and product pricing. Trends are Government to tax or ban the use of certain plastics,
Collection and Recovery: We are driving waste
orders to our customers. monitored and modelled regularly and integrated require us to find solutions to reduce the amount
management pilots through tie-ups with various
into our forecasting process. of plastic we use; increase recycling post-consumer
The cost of our products can be significantly companies/NGOs deploying mass collection,
use; and to source recycled plastic for use in our
affected by the cost of the underlying commodities We have policies and procedures designed to processing and disposal models. We are also helping
packaging. Not only is there a risk around finding
and materials from which they are made. ensure the health and safety of our employees consumers to understand waste segregation and
appropriate replacement materials, due to high
Fluctuations in these costs may negatively impact and the products in our facilities, and to deal with disposal methods. Through our partners, we collect
demand, but the cost of recycled plastic or other
business, especially if such movements are not major incidents including business continuity and and safely dispose more plastic than we use in
alternative packaging materials could significantly
effectively managed. disaster recovery. packaging of our products.
increase in the foreseeable future and this could
Covid-19 and geopolitical uncertainty around the impact our profitability. We could also be exposed Design and development of alternative packaging:
world has challenged and continues to challenge to higher costs as a result of taxes or fines if we are We are committed to make 100% of our plastic
the resilience and continuity of our supply chain. unable to comply with plastic regulations which packaging reusable, recyclable, or compostable by
Maintaining manufacturing and logistics operations would again impact our profitability and reputation. 2025 and are working on innovative solutions for
will continue to require ongoing focus and flexibility. accelerated development of alternative packaging
and associated Supply Chain capability in order to
Business transformation No Change
reduce usage of virgin plastic.
Successful execution of business transformation All acquisitions, disposals, and transformation
Systems and information No Change
projects is key to delivering intended business projects have steering groups in place led by senior
benefits and avoiding disruption to other leadership teams. Sound project discipline is followed The Company’s operations are increasingly To reduce the impact of external cyber-attacks
business activities. in all transformation projects and these projects are dependent on IT systems and the management impacting our business we have firewalls and
resourced by dedicated and appropriately qualified of information. threat monitoring systems in place, complete
We are continually engaged in major change
personnel. All such projects are monitored through with immediate response capabilities to mitigate
projects, including acquisitions, disposals, and The cyber-attack threat of unauthorised access
strong governance and reviewed by the Board of identified threats. We also maintain a robust
organisational transformation, to drive continuous and misuse of sensitive information or disruption
the Company for delivery of maximum synergies. system for the control and reporting of access to our
improvement in our business and to strengthen our to operations continues to increase. Such an attack
The digitisation of our business is led by a dedicated critical IT systems. This is supported by an annual
portfolio and capabilities. We have an extensive could inhibit our business operations in a number
specialist team together with representatives from programme of testing of access controls. We have
programme of transformation projects. Ineffective of ways, including disruption to sales, production
all parts of the business to ensure an integrated and policies covering the protection of both business and
execution of strategic business transformation and cash flows, ultimately impacting our results.
holistic approach. New ways of working and business personal information, as well as the use of IT systems
projects could result in under-delivery of the expected Increasing digital interactions with customers,
models are constantly being explored to manage our and applications by our employees. Our employees
benefits/synergies, inability to unlock growth suppliers, and consumers place greater emphasis on
business optimally in changing times. are trained to understand these requirements. We
opportunities, and a significant negative impact the need for secure and reliable IT infrastructure and
also have a set of IT security standards and closely
on the value of the business. Continued digitisation careful management of the information that is in our
monitor their operation to protect our systems
of our business models and processes, together possession to ensure data privacy. Given the changes
and information. We have moved all systems and
with enhancing data management capabilities, is a in ways of working of all our employees as well as our
data to cloud this year. Robust and scalable system
critical part of our transformation. customers and suppliers, with increased activities
architecture with multi-level redundancy, is built
online, there has been a greater reliance on certain
Macro-economic volatility No Change on the cloud that allows real time data replication
elements of our IT infrastructure. We are particularly
capability. This ensures system resilience including
Uncertain macro-economic outlook coupled Our flexible business model allows us to adapt our reliant on third party experts in this space and thus

minimum downtime of the systems and minimum
with geopolitical uncertainties may impact portfolio and respond quickly to develop new offerings the impact of any disruptions on their operations also
to zero data loss in case of any disaster. We have
consumer demand for our products, disrupt sales that suit consumers’ and customers’ changing needs pose a risk for us. Accelerated pace of digitisation
standardised ways of hosting information on
operations, and/or impact the profitability of our during economic downturns. We regularly update our of our operations also gives rise to the need to
our public websites and have systems in place to
operations. forecast of business results and cash flows, and, where detect and mitigate risks arising from technological
monitor compliance with appropriate privacy laws
necessary, rebalance investment priorities. We believe advancements such as deployment of Al, Robotics
Prolonged and accentuated inflationary pressure; and regulations, and with our own policies. We are
that many years of exposure to challenging market Process Automation, Machine Learning.
rise in unemployment, fall in disposable incomes increasingly putting in place review and monitoring
conditions have given us experience of operating and
could lead to a demand shock. frameworks for new age automations to assess
developing our business successfully during periods of
inherent open risks and mitigate the same.
economic and political instability.
82 83
Risks
Quality and safety No Change Ethics No Change
The quality and safety of our products are of Our product quality processes and controls are Our brands and reputation are valuable assets, Our Code and our Code Policies govern the behaviour
paramount importance for our brands and our comprehensive, from product design to customer and the way in which we operate, contribute to of our employees, suppliers, distributors, and other
reputation. shelf. Our internal safety and quality norms are society, and engage with the world around us is third parties who work with us. Our processes for
constantly reviewed to ensure that our products always under scrutiny. identifying and resolving breaches of our Code and
The risk that raw materials are accidentally or
meet the most stringent norms. We have a robust our Code Policies are clearly defined and regularly
maliciously contaminated throughout the supply Acting in an ethical manner, consistent with the
quality inspection process in all manufacturing and communicated throughout HUL. Data relating to such
chain or that other product defects occur due to expectations of customers, consumers, and other
warehousing locations to avoid and detect quality breaches is reviewed by Management Committee
human error, equipment failure, or other factors stakeholders, is essential for the protection of the
and safety issues. Also, we have a well-defined and by relevant Board Committees that help to
cannot be excluded. Labelling errors can have reputation of HUL and its brands. Any significant
and periodic sampling and inspection process determine the allocation of resources for future policy
potentially serious consequences for both consumer breach to our Code by employees or extended
both at the distributor floor and on the market development, process improvement, training, and
safety and brand reputation. Therefore, on-pack enterprises would lead to damage to HUL’s corporate
shelf ensuring quality of delivered product. Our key awareness initiatives. Our Responsible Partner Policy
labelling needs to provide clear and accurate reputation and business results.
suppliers are externally certified, and the quality of helps us improve the lives of the people in our supply
ingredient information so that consumers can make
material received is regularly monitored to ensure chains by ensuring human rights are protected and
informed decisions regarding the products they buy.
that it meets the rigorous quality standards that makes a healthy and safe workplace a mandatory
our products require. We have processes in place requirement for our suppliers. We have detailed
to ensure that the data used to generate on-pack safety standards and monitor safety incidents at
labelling is compliant with applicable regulations the highest level. Through our Brands with Purpose
and HUL labelling policies in order to provide the agenda, a number of our brands are taking action on
clarity and transparency needed for consumers. societal issues such as fairness and equality.
Talent No Change Climate change Increase

Ensuring employee safety and wellbeing is a key We have always ensured safe working conditions Climate change and governmental actions to As part of our sustainability goals, we monitor
priority for us. A skilled workforce and agile ways for our employees and are providing the necessary reduce such changes may disrupt our operations climate change and are responding by ensuring
of working are essential for the continued success infrastructure and equipment across all operations and/or reduce consumer demand for our that we reduce the environmental impact of our
of our business. to strictly adhere to the highest safety measures. products. operations to the extent possible.
We constantly invest in upskilling, reskilling,
With the rapidly changing nature of work and skills, Climate change may impact our business in various
redeployment, and dynamic allocation of our talent. • Remove as much carbon from our operations and
there is a risk that our workforce is not equipped with ways through increased costs or reduced growth and
We regularly review our ways of working to drive supply chain as we can
the skills required for the new environment. profitability. Physical environment risks such as water
speed and simplicity through our business in order to
scarcity could impact our operations, reduce demand • Sustainably source all our key commodities
Our ability to attract, develop, and retain a diverse remain agile and responsive to marketplace trends.
range of skilled people is critical if we are to compete We are adopting flexible ways of working to unlock for our products that require water during consumer • Ensure deforestation-free supply chain
and grow effectively. internal capacity and optimise talent deployment. use or decrease sales on account of reduced product
efficacy due to water shortage. Uncertainty in timing In order to deal with the water scarcity and quality
The loss of management or other key personnel or Over the years we have developed a good equity and severity of summer, winter, and monsoon may problems in the country, we are making water-saving
the inability to identify, attract, and retain qualified to attract top talent. We have an integrated impact the seasonal swings that we get on our mixes. formulations available for seasonal deployment
personnel could make it difficult to manage the management development process which includes across portfolios. We also have ongoing plans to
business and could adversely affect operations and regular performance reviews, underpinned by a Increased frequency of extreme weather events such
de-seasonalise our product portfolios to deal with
financial results. We now work in an interweaving common set of leadership behaviours, skills, and as high temperatures, hurricanes, or floods could
extreme unfavourable seasonal swings. We monitor
ecosystem of physical and virtual work spaces and competencies. We have development plans to upskill cause increased incidence of disruption to our supply
governmental developments around actions to
our ability to manage hybrid ways of working will be and reskill employees for future roles and will bring in chain, manufacturing, and distribution network.
combat climate change and take proactive action to
the key to operational effectiveness. flexible talent to access new skills. We have targeted Market risks associated with the energy transition
minimise the impact on our operations.
programmes to attract and retain top and niche and rising energy prices could disrupt our operations
talent, and we actively monitor our performance in and increase costs. Our inability to reduce our carbon
retaining a diverse talent pool. footprint and meet conscious consumption agenda
across consumer segments may be detrimental to our

reputation and growth in the long term.
84 85
Financial Review
Opportunities Results
(₹ in crores)
Opportunities What we are doing to respond For the year ended For the year ended
Growing in channels of future 31st March, 2023 31st March, 2022
With the advent of technology-enabled While we continue to drive growth in the traditional trade and Turnover 58,154 50,336
distribution models, there has been a hyper- route to market, it is also critical to increase our footprint in EBITDA 13,632 12,503
fragmentation of channels. Accelerated growth emerging channels. We are working on rapid proliferation Profit before exceptional items and tax 13,141 11,773
of e-Commerce and Modern Trade has brought of technology-enabled distribution models to engage Profit for the year 9,962 8,818
about a huge opportunity to tap into these key customers and consumers strategically. Several new
channels and drive business growth. The rapid initiatives have been piloted which include digitisation of
Division Wise Turnover
digitisation of purchase behaviours require us general trade through our e-B2B app Shikhar, smart demand
(₹ in crores)
to accelerate development of our e-Commerce capture, leveraging opportunities in omni channel, B2B2C, For the year ended 31st March, 2023 For the year ended 31st March, 2022
and e-RTM (Route-to-market) capabilities. and e-Commerce.
Sales Others* Sales Others*
Strategically designed and flawlessly executed
Home Care 21,103 127 16,470 108
e-RTM, B2B solutions, and E2E Supply Chain
Beauty & Personal Care 21,498 333 19,157 303
transformation would open up a huge
Foods and Refreshments 14,744 132 14,020 85
opportunity to tap into the new age channels
and drive business growth. Others (including Exports and consignment sales) 810 397 689 361
Total 58,154 990 50,336 857
Future-fit portfolio
* Others include service income from operations, relevant to the respective businesses.
Our strategic investment choices in keeping Our strategy and our business plans are designed to ensure that
with changing consumer demographics, resources are prioritised towards high growth segments. We have Summarised Profit and Loss Account
aspirations, and spending power will bring a strong pipeline of relevant innovations and are staying close (₹ in crores)
about an opportunity for growth and improved to consumers by proactively spotting consumer insights and For the year ended For the year ended
margins. There is a huge headroom to grow capturing potential trends to adapt to the emerging demand 31st March, 2023 31st March, 2022
through building our product portfolio in patterns in the short term and prepare for any structural changes Turnover 58,154 50,336
high-growth spaces such as masstige, health in the medium term. We are also focused on making brands Other operational income 990 857
and hygiene, digital-first brands, naturals, aspirational and driving premiumisation across the breadth of Total Revenue from operations 59,144 51,193
and therapeutics. the product portfolio. We have significantly enhanced brand Operating Costs 45,512 38,690
propositions and marketing investments to increase adoption in Profit Before Depreciation, Interest, Tax (PBDIT) 13,632 12,503
underpenetrated categories. Depreciation 1,030 1,025
Digital transformation Profit Before Interest & Tax (PBIT) 12,602 11,478
Digital Transformation Opportunities arising We have been a leader in using big data and analytics as Other Income (net) 539 295
from rapidly emerging digital technologies, a tool to drive sustainable growth. We continue to drive Profit before exceptional items 13,141 11,773
analytics, and big data present a chance to organisation-wide digital transformation agenda under the Exceptional items (62) (34)
make meaningful interventions and develop umbrella of ‘Re-Imagine HUL’ to capture the digital opportunities. Profit Before Tax (PBT) 13,079 11,739
capabilities across the value chain redefining Pre-empting the imminent disruption, we have established a Taxation 3,117 2,921
the way we do business. The ability to keep our sharp digitalisation agenda in each function. These include those Profit for the year 9,962 8,818
operations future-fit through building digital around our core Enterprise Resource Planning (ERP) platform Basic EPS (₹) 42.40 37.53
capabilities in systems, workforce, and business using Cloud, Artificial Intelligence, and other digital technologies.
models will help us stay agile and respond in Each day, we build new capabilities in Systems, Workforce, and
Key Financial Ratios
time to evolving stakeholder requirements. Business Models with strong focus on external orientation and
partnerships across large IT Companies/Industry Bodies. We are 2022-23 2021-22
also invested to make sure that our talent is digitally enabled and Return on Net Worth (%) 20.1 18.6
future-fit to ride the digital transformation wave. Return on Capital Employed (%) 101.9 107.8
ESG focus Basic Earnings Per Share (EPS) (₹) 42.40 37.53
Debtors Turnover (no. of times) 24.9 28.1
The effects of climate change, nature loss, We are a frontrunner in sustainable business practices. Through
Inventory Turnover (no. of times) 14.7 13.8
and social inequality are becoming ever the Compass we have integrated sustainability into business

more apparent and increasingly urgent. Our strategies. We aim to demonstrate that robust financial Interest Coverage Ratio 143.9 129.2
stakeholders recognise that responsible results are not contrary to sustainable business; in fact, they Debt Service Coverage Ratio 21.8 21.4
business practices are critical to generating are complementary. Current Ratio 1.4 1.3
long-term value. We are committed to operate Debt Equity Ratio 0.0 0.0
We have a strong governance mechanism in place consisting of
and grow the business in a responsible way. Operating Profit Margin (%) 21.7 22.8
cross-functional steering committees to action our ESG goals.
Net Profit Margin (%) 17.1 17.5
We are constantly driving advocacy around sustainability and
getting broader industry participation to lead the change. Increase in Return on Net Worth is led by PAT growth
There is no significant change (i.e. change of 25% or more as compared to the FY 2021-22) in the other key financial ratios.
86 87

Explanation to Key Financial Ratios EVA = Net Operating Profit after Taxes (NOPAT) - Cost What does EVA show?
(i) Return on Net Worth (%) of Capital Employed (COCE), where EVA is residual income after charging the company for
Return on Net Worth is a measure of profitability of a company expressed in percentage. It is calculated by dividing NOPAT = Profits after depreciation and taxes but before the cost of capital provided by lenders and Shareholders.
total comprehensive income by average shareholder’s equity. interest costs. NOPAT thus represents the total pool of It represents the value added to the Shareholders by
profits available on an ungeared basis to provide a return generating operating profits in excess of the cost of capital
(ii) Return on Capital Employed (%) to lenders and shareholders employed in the business.
Return on Capital Employed indicates the ability of a company's management to generate returns for both the debt COCE = Weighted Average Cost of Capital (WACC) x
When will EVA increase?
holders and the equity holders. It measures a Company’s profitability and the efficiency with which its capital is used. Average Capital Employed.
It is calculated by dividing profit before exceptional items, interest and tax by capital employed. Capital Employed = EVA will increase if:
Cost of Debt is taken at the effective rate of interest
tangible net worth + total debt + deferred tax liability. a. Operating profits can be made to grow without
applicable to an ‘AAA’ rated Company like HUL for a
short-term debt, net of taxes. We have considered a pre employing more capital, i.e. greater efficiency.
(iii) Basic EPS
tax rate of 7.85%. b. Additional capital’s invested in projects that return
EPS is the portion of a company’s profit allocated to each share. It serves as an indicator of a Company’s profitability. more than the cost of obtaining new capital, i.e.
It is calculated by dividing profit for the year by weighted average number of shares outstanding during the year. Cost of Equity is the return expected by the investors to
profitable growth.
compensate them for the variability in returns caused by
fluctuating earnings and share prices. c. Capital is curtailed in activities that do not cover the
(iv) Debtors Turnover
cost of capital, i.e liquidate unproductive capital.
Debtors Turnover measures the efficiency at which the firm is managing the receivables. The ratio shows how well a Cost of Equity = Risk free return equivalent to yield on long
company uses and manages the credit it extends to customers and how quickly that short-term debt is collected or is term Government Bonds + Market risk premium (x) Beta EVA in practice at Hindustan Unilever Limited (HUL)
paid. It is calculated by dividing turnover by average trade receivables. variant for the Company, where Beta is a relative measure
In Hindustan Unilever Limited, the goal of sustainable long
of risk associated with the Company’s shares as against the
term value creation for our shareholders is well understood
(v) Inventory Turnover market as a whole. Thus HUL’s cost of equity = 10.90%.
by all the business groups. Measures to evaluate business
Inventory Turnover measures the efficiency with which a company utilises or manages its inventory. It establishes performance and to set targets take into account this
the relationship between sales and average inventory held during the period. It is calculated by dividing turnover by concept of value creation.
average inventory. (₹ in crores)
IGAAP IND AS
(vi) Interest Coverage Ratio 2013- 2014- 2015- 2016- 2017- 2018- 2019- 2020- 2021-
Interest Coverage Ratio measures how many times a company can cover its current interest payment with its 14 15 16 17 18 19 20 21 22 2022-23
available earnings. It is calculated by dividing earnings available for debt service by interest payments. Cost of Capital Employed (COCE)
1. Average Debt 0 0 0 0 0 0 0 0 0 0
(vii) Debt Service Coverage Ratio 2. Average Equity 3,715 4,338 5,664 5,831 6,181 6,668 7,227 46,890 47,156 48,486
Debt Service Coverage Ratio is used to analyse the firm’s ability to pay-off current interest and instalments. It is 3. Average Capital Employed : (1) + (2) 3,715 4,338 5,664 5,831 6,181 6,668 7,227 46,890 47,156 48,486
calculated by dividing earnings available for debt service by debt service. 4. Cost of Debt, post-tax % 6.36 5.56 5.43 4.90 5.21 5.77 5.25 4.70 4.81 5.87
5. Cost of Equity % 11.62 10.91 11.98 12.25 14.19 11.84 9.11 8.86 9.09 10.90
(viii) Current Ratio
6. Weighted Average Cost of Capital % (WACC) 11.62 10.91 11.98 12.25 14.19 11.84 9.11 8.86 9.09 10.90
The Current Ratio indicates a company’s overall liquidity position. It measures a company's ability to pay short-term
7. COCE : (3) x (6) 432 474 679 714 877 789 658 4,153 4,289 5,285
obligations or those due within one year. It is calculated by dividing the current assets by current liabilities.
Economic Value Added (EVA)
(ix) Debt Equity Ratio 8. Profit after tax, before exceptional items 3,555 3,843 4,116 4,247 5,135 6,080 6,743 7,963 8,724 9,720
9. Add : Interest, after taxes 24 11 0 0 0 0 0 0 0 0
Debt Equity ratio is used to evaluate a company’s financial leverage. It is a measure of the degree to which a
company is financing its operations through debt versus wholly owned funds. It is calculated by dividing total debt 10. Net Operating Profits After Taxes (NOPAT) 3,579 3,854 4,117 4,247 5,135 6,080 6,743 7,963 8,724 9,720
by shareholder’s equity. 11. COCE, as per (7) above 432 474 679 714 877 789 658 4,153 4,289 5,285
12. EVA : (10) - (11) 3,147 3,380 3,438 3,533 4,258 5,291 6,085 3,810 4,435 4,435
(x) Operating Profit Margin (%)
Operating Profit Margin is used to calculate the percentage of profit a company produces from its operations. It is Other Financial Disclosures During the Financial Year, the Company did not accept
calculated by dividing earnings before interest and tax by turnover. There were no material changes and commitments any public deposits as defined under Chapter V of the
affecting the financial position of the Company which Companies Act, 2013 (the Act).
(xi) Net Profit Margin (%) occurred between the end of the financial year (FY) to The Company manages cash and cash flow processes
The Net Profit Margin is equal to how much net profit is generated as a percentage of revenue. It is calculated by which this financial statement relates on the date of this assiduously, involving all parts of the business. There
dividing net profit by turnover. Integrated Annual Report. was cash and bank balance of ₹4,422 crores (FY 2021-22:

During the Financial Year, there was no amount proposed ₹3,618 crores), as on 31st March, 2023. The Company’s low
Economic Value Added (EVA) to be transferred to the Reserves. debt equity ratio provides ample scope for gearing the
What is EVA ? Balance Sheet, should the need arise. Foreign Exchange
Capital Expenditure (including Intangible Assets) during transactions are fully covered with strict limits placed on
Traditional approaches to measuring Shareholder’s Value Creation have used parameters such as earnings capitalisation, the financial year was at ₹1,042 crores (₹919 crores in the the amount of uncovered exposure, if any, at any point
market capitalisation and present value of estimated future cash flows. Extensive equity research has established that it previous financial year). in time. There are no materially significant uncovered
is not earnings per se, but VALUE that is important. A measure called ‘Economic Value Added’ (EVA) is increasingly being
exchange rate risks in the context of Company’s imports
applied to understand and evaluate financial performance.
and exports. The Company accounts for mark-to-market
88 89

gains or losses every quarter end, are in line with the salon managers and business partners have been trained price-value equation and investing competitively behind Levers A ssociated Trust Limited, Levindra Trust
requirements of Ind AS 21. and audited continuously to ensure complete adherence our brands leading to a healthy growth in profit margins. Limited and Hindlever Trust Limited, subsidiaries of the
to protocols. The company also dialed up expertise by Company, act as trustees of the employee benefits trusts
FOREIGN EXCHANGE EARNINGS AND OUTGO continued investment in training. This has helped maintain Unilever India Limited of the Company.
The details of Foreign Exchange Earnings and Outgo as the company’s Net Promoter Score at 90% plus by ensuring Unilever India Limited is a wholly owned subsidiary of the The Scheme for Merger of Pond’s Exports Limited and
required under Section 134 of the Act and Rule 8(3) of safety and keeping customer satisfaction as focus. Company that was incorporated to leverage the growth Jamnagar Properties Private Limited into Unilever India
Companies (Accounts) Rules, 2014 are mentioned below: Innovations like Quintessential bridal looks, Luxury body opportunities in a fast-changing business environment. In Exports Limited was filed with the Hon’ble National
(₹ in crores) treatments, Cappuccino pedicure/manicure spa and July 2022, Unilever India Limited's new Home Care factory Company Law Tribunal, Mumbai on 1st July, 2021. As
For the For the our signature Beautysutra range added excitement to was inaugurated in Sumerpur, Uttar Pradesh. on date, the final order on the company petition for
year ended year ended our comprehensive Runway secrets portfolio. Thematic merger is awaited.
31st March, 2023 31st March, 2022 The new unit, a state-of-the-art spray dried detergent
campaigns – Good Hair Day, Happy New You and Skin factor y manufactures Home Care products for the
Foreign Exchange Earnings 1,574 1,527 During the year, the Company has obtained a certificate
Investment Plan helped gain new clients and sustain Company. It is designed to make the best use of digital
Foreign Exchange Outgo 3,695 3,131 from the Statutory Auditors certifying that the Company
existing ones. Lakmé Salon continues to be a highly 4th industrial revolution has to offer, guaranteeing world is in compliance with the FEMA Regulations with respect
preferred option for franchisees in the beauty and class performance in people safety, product quality,
Includes all Indian subsidiaries, excludes Unilever to the downstream investment made in Zywie Ventures
wellness category attracting several professionals and innovation lead times and environmental performance.
Nepal Limited. Private Limited and Nutritionalab Private Limited.
entrepreneurs to own their Lakmé Salon. The site’s integrated design allows for an ecosystem of
PERFORMANCE OF SUBSIDIARIES material suppliers, logistic operators, and manufacturing OTHER STATUTORY INFORMATION
Hindustan Unilever Foundation partners to be located at the site for optimal integration of
The summar y of per formance of subsidiaries is Audit & Auditors
Hindustan Unilever Foundation (HUF) is a not-for-profit the supply chain.
provided below: Statutory Auditors
company that anchors water management related
This unit is firmly on its path to be Unilever’s first gender-
community development and sustainability initiatives In terms of provisions of Section 139 of the Act, M/s. B S R
Unilever India Exports Limited balanced factory in South Asia and currently has 170 female
of the Company. & Co. LLP, Chartered Accountants (Firm Registration No.:
Unilever India Exports Limited is a wholly owned subsidiary employees. It is an inspiring example of the path breaking
101248W/ W-100022) were re-appointed as Statutor y
of the Company and is engaged in Fast Moving Consumer The company operates the ‘ Water for Public Good’ work being done to increase female representation in our
Auditors of the Company at the 86th Annual General
Goods (FMCG) exports business. The focus of the FMCG programme, with a specific focus on water conservation, shop floors through Project Samavesh.
Meeting (AGM) held on 29th June, 2019, to hold office till the
exports operation is two-fold: to expand global presence building local community institutions to govern water
conclusion of 91st AGM of the Company.
of brands, such as Vaseline, Dove, Pears, Bru, Red Label, resources and enhancing farm-based livelihoods through Zywie Ventures Private Limited
Lakmé, Horlicks and Boost, and to effectively provide adoption of judicious water practices. It aims to catalyse Zywie Ventures Private Limited (ZVPL) is a subsidiary of the The Report given by the Statutory Auditors on the financial
cross-border sourcing of FMCG products to other Unilever effective solutions to India’s water challenges through Company engaged in the business of Health and Wellbeing statements of the Company is part of this Integrated Annual
companies across the world. a par tnership approach involving the Government, products under the brand name of ‘OZiva’. The Company Report. There has been no qualification, reservation,
communities, experts and mission-based organisations. acquired 53.34% stake (51.00% on a fully diluted basis) in adverse remark or disclaimer given by the Auditors in their
The top line growth of the company was driven by growth Report. During the year under review, the Auditors have not
The company partners with non-profit organisations in ZVPL on 10th January, 2023.
in Skin Care, Health Food Drinks, Instant Tea and Personal reported any fraud under Section 143(12) of the Act.
Wash Brands like Dove, Horlicks, Vaseline, Pears, Sunsilk, water-stressed regions across the country to support rural OZiva is a plant-based and clean label consumer wellness
Glow and Lovely, Ponds, Lipton Hot Instant Tea, Lakmé and communities with water conservation and regenerative brand focused on the need spaces such as Lifestyle Protein, Secretarial Auditors
Lifebuoy. These brands have registered healthy growth in agricultural practices amongst farmers. The initiative has Hair & Beauty Supplements and Women's Health. OZiva
delivered a cumulative and collective water potential of In terms of provisions of Section 204 of the Act, read
the focused markets. is a digital-first brand with an omnichannel approach,
over 2.6 trillion litres through improved supply and demand with the Companies (Appointment and Remuneration
available on its D2C website, digital marketplaces and a
water management, over 1.7 million tonnes of additional of Managerial Personnel) Rules, 2014, the Board, at
Lakme Lever Private Limited growing offline presence. The company has a strong in-
agricultural and biomass production, and over 110 million its Meeting held on 27th April, 2022 had appointed
Lakme Lever Private Limited is a wholly owned subsidiary house R&D team comprising Ph.D.s, Phyto-chemists and
person-days of employment due to project interventions.* M/s . S . N . Ananthasubramanian & Co., Company
of the Company and is engaged in Salon business and Biotechnologists.
Till now, HUF’s programmes have reached more than Secretaries (COP No. 1774) to conduct Secretarial Audit for
also operates a manufacturing unit at Gandhidham The investment is in line with the Company's strategy to the FY 2022-23.
14,000 villages in 13 States and 2 Union Territories.
which carries out job work operations for the Company enter fast evolving growth space of Health and Wellbeing.
by manufacturing toilet soaps, bathing bars and The Secretarial Audit Report forms part of this Integrated
Unilever Nepal Limited Annual Report and does not contain any qualification,
detergent bars. Other Subsidiaries
Unilever Nepal Limited is a subsidiary of the Company and reservation or adverse remark. During the year under
The company delivered robust top line and bottom line is engaged in marketing and manufacturing detergents, Pond’s Exports Limited is a subsidiary of the Company review, the Secretarial Auditor has not reported any fraud
growth led by recovery in the salon business. With focus toilet soaps, personal products and laundry soaps in Nepal. which was engaged in leather business and has currently under Section 143(12) of the Act.
on safety, quality of operations, expert treatments and discontinued operations.
prudent cost optimisation, the salon business continues The company delivered strong double-digit growth with
Bhavishya Alliance Child Nutrition Initiatives is a Cost Records and Cost Audit
to perform well in the beauty services category. Job work high single digit volume growth. Growth was competitive,
supported by localisation and a step up in brand and not-for-profit subsidiary of the Company and is under In terms of provisions of Section 148 of the Act read
business continued to do well.

marketing investments. Recovering from the impact voluntary liquidation. with the Companies (Accounts) Rules, 2014, Cost Audit
The company has over 450 owned / managed and caused by the pandemic, the Nepal economy condition is applicable for following businesses such as Coffee,
Daverashola Estates Private Limited is a subsidiary of the
franchisee salons. At Lakmé Salon, safety and wellbeing of remained challenging with acute liquidity, rising inflation Drugs and Pharmaceuticals, Insecticides, Milk Powder,
Company which currently has no business activity. There
our consumers and experts have always been the topmost and pressure on foreign reserves. Despite a challenging Organic Chemicals, Other Machinery, Petroleum Products
is an ongoing litigation on the property owned by the
priority. The company has emerged stronger post the environment, the company has demonstrated resilience and Tea, etc. The accounts and records for the above
company in Tamil Nadu.
pandemic by strengthening safety, quality and expertise and agility to deliver a strong all-round performance. The applicable businesses are made and maintained by the
across all touch points in our customer journey. The company continue to manage our business dynamically by Jamnagar Properties Private Limited is a subsidiary of the Company as specified by the Central Government under
extended team comprising the housekeeping staff, experts, driving savings harder across all lines of P&L, ensuring right Company and currently has no business activity. Section 148(1) of the Act.
* Assured by an external Independent firm
90 91

M/s. R A & Co., Cost Accountants (Firm Registration Particulars of Employees and Related Disclosures and salt carried out under the brands of 'Annapurna' and of 16 employees and issued 16 warning letters as a
No. 000242) have carried out the Cost Audit for applicable Disclosures with respect to the remuneration of Directors 'Captain Cook' to Uma Global Foods Pte Limited and Uma consequence of such breaches.
businesses during the year. During the year under review, and employees as required under Section 197(12) of the Consumer Products Private Limited, affiliates/nominees of
The CoBP and Code Policies ref lect our desire to
the Cost Auditor has not reported any fraud under Section Act and Rule 5(1) of the Companies (Appointment and CSAW Aqbator Pte Limited.
fight corruption in all its forms. We are committed to
143(12) of the Act. Remuneration of Managerial Personnel) Rules, 2014 eradicating any practices or behaviours though our
(Rules) have been appended as an Annexure to this Particulars of Loan, Guarantee or Investments
The Board of Directors, based on the recommendation zero-tolerance approach to such practices. The CoBP is
of the Audit Committee, have appointed M/s. RA & Co., Integrated Annual Report. Details of loans, guarantee or investments made by the periodically refreshed and updated so that it provides a
Cost Accountants as Cost Auditors for the FY 2023-24. Company under Section 186 of the Companies Act, 2013, current reflection of the way we do business at Unilever.
The statement containing par ticulars of employee
M/s. RA & Co., being eligible, have consented to act as during FY 2022-23 are appended as an Annexure to this Our CoBP and Code Policies have been reviewed to
remuneration as required under provisions of Section
the Cost Auditors of the Company for the FY 2023-24. The Integrated Annual Report. align them with the changes in the internal and the
197(12) of the Act and Rule 5(2) and 5(3) of the Rules are
remuneration of ₹14 lakhs (Rupees Fourteen lakhs only) available on the Company’s website at https://www.hul. external environment.
exclusive of taxes and out-of-pocket expenses incurred in GOVERNANCE, COMPLIANCE AND BUSINESS
co.in/investor-relations/annual-reports/. Our Responsible Partner Policy help to give us visibility of
connection with the aforesaid audit, is proposed to be paid INTEGRITY
our third parties to ensure their business principles are
to the Cost Auditors, subject to ratification by the Members Dividend The Legal function of the Company continues to be a
consistent with our own.
of the Company at the ensuing AGM. valued business partner that provides solutions to protect
The Directors are pleased to recommend a Final Dividend
the Company and enable it to win in the brittle, anxious,
of ₹22/- per equity share of face value of ₹1/- each for the FY Corporate Governance
Internal Financial Controls non-linear and incomprehensible environment. Through its
ended 31st March, 2023. The Interim Dividend of ₹17/- per Maintaining high standards of Corporate Governance has
The Company has a robust Internal Financial Control focus on creating ‘value with values’, the function provides
equity share was paid on Thursday, 17th November, 2022. been fundamental to the business of our Company since
framework which is established in accordance with the strategic business partnership in the areas including
The Final Dividend, subject to the approval of Members product claims, mergers and acquisitions, legislative its inception. A separate report on Corporate Governance
Committee of Sponsoring Organisation (COSO) framework.
at the AGM on Monday, 26th June, 2023, will be paid on changes, combatting unfair competition, business integrity is provided together with a Certificate from the Statutory
The details of Internal Financial Control framework,
or after Thursday, 29th June, 2023, to the Members whose and governance. The function works with the growth Auditors of the Company regarding compliance of
form a part of the Corporate Governance Report of this
names appear in the Register of Members, as on the enabler mindset. conditions of Corporate Governance as stipulated under
Integrated Annual Report.
Book Closure date, i.e. from Tuesday, 20th June, 2023, to Securities and Exchange Board of India (Listing Obligations
As the markets continue to be disrupted with newer and Disclosure Requirements) Regulations, 2015 (Listing
Employee Stock Option Plan (ESOP) Monday, 26th June, 2023, (both days inclusive). The Total
technologies and ever-evolving consumer preferences, Regulations). A Certificate of the Chief Executive Officer
Dividend for the financial year, including the proposed
Pursuant to the approval of the Members at the AGM held the need to have a framework around data security and and Chief Financial Officer of the Company in terms of
Final Dividend, amounts to ₹39/- per equity share and
on 23rd July, 2012, the Company adopted the ‘2012 HUL privacy is paramount. The Company continues to ensure Listing Regulations, inter-alia, confirming the correctness
will absorb ₹9,163 crores. In view of the changes made
Performance Share Scheme’. In accordance with the terms it has an appropriate framework and safeguards for data of the financial statements and cash flow statements,
under the Income-tax Act, 1961, by the Finance Act, 2020,
of the Performance Share Scheme, employees are eligible privacy of its stakeholders with enhanced legal and security adequacy of the internal control measures and reporting
dividends paid or distributed by the Company shall be
for award of conditional rights to receive equity shares of standards. The legal function of the Company continues to of matters to the Audit Committee, is also annexed to this
taxable in the hands of the Shareholders. The Company
the Company at the face value of ₹1/- each. These awards embrace newer technologies to make the function future Integrated Annual Report.
shall, accordingly, make the payment of the Final Dividend
will vest only on the achievement of certain performance ready to support the growth agenda of the business.
after deduction of tax at source.
criteria measured over a period of three years. The Prevention of Sexual Harassment at Workplace
We are of the view that the menace of counterfeits can
Company confirms that the 2012 HUL Performance Share
Unpaid/Unclaimed Dividend be effectively addressed if enforcement actions are As per the requirement of the Sexual Harassment of Women
Scheme complies with the provisions of SEBI (Share Based
In terms of the provisions of Investor Education and supplemented with building awareness amongst the at Workplace (Prevention, Prohibition & Redressal) Act, 2013
Employee Benefits) Regulations, 2014.
Protection Fund (Accounting, Audit, Transfer and Refund) consumers of tomorrow. The Company continued to (POSH Act) and Rules made thereunder, the Company has
No shares were awarded to employees under the ‘2012 HUL Rules, 2016 and Investor Education and Protection Fund engage with various stakeholders including e-Commerce constituted Internal Committees (IC). Our POSH Policy is
Performance Share Scheme’ during the FY 2022-23.* (Awareness and Protection of Investors) Rules, 2001, Channel Partners, Industry Bodies and Regulators to curb now inclusive and gender neutral, detailing the governance
₹13.64 crores of unpaid/unclaimed dividends were the menace of counterfeiting across channels and markets, mechanisms for prevention of sexual harassment issues
The employees of the Company are eligible for Unilever
transferred during the year to the Investor Education and including through the import route to the country. relating to employees across genders including employees
share award plans, namely Performance Share Plan (PSP)
Protection Fund. who identify themselves with LGBTQI+ community.
and the SHARES plan. Through PSP, all managers are The Legal function of the Company works with leading
eligible to receive a conditional grant of Unilever shares on industry associations, national and regional regulators and While maintaining the highest governance norms, the
an annual basis. The Target PSP share award is equivalent Mergers, Acquisitions & Divestment key opinion formers to develop a progressive regulatory Company has appointed external independent persons
to 50% of the Target Bonus for Managers and 100% of the Strategic investments in Zywie Ventures Private Limited environment in the best interest of all stakeholders. who have prior experience in the areas of women
Target Bonus for Senior Leaders. The actual share grant and Nutritionalab Private Limited empowerment and prevention of sexual harassment,
is determined by the line manager basis the employees’ During the year, the Company entered the ‘Health & Business Integrity as Chairpersons of each of the Internal Committees.
sustained impact, leadership and future-fit talent profile. Wellbeing’ category with strategic investments completed Our principles and values apply to all our employees During the year, 7 complaints with allegations of sexual
These shares vest after a 3 year period with vesting being in Zywie Ventures Private Limited and Nutritionalab Private through our Code of Business Principles (CoBP) and Code harassment were received by the Company and of which
determined by Company performance against metrics. Limited. These investments strongly align with our mission Policies. Our employees undertake mandatory annual 5 complaints were investigated and resolved as per the
provisions of the POSH Act *. To build awareness in this

Under the SHARES Plan, eligible employees can invest in the to improve the health and wellbeing of consumers and training on these Policies via online learning modules and
empower people to take charge of their health through sign an annual Business Integrity Pledge. Our Business area, the Company has been conducting induction/
shares of Unilever PLC (Holding Company) up to a specified
solutions that they can trust. Integrity governance framework includes clear processes refresher programmes in the organisation on a continuous
amount and after three years, one share is granted to the
for dealing with CoBP breaches. basis. During the year, your Company organised offline
employees for every three shares invested, subject to the
Sale of atta and salt business carried out under the training sessions on the topics of Gender Sensitisation and
fulfilment of conditions of the plan. The Holding Company During the financial year, 79 incidents were reported across
brands of 'Annapurna' and 'Captain Cook' Code Policies including POSH for all office and factory-
charges the Company for the grant of shares to the all areas of our CoBP and Code Policies, with 36 confirmed based employees.
Company’s employees based on the market value of the Given the strategic priorities and portfolio choices, during breaches. During the year, we terminated employment
shares on the exercise date. the year, the Company sold the non-core businesses of atta
* The Complaints which were pending as on 31st March, 2023 were received on 15th March, 2023 and 29th March, 2023 respectively. One of the
* As on the date of adoption of the Report by the Board there are no stock options that are either outstanding or exercisable. Complaints was disposed off at the time of adoption of this Report by Board. The Company endeavours to complete the inquiry process within the
stipulated period of 90 days.
92 93

Related Party Transactions (b) the appointment of Mr. Ranjay Gulati (DIN: 10053369) During the year, the Board of Directors approved the and proprietary technologies with innovative consumer
In line with the requirements of the Act and the Listing as an Additional Director - Independent Director of appointment of Mr. Yogesh Mishra as Executive Director, propositions. The global R&D team comprises of more
Regulations, the Company has formulated a Policy on the Company for a term of five consecutive years with Supply Chain and a Member of the Management than 5,000 highly qualified scientists and technologists
Materiality of Related Party Transaction (RPT) & Dealing effect from 1st April, 2023. Committee in succession to Mr. Wilhelmus Uijen. working in the areas of Home Care, Beauty & Personal Care,
with RPT which is also available on the Company’s website Foods & Refreshment, along with critical R&D functional
The above - mentioned appointment s are subjec t
at https://www.hul.co.in/investor-relations/corporate- to approval of the Members at the ensuing AGM
Declaration from Independent Directors capability teams in the areas of Regulatory, Clinicals &
governance/. The Policy intends to ensure that proper The Company has, inter alia, received the following Digital R&D. We also directly benefit from the Unilever’s
of the Company.
reporting, approval and disclosure processes are in declarations from all the Independent Direc tors Safety and Environmental Assurance Centre (SEAC), which
place for all transactions between the Company and its Mr. Rohit Jawa will succeed Mr. Sanjiv Mehta (DIN: 06699923) confirming that: assess all our products from the lens of safety impact of
Related Parties. as the CEO & MD and as the head of the Management our products on People and Environment. Our scientists
Committee of the Company with effect from 27th June, • they meet the criteria of independence as prescribed at SEAC partnering with Unilever R&D Scientists and
All R e late d Pa r t y Tr a nsac tio ns a n d subse que nt 2023. Since, Mr. Rohit Jawa is a Singapore National and has use internationally recognised safety approaches, and
under the provisions of the Act, read with the Rules made
material modifications are placed before the Audit a non-residential status, his appointment as the Whole- authoritative scientific evidence, to ensure that people
thereunder and Listing Regulations. There has been no
Committee for its review and approval. Prior omnibus time Director and as a CEO & MD of the Company shall also are safe when using our products and environmental
change in the circumstances affecting their status as
approval is obtained for RPTs on a quarterly basis be subject to Central Government approval. safety of the ingredients we use is assured. Further, we
Independent Directors of the Company;
for transac tions which are of rep etiti ve n ature continue to develop new scientific methods and enhance
and/or entered in the ordinary course of business and are Mr. Sanjiv Mehta will step down as the CEO & MD of the • they have complied with the Code for Independent our approaches, working closely with other external
at arm’s length. All RPTs are subjected to independent Company with effect from the close of business hours on Directors prescribed under Schedule IV to the Act; and experts to ensure that our products are safe for people
review by a reputed accounting firm to establish 26th June, 2023 after a transformational tenure of 10
• they have registered themselves with the Independent and environment. We also derive exceptional benefits
compliance with the requirements of RPTs under the Act, years at the helm of the Company. During his tenure, the
Director’s Database maintained by the Indian Institute and advantage of scale from Unilever R&D’s extensive
and Listing Regulations. business more than doubled its turnover, significantly
of Corporate Affairs. global ecosystem of academia, technology experts and
improved its profitability and the market capitalisation of
All RPTs entered during the year were in ordinary course long-term collaborations with large suppliers for material
the Company increased more than four times from US$17
of the business and at arm’s length basis. No Material In the opinion of the Board, all Independent Directors and technologies.
billion to US$75 billion.
RPTs, as per the materiality threshold adopted by the possess requisite qualifications, experience, expertise
We have a Technical Collaboration Agreement (TCA) and
Board of Directors, were entered during the year by the The Board places on record its deep sense of appreciation and hold high standards of integrity required to discharge
a Trademark License Agreement (TMLA) with Unilever
Company. Accordingly, the disclosure of RPTs as required and gratitude to Mr. Sanjiv Mehta for his immense and their duties with an objective independent judgment
since 2013. We are enjoying the benefits of an increasing
under Section 134(3)(h) of the Act, in Form AOC-2 is sustainable contribution to the business as the CEO & MD and without any external influence. List of key skills,
stream of new products and innovations, backed by
of the Company, that led in reinforcing HUL as one of India’s expertise and core competencies of the Board, including
not applicable. technology and know-how from Unilever. The pace of
most valuable businesses. the Independent Directors, forms a part of the Corporate
innovations and the scope of services have expanded
Annual Return Governance Report of this Integrated Annual Report.
over the years. Unilever’s global resources are providing
Retirement by rotation and subsequent
Pursuant to Section 92(3) read with Section 134(3)(a) of the greater expertise and superior innovations. This has helped
re-appointment Meetings of the Board, Board Evaluation, Training
Act, the Annual Return of the Company in Form MGT-7 for FY in bringing to the Indian consumers, bigger, better, and
Mr. Nitin Paranjpe (DIN: 00045204), Mr. Ritesh Tiwari and Familiarisation Programme & Vigil Mechanism faster innovations. The TCA provides for payment of royalty
2022-23, is available on the Company’s website at https://
(DIN: 05349994) and Mr. Dev Bajpai (DIN: 00050516), are During the year, eight meetings of the Board of on net sales of specific products manufactured by the
www.hul.co.in/investor-relations/annual-reports/.
liable to retire by rotation at the ensuing AGM and being Directors were held. Company, with technical know-how provided by Unilever.
eligible have offered their candidature for re-appointment.
BOARD OF DIRECTORS AND KEY MANAGERIAL The details of meetings held and Director’s attendance,
The TMLA provides for the payment of trademark royalty as
PERSONNEL As per the provisions of the Act, the Independent Directors training and familiarisation programme and Annual
a percentage of net sales on specific brands where Unilever
owns the trademark in India including use of ‘Unilever
Change in Directorate are not liable to retire by rotation. Board Evaluation process for Directors, policy on
Corporate logo’.
During the year, Mr. Wilhelmus Uijen (DIN: 08614686) Brief resume, nature of expertise, disclosure of relationship Director’s appointment and remuneration including
stepped down as the Whole-time Director and Member of between directors inter-se, details of directorships and criteria for determining qualifications, positive attributes, The Company maintains strong and healthy interactions
Management Committee of the Company with effect from committee membership held in other companies of the independence of Director and also remuneration for Key with Unilever through a well-coordinated management
31st August, 2022, consequent to his elevation as the Chief Directors proposed to be appointed/re-appointed, along Managerial Personnel and other employees, composition exchange programme, which includes setting out
Procurement Officer for Unilever, globally. with their shareholding in the Company, as stipulated of Audit Committee, establishment of Vigil Mechanism governing guidelines pertaining to identifying areas of
under Secretarial Standard-2 and Regulation 36 of the for Directors and employees, form a part of the Corporate research, agreeing timelines, resource requirements,
The Board places on record its appreciation for the Governance Report of this Integrated Annual Report. scientific research based on hypothesis testing and
Listing Regulations, is appended as an Annexure to the
leadership and invaluable contribution made by experimentation. This leads to new, improved, and
Notice of the ensuing AGM.
Mr. Wilhelmus Uijen during his tenure as a Whole-time
TECHNOLOGY ABSORPTION alternative technologies, supporting the development of
Director and Member of Management Commit tee launch-ready product formulations based on research, and
of the Company.
Key Managerial Personnel The Company continues to derive sustainable benefit
from the strong foundation and long tradition of introducing them to markets. The Company continuously
Mr. Sanjiv Mehta, CEO & MD, Mr. Ritesh Tiwari, Chief
Further, the Board of Directors at its meeting held on Research & Development (R&D) at Unilever. New products, imports technology from Unilever under the TCA, which
Financial Officer and Mr. Dev Bajpai, Company Secretary
10th March, 2023, based on the recommendation of the is fully absorbed. Some of the examples of cutting-edge

are the Key Managerial Personnel of the Company as on technologies, and processes flow to the Company from
Nomination and Remuneration Committee of the Company, science technologies that have been absorbed include
31st March, 2023. During the FY 2022-23, there were no R&D work done across Unilever’s 8 Global R&D Centres of
approved the following appointments to the Board: Human Microbiome & Human Biology led technology
changes to the Key Managerial Personnel of the Company. excellence and 10 multi-market R&D hubs, including three
platforms which cut across Beauty & Personal Care
(a) the appointment of Mr. Rohit Jawa (DIN: 10063590) in India located at Mumbai, Bengaluru (both Global R&D
product ranges delivering multitude of consumer benefits,
as an Additional Director - Whole-time Director of Management Committee Centres), and Gurugram. The Unilever R&D labs in India
including hygiene, skin glow and protection against sun,
the Company with effect from 1st April, 2023 upto The day-to-day management of the Company is vested work closely with the HUL business to create exciting
pollution, odour among many others.
26th June, 2023 and as the Managing Director & with the Management Committee, which is subjected to innovations that help us win with our consumers every
Chief Executive Officer (CEO & MD) of the Company the overall superintendence and control of the Board. The day. We have access to over 20,000 active patents that Similarly for Foods & Refreshment por tfolio, set of
for a term of five consecutive years with effect from Management Committee is headed by the CEO & MD and Unilever holds. With world-class facilities, and a superior technologies include fortification, novel processing routes,
27th June, 2023. has Functional/Business Heads as its members. science and technology culture, Unilever attracts the flavour modulation, plant-based protein delivery, sugar &
best of R&D talent globally to develop breakthrough salt reduction without compromise on taste etc. Lastly, in
94 95

the space of Homecare, Beauty & Personal care a suite of OUTLOOK • no shares with differential voting rights and sweat equity The Board places on record its appreciation for the support
technologies including sustainable palm and Eco-Boost In the backdrop of a challenging operating environment, shares have been issued; and co-operation the Company has been receiving from
technologies help reduce our environmental footprint while we delivered another strong all-round performance led by • no public deposits as defined under Chapter V of the Act its suppliers, distributors, retailers, business partners
delivering superior product experience at an affordable our focus on growing consumer franchise and protecting have been accepted by the Company; and others associated with it as its trading partners. The
price for our consumers. our business model. Company looks upon them as partners in its progress
• there has been no change in the nature of business
and has shared with them the rewards of growth. It
The Company has also benefited from continued global In the near term, the operating environment is expected to of the Company.
will be our endeavour to build and nurture strong links
R&D capital investments into critical R&D capabilities remain volatile with global slowdown risks and weather- with the trade based on mutuality of benefits, respect
and infrastructure in India, including setting up of Agile related uncertainty. While inflation has moderated, APPRECIATIONS AND ACKNOWLEDGMENTS
for and co-operation with each other, consistent with
Innovation Hub and Advanced Manufacturing Centre, co m m o d i t i e s r e m a i n e l eva t e d v i s - à - v i s l o n g e r- The Board places on record its deep appreciation to consumer interests.
product testing & validation capabilities to help unlock term averages. Looking forward, we expect that the all employees for their hard work, dedication and
speed in innovation by deploying cutting edge data price-volume growth will rebalance. Price growth will tail off commitment. The enthusiasm and unstinting efforts of The Board also take this oppor tunit y to thank all
science, technology & automation. These capabilities allow due to lapping of higher prices in the base and sequential the employees have enabled the Company to remain an Shareholders, Business Par tners, Government and
us to identify and lead consumer trends, rapidly design, easing of inflation. Market volumes is expected to recover industry leader. Regulatory Authorities and Stock Exchanges, for their
prototype and test new ideas, products as well as digitally gradually as consumption habits readjust with a lag. continued support.
scale up new technologies and products leading to more The Board would also like to acknowledge the excellent
impactful innovations, faster speed to market as well as We remain focused on managing our business with agility contribution by Unilever to the Company in providing the
significant cost savings for the Company. and growing our consumer franchise whilst maintaining latest innovations, technological improvements and
margins in a healthy range. We stay confident of the marketing inputs across almost all categories in which On behalf of the Board
The Company also receives continuous support and medium to long term potential of Indian FMCG sector and it operates. This has enabled the Company to provide
guidance from Unilever to drive functional excellence in HUL’s ability to deliver a Consistent, Competitive, Profitable higher levels of consumer delight through continuous Nitin Paranjpe
marketing, supply management, media buying and IT, and Responsible growth. improvement in existing products and introduction Chairman
among others, which helps us build capabilities, remain of new products. Mumbai, 27th April, 2023 (DIN: 00045204)
competitive and further step-up its overall business RESPONSIBILITY STATEMENT
performance. Unilever is committed to ensuring that
Pursuant to Section 134 of the Act, the Board of
the support in terms of new products, innovations,
Directors confirm that:
technologies, and services is commensurate with the needs
of the Company and enables us to win in the marketplace. • In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and there are
CONSERVATION OF ENERGY no material departures from the same;
For details on the steps taken by the Company on
• They have selected such accounting policies and applied
conser vation of energy, water and reduc tion of
them consistently and made judgements and estimates
waste, please refer to the Business Responsibilit y
that are reasonable and prudent, so as to give a true and
and Sustainability Report, which forms part of this
fair view of the state of affairs and of the profits of the
Integrated Annual Report.
Company for that period;
COMPLIANCE WITH SECRETARIAL STANDARDS • They have taken proper and sufficient care for the
maintenance of adequate accounting records in
The Company has generally complied with all the
accordance with the provisions of the Act and for
applicable provisions of Secretarial Standard on Meetings
safeguarding the assets of the Company and for
of Board of Directors (SS-1) and Secretarial Standard on
preventing and detecting fraud and other irregularities;
General Meetings (SS-2), respectively issued by Institute of
Company Secretaries of India. • They have prepared the Annual Accounts on a
going concern basis;
STAKEHOLDER ENGAGEMENT • They have laid down internal financial controls for
Our multi-stakeholder model aims to respect the interests the Company and such internal financial controls are
of and be responsive towards all stakeholders. Stakeholder adequate and operating effectively; and
engagement and partnership are essential to grow our • They have devised proper systems to ensure compliance
business and to reach the ambitious targets set out in the with the provisions of all applicable laws and such
HUL Compass ESG goals. The Code of Business Principles systems are adequate and operating effectively.
(CoBP), which is the statement of values and represents
the standard of conduct for everyone associated with the OTHER DISCLOSURES
Company, and the Code Policies guide how we interact During the year under review:

with our partners, suppliers, customers, employees,
shareholders, Government, Non- Governmental • no significant and material orders were passed by
Organisations (NGOs), trade associations and industry the regulators or courts or tribunals impacting the
bodies. Through the underlying standards set in CoBP and going concern status of the Company and or it ’s
Code Policies, we are committed to transparency, honesty, operations in future;
integrity and openness in all our engagements with the • no proceedings are made or pending under the
various stakeholders. Details on stakeholder engagement Insolvency and Bankruptcy Code, 2016 and there is
is provided in the Stakeholder engagement and review no instance of one-time settlement with any Bank or
section on pages 53 to 77. Financial Institution;
96 97
Annexure to the Report of Board of Directors Annexure to the Report of Board of Directors
Statement of Disclosure of Remuneration under Section 197(12) of the Companies Particulars of Loan, Guarantee or Investments
Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 Details of loans, guarantee or investments made by the Company under Section 186 of the Companies Act, 2013, during
the financial year 2022-23 are given below:
i. Ratio of the remuneration of each Executive Director to the median remuneration of the Employees of the Company
for the Financial Year 2022-23, the percentage increase in remuneration of Chief Executive Officer, Chief Financial AMOUNT OUTSTANDING AS AT 31ST MARCH, 2023
Officer and other Executive Director(s) and Company Secretary during the Financial Year 2022-23. (₹ in crores)
Particulars Amount
Ratio of remuneration of
Sr. Name of Director(s)/ each Director to median Percentage increase Loans given 253
No. KMP Designation remuneration of Employees in Remuneration Guarantee given -
1. Sanjiv Mehta Chief Executive Officer and Managing 164.07 Investments made 3,794
Director
2. Ritesh Tiwari Executive Director, Finance & IT and 54.99
LOAN, GUARANTEE AND INVESTMENTS MADE DURING THE FINANCIAL YEAR 2022-23
Chief Financial Officer Refer note iv.
3. Dev Bajpai Executive Director, Legal & Corporate Affairs 69.44 Purpose for which
Particulars of the loans, guarantee
and Company Secretary
Amount in loan, guarantee and investments are
4. Wilhelmus Uijen* Executive Director, Supply Chain 124.00 Name of Entity Relation ₹ crores and investments proposed to be utilised
Unilever India Exports Limited Subsidiary 349 Loan Business purpose

ii. The percentage increase in the median remuneration of Employees for the Financial Year was 10.73%.
Unilever India Limited Subsidiary 144 Loan Business purpose
iii. The Company has 6,697** permanent Employees on the rolls of Company as on 31st March, 2023.
Rudraksh Detergent and Chemicals Private Limited - 2 Loan Business purpose
iv. Average increase made in the salaries of Employees other than the managerial personnel in the Financial Year was Zywie Ventures Private Limited* Subsidiary 264 Investments Business purpose
8%. With respect to Management Committee members, the Company, will be placing the increment proposal before Nutritionalab Private Limited* Joint Venture 70 Investments Business purpose
the Nomination and Remuneration Committee of the Board, in due course for its consideration.
Mutual Funds and T-bills# - (699) Investments Cash Management
v. It is hereby affirmed that the remuneration paid during the year is as per the Remuneration Policy of the Company. * Investment in Equity Shares and Compulsorily Convertible Preference Shares
Note:
#
For details refer to Note 6 of Notes to the financial statements
(a) The Independent Directors of the Company are entitled to sitting fees and commission as per the statutory provisions On behalf of the Board
and within the limits approved by the Members. The remuneration of Independent Directors, details of which are
provided in the Corporate Governance Report and is governed by the Differential Remuneration Policy, as detailed Nitin Paranjpe
in the said Report. The ratio of remuneration and percentage increase for Independent Directors Remuneration is Chairman
therefore not considered for the purpose above. Mumbai, 27th April, 2023 (DIN: 00045204)
(b) Percentage increase in remuneration indicates annual target total compensation increases, as approved by the
Nomination and Remuneration Committee of the Company during the Financial Year 2022-23.
(c) Employees for the purpose above include all employees excluding employees governed under collective bargaining.
On behalf of the Board
Nitin Paranjpe
Chairman
Mumbai, 27th April, 2023 (DIN: 00045204)

* Mr. Wilhelmus Uijen ceased to be the Whole-time Director w.e.f. 31st August, 2022.
** Includes employees working for Hindustan Unilever Limited only. Last year reported number included the employees working with subsidiaries
and group companies as well.
98 99
Annexure to the Report of Board of Directors

Annual Report on Corporate Social Responsibility (CSR) Activities
[Pursuant to the Companies (Corporate Social Responsibility) Rules, 2014]
1.
BRIEF OUTLINE ON CSR POLICY OF THE SECTION A surface to store rainwater. These ponds are region Swasthya Basti
COMPANY, INCLUDING OVERVIEW OF PROJECTS/ i. Water Conservation Programme and climate appropriate and can serve more than The Company is implementing an extensive behaviour
PROGRAMMES UNDERTAKEN 27,000 farmers in Osmanabad. change programme around its Suvidha centres to
Hindustan Unilever Foundation (HUF) is a not-for-
A belief that sustainable business drives superior profit company that was set up in 2010 to support • Use Less: In Punjab, HUF’s partner, CIPT (Centres encourage people to adopt four simple yet important
performance lies at the heart of Hindustan Unilever and amplify scalable solutions that can help address for International Projects Trust), promoted a habits: washing hands with soap; eating nutrition-rich
Limited. We seek to deliver long-term sustainable India’s water challenges. It focuses on helping rural comprehensive approach towards addressing the meals; drinking safe water; and using clean toilets to
growth while driving change on important issues communities that intersect with agriculture. HUF state’s groundwater crisis. Paddy farmers in the reduce the scope of illness and create good health
like climate and nature, social inequality and health established its ‘Water for Public Good’ programme state were encouraged to adopt practices such as outcomes for families.
and wellbeing. The Company strives to create a anchored in the belief that water is a common asset Direct Seeding of Rice (DSR), Alternate Wetting and
This behaviour change programme is being
fairer and more inclusive world, where ever yone and must be governed by citizen communities. The Drying (AWD), varietal shifts from long-duration
implemented amongst populous and low-income
lives with, rather than at the expense of, nature and Foundation aims to catalyse effective solutions to short-duration varieties and the use of an IoT-
communities in Dharavi, Kurla, Govandi, Ghatkopar
the environment. to India’s water challenges through a partnership enabled (Internet of Things) soil moisture sensor
and Malad areas in Mumbai. The programme follows
approach involving the Government, communities, that tells farmers when to start and stop their
Our Company is guided by Compass, a sustainable a home-to-home module based on Unilever’s five
experts, and mission-based organisations. Across pumps. The programme covers 12,000 farmers and
growth strategy, that will help deliver growth that is levers of behaviour change principles to nudge people
diverse river basins and hydrogeological zones, three 80,000 hectares of land in the state.
consistent, competitive, profitable and responsible. towards the adoption of good health and hygiene
It lays the pathway for the Company to realise its core pillars define HUF’s work with rural communities: habits. The programme reached over 5. 3 lakhs
In 2022, HUF launched a research study in partnership
vision of being the leader in sustainable business. The people across Mumbai.
• Know More: Build water numeracy to help quantify with Development Support Centre. The study includes
Compass has time-bound multi-year priorities that
availability, budget and allocate water use; a research-driven approach to building informed
cover the full spectrum of the Company’s business and Swasthya Curriculum
and scalable water security solutions for Gujarat,
wider ecosystem. • Save More: Promote scientific citizen-led water In line with the Government’s Poshan Abhiyaan and
based on distinct regional water typologies. The
conservation and governance efforts; and Swachh Bharat Abhiyaan missions, the Company
Our Compass strategy has a comprehensive and study was conducted with the help of knowledge
ambitious set of commitments that will help us to: • Use Less: Drive behaviour change for responsible institutions, ACWADAM (Advanced Center for Water created the Swasthya Curriculum that teaches
water use in agriculture. Resources Development and Management) and children in classes 1-5 the importance of adopting
• Improve the health of the planet; four key habits: washing hands with soap; eating
INREM (India Natural Resource Economics and
• Imp rove p e op le ’s h e alth, conf ide n ce a n d HUF partners with non-profit organisations in water- Management) Foundation. nutrition-rich meals; drinking safe water; and using
wellbeing; and stressed regions across the country to support rural clean toilets, over a 24-day period.
• Contribute to a fairer, more socially inclusive world. communities with water conservation and encourage ii. ‘Swachh Aadat, Swachh Bharat’ (SASB) Over the years, the textbook version of the curriculum
regenerative agricultural practices amongst farmers.
Suvidha – Community Hygiene Centres has been rolled out in Government schools in Bihar,
Our Company’s sustainable business strategy is The initiative, along with its partners, has delivered Gujarat, Maharashtra, Uttarakhand, Haryana and
Suvidha is a first-of-its-kind urban water, hygiene and
in line with India’s development agenda and the a cumulative and collective water potential of over Uttar Pradesh. In the absence of in-school learning
sanitation community centre, that was first set up in
United Nations Sustainable Development Goals 2.6 trillion litres through improved supply and demand during the COVID -19 pandemic, the Company
Ghatkopar, Mumbai. The biggest Suvidha centre is in
(SDGs). For more details visit https://www.hul.co.in/ water management, over 1.7 million tonnes of launched a digital curriculum that was piloted in
Dharavi, Mumbai and is one of the largest community
planet-and-society/. additional agricultural and biomass production, and Chhattisgarh, Maharashtra and Delhi teaching
toilets in India. In 2023, the Company built five new
Our Company’s CSR is not limited to philanthropy, over 110 million person-days of employment due to Suvidha centres. primary school students the importance of hygiene in
but encompasses holistic community development, project interventions1. To underscore the importance a fun and interesting manner. Since 2018, 4.2 million
of the water potential created by HUF, 2.6 trillion litres The Company has established 12 Suvidha centres children have been educated through the curriculum.
institution -building and sustainabilit y-related
of water is more than the quantity required to meet in Mumbai in partnership with the Brihanmumbai
initiatives. It aims to provide a dedicated approach
the drinking water needs of India’s population for Municipal Corporation, out of which 11 are in iii. Project Shakti
to community development in the areas of water
nearly two years. par tnership with HSBC India . The centres give
conservation, health and hygiene, skill development, Project Shakti is the Company’s initiative that aims
many people access to clean water, sanitation and
education, social advancement, gender equality, Till now, HUF’s programmes have reached more than to financially empower and provide livelihood
laundry facilities.
women empowerment, and rural development, 14,000 villages in 13 States and 2 Union Territories. opportunities to women in rural India.
ensuring environmental sustainability. • Over 3 lakhs people have access to safe sanitation
The key highlights under HUF’s three strategic pillars The Company has always believed that:
through this public-private partnership
The CSR Policy of the Company, as approved by the in 2022-23 are:
• The centres will cumulatively save over 50 million1 (1) For the country to grow, people living in its
Board of Directors, is available on the Company’s
• Know More: In two districts of northern Gujarat, litres of water ever y year through rainwater villages must be empowered with livelihood skills
website at https://www.hul.co.in/investor-relations/
Banaskantha and Sabarkantha, farmers worked harvesting and wastewater treatment and opportunities
corporate-social-responsibility/.
with the local government. They created village - • 90% users2 find Suvidha easy to access and inclusive (2)
Women in villages must be empowered if
A brief over view of the Company’s CSR projects level water scorecards and plans and used
• 95% users 2 report that the toilets are clean and households in villages have to progress
is given below: technology to identif y water infrastructure
hygienic on all days Keeping this in mind, the Company had launched
locations. These scorecards are also encouraging

This Report is divided into two parts – Section A
small farmers to take collective action on water- • There has been a reduction of 1.4 times 2 in the the Shakti programme. The Shakti Entrepreneurs
provides details of the initiatives that are covered
efficient crops and practices. incidence of diarrhoea amongst Suvidha users are given training for familiarisation with your
under the Schedule VII of the Companies Act, 2013 (the
• Suvidha centres have also had a significantly Company’s products and basic tenets of distribution
Act) and are considered for the purpose of computing • Save More: In Marathwada, Maharashtra, HUF
positive psychological impact, with 7 in 10 Suvidha management . In addition, the Company has a
prescribed CSR spends. supported the creation of 100 farm ponds as an
users2 reporting that using Suvidha has improved team of Rural Sales Promoters (RSPs) who coach
alternative to deep well irrigation. The location of
Section B of this Report deals with initiatives that are their self-esteem. and help Shakti Entrepreneurs in managing their
these ponds was predicted using satellite-based
for societal good but are not included for the purpose
technology and the natural coagulation properties
of computing CSR spends.
of black cotton soil created a non-permeable
1
Based on estimations for all 12 Suvidha centres.
1
Assured by an external Independent firm 2
Impact Assessment of Suvidha centre by Research Triangle Institute (RTI) & Ipsos Kantar, 2021.
100 101
business. Across 18 States, Project Shakti has over Through farm-based value chain initiatives, Prabhat compliant. Through a partnership with GIZ (Deutsche Our Company has also partnered with the United
1.9 lakhs Shakti Entrepreneurs whom we call ‘Shakti works with rural women and small and marginal Gesellschaft für Internationale Zusammenarbeit), Nations Development Programme (UNDP) for
Ammas’. This programme has helped ‘Shakti Ammas’ farmers to help improve their income. By organising model eco-villages have been built around factory end-to-end waste management projects in Mumbai,
become self-confident, improve their self-esteem farmers into Self Help Groups (SHGs), Farmer Interest sites in Uttar Pradesh and Punjab. They provide including collection, segregation, recycling and
and learn communication skills. Most importantly, Groups (FIGs) or Farmer Producer Organisations sustainable solutions to water use, waste collection driving behaviour change. The Plastic Waste
our inter ventions have helped in building and (FPOs), their produce is linked to markets. It also helps and carbon-intensive behaviour. Management Programme at Swachhta Kendras
fostering an entrepreneurial mindset amongst them build entrepreneurship capabilities. Prabhat’s has been implemented in Mumbai’s K-East (Andheri
Shakti Entrepreneurs. ‘Project Mooo’ is helping dair y farmers improve v. Asha Daan East), H-West (Bandra West), and R-North (Dahisar).
milk yield and productivity through both a mobile Asha Daan is a home in Mumbai for abandoned and It has successfully reached out to more than 100,000
The RSPs train Shakti Entrepreneurs in sales and
application and an on-ground network of Village differently-abled children, HIV-positive patients and households for collecting and segregating dry waste.
administrative skills, including order taking, book-
Level Entrepreneurs and Veterinarians. Through destitute people. Since the inception of Asha Daan
keeping and digital order placement and payments. The Company aims to improve the lives of waste pickers
farm-based initiatives, Prabhat has benefitted over in 1976, the Company has been looking after the
With the imparted training, Shakti Entrepreneurs (Safai Saathis) by enabling their access to government
16,000 farmers. maintenance and upkeep of the premises. At any
are using the Company ’s eB2B app Shikhar, to social protection schemes covering food, health,
place orders regularly. The training imparted to the time, there are nearly 350 - 400 inmates at Asha Daan.
safety, security and financial inclusion. Through the
Health and Nutrition The re-development of Asha Daan is progressing as
Shakti Ammas results in the promotion of education partnerships, the Company has successfully linked
and employment , enhancing livelihoods and Aligning with the National Nutrition Mission, Prabhat’s planned and all the necessary statutory approvals
3,300 Safai Saathis and their families to Government
vocational skills and women empowerment. These ‘ Poshan Saathi ’ (nutrition buddy) programme have been obtained. The home’s foundational structure
schemes, including Pradhan Mantri Suraksha Bima
training activities are permitted under Schedule focuses on improving the health and nutritional has been partially completed. The redevelopment
Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana,
VII of the Act and are treated as part of CSR spends status of women of reproductive age, pregnant and is expected to be completed within 18 months. The
E-SHRAM card, and Jan Dhan account.
by the Company. lactating women and adolescent girls as well as Company has proposed to set up proper drainage and
children under the age of 5 years. The programme is ventilation systems, create additional leisure space for To know more about the above initiatives, please visit
The Company is working towards equipping the live in 13 locations, benefitting more than 15 lakhs inmates to walk and develop a play area for children. https://www.hul.co.in/planet-and-society/.
Shakti Entrepreneurs with future-fit skills through women and children.
‘Mera Poshan Mera Gaon’ project. In this programme, vi. Nutrition viii. Ankur
RSPs conduct sessions on nutrition awareness To provide affordable primary healthcare, Prabhat’s
Telemedicine Centres are being run at 10 locations, The Company and the Power of Nutrition, an Ankur was set up in 1993 as a centre for special
and enable Shaktis to take the message further to
reaching out to over 51,000 people. Prabhat Swasthya independent charitable foundation and innovative education for children with disabilities at Doom
beneficiaries in the village. The Company believes that
Seva (mobile medical units) travels from village to plat form, have initiated a behaviour change Dooma in Assam. Ankur has provided free special
these training sessions will help Shakti Entrepreneurs
village with a doctor, nurse and pharmacist to bring programme for hygiene and nutrition using educational, vocational and rehabilitative training to
drive social change in their communities and continue
healthcare to the doorstep of communities. The units mobile technology to reach women in Gujarat. The over 350 physically and mentally challenged children
to make a positive impact on the health and nutrition
are live in two locations. Specialised health camps are partnership features a unique mix of a voice-based from underprivileged backgrounds.
of their communities.
also conducted based on community needs to provide mobile service and an on-ground arm that delivers
general, gynaecological, paediatric and orthopaedic critical nutrition and hygiene information to mothers ix. Sanjeevani
iv. Prabhat
health services. Nearly 40,000 people have been with children aged 0-5 years living in rural parts of The Company runs a free mobile medical service
Prabhat is the community development initiative of India. In alignment with the Government of India’s
treated under this programme. camp ‘Sanjeevani’ for the local community near its
the Company that aims to create sustainable and Poshan Abhiyaan initiative, the programme is Doom Dooma factory in Assam. There are two mobile
inclusive communities. It contributes to a fairer, more addressing undernutrition in the country.
Environmental Sustainability vans dedicated to the project. Each vehicle has one
socially and environmentally inclusive world while
Through Prabhat, the Company is making a positive male and one female doctor, one nurse, a medical
using HUL’s scale for good. In the last 9 years, Prabhat vii. Behaviour Change and Upliftment of Safai
impact on the environment and building resilience in attendant and a driver. The vans are equipped with
has positively benefitted nearly 9 million lives across Saathis
communities. Through a holistic waste management basic kits such as a diagnostic kit, blood pressure
1,100 villages in 21 States and 2 Union Territories.
programme, Prabhat aims to create a circular To advocate and create awareness in the area of measuring unit, medicines and a mobile stretcher.
A third-party impact evaluation ranked the overall
economy wherein household waste will be processed waste management, the Company has partnered Nearly 7,000 camps have been organised in villages
impact of all programmes combined as ‘high’ and
and brought back as value-added products. Village- with international organisation Xynteo. The Company so far. More than 3.6 lakhs patients have been treated
rated Social Return On Investment (SROI) as 5X1.
level door-to-door waste collection mechanisms developed a curriculum called ‘Waste No More’ to through these service camps since its inception.
The key pillars of Prabhat include: are implemented to help households segregate wet create awareness and drive behaviour change on
Economic Empowerment and dry waste. Collected plastic waste is processed waste segregation and recycling among school x. Empowering women cricketers
and compressed to make plastic sheets which are children in partnership with Xynteo. The programme
Through Prabhat ’s 18 livelihood centres, women The Company has partnered with leading Cricket
then used to manufacture handwashing stations has reached out to more than 92 lakhs students
and youth are trained on vocational skills and academy, Coaching Beyond to help reduce barriers
and benches. The programme also works with the through direct school interventions and 27 lakhs
entrepreneurship development , making them that come in the way of budding women cricketers and
community to influence behaviour change in waste children digitally. The Company in partnership with
future-fit. Training is provided in areas like graphic support them to excel in the game.
management practices. Till now 1,40,000 kilograms the State Bank of India (SBI), Brihanmumbai Municipal
designing, cloud computing, para-pharmacist, Corporation and Aurangabad Municipal Corporation In the pilot phase, following a robust selection
of waste have been collected under Prabhat ’s

para-vet , Information Technology, elec trical , (AMC) has set up Material Recovery Facilities in process, women cricketers across 20 districts in
wa ste management programme in Haridwar
plumbing, tailoring, beauty and more. Inclusivity is Mumbai and Aurangabad with the aim to recycle 5,000 Andhra Pradesh, Tamil Nadu and Telangana will be
and Pondicherry.
built by involving Persons With Disabilities (PWDs), metric tonnes of plastic waste annually and transform chosen and inducted into Coaching Beyond’s Junior
transgenders and other vulnerable communities. An integrated watershed management approach behaviour in communities through education and Athlete Development Program. They will be given
Nearly 1,10,000 people have been imparted skill helps farmers and communities work on water awareness modules to over 5 lakhs individuals. access to world-class infrastructure and multi-year
development and training through Prabhat ’s sufficiency and efficiency with a focus on the demand
livelihood centres and almost 65,000 people have and supply of water. Prabhat is working towards
secured employment. becoming Alliance for Water Stewardship (AWS)-
1
An evaluation by CSRbox that showed a social return on investment (SROI) of ₹5.20 (for every ₹1 invested).
102 103
holistic cricket coaching to unleash their full potential across communities, thereby protecting people confident and empowered to love themselves no the opportunity to share and learn from like-minded
under the guidance of renowned cricket professionals. from infections. matter what. For more than 15 years, Dove has been women, interact with experts and discover career
The selected young women cricketers will be hosted helping young people with self-esteem education, growth opportunities. Over 1.7 million users have
to play a tournament in Chennai and Hyderabad ii. Wellbeing and Nutrition Initiatives reaching over 69 million lives globally in 150 countries. registered under the programme till the end of 2022.
respectively. After the tournament, 50 young women The Company’s ‘Future Foods’ ambition demonstrates Till now, the programme has facilitated over 5 lakhs
Dove and UNICEF** have par tnered to provide
cricketers will be shortlisted for the HUL scholarship our commitment to being a force for good. Our course enrolments and supported over 4 lakhs users in
self-esteem education to young people globally.
program. In the last phase, training will begin as part Company is continuously working to improve its accessing relevant Career Guidance.
In India, the body confidence education material
of the HUL scholarship, spanning three years. products to help people transition towards healthier is committed to empowering 6.25 million young
diets. The Company aims to help people make the iii. Kwality Wall’s Vending Operations
people across 8 States by 2024. In 2022, the Dove and
xi. Future of Work transition to healthier eating by providing positive The Company 's Kwalit y Wall’s mobile vending
UNICEF** partnership in India reached 2.4 million
Guided by the Company ’s Compass ESG Goals nutrition. Foods that deliver positive nutrition are students, of which over 60% were female. Dove’s initiative, ‘I am Wall’s’, has provided entrepreneurship
on Future of Work (FoW ) which aims to equip defined as products containing impactful amounts curriculum on self-esteem and body confidence has o p p o r tunitie s to n e a r ly 12 , 6 0 0 p e o p le a n d
1.5 million young people with essential skills by of vegetables, fruits, proteins, fiber, unsaturated also been adapted, contextualised, translated and 250 differently-abled persons across India (based on
2030, the Company has initiated pilots on skilling fatty acids or micronutrients such as vitamins, zinc, included in the accompanying teacher modules and internal records). This programme has helped vendors
and entrepreneurship. The pilots also focus on iron and iodine. student comic books. become self-sufficient micro-entrepreneurs selling ice
empowering Persons with Disabilities (PWDs). To cream on the move, helping the Company reach more
The Company doubled the number of products The partnership funding is being directed to UNICEF
help upskill the youth, the Company is partnering consumers on the street. It equips people with skills
sold that deliver positive nutrition1. In line with the India’s Life Skills Education programming and their
with the National Institute of Entrepreneurship and such as sales, customer service and problem-solving
Compass ESG Goals, the Company launched Kissan contributions to the Government of India’s Samagrha
Small Business Development (NIESBUD), UNICEF’s and provides many young people with work
Hazelnut Choco Peanut spread which is packed Shiksha Abhiyan (SMSA) programme. Under the
YuWaah’s Passport 2 Earning (P2E) programme, experience as they step into the job market.
with flavour and is an excellent source of protein. SMSA programme, the Ministry of Education has a
LabourNet, Sarthak Educational Trust and Cheshire
Additionally, Chocolate Horlicks was relaunched clear mandate to deliver a comprehensive life skills The Company’s work over the last several years
Disability Trust.
with a unique blend of four millets that are natural education curriculum. Our partnership is supporting has touched a large number of people in India. To
sources of calcium, iron, protein and fiber, critical scale up the Company’s initiatives, partnerships are
SECTION B teachers with specific training on self-esteem and
for child growth. crucial. The Company is working in partnership with
body confidence through educational materials,
Improve people’s health, confidence and wellbeing Government(s), NGOs, suppliers and others to help
In 2022, the Company partnered with the Zilla Parishad under the agreement with the Government of India.
i. Handwashing Behaviour Change Programme forge alliances and address big societal challenges.
of Pune to participate in the district Government’s mid-

In addition to ongoing ef for t s, D ove ’s
The Company’s Lifebuoy handwashing behaviour day meal programme. Our iconic Health Food Drinks
change initiative helps in promoting the benefits of
#StopTheBeautyTest 2.0 campaign drove awareness 2. COMPOSITION OF CSR COMMITTEE
(HFD) product, Horlicks will be added to existing take-
handwashing with soap at key times during the day about the biggest test Indian girls face in their school
home rations. These will be provided to children across Number of
and encouraging people to adopt and sustain good years – the beauty test. Almost 80% of school-going Number of meetings of
4,600 anganwadi centres across the district, covering
handwashing behaviour. girls have been subjected to beauty biases***. Their meetings of CSR CSR Committee
nearly 1.45 lakhs children (aged 3 to 6). Name of the Category of Committee held attended during
campaign video urges society to look beyond beauty
Members Directorship during the year the year
In 2020, Lifebuoy launched the award-winning stereotypes and celebrate every girl’s individuality.
‘H for Handwashing’ campaign with the Delhi Improve the health of the planet It received over 4 6 million views on YouTube O. P. Bhatt – Independent 2 2
Government . In 2021, the Ministr y of Education
The Company has taken several actions in the areas of Chairperson Director
since its launch.
endorsed the campaign and issued a letter to energy consumption, Greenhouse Gas (GHG) emissions, Sanjiv Misra Independent 2 2
Director
departments of education across states. In 2022, reduction in waste and water from manufacturing, as ii. Glow & Lovely Careers
Kalpana Independent 2 2
children became the torchbearers of this movement. well as in sustainable sourcing. The details of these
Glow & Lovely Careers is a programme designed to Morparia Director
Children were nominated as H for Handwashing initiatives are covered under Business Responsibility
help women create an identity for themselves by Leo Puri Independent 2 2
Chief Education Officers (CEOs) to help create a real Sustainable Repor ting, that forms a par t of this
providing them with career guidance, skill-based Director
impact by teaching thousands of other school children Integrated Annual Report.
courses and information on job opportunities. The Sanjiv Mehta Executive 2 2
handwashing habits. India’s youngest patent holder Director
platform addresses multiple skilling barriers that girls
NC Vishalini became the face of the campaign and Contribute to a fairer, more socially inclusive world and women in India face including limited access to Ritesh Tiwari Executive 2 2
made a public plea to the Ministry of Education to i. Dove Self-Esteem programme Director
transportation, lack of parental permission, high cost
include H for Handwashing in school curriculums.
Globally 8 out of 10 girls2 opt out of key life activities of courses and very few quality local institutes. The
From 2010 to 2022, the Company has reached when they do not feel good about the way they look. Glow & Lovely Careers website offers skill-based courses 3. THE WEB-LINK WHERE COMPOSITION OF CSR
out to over 75 million people in India through its In India, 6 out of 10 girls2 say they do not have high in partnership with well-known EdTech companies COMMITTEE, CSR POLICY AND CSR PROJECTS
handwashing behaviour change initiatives. The body esteem. Dove’s mission is to ensure the next like edX, English Edge, Hello English, start-ups such APPROVED BY THE BOARD ARE DISCLOSED ON
Company has been driving handwashing behaviour generation grows up to enjoy a positive relationship as www.testbook.com and www.idreamcareer.com THE WEBSITE OF THE COMPANY
change programmes in partnership with Global with the way they look to reach their full potential. and internship opportunities through online training The web-link is as follows:
Alliance for Vaccine Initiative (GAVI) and NGO We are helping young people to build positive body partner Internshala. The Glow & Lovely Careers h ttps://www.hul.co.in/investor-relations/corporate-

partners. Through the programmes, the practice of confidence and self- esteem. Being the largest community on the ‘Sheroes’ application provides social-responsibility/
using soap at critical occasions and awareness and provider of self-esteem education, this project strives
knowledge of ‘how visibly clean is not clean’ is spread to create a world where young people grow up feeling
1
Compared to 2019 baseline. ** UNICEF does not endorse any company, brand, product or service.
2
Claims are based on research conducted by Edelman Intelligence (2017). n = 5,165 girls aged 10-17 across 14 countries. *** Claims are based on research conducted by Hansa Research during December 2020. n=1,057 females across 17 urban cities in India.
104 105
4. THE DETAILS OF IMPACT ASSESSMENT OF CSR Project Prabhat 5. Sr.

PROJECTS CARRIED OUT IN PURSUANCE OF Prabhat is the community development initiative of No. Particulars (₹ in crores)
SUB-RULE (3) OF RULE 8 OF THE COMPANIES 5a. Average net profit of the Company as per Section 135(5) 10,263.04
the Company that aims to create sustainable and
5b. Two percent of average net profit of the Company as per Section 135(5) 205.26
(CORPORATE SOCIAL RESPONSIBILITY POLICY) inclusive communities. It contributes to a fairer, more 5c. Surplus arising out of the CSR projects or programmes or activities of the previous financial years Nil
RULES, 2014 socially and environmentally inclusive world, while 5d. Amount required to be set off for the financial year, if any Nil
Reports pertaining to Impact Assessment carried out using HUL’s scale for good. In the last 9 years, the 5e. Total CSR obligation for the financial year (5b+5c-5d) 205.26
for Water Conservation Projects, Project Shakti, Project initiative has positively benefited nearly 9 million
Prabhat and Waste Free World are available on the lives across 21 States and 2 Union Territories. The 6. Sr.
website at https://www.hul.co.in/investor-relations/ Impact Assessment was conducted for the period No. Particulars (₹ in crores)
corporate-social-responsibility/. of 1st April, 2021 to 31st March, 2022 for the pillars, 6a. Amount Spent on CSR Projects – including actual spent (₹199.15 crores) and amount transferred 206.15
Health & Nutrition; Environmental Sustainability and to unspent account for ongoing projects (₹7 crores) (both Ongoing Project and other than
A brief outline of the aforesaid Impact Assessments Ongoing Project):
Economic Empowerment. The Impact are as below:
carried during the f inancial year 2022-23 for 6b. Amount spent in Administrative Overheads 1.62
the period 1st April, 2021 to 31st March, 2022 is • 71.6% of women are aware about diet diversity 6c. Amount spent on Impact Assessment, if applicable 0.55
given herein below:- • 3,430 kg of plastic upcycled into hand 6d. Total amount spent for the financial year (6a + 6b + 6c) 208.32
washing sanitations Note: Amount of ₹201.32 crores was spent during the FY 2022-23 and amount of ₹7 crores was transferred to the unspent CSR Account for
Water Conservation Projects the ongoing projects, as per Section 135(6). The total CSR spend during the FY 2022-23 amounts to ₹208.32 crores which includes the amount
• 2,149 kg of plastic waste collected in Ghat cleaning transferred to unspent CSR account for the ongoing projects.
Hindustan Unilever Foundation (HUF’s) programmes sessions in Haridwar
work at the intersection of water and agriculture. 6e. CSR amount spent or unspent for the financial year:
• 73% addition in individual annual income
The programmes implemented in partnerships with (₹ in crores)
through Prabhat
credible NGOs impact rural communities across 8 Amount Unspent
states and 2 union territories that represent India’s • 71% of the Women have the opportunity to avail Total Amount Total amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as
Account as per Section 135(6) per second proviso of Section 135(5)
varied ground water and rainfall conditions. The credit through formal source Spent for the
financial year Amount Date of transfer Name of the fund Amount Date of transfer
Impact Assessment covered the variables resulting in • 81% Women initiated savings through formal
201.32 7.00 18th April, 2023 - NIL -
the outcomes generated on key programme indicators. sources
The review of impact indicators for the period of • 71% Beneficiaries experienced an increase in the 6f. Excess amount for set-off, if any :
1st April 2021 to 31st March 2022 substantiated the (₹ in crores)
dairy income Sr.
following outcomes from HUF programmes through No. Particulars Amount
its. Programme Implementation Agencies: Waste-free World (i) Two percent of average net profit of the Company as per sub-section (5) of Section 135 205.26
• 10,944 - water conservation structures created In accordance with the Company's Compass ESG (ii) Total amount spent for the financial year 208.32
• ~16,000 - hectares area covered under plantations Goals and in line with the vision of a Waste-free World, (iii) Excess amount spent for the financial year [(ii)-(i)] 3.06
the Company has spearheaded 3 CSR interventions (iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, Nil
• ~10,700 - villages benefited from programmes
focusing on plastic circularity. The initiatives are if any
• 3,05,681 - farmers benefited from programmes (v) Amount available for set-off in succeeding financial years [(iii)-(iv)] Nil
being implemented in par tnership with State
Governments and reputed organisations such as Note: Amount of ₹201.32 crores was spent during the FY 2022-23 and amount of ₹7 crores was transferred to the unspent CSR Account for
Project Shakti United Nations Development Programme (UNDP) and the ongoing projects, as per Section 135(6). The total CSR spend during the FY 2022-23 amounts to ₹208.32 crores against an obligation
Launched in 2001, Project Shakti is an initiative by the Xynteo. They include setting up end-to-end waste of ₹205.26 crores. Hence, there is an excess spend of ₹3.06 crores for which set-off is not being claimed by the Company.
Company which aims to empower underprivileged management models; driving behaviour change on 7. DETAILS OF UNSPENT CSR AMOUNT FOR THE PRECEDING THREE FINANCIAL YEARS
rural women by creating livelihood opportunities. source segregation by citizens; improving livelihoods (Amount in ₹)
The Company has trained thousands of Shakti of sanitation workers. The Impact Assessment was (1) (2) (3) (4) (5) (6) (7) (8)
Entrepreneurs (SE) across villages in a bid to develop carried out for the period 1st April, 2021 till 31st March, Amount transferred to a fund Amount
an entrepreneurial mindset and make them 2022 and the themes of the assessment are as below: Amount Balance specified under Schedule remaining to
transferred to Amount in VII as per second proviso to be spent in
financially independent and more empowered. The
Section 135(5), if any
Impact Assessment was carried out for the period 1st • 3,300 Safai Saathis (out of which 75% are women) Unspent CSR Unspent CSR Amount succeeding
Sl. Preceding Account under Account under spent in the Date of Financial Deficiency,
April, 2021 till 31st March, 2022 and the key outcomes have got access to social protection documents
No. Financial Year(s) Section 135(6) Section 135(6) Financial Year Amount Transfer Years if any
are as follows: and schemes covering food, health, safety, security
1. FY 2021-22 28,14,87,646 10,286 28,14,77,360 NA 10,286 -
and financial inclusion
• Over 80% SE reported increased income 2. FY 2020-21 - - - - - -
• 72% of the citizens felt waste segregation is a 3. FY 2019-20 - - - - - -
• Improvements in social empowerment indicators
‘very urgent’ issue to act upon after watching
were observed for 9 out of 10 SE
‘BinBoy’ campaign 8. WHETHER ANY CAPITAL ASSETS HAVE BEEN CREATED OR ACQUIRED THROUGH CSR AMOUNT
• 87% can take independent financial decisions
• 4 out of 5 believed the ‘BinBoy’ campaign would SPENT IN THE FINANCIAL YEAR

• 89% are able to purchase items they could inspire friends and family to sort waste No
not afford earlier
• ‘ Waste No More’ curriculum educates children
• 91% are able to contribute to the decisions related 9. SPECIFY THE REASON(S), IF THE COMPANY HAS FAILED TO SPEND TWO PER CENT OF THE AVERAGE
on impor tance of source segregation and
to their children’s education NET PROFIT AS PER SECTION 135(5)
recycling which has been reached out to 3,00,000
• 90% feel confident in dealing with people as Shakti students till date Not applicable
On behalf of the CSR Committee
O. P. Bhatt Sanjiv Mehta

Chairman, CSR Committee Chief Executive Officer and
(DIN: 00548091) Managing Director
Mumbai, 27th April, 2023 (DIN: 06699923)
107
Business Responsibility and Sustainability Report
Dear Stakeholders, Assurance Report

I am pleased to share our first Business Responsibility
Independent practitioner’s limited assurance report INHERENT LIMITATIONS
and Sustainability Report (BRSR) for the Financial Year on Identified Sustainability Indicators in Hindustan The absence of a significant body of established practice
2022-23. The report aims to enable our stakeholders Unilever Limited (HUL)’s Business Responsibility and on which to draw to evaluate and measure non-financial
to know more about our sustainability performance. Sustainability Report information allows for different, but acceptable, measures
To the Members and Board of Directors of Hindustan and measurement techniques and can affect comparability
Sustainability is ingrained in our purpose: ‘to make between entities.
Unilever Limited (HUL)
sustainable living commonplace’. We are committed
We have under taken to per form limited assurance Non-financial performance information is subject to more
to sustainable growth by delivering products that inherent limitations than financial information, given the
engagement for Hindustan Unilever Limited (HUL) (the
meet the evolving needs of our consumers, while ‘Company’) vide our Engagement Letter in respect of the characteristics of the subject matter and the methods used
minimising their impact on the environment. We agreed indicators/parameters listed below (the ‘Identified for determining such information. The precision of different
Sustainability Indicators’). These indicators/parameters measurement techniques may also vary.
firmly believe that sustainability and profitability
are as included in the Business Responsibility and
go hand-in-hand. OUR INDEPENDENCE AND QUALITY CONTROL
Sustainability Report (BRSR) of the Company for the year
Our Compass strategy charts a clear pathway for us ended March 31, 2023; the reporting boundary being as We have complied with the independence and other
disclosed in Question 13 and Question 21 of Section A of the ethical requirements of the International Code of Ethics for
to embed sustainability into our multi-stakeholder
BRSR with exceptions if any been disclosed as a note under Professional Accountants issued by the International Ethics
model and achieve our vision of becoming a leader the respective questions under BRSR. Standards Board for Accountants (IESBA Code), which is
in sustainable business. To transform this vision founded on fundamental principles of integrity, objectivity,
into reality, we have set forth a series of multi-year, IDENTIFIED SUSTAINABILITY INDICATORS professional competence and due care, confidentiality and
The Identified Sustainability Indicators for the year ended professional behavior
time-bound goals focused on vital areas, such
strategy to become a force for good and are 31 March 2023 (unless otherwise stated) are summarised in Our firm applies International Standard on Quality
as climate action, protecting and regenerating
Appendix 1 to this report. Management and accordingly maintains a comprehensive
nature, waste-free world, positive nutrition, equity, committed to doubling the number of products sold
Our limited assurance engagement is with respect to system of quality control including documented policies
diversity, and inclusion, raising living standards, that deliver positive nutrition by 2025.
the year ended March 31, 2023 information only. Further, and procedures regarding compliance with ethical
and the future of work. These goals are anchored on In 2022, we formed an Environmental, Social, and in respect of comparative previous year information requirements, professional standards and applicable legal
three fundamental pillars: improve the health of the i.e., year ended March 31, 2022 reported in the Business and regulatory requirements.
Governance (ESG) Committee at the Board level
planet, improve people's health, confidence, and Responsibility and Sustainability Report for year ended
comprising four Independent Directors and one OUR RESPONSIBILITY
March 31, 2023 by the Company for indicators mentioned
wellbeing, and contribute to a fairer, more socially Executive Director. The ESG Committee is responsible in Appendix 1 (except those marked as ‘#’), we had issued a Our responsibility is to express a limited assurance
inclusive world. for overseeing and guiding our ESG strategy, separate limited assurance report dated 26 April 2023. conclusion on the Identified Sustainability Indicators,
performance and implementation. This includes based on the procedures we have performed and evidence
We have made significant progress against ‘HUL
CRITERIA we have obtained. We conducted our limited assurance
Compass ESG Goals’. In our own manufacturing monitoring and reporting on our progress towards
The criteria used by the company is the ‘Guidance note for engagement in accordance with International Standard
operations, we have reduced our CO2 emissions by ‘HUL Compass ESG goals’, as well as ensuring that on Assurance Engagements (ISAE) 30 0 0 (Revised)
BRSR format’ (referred to as the 'Criteria').
97% (per tonne of production), water usage by 48% our operations align with our purpose. Assurance Engagements other than Audits or Reviews of
MANAGEMENT’S RESPONSIBILITY Historical Financial Information and ISAE 3410 Assurance
(cubic meter per tonne of production) and total The Board acknowledges that sustainability is a Engagements On Greenhouse Gas Statements, issued by
waste generated from our factories by 55% (per T h e Co mp a ny ’s M a n age m e nt is r esp o nsib le fo r
perpetual voyage and is steadfast in its resolve the International Auditing and Assurance Standards Board
identif ication of key a sp e c t s, engagement with
tonne of production) in FY 2022-23 compared to to enhance our sustainabilit y per formance (IAASB). These standards require that we plan and perform
stakeholders, content and presentation of the Business
2008 baseline. Hindustan Unilever Foundation (HUF) this engagement to obtain limited assurance about
continuously. We will persist in striving to attain Responsibility and Sustainability Report in accordance
whether the Identified Sustainability Indicators are free
along with its partners has created a cumulative and ‘HUL Compass ESG Goals’ by promoting innovation with the Criteria mentioned above. This responsibility
from material misstatement.
collective water potential of over 2.6 trillion litres. In includes the design, implementation and maintenance of
and collaboration throughout our value chain
internal control relevant to the preparation of the Business A limited assurance engagement involves assessing
Calendar Year 2021 and 2022, we have collected and and spearheading progress towards a more Responsibility and Sustainability Report and measurement the suitability in the circumstances of the Company’s
processed more plastic packaging than we used as sustainable future. of Identified Sustainability Indicators, which are free from use of the Criteria as the basis for the preparation of the
packaging materials for our products by maintaining material misstatement, whether due to fraud or error. Identified Sustainability Indicators, assessing the risks of
industry-leading standards for balanced pan-India Sanjiv Mehta

Chief Executive Officer and Managing Director
collection. We continue our food reformulation
108 109
material misstatement of the Identified Sustainability The procedures per formed in a limited assurance Appendix 1
Indicators whether due to fraud or error, responding to engagement vary in nature and timing from, and are less
the assessed risks as necessary in the circumstances, in extent than for, a reasonable assurance engagement. IDENTIFIED SUSTAINABILITY INDICATORS
and evaluating the overall presentation of the Identified Consequently, the level of assurance obtained in a
BRSR indicator reference
Sustainability Indicators. limited assurance engagement is substantially lower
Sr. (‘E’ indicates Essential Indicator &
than the assurance that would have been obtained had No. ‘L’ indicates Leadership Indicator) Description of indicator
A limited assurance engagement is substantially less
we performed a reasonable assurance engagement. 1. Section A – 18a Employees and workers (including differently abled)
in scope than a reasonable assurance engagement in
Accordingly, we do not express a reasonable assurance
relation to both the risk assessment procedures, including 2. Section A – 18b Differently abled Employees and workers
opinion about whether the Identified Sustainability
an understanding of internal control, and the procedures 3. Section A – 19 Participation/Inclusion/Representation of women
Indicators have been prepared, in all material respects, in
performed in response to the assessed risks. 4. Section A – 20 Turnover rate for permanent employees and workers
accordance with the Criteria.
5. Section A – 23 Complaints/Grievances on any of the principles (Principles 1 to 9) under the National
The procedures we per formed were based on our Guidelines on Responsible Business Conduct
professional judgment and included inquiries, observation EXCLUSIONS 6. Section C – Principle 1 – E1 Percentage coverage by training and awareness programmes on any of the Principles during
of processes per formed, inspection of documents, Our limited assurance scope excludes the following and the Financial Year
evaluating the appropriateness of quantification methods therefore we do not express a conclusion on the same: 7. Section C – Principle 1 – E6 Details of complaints with regard to conflict of interest
and reporting policies, and agreeing or reconciling with 8. Section C – Principle 1 – L1 #Awareness programmes conducted for value chain partners on any of the Principles during
underlying records. • Testing the operating effectiveness of management the Financial Year
systems and controls; 9. Section C - Principle 2 - E2 (b) #What percentage of inputs were sourced sustainably? (For Calendar Year 2022)
Given the circumstances of the engagement, in performing
the procedures listed above, we: • Performing any procedures over other information/ 10. Section C – Principle 2 – L4 Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes)
reused, recycled, and safely disposed
operations of the company/aspects of the report and
• O btain e d a n un de r s ta n din g of th e ide ntif ie d 11. Section C – Principle 2 – L5 Reclaimed products and their packaging materials (as percentage of products sold) for each
data (qualitative or quantitative) included in the BRSR
sustainability indicators and related disclosures. product category
not agreed under this letter/ Scope of Assurance
• Obtained an understanding of the assessment 12. Section C – Principle 3 – E1 Details of measures for the well-being of employees and workers
• The statements that describe expression of opinion, 13. Section C – Principle 3 – E2 Details of retirement benefits, for Current Financial Year (excluding amounts deducted and
criteria and their suitability for the evaluation and /or
belief, aspiration, expectation, aim or future intentions deposited with the authority)
measurements of the identified sustainability indicators.
provided by the Company and testing or assessing any 14. Section C – Principle 3 – E5 Return to work and Retention rates of permanent employees and workers that took parental
• Made enquiries of Company’s management, including forward-looking assertions and/or data. leave
the various teams such as Sustainability team, Corporate 15. Section C – Principle 3 – E7 Membership of employees and worker in association(s) or Unions recognised by the listed
Social Responsibility (CSR) Team, etc., and those with LIMITED ASSURANCE CONCLUSION entity
responsibility for managing Company’s BRSR. 16. Section C – Principle 3 – E8 #Details of training given to employees and workers
Based on the procedures we have performed and the
• Performed understanding and evaluation of the design 17. Section C – Principle 3 – E9 Details of performance and career development reviews of employees and worker
evidence we have obtained, nothing has come to our
of the key structures, systems, processes and controls 18. Section C – Principle 3 – E11 Details of safety related incidents
attention that causes us to believe that the Company’s
for managing, recording and reporting on the identified Identified sustainability indicators included in the Business 19. Section C – Principle 3 – E13 Number of Complaints on working conditions & Health safety made by employees and workers
sustainability indicators including at the sites visited. Responsibility and Sustainability Report for the year ended 20. Section C – Principle 3 – E14 Assessments for the year (Health and safety practices, Working Conditions)
• Checked the consolidation for various sites and March 31, 2023 are not prepared, in all material respects, in 21. Section C – Principle 3 – L3 Number of employees and workers having suffered high consequence work related injury / ill-
health / fatalities, who have been rehabilitated and placed in suitable employment or whose
corporate offices under the reporting boundary for accordance with the criteria.
family members have been placed in suitable employment
ensuring the completeness of data being reported.
22. Section C – Principle 5 – E1 #Number of Employees and workers who have been provided training on human rights issues
• Performed limited substantive testing on a selective basis RESTRICTION ON USE and policies of the entity
of the Identified sustainability indicators at corporate Our limited assurance report has been prepared and 23. Section C – Principle 5 – E2 Details of minimum wages paid to employees and workers
head office, and in relation to sample of sites visited addressed to the Members and Board of Directors of the 24. Section C – Principle 5 – E3 Details of remuneration/salary/wages
(Haridwar, Rajpura, Kidderpore and Amli in India), to Company at the request of the company solely to assist 25. Section C – Principle 5 – E6 Number of Complaints on (Sexual Harassment, Discrimination at workplace, Child Labour,
check that data had been appropriately measured with the company in reporting on the Company’s Sustainability Forced Labour/Involuntary Labour, Wages and Other human rights related issues) made by
underlying documents recorded, collated and reported. performance and activities. Accordingly, we accept employees and workers
no liability to anyone, other than the Company. Our 26. Section C – Principle 5 – E9 #Percentage of your plants and offices that were assessed (by entity or statutory authorities
• A ssessed the level of adherence to ‘Guidance
deliverables should not be used for any other purpose or by or third parties) on Sexual Harassment, Discrimination at workplace, Child Labour, Forced
note for BRSR format ’ followed by the Company in Labour/Involuntary Labour, Wages and Other human rights related issues.
preparing the BRSR. any person other than the addressees of our deliverables.
27. Section C – Principle 6 – E1 Details of total energy consumption (in Joules or multiples)
The Firm neither accepts nor assumes any duty of care or
• Assessed the BRSR for detecting, on a test basis, 28. Section C – Principle 6 – E3 Total volume of water withdrawal & water consumption in Kiloliters
liability for any other purpose or to any other party to whom
any major anomalies bet ween the information 29. Section C – Principle 6 – E5 Details of air emissions (other than GHG emissions) by the entity
our Deliverables are shown or into whose hands it may
reported in the BRSR on performance with respect to 30. Section C – Principle 6 – E6 Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions)
come without our prior consent in writing.
agreed Indicators/ parameters and relevant source 31. Section C – Principle 6 – E8 Details related to waste management by the entity
data/information. 32. Section C – Principle 6 – L1 Break-up of the total energy consumed (in Joules or multiples) from renewable and non-

• Obtained representations from Company’s Management. renewable sources
33. Section C – Principle 6 – L2 Water discharge by destination and level of treatment (in kiloliters)
For Price Waterhouse Chartered Accountants LLP
34. Section C – Principle 6 – L3 Water withdrawal, consumption and discharge in areas of water stress (in kiloliters)
Firm Registration No: 012754N/500016
35. Section C – Principle 8 – E2 Information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
Chartered Accountants undertaken by your entity
36. Section C – Principle 9 – E3 Number of consumer complaints in respect of Data Privacy, Advertising, Cyber-Security,
Heman Sabharwal Delivery of essential services, Restrictive Trade Practices, Unfair Trade Practices
Partner 37. Section C – Principle 9 – E4 Details of instances of product recalls on account of safety issues
Membership No.: 093263 38. Section C – Principle 9 – L5 Number of instances of data breaches & Percentage of data breaches involving personally
identifiable information of customer
Gurgaon, 27th April, 2023 UDIN: 23093263BGWPMZ2411
110 111
Section A - General Disclosures II-15. Products/services sold by the entity (accounting for 90% of the entity’s turnover):
S.
No. Product/service NIC code Total turnover contributed (%)
“Our vision is to deliver winning performance by being 1. Beauty and personal care 20231 Soaps 36.7%
the leader in sustainable business. We will demonstrate 20236 Shampoos
how our purpose-led, future-fit business model drives 20235 Toothpastes
20234 Deodorants
superior performance, delivering growth that is consistent, 20237 Cosmetics
competitive, profitable and responsible.” 96020 Hairdressing and other beauty treatment
2. Home care 20233 Detergents 35.4%
Ritesh Tiwari 27501 Water purifiers
Executive Director, Finance & IT and Chief Financial Officer 28195 Air purifiers
20239 Surface and Bathroom Cleaners
3. Food and refreshments 10791 Tea 24.8%
I. DETAILS OF THE LISTED ENTITY 10792 Coffee
10750 Packaged foods (including frozen desserts)
S.
No. Particulars Response
10794 Malt-based foods
1. Corporate Identity Number (CIN) of the listed entity L15140MH1933PLC002030

III. OPERATIONS
2. Name of the listed entity Hindustan Unilever Limited
III-16. Number of locations where plants and/or operations/offices of the entity are situated:
3. Year of incorporation 1933
4. Registered office address Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Location Number of plants Number of offices Total
5. Corporate address Mumbai – 400 099 National 29 10 39

6. E-mail levercare.shareholder@unilever.com; comsec.hul@unilever.com International 0 0 0
7. Telephone + 91 (0) 022 – 5043 2790/32516/32754
8. Website www.hul.co.in III-17. Markets served by the entity:
9. Financial Year for which reporting is being done 1st April, 2022 to 31st March, 2023 a. Number of locations
10. Name of the stock exchange(s) where shares are listed BSE Limited; Locations Number
National Stock Exchange of India Limited
National 28 States and 8 Union Territories
11. Paid-up capital ₹235 crores
International 43 countries
12. Name and contact details (telephone and email address) Name: Dev Bajpai – Executive Director, Legal & Corporate Affairs,
We have a pan-India presence and serve all States and Union Territories in India.
of the person who may be contacted in case of any queries and Company Secretary.
on the BRSR report Contact: + 91 (0) 022 – 5043 2790/32754
Email: levercare.shareholder@unilever.com b. What is the contribution of exports as a percentage of the total turnover of the entity?
13. Reporting boundary–Are the disclosures under this report Disclosures under this report are made on a consolidated basis
2.5%, The focus of the Fast Moving Consumer Goods (FMCG) exports operation is two-fold: to expand global presence
made on a standalone basis (i.e., only for the entity) or on covering wholly owned subsidiaries of brands, such as Vaseline, Dove, Pears, BRU, Red Label, Lakme, Horlicks, and Boost, and to effectively provide cross-
a consolidated basis (i.e., for the entity and all the entities border sourcing of FMCG products to other Unilever companies across the world.
that form part of its consolidated financial statements (Refer table V-21. (a) for list of wholly-owned subsidiaries)
taken together)?
c. A brief on the types of customers:
We have 90 years of presence in the country, and 9 out of 10 households in India use one or more of our brands.
Our brands are present in around nine million retail outlets spread across the country through a network of 3,500+
II. PRODUCTS/SERVICES
distributors, who are the backbone of our retail reach. We work with many retail partners to help them grow sustainably
II-14. Details of business activities (accounting for 90% of turnover): alongside us. We have a long-standing relationship with our customers that is based on trust and mutuality of
S. interest. We continue to work with all our partners including small family-owned stores to large, organised retail and
No. Description of the main activity Description of business activity Entity turnover (%) e-Commerce to serve the evolving needs of our shoppers. Our endeavour is and has always been to ensure that our
1. Manufacturing - FMCG Soaps, Detergents, Cosmetics & Toiletries, Packaged Foods 100.0% brands are easily available wherever shoppers choose to shop.

112 113
IV. EMPLOYEES IV-20. Turnover rate for permanent employees and workers
IV-18. Details as of the end of the Financial Year: We are known for attracting and developing the best talent in the industry and HUL is often referred to as the leadership
a. Employees and workers (including differently abled): factory. Recognised as one of the best companies to work for, we continue to be the ‘No. 1 Employer of Choice across
sectors, based on brand perception study by InsideIIM at target B-Schools in 2022’ and ‘One of the Best Organisations for
We are committed to drive equity, diversity, and inclusion across our value chain. As on March 2023, we have achieved 40%
Women in 2022 and 2023’ by Economic Times.
gender diversity across our managerial base and have a strong roadmap to be gender-balanced at managerial level by
2025. Through several programmes, such as ‘Samavesh’ and ‘Ahilya’, we are striving to enhance women representation in FY 2022-23 (Turnover rate %) FY 2021-22 (Turnover rate %) FY 2020-21 (Turnover rate %)
our factories and salesforce. We have over 850 women as shopfloor employees across our manufacturing locations and Male Female Total Male Female Total Male Female Total
have onboarded over 1,000 women in sales.
Permanent employees 17.7% 25.3% 19.6%* 17.3% 21.9% 18.3% 8.0% 16.5% 9.9%
We are committed to including differently abled persons in our employment ecosystem and workforce. We allow for Permanent workers 7.9% 11.1% 8.0%** 3.7% 2.0% 3.7% 3.4% 2.3% 3.4%
voluntary self-disclosure and reasonable accommodation policy to enable employees to discreetly disclose their Turnover rate includes voluntary and involuntary attrition
disability and avail support. We have set ourselves a clear objective i.e. 5% of our workforce will be made up of * Voluntary: 16.7%; Involuntary: 2.9%
differently abled people by 2025. Refer our website for more details https://www.hul.co.in/planet-and-society/equity- ** Voluntary: 0.5%; Involuntary: 7.5%
diversity-and-inclusion/
Male Female
V. HOLDING, SUBSIDIARY, AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)
No. Particulars Total (A) No. (B) % (B/A) No. (C) % (C/A)
V-21. (a) Names of Holding, Subsidiary, Associate Companies, and Joint Ventures
Employees Does the entity in column A,
% of shares participate in the business
1. Permanent (D) 7,719 5,700 73.8% 2,019 26.2%* S. Type of holding/subsidiary/ held by the responsibility initiatives of the
2. Other than permanent (E) 311 190 61.1% 121 38.9% No. Name (A) associate/joint venture listed entity listed entity?
3. Total employees (D+E) 8,030 5,890 73.4% 2,140 26.6% 1. Unilever PLC Holding - No
2. Unilever Group Limited Holding - No
Workers
3. Unilever Overseas Holdings AG Holding - No
4. Permanent (F) 11,251 10,900 96.9% 351 3.1%
4. Unilever UK & CN Holdings Limited Holding - No
5. Other than permanent (G) 8,856 8,306 93.8% 550 6.2% 5. Unilever South India Estates Limited Holding - No
6. Total workers (F+G) 20,107 19,206 95.5% 901 4.5% 6. Unilever Assam Estates Limited Holding - No
*As on March 2023, we have achieved a gender diversity of 40% across our managerial base. 7. Unilever Overseas Holdings B V Holding - No
8. Unilever India Exports Limited Wholly-owned subsidiary 100.0% Yes
IV-18. Details as of the end of the Financial Year: 9. Pond’s Exports Limited Wholly-owned subsidiary 90.0% Yes
10. Lakme Lever Private Limited Wholly-owned subsidiary 100.0% Yes
b. Differently abled employees and workers:
11. Unilever Nepal Limited Subsidiary 80.0% Yes
Male Female 12. Daverashola Estates Private Limited Wholly-owned subsidiary 100.0% Yes
No. Particulars Total (A) No. (B) % (B/A) No. (C) % (C/A) 13. Jamnagar Properties Private Limited Wholly-owned subsidiary 100.0% Yes
Differently Abled Employees 14. Levers Associated Trust Limited Wholly-owned subsidiary 100.0% Yes
1. Permanent (D) 60 55 91.7% 5 8.3% 15. Levindra Trust Limited Wholly-owned subsidiary 100.0% Yes
16. Hindlever Trust Limited Wholly-owned subsidiary 100.0% Yes
2. Other than permanent (E) - - 0.0% - 0.0%
17. Hindustan Unilever Foundation Wholly-owned subsidiary 76.0% Yes
3. Total differently abled employees (D+E) 60 55 91.7% 5 8.3%
18. Bhavishya Alliance Child Nutrition Initiatives Wholly-owned subsidiary 100.0% Yes
Differently Abled Workers
19. Unilever India Limited Wholly-owned subsidiary 100.0% Yes
1. Permanent (F) 13 13 100.0% - 0.0%
20. Zywie Ventures Private Limited Subsidiary 51.0%* No
2. Other than permanent (G) 5 4 80.0% 1 20.0%
21. Nutritionalab Private Limited Joint Venture 19.8%* No
3. Total differently abled workers (F+G) 18 17 94.4% 1 5.6%
* On a fully diluted basis
IV-19. Participation/Inclusion/Representation of women

VI. CSR DETAILS
No. and percentage of females
VI-22. (i). Is CSR applicable as per Section 135 of the Companies Act, 2013 (Yes/No)?
Total (A) No. (B) % (B/A)
Yes, CSR provisions are applicable as per Section 135 of the Companies Act, 2013. A belief that sustainable business drives
Board of Directors (BoD) 10 2 20.0%
superior performance lies at the heart of our business strategy. We have been undertaking CSR activities long before
Key Management Personnel (KMP)* 3 - 0.0%
it was introduced by regulations. We have a dedicated CSR Policy focussed on People and Planet, which lays down the
Above table represents HUL’s Board of Directors and Key Management Personnel
approach towards community development in the areas of water conservation, health and hygiene, skill development,
education, social advancement, gender equality, empowerment of women, ensuring environmental sustainability
and rural development projects. The CSR Policy, as approved by the Board of Directors, is available on our website at

* All KMPs i.e. Managing Director & Chief Executive Officer, Executive Director – Finance, IT & Chief Financial Officer and Executive Director – Legal &
Corporate Affairs and Company Secretary are part of Board of Directors
https://www.hul.co.in/investor-relations/corporate-social-responsibility/
VI-22. (ii) Turnover (in crores): ₹59,144 crores

VI-22. (iii) Net worth (in crores): ₹50,221 crores
114
Investors
whom the
partners*
complaint
group from
Employees
(other than
Stakeholder
Customers*
Value chain
was received
and workers
Communities
Shareholders
shareholders)
Yes
Yes
Yes
Yes
Yes.
as per the following format.

grievance redressal policy)
e611-80d3-000d3ab1117e
relations/investor-contacts/
manual registers at factories

manual registers at factories
https://www.hul.co.in/contact/
e611-80d3-000d3ab1117e and
e611-80d3-000d3ab1117e and
LandingPage/99b958aa-55a1-
https://www.hul.co.in/investor-
Grievance redressal mechanism in
place? (If yes, provide web-link for the
https://app.convercent.com/en-us/
Guidelines on Responsible Business Conduct:
2
3,411
79
186
-
year
during the
filed
complaints
No. of
VII. TRANSPARENCY AND DISCLOSURE COMPLIANCE
* Customers include distributors; Value chain partners include vendors/suppliers.

FY 2022-23
1
100
12
6
-
the year
the close of
resolution at
pending
complaints
No. of
-
-
-
below**
note
Refer
-
Remarks
(e.g., preference shareholders or debenture holders)
most interest to our stakeholders. Table below captures the key material issues identified by us.
-
1,971
53
166
-
year
during the
filed
complaints
No. of
Not applicable, as we don’t have any investors other than the shareholders
FY 2021-22
VII-23. Complaints/grievances on any of the principles (one to nine) under the National
-
185
13
1
-
the year
the close of
resolution at
pending
complaints
No. of
** 4 Complaints were resolved by 5th April 2023 and for the remaining 2 complaints, interim responses were submitted before 31st March 2023.
-
-
-
filed
reply was
interim
An
-
Remarks
assessment to identify priority sustainability issues across our value chain so that we are able to report on the issues of
business or performance. And secondly, if it is deemed to be important to our key stakeholders, including: consumers, our
responsible business conduct and sustainability issues pertaining to environmental and social
same, and the approach to adapting or mitigating the risk along-with its financial implications,
helps us report on those, that matter most to our business and stakeholders. A sustainability issue is material to us if it
people, customers, suppliers & business partners, shareholders and planet & society. We use our sustainability materiality
matters that present a risk or an opportunity to the business, the rationale for identifying the
VII-24. Overview of the entity’s material responsible business conduct issues. Please indicate material
meets two conditions. Firstly, if it is considered a principal risk or an element of a principal risk, which could impact our
We live in an uncertain and constantly changing world. Having a formal process to identify material sustainability issues
Indicate Financial implications of the risk or

S. Material issue whether risk or Rationale for identifying the opportunity (Indicate positive or negative
No. identified opportunity (R/O) risk/opportunity In case of risk, approach to adapt or mitigate implications)
Value
1. Climate Risk Climate change is a We have set out a clear pathway to tackle climate change, as listed Programmes to mitigate risk emanating
Creation
change principal risk to us, which below: from climate change can lead to
has the potential to impact incremental costs in the short-to-
• Zero emissions in our operations by 2030;
our business in the short, medium-term, which can be partly
medium and long term. • Halve Green House Gas (GHG) impact of our products across the compensated by increased efficiency
We face potential physical lifecycle by 2030; in the long term. Importantly, these
environment risks from the programmes would strengthen business
effects of climate change • Net Zero emissions for all our products from sourcing to point of resilience and protect long term value.
on our business, including sale by 2039;
Overview
Corporate
extreme weather and •

Replace fossil-fuel derived carbon with renewable or recycled
water scarcity. Potential carbon in all our cleaning and laundry product formulations
regulatory and transition by 2030.
market risks associated with
the shift to a low-carbon cross the portfolio, our brands are working towards reducing the
A
economy include changing environmental impact, including at the consumer use stage.
co n s u m e r p re fe re n ce s ,
increase in product cost,
future Government policy
Overview
and regulation. Responsible

Performance
business practices are

critical to generating long-
term value.
2. Packaging Risk We use a significant amount We want to change the way we use plastic by treating waste as a Increased cost of developing
and waste of plastic to package our valuable resource. We’re transforming our packaging and pushing sustainable packaging alternatives and
products. A reduction in the hard to create a circular economy for waste. Across the portfolio, our risk of fines and penalties associated
amount of virgin plastic that brands are working towards reducing the environmental impact, with non-compliance with statutory EPR
we use, the use of recycled including at the consumer use stage. regulations.
Overview
plastic and an increase

• C
ollection and Recovery: We are driving waste management In the long run, initiatives and innovation
Governance
in the recyclability of our

programmes through tie-ups with various companies/NGOs have the potential to yield positive
packaging are critical to our
deploying mass collection, processing, and disposal models. We financial outcomes in the form of
future success.
are also helping consumers to understand waste segregation reduction in the amount of plastic used,
and disposal methods. We have been collecting and processing use of recycled plastic and alternative
more plastic packaging waste from across India than the plastic packaging.
used in the packaging of our finished products in Calendar Year
2021 and 2022. Over 1,00,000 tonnes of plastic waste have been
collected and safely disposed in 2022. We will continue to collect
Reports
Statutory
more plastic than we sell going forward as well.
• D
esign and development of alternative packaging: We are
working on innovative solutions for accelerated development of
alternative packaging and associated Supply Chain capability in
order to reduce usage of virgin plastic. We will continue to maximise
the usage of recyclable plastic in packaging and aim to use 15%
recycled plastics in our packaging by 2025.
Financial
Statements

115
116

• Advocacy: Our advocacy efforts in the area of plastic waste
management have been ongoing for the last several years. We
believe that plastic is suitable medium for packaging of FMCG
products as it’s often the lowest carbon footprint option compared
to other materials, however, the problem is with respect to
plastic waste ending up in the environment. We had advocated
amendments to the Plastic Waste Management Rules around the
areas of including energy recovery as part of recycling, putting in
place a National Framework on Extended Producers Responsibility
(EPR) and harmonisation of regulations on plastic waste
management between the Central & State Regulations. We are an
active member of industry forums that engage with Government
on advocacy in this area.

3. Water Risk The 2030 Water Resources We have taken steps to reduce and conserve water across our Water scarcity can have an adverse
Group has estimated that manufacturing operations. We have delivered a 48% reduction impact on our operations, agricultural
India will have only half the in water usage (cubic meter per tonne of production) in our own sourcing and can potentially reduce
water it needs by 2030 for manufacturing operations in Financial Year (FY) 2022-23 as compared demand for our products that require
farming, household, and to the 2008 baseline. We could achieve this by focussing on reducing water during use.
industrial use. Rising water freshwater abstraction, implementing captive rainwater harvesting,
scarcity could impact our and maximising the use of RO plants. Measures to reduce and conserve water
operations by reducing would optimise resource requirement,
Considering the urgency and importance of water conservation in the not just in our operations, but also in
demand for products that communities, we set up Hindustan Unilever Foundation (HUF) in 2010,
require excessive water the wider communities. This would
a wholly owned subsidiary, to create capacity to conserve water. HUF secure water needs and create enabling
during consumer use or focusses on water conservation, building local community institutions
decreasing sales because environment for future demand of our
to govern water resources and enhancing farm-based livelihoods products.
of reduced product efficacy through adoption of judicious water practices. So far, HUF along with
due to water shortages. its partners, has created a cumulative and collective water potential
Uncertainty in the timing of over 2.6 trillion litres* since its inception over the last decade. To
and severity of summer, underscore the importance of the water potential created by HUF; 2.6
w i n t e r, a n d m o n s o o n trillion litres of water is more than the quantity required to meet the
may impact the business drinking water needs of India’s population for nearly two years.
adversely.
We have taken the following goals around water:
• C
ontribute to 3 trillion litres of water potential in India through HUF
by 2025;
• Implement water stewardship programmes in 12 locations in
water-stressed areas by 2030.
4. Sustainable Risk We use many different Our Responsible Partner Policy (RPP) (https://www.hul.co.in/investor- Unfavourable conditions can impact our
sourcing raw materials to make relations/corporate-governance/hul-policies/) and Unilever operations and increase the cost of our
our products and these Sustainable Agriculture Code (https://www.hul.co.in/planet-and- products.
are subjected to various society/protect-and-regenerate-nature/) are instrumental in
sustainability risks. ensuring we deliver on business objectives, while making a positive In the longer term, sustainable sourcing
Sustainable sourcing social impact on the lives of millions of people in the supply chains of materials can de-risk the supply chain
of t h e s e m a te r i a l s i s around the world and reducing our environmental impact. We have and secure continuous supply, thus
fundamental to secure taken time-bound goals on sustainable sourcing, which are: enabling opportunities for growth and
continuous supply and fulfilling future increase in demand of
the future growth of the • 100% sustainable sourcing of our key agricultural crops; our products.
business. • D
eforestation-free supply chain in palm oil, paper and board, tea,
soy and cocoa by 2023.
*Assured by external independent firm

Value
5. Governance, Opportunity Our brands and reputation We have strong values, clear policies, guidelines and related learning We are committed to doing business
Creation
ethics, and are invaluable assets, and materials, as well as robust procedures and controls to prevent, with integrity and play a positive role in
compliance how we operate, contribute detect and respond to any inappropriate behaviour. Our Business building relationships with customers,
to society, and engage with Integrity framework ensures that how we do business is fully aligned suppliers and other third parties. Good
the world around is always with our values and applicable laws and regulations of the country. governance and ethics not only help
under scrutiny . Ac ting Our Code of Business Principles (CoBP) and Code Policies govern the increase trust among consumers,
ethically is essential to behaviour of employees, suppliers, and distributors and other third investors, and other stakeholders, but
protect our reputation and parties, who work with us. Processes for identifying and resolving also help avoid fines, penalties, and
brands. breaches of Code and Code Policies are clearly defined and regularly other legal implications.
Overview
Corporate
communicated throughout the Company.
We, from the very inception, are known to conduct our business with
integrity and highest level of governance, which form the bedrock of
our business.
6. Human rights Risk Pote nt i a l i n sta n ce s of The respect for human rights is one of the key priorities for us. The aim Potential human rights violations and
human rights violations is to advance and promote respect for human rights in everything we non-compliance can cause damage to
or non-compliance with do – the workplace, through its supply chain, distribution chain and corporate reputation and have financial
statutory norms can lead through the brands. With our suppliers, peers, industry bodies, trade repercussions.
Overview
to adverse financial and unions and civil society, we are working to addressing human rights
Performance
reputational implications impact and ensuring that all those connected to our value chain
are treated with respect, dignity and fairness. In addition to this, our
Code of Business Principles (CoBP) upholds the principles of human
rights and fair treatment. Our CoBP also conforms to the International
Labour Organisation (ILO) principles. The principles of human rights
are followed in the same spirit within and outside the organisation
when engaging with business partners.
7. Diversity, Opportunity We believe that driving Diversity equity and inclusion have been core elements of our culture Diversity, equity and inclusion in our
Overview
equity, and equity, diversity, and and values. We have set out following goals to promote diversity, business can boost our performance,
inclusion inclusion strengthens equity and inclusion across our business: drive innovation, help us create
Governance
our business. A diverse balanced work culture and contribute to

• A
chieve an equitable and inclusive culture by eliminating bias and
and inclusive workforce a fairer, more socially inclusive world.
discrimination in our practices and policies;
can boost performance,
All of the above will help us attract and
reputation, innovation, and • Accelerate diverse representation at all levels of leadership;
retain top quality talent.
motivation. This will help
build a fairer world and • E
nsure 5% of our workforce is made up of people with disabilities
strengthen the business. by 2025;
Reports
• P
rocurement spends of ₹2,000 crores annually with diverse
Statutory
businesses by 2025;
• Increase the representation of diverse groups in our advertising.
The above table represents material topics with a very high priority. For a complete materiality matrix, please refer to our website https://www.hul.co.in/planet-and-
society/sustainability-reporting-centre/materiality-assessment/. The HUL Compass ESG Goals form a part of the Integrated Annual Report at pages 10 and 11.
Financial
Statements

117
118
Section B- Management and Process

POLICY AND MANAGEMENT PROCESSES
P1 P2 P3 P5 P7 P8
Ethics & Sustainable Employee P4 Human P6 Regulatory Inclusive P9
Disclosure questions integrity products wellbeing Stakeholders rights Environment requirement growth Consumer and IT
1. a. W hether your entity’s Yes, we have an ESG Policy, approved by our ESG Committee, which covers all NGRBC principles. In addition to the ESG Policy, we also have various other policies*
policy/policies cover each relevant to NGRBC principles.
principle and its core
elements of the NGRBCs.
(Yes/No)
1. b. Has the policy been Yes
approved by the Board?
(Yes/No)
1. c. W
eb Link of the Policies, if Policies can be accessed on the link https://www.hul.co.in/investor-relations/corporate-governance/ and some internal policies as applicable to employees are

available available on our intranet.
2. Whether the entity has Yes
translated the policy into
procedures. (Yes/No)
3. Do the enlisted policies Yes, our Code of Business Principles (CoBP) and Responsible Partner Policy (RPP) extend to value chain partners.
extend to your value chain
partners? (Yes/No)
4. Name of the national Our CoBP Rainforest Alliance, Unilever Unilever Our CoBP Unilever Tax CSR We fully align our internal cyber
and international codes/ conforms Trustea, Forest Occupational Environmental conforms Environmental Transparency disclosures security standards and control
certifications/labels/ to UNGC Stewardship Health & Safety Care to UNGC Care policy is based pursuant framework to an industry-
standards (e.g. Forest guidelines Council, Framework Framework guidelines Framework on OECD to Section recognised framework (CIS top
Stewardship Council, and ILO Roundtable on based on the based on and ILO standards principles 135 of the 20 Centre for Internet Security).
Fairtrade, Rainforest Principles Sustainable OHSAS Safety ISO 14001 principles based on Companies
Alliance, Trustea) standards Palm Oil (RSPO), Management standards ISO 14001 Act, 2013 Advertising Standards Council
(e.g. SA 8000, OHSAS, ISO, Round Table for system standards of India (ASCI) – Code on Fair
BIS) adopted by your entity Responsible Soya, Advertising to Consumers (we
FSSC 22000 are a founder member of ASCI).
5. Specific commitments, We have set specific Environmental, Social and Governance (ESG) goals i.e. ‘HUL Compass ESG Goals’, serving as our strategy to deliver consistent, competitive,
goals, and targets set by profitable, and responsible growth. We have set an ambitious sustainability agenda to tackle the issues that our consumers and stakeholders care deeply about,
the entity with defined such as climate change; protect and regenerate nature; waste-free world; positive nutrition; health and well-being; equity, diversity, and inclusion; raise living
timelines, if any. standards; and the future of work.
The HUL Compass ESG Goals form a part of the Integrated Annual Report at pages 10 and 11.
6. Performance of the entity We constantly monitor the performance towards ‘HUL Compass ESG Goals’ and take adequate actions wherever required. We have a robust governance mechanism
against the specific to monitor the progress of our sustainability goals. The Compass leadership team reports the progress to the Chief Executive Officer & Managing Director and
commitments, goals and Management Committee on a quarterly basis. Our ESG Committee, chaired by an Independent Director & comprising a majority of Independent Directors, assists the
targets along-with reasons Board in overseeing the vision and focus on our strategy relating to ESG as well as monitoring the progress against the stated vision and reviewing the policies and
in case the same are not practices, initiatives and goals relating to ESG, ensuring that they remain effective.
met.
For details, refer to ESG highlights section of the Integrated Annual Report at pages 36 to 39.
*P1: Code of Business Principles (CoBP), Policy on Conflict of Interest, Policy on Prevention of Insider P4: CoBP, CSR Policy, Corporate Governance Code
Trading (Share Dealing Code), Anti-corruption and Anti-bribery Policy, Board Familiarisation P5: CoBP, Prevention of Sexual Harassment Policy (POSH), Policy to Support Survivors of Abuse, Whistle
Programme, Corporate Governance Code, Policy on Related Party Transactions, Whistle Blower Blower Policy, Board Diversity Policy
Policy, Policy for Determination of Materiality of Events, Code of Conduct for Board and Members P6: Environment, Health & Safety Policy, CoBP
of Senior Management
P7: CoBP, Anti-trust and Fair Competition (as part of CoBP)
P2: Responsible Partner Policy (RPP), Business Partner Code, Quality Policy
P8: Supplier Diversity & Inclusion Programme, CoBP, CSR Policy
P3: CoBP, Safety & Health Policy, Equal Opportunity Policy, Disability Accommodation Policy, Parental
Leave Policy, Prevention of Sexual Harassment Policy (POSH), Affirmative Action Policy, Education P9: Cyber Security Policy, Data Privacy Policy, Quality Policy
Assistance Policy, Reward Policy, Gender Transition Policy, Career Break Policy, Location flexibility
and Split Family Arrangement, Travel Policy for New Parents
Value
Creation
policy (ies)
disclosure)
targets and
7. Statement by
regarding the
responsible for
for the business
highlighting ESG
placement of this
issues? (Yes/No). If
entity has flexibility
related challenges,
decision making on
yes, provide details.

director responsible
responsibility report,
specified Committee
achievements (listed
of the Board/Director
sustainability related
9. Does the entity have a
Business Responsibility
for implementation
8. Details of the highest
and oversight of the

authority responsible
5.
4.
3.
2.
1.
Sr.
No.
Overview
Corporate

by 2025.
performance.
hand-in-hand.
O. P. Bhatt
Sanjiv Mehta
Ashu Suyash
Sanjiv Mehta
Ashish Gupta
Dear Stakeholders,
Sustainability policies.
align with our purpose.
Kalpana Morparia
Name of the Director
Overview
Performance
GOVERNANCE, LEADERSHIP, AND OVERSIGHT
DIN
06699923
00521511
00046081
00548091
00494515
progress towards a more sustainable future.
Chief Executive Officer and Managing Director

Overview
Governance
Designation
wellbeing, and contribute to a fairer, more socially inclusive world.
Executive Director
Independent Director
Reports
Statutory
Role
Member
Member
Member
Member
Chairperson
Financial
Committee of the Board comprises five Directors (four Independent Directors and one Executive Director).
Statements
Our CEO & MD is responsible for implementation and oversight of the Business Responsibility &
We have made significant progress against ‘HUL Compass ESG Goals’. In our own manufacturing
The Board acknowledges that sustainability is a perpetual voyage and is steadfast in its resolve to
enhance our sustainability performance continuously. We will persist in striving to attain ‘HUL Compass
and reporting on our progress towards ‘HUL Compass ESG Goals’, as well as ensuring that our operations
comprising four Independent Directors and one Executive Director. The ESG Committee is responsible for
inception over the last decade. In Calendar Year 2021 and 2022, we have collected and processed more
production) in FY 2022-23 compared to 2008 baseline. Hindustan Unilever Foundation (HUF) along with
Our Compass Strategy charts a clear pathway for us to embed sustainability into our multi-stakeholder

In 2022, we formed an Environmental, Social, and Governance (ESG) Committee at the Board level
(cubic meter per tonne of production) and total waste generated from its factories by 55% (per tonne of
to sustainable growth by delivering products that meet the evolving needs of our consumers, while
I am pleased to share our first Business Responsibility and Sustainability Report (BRSR) for the Financial
force for good and are committed to doubling the number of products sold that deliver positive nutrition
standards for balanced pan-India collection. We continue our food reformulation strategy to become a
plastic packaging than we used as packaging materials for our products by maintaining industry-leading
Sustainability is ingrained in our purpose: ‘to make sustainable living commonplace’. We are committed
Year 2022-23. The report aims to enable our stakeholders to know more about our sustainability
operations, we have reduced our CO2 emissions by 97% (per tonne of production), water usage by 48%
The ESG Committee of the Board is responsible for oversight on sustainability-related matters. The ESG
ESG Goals’ by promoting innovation and collaboration throughout our value chain and spearheading
its partners, has created a cumulative and collective water potential of over 2.6 trillion litres* since its
three fundamental pillars: improve the health of the planet, improve people’s health, confidence, and
diversity, and inclusion, raising living standards, and the future of work. These goals are anchored on
as climate action, protecting and regenerating nature, waste-free world, positive nutrition, equity,
minimising their impact on the environment. We firmly believe that sustainability and profitability go
overseeing and guiding our ESG Strategy, performance and implementation. This includes monitoring
into reality, we have set forth a series of multi-year, time-bound goals focused on vital areas, such
model and achieve our vision of becoming a leader in sustainable business. To transform this vision

119
120 121
10. Details of Review of NGRBCs by the Company: Indicate whether review was undertaken by Section C: Principle-wise Performance
Director/Committee of the Board/Any other Committee
Indicate whether the review was undertaken by PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH INTEGRITY, AND IN
the Director/committee of the Board/any other Frequency (annually/half yearly/quarterly/ A MANNER THAT IS ETHICAL, TRANSPARENT AND ACCOUNTABLE
committee other – please specify)
Subject for review P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above All NGRBC related Policies are reviewed by ESG ESG Committee – Half yearly basis
policies and follow up action Committee. Additionally, Audit Committee
Audit Committee – Quarterly basis (for CoBP)
reviews the Code of Business Principles.
Compliance with statutor y Compliance with statutory requirements of Quarterly basis
requirements of relevance to the relevance to the principles, and rectification
principles, and rectification of any of any non-compliances is done by the Audit
non-compliances Committee “Each one of us at HUL are governed by our Code of Business
Principles that upholds our fundamental value of business
11. Has the entity carried out independent assessment/evaluation of the working of its policies integrity across all our operations.”
by an external agency? (Yes/No). If yes, provide name of the agency.
Sr. Dev Bajpai
No. P1 P2 P3 P4 P5 P6 P7 P8 P9 Executive Director, Legal & Corporate Affairs and Company Secretary
1. We have a robust functional review mechanism complemented with a strong independent internal audit process that covers
the working of all key policies. The internal audits are conducted by various external independent firms during the year. In
addition to above, relevant third-party assessments are conducted across business units periodically.
12. If answer to question (1) above is No i.e. not all Principles are covered by a policy, reasons to Essential indicators:
be stated: EI-1. Percentage covered by training and awareness programmes on any of the principles during the Financial
Year:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Total Percentage
The entity does not consider the principles material to its business (Yes/No)
number of of persons
The entity is not at a stage where it is in a position to formulate and implement the training and in respective
policies on specified principles (Yes/No) awareness category covered
programmes by the awareness
The entity does not have the financial or/human and technical resources available for the Not applicable Segment held Topics/principles covered under the training and its impact programmes
task (Yes/No)
Board of Directors 6 ‘HUL Compass ESG Goals’, National Guidelines on Responsible Business 100.0%
It is planned to be done in the next Financial Year (Yes/No) Conduct (NGRBC) principles, policy framework on human rights, building
Key Managerial 6 100.0%
Any other reason Personnel talent and capabilities, Customer Development, Consumer and Market
Insights, Research & Development, Code of Business Principles (CoBP),
and fundamental principles of responsible business.
Employees other 1* Introduction to ESG and Business Responsibility and Sustainability 89.5%
than BoD and KMPs** Report (BRSR), Code of Business Principles, Human Rights, Anti-Bribery
Workers** 1* and Corruption, Data Privacy, Health and Safety and Skill Upgradation 96.1%
Above table represents HUL’s Board of Directors and Key Managerial Personnel.
* D uring the year, we had rolled out a comprehensive training module to drive awareness amongst our employees and workers on the topics
mentioned above and that is represented in the table. In addition to this, there are various thematic training programs undertaken across the
organisation during the year.
** Employees and workers include both permanent and other than permanent/contractual (including part time).
EI-2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings

(by the entity or by Directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the
Financial Year, in the following format (Note: the entity shall make disclosures based on materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and
as disclosed on the entity’s website)
During FY 2022-23, there were no material fines/penalties/punishments/awards/compounding fees/settlements as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 imposed on the

Company or its Directors/KMPs.
EI-3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where
monetary or non-monetary action has been appealed.
Not Applicable
122 123
EI-4. Does the entity have an Anti-Corruption or Anti-Bribery Policy? If yes, provide details in brief and if LI-2. Does the entity have processes in place to avoid/manage conflict of interests involving members of
available, provide a web link to the Policy. the Board? (Yes/No) If Yes, provide details of the same.
Yes, we have a Policy on Anti-Bribery which can be referred on https://www.hul.co.in/planet-and-society/business- Yes, we have adopted Code of Conduct for the Board of Directors, which sets out clear guidelines for avoiding and
integrity/. Our commitment to doing business with integrity requires consistently high standards. We have built a strong disclosing actual or potential conflict of interest with the Company. We receive an annual declaration and changes, if
reputation for being an ethical, trustworthy company. We have a responsibility to protect that reputation by conducting any, from time to time, from our Board of Directors and Senior Management, on the Code of Conduct Policy. The Policy is
our business with integrity as we interact with business partners, consumers, and public authorities. Dealings with public available on our website and can be viewed at https://www.hul.co.in/investor-relations/corporate-governance/.
officials are particularly high risk, even appearance of illegal conduct could cause significant damage to our reputation.
Accordingly, our zero-tolerance approach towards bribery and corruption applies to all our operations and prohibits any
kind of bribery. PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES IN A MANNER THAT IS
SUSTAINABLE AND SAFE
EI-5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any
law enforcement agency for the charges of bribery/corruption.
During FY 2022-23, there were no charges of bribery/corruption against our Directors/KMPs/employees/workers.
Category FY 2022-23 FY2021-22

Directors - -
KMPs - -
Employees - -

Workers - -
EI-6. Details of complaints with regard to conflict of interest: “Being pioneers and the largest player in Research &
During FY 2022-23, there were no complaints concerning conflicts of interest against the Directors and KMPs. Development in the Indian FMCG industry, our global
Category FY 2022-23 Remarks FY 2021-22 Remarks
technologies’ led innovations continue to break barriers to
Number of complaints received in relation to issues of - - - - create next-generation products, processes, and packaging
conflict of interest of the Directors that address environmental challenges and delight our
Number of complaints received in relation to issues of - - - -
conflict of interest of the KMPs ever-evolving consumers.”
EI-7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action Vibhav Sanzgiri
taken by regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts Executive Director, Research and Development
of interest.
Not applicable, as we do not have any instances of corruption/conflicts of interest against Directors and KMPs.
Essential indicators
Leadership indicators EI-1. Percentage of R&D and capital expenditure (CAPEX) investments in specific technologies to improve
the environmental and social impacts of product and processes to total R&D and CAPEX investments made
LI-1. Awareness programmes conducted for value chain partners on any of the principles during the Financial
by the entity, respectively.
Year:
Category FY 2022-23 FY 2021-22 Details of improvements in environmental and social impacts
Our Responsible Partner Policy (RPP) sets out the requirements that all our suppliers must comply to do business with us.
Our RPP and its Fundamental Principles embody our commitment to responsible, transparent, and sustainable business. R&D 8.1%* 7.6%* During the year, we have undertaken various sustainability projects to increase energy
efficiency, water conservation, plastic reduction, social responsibility under PwD,
Each fundamental principle of the RPP provides guidance on what HUL expects from its responsible and sustainable reduction in salt and sugar in products and sustainable sourcing of raw materials.
suppliers. We are committed to working with our suppliers on this journey of continuous improvement. Capex 13.0% 7.6% During the year, we have undertaken capital expenditure on various sustainability projects
We have also verified alignment to and implementation of the RPP’s mandatory requirements using supplier self- to increase energy efficiency, eliminate coal usage in our operations, installation of solar
plant & windmills, water conservation & harvesting, and occupational health & safety
declarations, online assessments and for designated high-risk countries and supplier types – independent verification,
improvement programmes.
including third-party audits.
* In addition to this, we benefit from the extensive R&D work undertaken by Unilever Group through the technology licensing arrangement. Projects
Total number % of value chain partners covered having positive environmental and social impact of R&D undertaken by the Parent Company will be over and above the reported numbers.
of awareness (by value of business done with such partners)
No. programmes held Topics/principles covered under the training under the awareness programmes EI-2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
1. 1 programme • Legal Compliance & • Fair Wages 89.4% Yes, our Responsible Partner Policy (RPP) sets out the requirements that all our suppliers must meet to do business with us.
(total of 5,456 Countering Corruption • Reasonable Working Hours RPP and its fundamental principles embody our commitment to responsible, transparent and sustainable business. This
vendors were • Safeguarding Information commitment is at the core of our sustainable business strategy, which sets out how we will deliver superior performance
• Freedom of Association
trained through

& Property by being a purpose-led, future-fit business. In addition to RPP, our Sustainable Agriculture Code is a collection of good
digital medium) • Health & Safety
• Sourcing and practices that aim to codify key sustainability aspects in sourcing. We are building on its long-term commitment to
• Access to Grievance
Manufacturing Products sustainable sourcing by focusing on the agricultural crops to create a positive impact on nature.
Mechanisms & Remedies
• Freely Agreed Terms of
• Land Rights We believe that certification is one of the important ways to drive positive change in agricultural supply chains. We are
Employment
• Protect and Regenerate India’s largest tea business and a founding member of trustea (https://trustea.org/partners/), the Indian tea industry
• Free from Discrimination
Nature collaboration on sustainability. By 2023, we are committed to achieving a deforestation-free supply chain by ensuring our
• Free from Harassment
• Climate Action raw materials come from verified deforestation and conversion free places.
• Work is Voluntary
• Waste-free World RPP and Sustainable Agriculture Code are hosted on our website at https://www.hul.co.in/investor-relations/corporate-
• Appropriate Age
governance/hul-policies/ and https://www.hul.co.in/planet-and-society/protect-and-regenerate-nature/
Price Waterhouse Chartered Accountants LLP has assured the topics / principles covered and number of vendors who have undergone
awareness programme.
124 125
EI-2. b. If yes, what percentage of inputs were sourced sustainably? Name of Product/Service All major brands across Home Care, Beauty and Personal Care, Food and Refreshment
Around 43%* of our key crops are sourced sustainably under the Sustainable Agriculture Code. This includes tea, palm % of total Turnover contributed Majority of HUL Turnover is covered
oil, paper and board, cereal, sugar, dairy, cocoa, coconut oil, soy, starches and vegetables & herbs, which make up more Boundary for which the Life Cycle Simplified LCA was conducted to map GHG emissions covering all raw material inputs
than two-third of our agricultural raw material volumes. We are working to reach 100% sustainable sourcing of our key Perspective/Assessment was conducted up to the final disposal phase
crops. Through focused programs, we have achieved sustainable sourcing for 95% of our total paper and board, 82% of Whether conducted by independent Assessment was conducted by internal agency (Safety and Environment Assurance
our total tomatoes and 69% of our total tea procured during the Calendar Year 2022. external agency (Yes/No) Centre)
Results communicated in public domain Results are currently not communicated in the public domain
EI-3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at (Yes/No). If yes, provide the web-link
the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
There are mainly two categories of material that are reclaimed: LI-2. If there are any significant social or environmental concerns and/or risks arising from production or
disposal of your products/services, as identified in the Life Cycle Perspective/Assessments (LCA) or through
(a) Damaged and expired finished goods: There is comprehensive standard operating procedure (SOP) for safe
any other means, briefly describe the same along-with action taken to mitigate the same.
handling and disposal of expired/damaged stocks returned from market and depots. These goods are either safely
disposed off or recycled. We have undertaken a detailed exercise to identify ESG risks considering issues that impact our business and are also
important to our stakeholders. Some of the key risks inter alia are climate change, water, packaging & waste, and
(b) Plastic waste as part of Extended Producer Responsibility (EPR): We collect plastic waste under EPR across India. sustainable sourcing.
The plastic waste is collected and safely disposed in an environment-friendly manner or recycled depending upon its
category and quality, as per applicable rules and regulations. LCA approaches have identified that Scope 3 emissions are a significant contributor to our emission footprint.
Raw material sourcing and production represents a significant contribution to the total life cycle impact of our products
EI-4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, and therefore, we are committed to a deforestation-free supply chain in palm oil, paper & board, tea, soy, and cocoa by
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted 2023. In addition, we will contribute to the Unilever ambition to help protect and regenerate 1.5 million hectares of land,
to Pollution Control Boards? If not, provide steps taken to address the same. forests, and oceans by 2030 and achieve 100% sustainable sourcing of our key agricultural crops.
Yes, EPR is applicable and it aligns with the plan submitted to the Central Pollution Control Board. EPR plan is executed through
We are asking our existing suppliers to adopt carbon reduction targets to cut their emissions and we’re prioritising
tie-ups with waste management agencies. Our plastic waste collection is brand-agnostic. Collection network spans across 36
partnerships with new suppliers, who already have science-based emissions targets in place. One example of this is the
States and Union Territories of India, with a coverage across urban and rural locations in the country. We have been collecting
work we are doing to support a subset of suppliers whose materials have been assessed as having the most significant
and processing more plastic packaging waste from across India than the plastic used in the packaging of our finished products in
impact on climate. Within this group of 300 suppliers, we have detected a range of climate capabilities and will offer
Calendar Year 2021 and 2022. Over 1,00,000 tonnes of plastic waste have been collected and safely disposed across the country
hands-on guidance and access to tools and resources to support those that need it.
with the help of the collection partners in 2022.
In our Home Care business, we are committed to reducing the use of virgin fossil carbon in the products by using
Leadership indicators renewable and recycled carbon sources. For example, we are partnering with Tuticorin Alkali Chemicals and Fertilisers Ltd
LI-1. Has the entity conducted Life Cycle Perspective/Assessments (LCA) for any of its products (for manufacturing (TFL) and Carbon Clean Solutions (CCSL) who have developed cutting-edge technologies, to capture the CO2 from use of
industry) or for its services (for service industry)? If yes, provide details in the following format? energy in their production processes and turn it into soda ash (Sodium Carbonate). The soda ash from this partnership is
an important ingredient in our detergents products like Rin, Wheel, Surf and Vim (Unilever Partners with Purpose Awards
Our products are covered by Life Cycle Assessments (LCA) conducted by our Parent Company (Unilever PLC). Unilever conducts
2020 winners - https://www.unilever.com/files/2f92f941-e4cb-417e-b481-dd2c04bb5722/UPWP%20Awards%202020%20
LCAs compliant with ISO 14040, either internally with in-house LCA experts or using external partners. LCA involves studying
winners.pdf).
the environmental impacts of a product – from the sourcing of raw materials to product manufacture, distribution, consumer
use and safe disposal. Unilever applies internationally accepted impact assessment methods, such as harmonised life cycle Sustainable palm: Today, soap bar manufacturers mainly use palm oils as the source of fatty acids, and these are grown
impact assessment method (ReCiPe) and the European International Reference Life Cycle Data System (ILCD 2011) midpoint in Southeast Asia, Central & West Africa, and Central America. Palm oil plantations are under increasing scrutiny for their
methods. Unilever is currently co-funding a second LCA on sustainable palm oil and the World Foods Life Cycle Database effects on the environment, including deforestation, leading to loss of carbon-sequestering, biodiverse forest land as
Initiative. Unilever is sponsor of the United Nations Environment Programme (UNEP) Life Cycle Initiative (LCI) that aims to well as use of peat land for cultivation releasing large quantities of GHG into the atmosphere. There is also concern over
support the application of LCA for policymaking and decision-making. displacement and disruption of human & animal populations and exploitation of indigenous populations due to palm oil
cultivation. Unilever has pioneered the sustainable sourcing and production of palm oil and is committed to moving to
Unilever also conducts an annual simplified LCA exercise on representative products across 14 countries, including
NDPE Palm [NDPE refers to No Deforestation, No Expansion on Peat, and No Exploitation] by the end of 2023, which is a
India. The methodology is consistent with ISO 14040 and was recognised by the UNEP as one of the finest examples of an
significant commitment to sustainability.
organisational LCA.
Soaps: Soap bars comprising more than 80% soap molecules (>70% TFM – Total Fatty Matter) account for a large part of
In 2022, we used a simplified LCA to map the carbon footprint of our products. The analysis was conducted to understand the
the palm footprint in non-edible usage. Ensuring availability and managing the environmental impacts of increased oil
key challenges in our ambition to achieve Net Zero emissions for all our products from sourcing to point of sale by 2039. A key
consumption are challenges faced by the soap industry today. Unilever R&D is committed to and is already developing
area of focus was the raw material footprint (Scope 3 emissions – purchased goods), which are related to the emissions from
novel technologies to manufacture soap bars that meet the desired functionality, while reducing the palm footprint
our suppliers and their corresponding feedstocks. We have also included the impact of packaging, inbound and outbound
significantly, and helping address climate change through lower greenhouse gas emissions/carbon footprint products.
logistics (including retail-related emissions) and disposal of the products (post-consumer use i.e., biodegradation of
Further, from a consumer point of view, these products will potentially allow for better affordability and sensory
chemicals and incineration of plastic packaging).
properties, which are desired by consumers.

Water: With regard to use of water in life cycle of our products, consumer use phase represents majority of our product’s
water footprint for instance in the case of detergent products. One of our recent innovations involves the launch of
detergent products (e.g, Surf excel Quick wash powder) that are designed to address the quantum of water requirement
in the consumer use phase. The breakthrough product technology allows automatic foam reduction during the rinse
stage of the hand washing process, thereby reducing amount of water required for rinsing.
* This indicator is assured for Calendar Year 2022 which consists of percentage of inputs sourced sustainably for 12 key crops identified by HUL.
126 127
Plastic circularity: Plastic packaging needs to be recycled in environmentally friendly ways to build a circular economy. PRINCIPLE 3: BUSINESSES SHOULD RESPECT AND PROMOTE THE WELLBEING OF ALL EMPLOYEES,
Therefore, we have set ambitious targets to ramp up the use of recycled plastic and only use reusable, recyclable or INCLUDING THOSE IN THEIR VALUE CHAINS
compostable plastic packaging (https://www.hul.co.in/planet-and-society/waste-free-world/). We have achieved
plastic neutrality in Calendar Year 2021 and 2022, i.e., collecting back more plastic packaging than we send to market
by maintaining industry-leading standards for balanced pan-India collection. We currently use post-consumer recycled
(PCR) plastic in the packaging for many of our brands (e.g., Surf excel, Comfort, Vim Dishwash Liquid, etc.), and have

eliminated plastic from all the soap cartons. We have also installed ‘Smart fill’ stations in a few locations to enable
consumers to refill their plastic bottles with our Home Care liquid products.
“We aim to create a work culture that brings out the best
LI-3. Percentage of recycled or reused input material to total material (by value) used in production (for in our people and allows them to thrive. Alongside safety
manufacturing industry) or providing services (for service industry).
at work, supporting the holistic wellbeing of our teams
Plastic packaging needs to be recycled in environmentally friendly ways to build a circular economy. We have set
covering physical, mental, and emotional health will always
ambitious targets to ramp up the use of recycled plastic and only use reusable, recyclable or compostable plastic
packaging (https://www.hul.co.in/planet-and-society/waste-free-world/). By 2025, we aim to reduce the amount of virgin be our priority.”
plastic we use in our packaging and use 15% recycled plastic.
Anuradha Razdan
Recycled or re-used input material to total material Executive Director, Human Resources
Indicate input material FY 2022-23 FY 2021-22
Plastic packaging 2.9%* 2.7%*
* B asis the management approach of computing % of recycled plastic as post-consumer recycled plastic procured on a base of total plastic footprint
in the finished goods sold during the Financial Year.
EI-1. a. Provide details of measures for the wellbeing of employees
LI-4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
% of employees covered by
recycled, and safely disposed, as per the following format: Health insurance Accident insurance Maternity benefits Paternity benefits Day-care facilities
FY 2022-23 FY 2021-22 Number Number Number Number Number
Category Total (A) (B) % (B/A) (C) % (C/A) (D) % (D/A) (E) % (E/A) (F) % (F/A)
Safely Safely
Permanent employees
Product Re-used Recycled disposed Re-used Recycled disposed
Plastics (including packaging) (MT)* - - 1,12,802** - - 1,18,513** Male 5,700 5,700 100.0% 5,700 100.0% NA NA 5,438 95.4% 5,297 92.9%
E-waste - - - - - - Female 2,019 2,019 100.0% 2,019 100.0% 2,019 100.0% NA NA 1,537 76.1%
Hazardous waste - - - - - - Total 7,719 7,719 100.0% 7,719 100.0% 2,019 100.0% 5,438 95.4% 6,834 88.5%
Other waste – Expired and damaged products (MT) - 207 9,288 - 43 11,309 Other than permanent employees
* Collected under Extended Producer Responsibility based on information received from waste management agencies as on 31st March 2023. Male 190 189 99.5% 189 99.5% NA NA 185 97.4% - 0.0%
** Part of safely disposed plastic is also recycled, however, due to practical difficulty in traceability of such recycled plastics, entire quantum is Female 121 120 99.2% 120 99.2% 121 100.0% NA NA - 0.0%
reported as safely disposed.
Total 311 309 99.4% 309 99.4% 121 100.0% 185 97.4% - 0.0%
LI-5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
category. EI-1. b. Details of measures for the wellbeing of workers
S. Reclaimed products and their packaging materials as % of total % of workers covered by
No. Indicate product category products sold in respective category Health insurance Accident insurance Maternity benefits Paternity benefits Day-care facilities
1. Expired and damaged products (Depot and Market Return) 0.2% Number Number Number Number Number
Category Total (A) (B) % (B/A) (C) % (C/A) (D) % (D/A) (E) % (E/A) (F) % (F/A)
2. Plastic waste 94.9% of total plastic packing packaging materials
Permanent workers
Male 10,900 10,900 100.0% 10,900 100.0% NA NA 10,900 100.0% 10,829 99.3%
Female 351 351 100.0% 351 100.0% 351 100.0% NA NA 351 100.0%
Total 11,251 11,251 100.0% 11,251 100.0% 351 100.0% 10,900 100.0% 11,180 99.4%**
Other than permanent workers
Male 8,306 8,306 100.0% 8,306 100.0% NA NA - 0.0% 8,288 99.8%
Female 550 550 100.0% 550 100.0% 550 100.0% NA NA 550 100.0%
Total 8,856 8,856 100.0%* 8,856 100.0% 550 100.0% - 0.0% 8,838 99.8%**
* Health insurance coverage as per ESI for Other than Permanent Worker is 100% in all locations where ESIC is applicable as per statutory
requirement. Out of the 29 operating factories under the scope of reporting, 9 factories are in locations where there is no Employees’ State

Insurance (ESI) coverage.
** Two of our sites i.e. Tatapuram and Mangalore have less than 50 workers which doesn’t meets the minimum threshold for running a day care
centre. This is also in line with the requirements of Section 11A of Maternity Benefit Acts.
128 129
EI-2. Details of retirement benefits, for current and previous Financial Years EI-6. Is there a mechanism available to receive and redress grievances for the following categories of
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
employees and workers? If yes, give details of the mechanism in brief.
covered as a % of covered as a % deposited with the covered as a % of covered as a % deposited with the Category Yes/no (If Yes, then give details of the mechanism in brief)
total employees of total workers authority (Y/N/N.A.) total employees of total workers authority (Y/N/N.A.).
Benefits (FY 2022-23) (FY 2022-23) (FY 2022-23) (FY 2021-22) (FY 2021-22) (FY 2021-22) Permanent workers Yes. Grievances received at the factories are duly acknowledged and recorded in the
PF 100.0% 100.0% Yes 100.0% 100.0% Yes Other than permanent workers grievance register and these are regularly monitored. Workers can raise grievances at https://
app.convercent.com/en-us/LandingPage/99b958aa-55a1-e611-80d3-000d3ab1117e (an
Gratuity 100.0% 100.0% Not applicable 100.0% 100.0% Not applicable online portal for raising concerns and grievances), which also allows filing of anonymous
ESI* 1.9% 0.9% Yes 2.8% 2.0% Yes complaints. We also have a Whistle Blower Policy https://www.hul.co.in/investor-relations/
corporate-governance/, a dedicated hotline (000 800 100 7096), and an email ID (cobp.hul@
*As per the ESI Regulation, 100% of the eligible employees and workers have been covered under the benefits.
unilever.com) for raising code* and non-code related breaches.
Permanent employees Yes. We have grievance drop boxes at the office premises, where employees can share
EI-3. Are the premises/offices of the entity accessible to differently-abled employees and workers, as per
the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being Other than permanent employees their grievances and these are regularly monitored. Employees can raise grievances
at https://app.convercent.com/en-us/LandingPage/99b958aa-55a1-e611-80d3-
taken by the entity in this regard. 000d3ab1117e (an online portal for raising concerns and grievances), which also
We recognise the importance of meeting the requirements of the Rights of Persons with Disabilities Act, 2016 and are allows filing of anonymous complaints. There is also a Whistle Blower Policy https://
taking proactive steps to support the needs of individuals with disabilities. Our Company has implemented various www.hul.co.in/investor-relations/corporate-governance/, a dedicated hotline
(000 800 100 7096), and an email ID (cobp.hul@unilever.com) for raising code and
measures to provide accessible infrastructure, including ramps, tactile flooring, induction loop system for hearing
non-code related breaches.
impaired, lowered reception desk for wheelchair access, elevator voice annunciator, evacuation chair, braille signages,
all gender accessible toilets, accessible parking, fire alarm flasher, automated sliding doors, and accessible guest *Code of Business Principles (CoBP) can be referred to on (https://www.hul.co.in/investor-relations/corporate-governance/hul-policies/hr-policies/)
room in several factories and offices. Additionally, we are preparing the remaining factories and offices for accessibility EI-7. Membership of employees and workers in association(s) or union(s) recognised by the listed entity:
infrastructure and aim to achieve certification for 100% of our sites with the Minimum Mandatory Standards required
All the employees and workers are free to exercise their right to form and/or join trade unions, refrain from doing so,
under the Persons with Disabilities Act. We believe that accessibility is an essential aspect of social responsibility and are
or bargain collectively. This also ensures that compensation is fair and that all the factories and offices are covered by
persistent in our efforts to create an inclusive environment for everyone.
long-term settlements.
EI-4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, FY 2022-23 FY 2021-22
2016? If so, provide a weblink to the policy. Total No. of employees/ Total No. of employees/
employees/ workers in respective employees/ workers in respective
Yes, we have an equal employment opportunity policy, which can be referred to on https://www.hul.co.in/investor- workers in category, who are workers in category, who are
relations/corporate-governance/hul-policies/hr-policies/. We continue to believe that our policies regarding equal respective part of association(s) respective part of association(s)
employment opportunities are necessary not only to comply with state and local laws and obligations, but also because category or union % category or union %
Category (A) (B) (B/A) (C) (D) (D/C)
they are in line with our core values and represent an important contribution to the communities in which we live and
work. We have set clear goals to eliminate any bias and discrimination in our policies and practices, accelerate diverse Total permanent employees 7,719 - 0.0% 7,591 - 0.0%
Male 5,700 - 0.0% 5,790 - 0.0%
representation in our workforce, and remove barriers for people with disabilities. We have a clear goal to have 5% of our
Female 2,019 - 0.0% 1,801 - 0.0%
workforce represented by people with disabilities by 2025.
Total permanent workers 11,251 9,546 84.8% 11,636 10,107 86.9%
Male 10,900 9,330 85.5% 11,464 9,967 86.9%
EI-5. Return to work and retention rates of permanent employees and workers that took parental leave Female 351 216 61.5% 172 140 81.4%
We understand the needs of our employees, who are planning to or have recently become parents, to take paid leave to
experience this beautiful phase and nurture a bond with their young child. We also extend maternity and paternity leave EI-8. Details of training given to employees and workers
with full pay and benefits to parents, who are legally adopting a child. This benefit is also extended to same sex partners, We have a robust and diverse agenda to impart skills to employees and workers through various training programmes.
where the partner who is a primary care giver is eligible for paid leave and benefits as applicable for maternity, and who
FY 2022-23 FY 2021-22
is a secondary care giver is eligible for paid leave and benefits as applicable for paternity.
On health and On skill On health and On skill
Permanent employees Permanent workers safety measures upgradation safety measures upgradation
(FY 2022-23) (FY 2022-23)
Category Total (A) No. (B) % (B/A) No. (C) % (C/A) Total (D) No. (E) % (E/D) No. (F) % (F/D)
Gender Return-to-work rate Retention rate Return-to-work rate Retention rate Employees We have a robust and diverse agenda to impart
Male 100.0% 100.0% 100.0% 100.0% Male 5,890 5,410 91.9% 5,410 91.9% skills to our employees and workers through
Female 2,140 1,779 83.1% 1,779 83.1% various training programmes. Until FY 2021-22,
Female 96.4% 86.0% 100.0% 94.7%
Total 8,030 7,189 89.5% 7,189 89.5% every training was tracked separately on
Total 99.2% 95.7% 100.0% 99.5% different platforms. We have now implemented
Workers
Male 19,206 18,491 96.3% 18,491 96.3% a centralised tracking mechanism in FY 2022-23
to monitor training across the organisation.
Female 901 842 93.4% 842 93.4%
Total 20,107 19,333 96.1% 19,333 96.1%

130 131
EI-9. Details of performance and career development reviews of employees and workers EI-11. Details of safety related incidents, in the following format:
We are a performance-driven organisation with robust Performance Management System. At the start of every Safety incident/number Category FY 2022-23 FY 2021-22
performance year, basis business priorities each unit/function crafts their flexible goals, which include business and Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) Employees - 0.14
development-related objectives. The achievements against these goals are assessed at the end of the year with regular
Workers 0.13 0.14
feedback given throughout the year to ensure that people deliver their best. We provide our employees the best horizontal
Total recordable work-related injuries Employees 2 5
and vertical exposure to ensure we are developing leaders for the future. For the workers in the factories, performance is
Workers 19 16
evaluated annually through our in-house Performance Appraisal System. Workers are assessed on their performance for
No. of fatalities Employees - 2
their assigned jobs against set standards and the same is communicated.
Workers - -
FY 2022-23 FY 2021-22 High consequence work-related injury or ill-health (excluding fatalities) Employees - -
Category Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C) Workers - -
Employees
Male 5,700 5,321 93.4% 5,790 5,527 95.5% EI-12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
Female 2,019 1,721 85.2% 1,801 1,638 90.9% We make every effort to integrate safety into all business processes. Our safety and health management system
Total 7,719 7,042 91.2% 7,591 7,165 94.4% is based on the principle of plan, do, check and act. Credible risks are evaluated, and adequate actions are taken to
Workers mitigate this risk. Safety incidents are reported, investigated and lessons learnt are communicated widely within the
Male 10,900 10,896 99.9% 11,464 9,486 82.7% organisation. This is underpinned by continuous improvement objectives and periodic reviews through the Safety and
Female 351 351 100.0% 172 172 100.0% Health Sub-Committees, each headed by a Management Committee Member to ensure that we achieve our targets. A
Total 11,251 11,247 99.9% 11,636 9,658 83.0%* robust audit mechanism is in place to verify compliance to internal standards as well statutory requirements.
* A s per the Company’s policy, every employee / worker is eligible for an annual performance and career development review. At HUL, we follow A safety culture is promoted by undertaking behavioural interventions at all levels and disseminating the importance
a Calendar Year cycle i.e., January to December for performance and career development review. In the above table, % of employees / workers
of safety as a personal value. Positive safety behaviours are promoted, while unsafe behaviours are corrected through
not covered are largely those who have joined the organisation in the period January 2023 to March 2023 and will be covered in next year’s
performance review. established procedures. A comprehensive emergency response plan and related facilities are maintained at all sites and
employees are trained to respond accordingly.
EI-10. a. Whether an occupational health and safety management system has been implemented by the Our team consisting of over 50 experienced and well-trained medical professionals (part time and full time) is committed
entity? (Yes/No). If yes, the coverage such system? to maintaining a safe and healthy working environment. For instance, all employees can benefit from periodic health
A robust health and safety management system has been set up for all employees and workers. Our occupational health evaluations for health issues, access to market-leading medical care, and a host of other support facilities.
and safety is governed by our Occupational Health and Safety (OHS) Framework Standards. We are committed to providing
a safe and healthy work environment for those working on, visiting, or living near our operations. Management at all EI-13. Number of complaints on the following made by employees and workers
levels is responsible and accountable for the occupational safety and health performance of the employees and workers. At factories, there is a formal grievance redressal mechanism for workers along with defined escalation matrix to
During FY 2022-23, our factory in Haridwar was awarded the ‘OHSSAI Gold Award’, while our factories in Orai and ensure timely closure of complaints. In addition to these, complaints can also be raised through our online portal i.e.,
Kolkata were awarded the ‘OHSSAI Silver Award’ for OHS excellence in the Manufacturing sector. Besides this, our R&D ‘Convercent Tool’, which is available on our website (https://app.convercent.com/en-us/LandingPage/99b958aa-55a1-
centres in Mumbai and Bangalore were also recognised by the National Safety Council for their exceptional safety e611-80d3-000d3ab1117e)
performance and culture.
FY 2022-23 FY 2021-22
Pending Pending
EI-10. b. What are the processes used to identify work-related hazards and assess risks on a routine and resolution resolution
non-routine basis by the entity? Filed during at the end of Filed during at the end of
Category the year year Remarks the year year Remarks
We conduct risk assessments based on the HUL Occupational Health and Safety Risk Assessment Methodology.
Occupational health and safety risk assessment is integral to the organisation’s development and management of Working conditions - - - - - -
change processes. For routine tasks, a thorough risk assessment exercise is conducted, and adequate controls are put in Health and safety 5 2 - - - -
place to mitigate the identified risks. Risks arising due to introduction of new plant, equipment, processes or methods of
working are addressed through the management of change process. EI-14. Assessments for the year:
For non-routine tasks, the risks are governed by the permit-to-work process. The process involves identifying the hazards We have a robust mechanism in place to assess all our premises on health and safety and working conditions. All our sites
associated with the facilities and the work involved and outlining the controls to eliminate or reduce hazards. A Job safety undertake a Positive Assurance Review (PAR) to track the effectiveness of these parameters in the operations.
assessment is developed for each permitted work task and displayed with the permit.
% of your plants and offices that
were assessed (by entity or statutory
EI-10. c. Whether you have processes for workers to report the work-related hazards and to remove themselves Category authorities or third parties)
from such risks. (yes/no) Health and safety practices 100.0%
Yes, workers are encouraged to report work related hazards through offline as well as online modes. Adequate measures Working conditions 100.0%
are taken to mitigate these hazards and the measures are communicated to the workers.

EI-10. d. Do the employees/worker of the entity have access to non-occupational medical and healthcare
services? (yes/no)
Yes, the employees and workers have access to non-occupational medical and healthcare services. Employees and
workers can avail cashless medical services from a chain of hospitals across the country through the insurance coverage
extended by the organisation.
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EI-15. Provide details of any corrective action taken or underway to address safety-related incidents LI-6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
(if any) and significant risks/concerns arising from assessments of health and safety practices and working from assessments of health and safety practices and working conditions of value chain partners.
conditions We expect our partners and their employees or contractors to report actual or suspected breaches of our RPP. We will
We investigate all recordable incidents to identify the root causes and implement actions to avoid repeat incidents. investigate any non-conformity reported in good faith and discuss findings with the partner. If remediation is needed,
We ensure closure of all gaps identified during internal and external audits/assessments in a timely manner. During we work with the partner to identify the root causes of the issue and to develop a time-bound corrective action plan to
FY 2022-23, we have strengthened the Safe Travel Policy and the safe travel campaign for all employees, introduced resolve the failure effectively and promptly. By working together with partners to overcome any issues, we support the
defensive driving techniques training for truck drivers enabling them to drive more responsibly. We have also launched betterment of their business and, most importantly, promote respect for human rights.
focused programmes for electrical and conveyor safety involving thorough assessment against standards and prompt
We conduct regular audits and both audit companies and suppliers have responsibility to input and update the system
gap closure. We have worked on dissemination and implementation of learning from past incidents to eliminate similar
to provide us with the outcome of the audit. Audit companies need to upload audit documentation and the outcome of
incidents in the future and strengthened the medical emergency response plan to enable faster response time in case
the initial and follow-up audits, while suppliers are required to input corrective actions against each non-conformance
of emergencies.
identified; both within specified timeframes.
Leadership indicators
PRINCIPLE 4: BUSINESSES SHOULD RESPECT THE INTERESTS OF AND BE RESPONSIVE TO ALL ITS
LI-1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) STAKEHOLDERS
Employees (Y/N) (B) Workers (Y/N).
Yes, we extend requisite support in the form of ex-gratia to the legal heirs of all full-time employees and workers in the
event of death during their service with us.

LI-2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.
Our Responsible Partner Policy (RPP) includes a set of mandatory requirements, which all our suppliers need to meet to do “At Hindustan Unilever, we take pride in our business being a
business with us. Under RPP, value chain partners are required to comply with all applicable laws and regulations of the force for larger good. We believe in creating long-term value
country, where operations are undertaken.
by caring for all our stakeholders comprising of our consumers,
LI-3. Provide the number of employees/workers having suffered high consequence work-related injury/ customers, employees, shareholders, business partners, and
ill-health/fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and above all, the planet and society.”
placed in suitable employment or whose family members have been placed in suitable employment:
Madhusudan Rao
No. of employees/workers that
are rehabilitated and placed in Executive Director, Beauty and Personal Care
suitable employment or whose
Total no. of affected family members have been placed in
employees/workers suitable employment
Category FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22 Essential indicators
Employees - 2 - 2* EI-1. Describe the processes for identifying key stakeholder groups of the entity
Workers - - - - We have established a robust process for identifying stakeholders and engaging with them to strengthen the partnership.
* In both the above cases, we offered suitable employment to the family member of the deceased employee. However, employment was taken up in We have undertaken a 360-degree review of our business value chain to identify our key stakeholder groups and mapped
one case only, given that in the other case, the family member did not wish to avail the offer as they were suitably employed in other organisation. stakeholder engagement mechanism. There are six key stakeholder groups critical to our success: Consumers, Customers,
Suppliers and Business Partners, Our People, Planet & Society and Shareholders.
LI-4. Does the entity provide transition assistance programmes to facilitate continued employability and
the management of career endings resulting from retirement or termination of employment? (Yes/No) EI-2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group
Yes, we conduct retirement workshops for retiring employees. Rewards team and Human Resources team conducts
financial wellbeing sessions periodically and extend support in outplacements for redundancy cases. Further, with the Whether Frequency of
identified as Channels of communication engagement
‘Future Fit’ model, we upskill our workforce to equip them with digital and non-digital skills, which further helps honing
vulnerable and (email, SMS, newspaper, (annually/half
their existing set of skills. marginalised pamphlets, advertisement, yearly/quarterly/ Purpose and scope of engagement including
S. Stakeholder group (yes/ community meetings, others – please key topics and concerns raised during such
No. group no)* notice board, website), other specify) engagement
LI-5. Details on assessment of value chain partners
1 Consumers No Phone, email, social media Ongoing Product quality and safety, information
Our Responsible Partner Policy (RPP) sets out the requirements that all our suppliers must meet to do business with us.
channel, brands website, on products, fair and competitive pricing,
Our RPP and its Fundamental Principles embody our commitment to responsible, transparent, and sustainable business. consumer surveys and Digital complaints, queries, feedback, praise, and
Each fundamental principle of the RPP provides guidance on what we expect from our responsible and sustainable Voice of Consumers suggestions
2 Customers No Phone, email, website, sales- Ongoing Product quality and safety, information

suppliers. We are committed to working with our suppliers on this journey of continuous improvement.
force engagements, eB2B on products, timely delivery, service
We also verify alignment to and implementation of the RPP’s mandatory requirements using supplier self-declarations, app ‘Shikhar’ and customer level, training on technology and process
online assessments and – for designated high-risk countries and supplier types – independent verification, including conferences capabilities
third-party audits. 3 Suppliers No Phone, email, Convercent Ongoing New business opportunities, supplier
and Business helpline, supplier meeting, transparency, adherence to our RPP and
Category % of value chain partners (by value of business done with such partners) that were assessed Partners audit, survey and evaluation Business Partner Code, sustainability and
ESG, value chain efficiency, payments, and
Health and safety practices We conduct periodic risk assessment of our suppliers using country risk and commodity risk data
purchase prices
Working conditions from external third-party risk data providers. As on 31st March 2023, 77.8% of the suppliers (by value
of business done) have undergone risk assessment and are compliant.
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Whether Frequency of LI-3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
identified as Channels of communication engagement marginalised stakeholder groups.
vulnerable and (email, SMS, newspaper, (annually/half
marginalised pamphlets, advertisement, yearly/quarterly/ Purpose and scope of engagement including We engage with vulnerable/marginalised stakeholder groups through the CSR outreach programmes. The programmes
S. Stakeholder group (yes/ community meetings, others – please key topics and concerns raised during such are not just limited to philanthropy, but also encompass holistic community development, institution-building, and
No. group no)* notice board, website), other specify) engagement
sustainability-related initiatives, while focusing on vulnerable and marginalised groups. The CSR Policy aims to provide a
4 Our people No Surveys, townhalls, Ongoing Career development, diversity and equal dedicated approach to community development in water conservation, health and hygiene, skill development, providing
workshops, training, induction opportunity, health and safety, skill
livelihood opportunities, social advancement, gender equality, empowerment of women, environmental sustainability,
programmes, grievance upgradation, learning and development,
handling process, and organisational culture/ workplace, and and rural development.
performance appraisal grievances. Further, as a part of ‘HUL Compass ESG Goals’, we plan to spend ₹2,000 crores annually with diverse suppliers by 2025,
5 Planet and No Field visits, CSR projects Ongoing Climate actions; environmental protection focusing on (but not limited to) women, differently-abled people, and other marginalised sections of society.
Society and engagements, brand and regeneration; a waste-free world;
activations and campaign, positive nutrition; health and well-being; Some of the key actions to address the concerns of vulnerable/marginalised groups through various initiatives
community needs assessment, equity, diversity, and inclusion; the future are listed below:
and website of work; and water stewardship
6 Shareholders No Phone, email, annual report, Ongoing, AGMs allow shareholders to communicate Project Shakti: An initiative to financially empower and provide livelihood opportunities to women in rural India,
results announcements, Quarterly directly with the Board of Directors and the launched by HUL in 2001. Project Shakti has positively impacted the livelihoods, confidence, and self-esteem of women
microsite on performance Management Committee. Capital Markets with enhanced skills and entrepreneurial mindsets. We have over 1,90,000 Shakti entrepreneurs spread across 18 States.
highlights, media releases, Day and quarterly Earnings calls allow
Capital Markets Day, Annual investors to engage with the management Water conservation programme: Hindustan Unilever Foundation (HUF) is a not-for-profit company set up in 2010 to
General Meeting (AGM) and of company on business strategy and support and amplify scalable solutions to address India’s water challenges, specifically in rural communities that
website performance. We have dedicated email intersect with agriculture. HUF along with its partners has delivered a cumulative and collective water potential of over
IDs through which our Investor Service 2.6 trillion litres* since its inception over the last decade through improved water supply and demand management, over
Department engages with shareholders to 1.7 million tonnes of additional agricultural and biomass production, and over 110 million person-days of employment.
resolve their queries and grievances. To underscore the importance of the water potential created by HUF; 2.6 trillion litres of water is more than the quantity
*While we have marked ‘no’ above as these stakeholders are not vulnerable and marginalised in entirety, we are consciously involved in uplifting required to meet the drinking water needs of India’s population for nearly two years.
the vulnerable and marginalised segments for these stakeholders. For e.g. we work towards giving equal opportunities to ‘Persons with disabilities’,
procurement from MSME / diverse suppliers, etc. Asha Daan: Asha Daan is a home in Mumbai for abandoned and differently abled children, HIV positive people and destitute.
Since the inception of Asha Daan in 1976, HUL has been looking after the maintenance and upkeep of the premises. Managed
Leadership indicators by the Missionaries of Charity (founded by Mother Teresa), Asha Daan provides shelter to over 350 - 400 inmates. The home
is located in 50,000-square feet plot owned by HUL and under our CSR program, we have commenced work to set up proper
LI-1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,
drainage and ventilation systems, create additional leisure space for inmates to walk, and develop a play area for children.
and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
We strive to grow our business, while protecting the planet and doing good for the community. We believe that to generate Prabhat: Prabhat is our sustainable community development initiative that aims to create sustainable and inclusive
superior long-term value, we need to care for all our stakeholders: consumers, customers, employees, shareholders, communities. It builds on local community needs at a grassroot level, in line with India’s development agenda and
business partners, and above all, the planet and society. We call it the multi-stakeholder model of sustainable growth. The the UN Sustainable Development Goals (SDGs). The initiative has positively benefitted nearly 9 million people in the
CoBP and Code Policies guide how we interact with our key stakeholders. All engagements are conducted transparently, last nine years.
with honesty, integrity, and openness. Ankur: Ankur was set up in 1993 as a centre for special education for differently abled children at Doom Dooma in Assam.
Our engagement with our broader stakeholder community is undertaken by respective functions in consultation with the Ankur has provided free special educational, vocational, and rehabilitative training to over 350 children with physical and
leadership team and overseen by the ESG Committee. Feedback from different stakeholder groups on environmental, cognitive impairments from underprivileged backgrounds.
social or economic topics is shared with the ESG Committee of the Board. We also have a CSR Committee to review, Sanjeevani: A free mobile medical service camp called ‘Sanjeevani’ has been set up to cater to the local community near
monitor, and provide strategic direction to our CSR practices and social initiatives. our manufacturing location in Doom Dooma in Assam.
LI-2. Whether stakeholder consultation is used to support the identification and management of environmental, Suvidha: The Community Hygiene Centre - ‘Suvidha’ is a first- of-its-kind urban water, hygiene and sanitation community
and social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders centre, that was first set up at Ghatkopar, Mumbai. The biggest Suvidha centre is in Dharavi, Mumbai and is one of the
on these topics were incorporated into policies and activities of the entity largest community toilets in India. In 2023, we built five new Suvidha centres and as on March 2023, we have 12 Suvidha
centres in Mumbai along with our partners, giving access to clean water, sanitation and laundry facilities to over
Stakeholder consultation is of utmost importance to us, as we live in an uncertain and constantly changing world. In order
3 lakhs people.
to create long-term value, we take steps to understand each stakeholder group’s needs and priorities through several
mediums, including direct engagement or via delegated committees and forums. ‘Samavesh’ and ‘Ahilya’: ‘Samavesh’ is our project to improve women participation in our factory shop floors and with
our ‘Ahilya’ initiative, we are empowering women to become sales professionals. We have over 850 women as shopfloor
We conduct a sustainability materiality assessment to identify and prioritise sustainability issues across our value chain
employees across our manufacturing locations and have onboarded over 1000 women in sales.
so that we can focus on the key issues affecting our stakeholders. A sustainability issue is material to us, if it is considered
a principal risk or an element of a principal risk that could impact our business or performance or if our key stakeholders Inclusion of person with disabilities (PwDs): We are committed to including persons with disabilities in our employment
deem it important. In addition, we use stakeholder insights to gauge the relative importance of each issue. ecosystem and workforce. Our ambition is to achieve 5% of our workforce to be made up of people with disabilities by 2025.

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PRINCIPLE 5: BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS EI-3. Details of remuneration/salary/wages, in the following format:
Our framework ensures that compensation adheres to the Collective Bargaining Agreements and, by continually
reviewing the average pay between genders, is at par with the external industry benchmarks.
Male Female

Median remuneration/ Median remuneration/
salary/wages of salary/wages of
FY 2022-23 Number respective category (D) Number respective category (D)
“We strongly uphold the principle of human rights and fair
Board of Directors (BoDs)* 8 31,91,667 2 29,96,898
treatment within our organisation as well as while engaging
Key Managerial Personnel 3 9,46,27,542 - -
with our business partners and stakeholders outside our Employees other than BoD and KMP 5,697 12,65,000 2,019 13,00,000
organisation. We stay committed to help build a more inclusive Workers 10,900 5,67,254 351 3,79,555
world where everyone matters”
*BoDs include Executive Directors and Independent Directors
Kedar Lele
Executive Director, Customer Development EI-4. Do you have a focal point (individual/committee) responsible for addressing human rights impacts
or issues caused or contributed to by the business (yes/no)?
Yes, we have a Business Integrity Committee constituted under the Code of Business Principles to address human rights
impacts and issues. We have also established a web portal and helpline for registering complaints, which can be accessed
Essential indicators at https://app.convercent.com/en-us/LandingPage/99b958aa-55a1-e611-80d3-000d3ab1117e.
EI-1. Employees and workers who have been provided training on human rights issues and policy(ies) of
Our ESG Committee oversees and addresses human rights impacts or issues at the Board level and additionally Audit
the entity, in the following format:
Committee reviews the critical human rights complaints on a quarterly basis.
FY 2022-23 FY 2021-22
No. of employees/ No. of employees/ In addition to the above, we have a dedicated email ID (cobp.hul@unilever.com) and contact number (+91 22 50432789)
Category Total (A) workers covered (B) % (B/A) Total (C) workers covered (D) % (D/C) for anonymous reporting of issues/concerns around the CoBP.
Employees
Permanent 7,719 6,981 90.4% We have a robust and diverse agenda to impart EI-5. Describe the internal mechanisms in place to redress grievances related to human rights issues
Other than permanent 311 208 66.9% knowledge and skills to employees and workers We are committed to ensuring inclusive environment, where people are treated with dignity and respect, so that
through various training programmes. Until FY
Total employees 8,030 7,189 89.5% employees can bring their best selves to work. We have 24 well-defined policies under our CoBP to effectively address
2021-22, every training was tracked separately on
Workers grievances. Under these policies, we have established a web portal, email IDs, and contacts for receiving and managing
different platforms. We have now implemented a
Permanent 11,251 11,072 98.4% centralised tracking mechanism in FY 2022-23 to complaints. If any employee has concerns, their reporting manager or Business Integrity Officer is their first point of
Other than permanent 8,856 8,261 93.3% monitor training across the organisation. contact. In case the employee wants to anonymously report an issue, an externally supported web portal and phone
Total workers 20,107 19,333 96.1% option can be used.
EI-2. Details of minimum wages paid to employees, in the following format: EI-6. Number of complaints on the following made by employees and workers:
We are committed to ensuring that everyone who directly provides goods and services to us, will earn at least a living We seek to uphold and promote human rights in our operations, in relationships with business partners; and by working
wage or income by 2030. We are moving from a ‘Fair Wage’ to a ‘Living Wage’ and aiding employees with their higher through external initiatives, such as the United Nations Global Compact. We have identified eight human rights issues
education, children’s education, and housing facilities. as priority and are committed to addressing them across our operations. The eight priority issues are discrimination,
fair wages, forced labour, freedom of association, harassment, health and safety, land rights and working hours.
FY 2022-23 FY 2021-22
Unilever’s Human Rights Progress Report of 2021 that also covers India, looks at the work that has been done to continue
Equal to More than Equal to More than implementing the UN Guiding Principles on Business and Human Rights. In India, we fully adhere to Unilever’s approach
minimum wage minimum wage minimum wage minimum wage
to human rights. In addition to this, our CoBP upholds the principles of human rights and fair treatment. The Code also
Category Total (A) No. (B) % (B/A) No. (C) % (C/A) Total (D) No. (E) % (E/D) No. (F) % (F/D)
conforms to the ILO principles. The principles of human rights are followed in the same spirit within as well as outside the
Employees organisation when engaging with business partners.
Permanent 7,719 - - 7,719 100.0% 7,591 - - 7,591 100.0%
Male 5,700 - - 5,700 100.0% 5,790 - - 5,790 100.0% FY 2022-23 FY 2021-22
Female 2,019 - - 2,019 100.0% 1,801 - - 1,801 100.0% Pending Pending
Other than permanent 311 - - 311 100.0% 182 - - 182 100.0% resolution resolution
Filed during at the end of Filed during at the end of
Male 190 - - 190 100.0% 119 - - 119 100.0% Category the year year Remarks the year year Remarks
Female 121 - - 121 100.0% 63 - - 63 100.0%
Sexual harassment 8 2 - 3 - -
Workers
Discrimination at workplace - - - - - -

Permanent 11,251 - - 11,251 100.0% 11,636 - - 11,636 100.0%
Male 10,900 - - 10,900 100.0% 11,464 - - 11,464 100.0% Child labour - - - - - -
Female 351 - - 351 100.0% 172 - - 172 100.0% Forced labour/Involuntary labour - - - - - -
Other than permanent 8,856 6,541 73.9% 2,315 26.1% 7,642 5,364 70.2% 2,278 29.8% Wages - - - - - -
Male 8,306 6,251 75.3% 2,055 24.7% 7,164 5,069 70.8% 2,095 29.2%
Other human rights related issues - - - - - -
Female 550 290 52.7% 260 47.3% 478 295 61.7% 183 38.3%
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EI-7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment LI-3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of
cases the Rights of Persons with Disabilities Act, 2016?
We believe in providing equal opportunity/affirmative action. We have formulated and implemented Whistle-blower, We recognise the importance of meeting the requirements of the Rights of Persons with Disabilities Act, 2016 and are
gender neutral Prevention of Sexual Harassment (POSH), and Respect, Dignity, and Fair Treatment policies to effectively taking proactive steps to support the needs of individuals with disabilities. We have implemented various measures to
prevent adverse consequences in discrimination and harassment cases. Our Respect, Dignity and Fair Treatment Policy provide accessible infrastructure, including ramps, tactile flooring, induction loop system for hearing impaired, lowered
provides a work environment that ensures every person at the workplace is treated with respect and dignity and is reception desk for wheelchair access, elevator voice annunciator, evacuation chair, braille signages, all gender accessible
afforded equal treatment. Issues relating to sexual harassment are dealt with as per our POSH Policy, the CoBP and toilets, accessible parking, fire alarm flasher, automated sliding doors, and accessible guest room in several factories
applicable laws. Our POSH Policy is now not only gender neutral, but also LGBTQI+ inclusive. The Policy clearly details and offices. Additionally, we are preparing the remaining factories and offices for accessibility infrastructure and aim
the governance mechanisms for redressal of sexual harassment issues relating to women and other genders/sexual to achieve certification for 100% of our sites with the Minimum Mandatory Standards required under the Persons with
orientations. Communication is sent to all employees on a regular basis on various aspects of POSH through e-articles Disabilities Act. We believe that accessibility is an essential aspect of social responsibility and are persistent in our efforts
and other means of communication. to create an inclusive environment for everyone.
EI-8. Do human rights requirements form part of your business agreements and contracts (yes/no)? LI-4. Details on assessment of value chain partners
Yes. All of our business agreements specifically provide for labour law compliances to be adhered to by all our suppliers Our Responsible Partner Policy (RPP) sets out the requirements that all our suppliers must meet to do business with us.
and business partners including fair wages and timely payment of statutory dues. The agreements also require all Our RPP and its Fundamental Principles embody our commitment to responsible, transparent, and sustainable business.
the organisation’s suppliers and business partners to ensure compliance under the sexual harassment law and
Each fundamental principle of the RPP provides guidance on what we expect from the responsible and sustainable
adhere to our CoBP.
suppliers. We are committed to working with our suppliers on our journey of continuous improvement.
EI-9. Assessments for the year: We also verify alignment to and implementation of the RPP’s mandatory requirements, using supplier self-declarations,
We have identified eight salient human rights issues i.e., Discrimination; Fair wages; Forced labour; Freedom of online assessments and – for designated high-risk countries and supplier types – independent verification, including
association; Harassment; Health and safety; Land rights; Working hours and are committed to addressing them across third-party audits.
our operations and value chain. Putting the above framework in action, each factory/branch/office reviews and provides
% of your plants and offices that were assessed
a positive assurance to a Human Rights Assessment checklist annually. Category (by entity or statutory authorities or third parties)
% of your plants and Sexual harassment We conduct periodic risk assessment of our suppliers using
offices that were assessed Discrimination at workplace country risk and commodity risk data from external third-party
(by entity or statutory risk data providers. As on 31st March, 2023, 77.8% of the suppliers
Category authorities or third parties) Child labour (by value of business done) have undergone risk assessment and
Child Labour 100.0% Forced labour/involuntary labour are compliant
Forced/involuntary labour 100.0% Wages
Sexual harassment 100.0% Others
Discrimination at workplace 100.0%

LI-5. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
Wages 100.0%
from the assessments at Question 4 above
Others – Freedom of Association, Law of Land, Working Hours, Grievance Redressal Mechanism 100.0%
We expect our partners and their employees or contractors to report actual or suspected breaches of our RPP. We will
investigate any non-conformity reported in good faith and discuss findings with the partner. If remediation is needed,
EI-10. Provide details of any corrective actions taken or underway to address significant risks/concerns
we work with the partner to identify the root causes of the issue and to develop a time-bound corrective action plan to
arising from the assessments at Question 9 above
resolve the failure effectively and promptly. By working together with partners to overcome any issues, we support the
Not applicable, as we have not come across any significant concerns from assessments conducted at our plant and offices. betterment of their business and, most importantly, promote respect for human rights.
Leadership indicators We conduct periodic audits and both audit companies and suppliers have responsibilities to input and update the system
to provide us with the outcome of the audit. Audit companies need to upload audit documentation and the outcome of
LI-1. Details of a business process being modified/introduced as a result of addressing human rights
the initial and follow-up audits, while suppliers are required to input corrective actions against each non-conformance
grievances/complaints
identified; both within specified timeframes.
We have not encountered any concern requiring a change in our business processes as a result of addressing human
rights grievances/complaints.
LI-2. Details of the scope and coverage of any human rights due diligence conducted
Our approach is to embed human rights in all parts of its business, using global expertise to guide and support our teams.
This includes expertise within our Global Sustainability, Supply Chain, Procurement and Responsible Business (part of
Business Integrity) teams. Human rights due diligence is necessary for businesses to proactively manage potential and
actual adverse human rights impacts with which they are, or could be, involved. Human rights due diligence involves four

core components:
• Identifying and assessing actual or potential adverse human rights impacts
• Integrating findings from impact assessments into relevant Company processes and taking appropriate action
• Tracking the operating effectiveness of measures taken to address adverse human rights
• Communicating how issues are being addressed and showing stakeholders – in particular, affected stakeholders –
that adequate policies and processes are in place
Please refer to our Human Rights Progress Report for further details: https://www.unilever.com/files/cefcd733-4f03-4cc3-
b30a-a5bb5242d3c6/unilever-human-rights-progress-report-2021.pdf
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PRINCIPLE 6: BUSINESSES SHOULD RESPECT AND MAKE EFFORTS TO PROTECT AND RESTORE THE EI-3. Provide details of the following disclosures related to water, in the following format: water withdrawal
ENVIRONMENT# by source (in kilolitres)
In order to address water scarcity, it is important to undertake efforts for conservation, restoration, recharge and reuse
of water. In this pursuit, at community level, we have implemented Water Stewardship Projects across 8 water stressed
locations (as per ground water resource & WRI) in India. At Site level, our own manufacturing operations have witnessed a
48% reduction in water usage (cubic meter per ton of production) in FY 2022-23 as compared to the 2008 baseline. We were
able to achieve this by focussing on reducing freshwater abstraction, implementing captive rainwater harvesting, and
maximising the use of RO plants. The benefits include increased efficiencies, reduced risks, strengthening stakeholder
“Driven by our passion to care for our planet, we have set out on a
relationships and building community trust.
mission to grow our business whilst reducing our environmental
footprint. We are doing this by reducing GHG emissions in our factory In 2022, we embarked on a journey to align our Water Stewardship Programme to the Alliance for Water Stewardship
operations, maintaining zero non-hazardous waste to landfill, (AWS) Framework at 2 sites. AWS is a global membership collaboration comprising businesses, NGOs and the public
conserving water in our own operations and incorporating sustainable sector. Its members contribute to the sustainability of local water-resources through their adoption and promotion of a
universal framework for the sustainable use of water – the International Water Stewardship Standard, or AWS Standard –
packaging for our products. These initiatives, including sustainable
that drives, recognises and rewards good water stewardship performance.
sourcing of raw materials extend into our value chain creating a win
for all in the ecosystem.” We set up Hindustan Unilever Foundation (HUF) in 2010 to support and amplify scalable solutions that can help address
India’s water challenges - specifically for rural communities that intersect with agriculture. HUF established its ‘Water
Yogesh Mishra for Public Good’ programme that is anchored in the belief that water is a common good and must be governed by
Executive Director – Supply Chain citizen communities. The aim was to catalyse effective solutions to India’s water challenges involving the government,
communities, experts, and mission-based organisations. HUF’s programmes has reached over 14,000 villages since
Essential indicators inception. HUF also supports several knowledge initiatives in water conservation and governance.
Under ‘HUL Compass ESG Goals’, we have taken a commitment to improve the health of the planet with time-bound We also have project Prabhat– our sustainable community initiative that has been implementing water conservation
targets to protect and regenerate nature, ensure waste-free world and set out a clear pathway to achieve zero emissions projects in water-stressed sites across the country, focusing on ensuring water security. Water conservation structures,
in our operations by 2030 and Net Zero emissions for all our products from sourcing to point of sale by 2039. Refer link for such as check dams, farm ponds, farm bunds, water absorption trenches were constructed in programme villages to
our planet and society page (https://www.hul.co.in/) for detailed initiatives enhance access to water. The programme also supports agricultural communities with water conservation solutions
helping in achieving better water efficiency.
EI-1. Details of total energy consumption (in joules or multiples) and energy intensity
Through these initiatives, HUF along with its partners has created a cumulative and collective water potential of over 2.6
In line with ‘HUL Compass ESG Goals’, we aim to grow the business, while decoupling the environmental footprint from
trillion litres# since its inception over the last decade. To underscore the importance of the water potential created by HUF;
growth and increasing the positive social impact. We monitor climate change and respond by ensuring that we reduce
2.6 trillion litres of water is more than the quantity required to meet the drinking water needs of India’s population for
the environmental impact of our operations. Refer to our ‘Climate Change’ page for the key initiative: https://www.hul.
nearly two years.
co.in/planet-and-society/climate-action/
Parameter FY 2022-23 FY 2021-22
Parameter FY 2022-23 FY 2021-22 Water withdrawal by source (in kilolitres)
Total electricity consumption – Gigajoules (A) 11,52,640 10,69,599 (i) Surface water - -
Total fuel consumption – Gigajoules (B) 25,66,732 26,32,986 (ii) Groundwater 19,21,329 18,81,457
Energy consumption through other sources – Gigajoules (C) - - (iii) Third party water 9,26,494 8,57,161
Total energy consumption – Gigajoules (A+B+C) 37,19,372 37,02,585 (iv) Seawater/desalinated water - -
Energy intensity per rupee of turnover (Total energy consumption/turnover in rupees)* 63.0 GJ/crore 72.4 GJ/crore (v) Others - -
*Turnover number used in the intensity calculation is audited by our Statutory Auditors, BSR & Co. LLP. The numerator of intensity calculation i.e. total Total volume of water withdrawal (in kilolitres) (i+ii+iii+iv+v) 28,47,823 27,38,618
energy consumption is assured by Price Waterhouse Chartered Accountants LLP.
Total volume of water consumption (in kilolitres) 27,95,743 26,79,932
Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency Water intensity per rupee of turnover (Water consumed/turnover in rupees)* 47.4 KL/crore 52.4 KL/crore
(yes/no)? If yes, name of the external agency. *Turnover number used in the intensity calculation is audited by our statutory auditors, BSR & Co. LLP. The numerator of intensity calculation i.e. total
Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP water consumption is assured by Price Waterhouse Chartered Accountants LLP.
Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency
EI-2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance,
(yes/no)? If yes, name of the external agency
Achieve and Trade (PAT) Scheme of the Government of India (yes/no)? If yes, disclose whether targets set
under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP
action taken, if any
EI-4. Has the entity implemented a mechanism for zero liquid discharge? If yes, provide details of its coverage
Not applicable, as we are not an energy-intensive industry as outlined under the Performance, Achieve and Trade (PAT)

and implementation
Scheme of the Government of India.
Our approach is to maximise recycling and re-use of treated wastewater within the sites, thereby reducing intake of fresh
water. As on 31st March, 2023, 26 out of 29 of our factories recycle and reuse 100% of their wastewater within the site. Such
recycled water is used in cooling tower, as a boiler feed, in fire tanks, external area cleaning, toilet flushing, gardening
etc. Remaining three factories discharge water in common effluent treatment plant (CETP)/municipal drainage as per the
consent to operate conditions issued by the Pollution Control Board.
#
t HUL, we have a robust process to capture environment data across our owned manufacturing sites and offices and that is the basis for the
A #
Assured by external independent firm
numbers reported in Principle 6.
142 143
EI- 5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format: EI-8. Provide details related to waste management by the entity, in the following format:
Parameter Please specify unit FY 2022-23 FY 2021-22 We are taking steps towards a waste-free world through various initiatives. We wish to create a waste-free future, and are
already taking preventive measures by implementing minimalistic use of plastic and reducing the waste from our factories.
NOx MT 315 317
Refer our ‘Climate Action’ page for detailed initiatives https://www.hul.co.in/planet-and-society/waste-free-world/
SOx MT 225 362
Particulate matter Mg/Nm3 55 61
Total waste generated (in metric tonnes)
Persistent organic pollutants (POP) Not applicable
Plastic waste (A) 12,055 11,451
Volatile organic compounds (VOC) Not applicable E-waste(B) 93 97
Hazardous air pollutants (HAP) Not applicable Bio-medical waste (C) 18 14
Construction and demolition waste (D) 5,086 2,107
POP, VOC and HAP are not included in the Factory’s Consent to Operate issued by pollution control board and therefore not applicable.
Battery waste (E) 53 12
Radioactive waste (F) - -
Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency
Other hazardous waste (G) 383 264
(yes/no)? If yes, name of the external agency.
Other Non-hazardous waste generated (H) 72,880 70,976
Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP Total (A + B + C + D + E + F + G + H) 90,568 84,921
For each category of waste generated, total waste recovered through recycling-using or
EI-6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the other recovery operations (in metric tonnes)
following format: Category of waste
To reduce our carbon footprint, we are investing in new technologies, switching to renewable sources, and innovating to (i) Recycled 65,658 58,441
transform our factory operations. We have set ambitious targets and are working to eliminate carbon emissions from our (ii) Re-used 24,181 25,665
operations by 2030 and reach Net Zero emissions for all our products from sourcing to point of sale by 2039. Refer to our (iii) Other recovery operations 293 509
https://www.hul.co.in/planet-and-society/climate-action/ Total 90,132 84,615
For each category of waste generated, total waste disposed by nature of disposal method
Parameter Unit FY 2022-23 FY 2021-22 (in metric tonnes)
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, tCO2e 20,165 32,056 Category of waste
PFCs, SF6, NF3, if available)* (i) Incineration 279 173
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, tCO2e Gross: 2,19,650 Gross: 2,06,819 (ii) Landfilling* 157 133
PFCs, SF6, NF3, if available) Net: 0** Net: 54** (iii) Other disposal operations - -
Total 436 306
Total Scope 1 and Scope 2 emissions tCO2e 20,165 32,110
*Hazardous waste is disposed of through Pollution Control Board authorised/licensed vendors in line with Consent to Operate condition.
Total Scope 1 and Scope 2 emissions per rupee of turnover*** tCO2e/Crore 0.34 0.63
* We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency
Energy conversion and emission factors are used as per the UN’s Intergovernmental Panel on Climate Change (IPCC). (yes/no)? If yes, name of the external agency.
** The above numbers are after deducting the International Renewable Energy Certificate (IREC) purchased for grid electricity. Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP.
***Turnover number used in the intensity calculation is audited by our statutory auditors, BSR & Co. LLP. The numerator of intensity calculation i.e.
total emissions is assured by Price Waterhouse Chartered Accountants LLP. EI-9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency and the practices adopted to manage such wastes.
(yes/no)? If yes, name of the external agency Our factories have identified innovative ways to reuse various non-hazardous waste streams and maintain the status
Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP of zero non-hazardous waste to landfills across our operations. We have achieved this by maximising the reuse and
recycling of all non-hazardous waste in environmentally friendly ways, such as reusing jumbo bags, carbon cartons, and
EI-7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide process waste, such as soap; reusing sludge waste as boiler fuel; upcycling plastic; and using food waste for animal feed.
details Additionally, the R&D teams are improving materials selection and product design to reduce waste at the source. We also
use recycled materials in our packaging and collect and safely dispose of more plastic waste than we sell (per our EPR).
In alignment with the Paris Agreement - 2015, we embraced the most important aspect of ‘Care for Environment and
As a result, the total waste generated from our factories in FY 2022-23 has decreased by 55% (per tonne of production)
Planet’ and thus embarked on a journey to halve greenhouse gas impact of our products across the lifecycle by 2030 and
compared to the 2008 baseline. All our factories are equipped with pre-processing facilities, such as waste segregation
net zero emissions for all our products from sourcing to point of sale by 2039.
and waste reduction at source, thus improving recyclability. Further, our factories are being continuously equipped to
As on March 2023, the renewable energy percentage (for both Electrical and Thermal combined) is 93% for our own eliminate usage of hazardous chemicals used for cleaning and disinfection process by upgrading the hardware with
manufacturing sites. latest technologies.
100% of our electricity is from renewable sources with a combination of solar/wind and IREC green certification. We EI-10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks,
wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones

have started buying renewable energy through solar power plants and invested in windmills to reduce the real time
requirement of grid power. etc.) where environmental approvals/clearances are required, please specify details in the following format:
We have also embarked on a journey to substitute the fossil fuel requirement by green fuels and already eliminated coal None of our operating sites are in ecologically sensitive areas.
from our operations. We have introduced Biomass instead of Coal, Bio fuel in place of Furnace Oil and High Speed Diesel
(HSD). We have also adopted the usage of various energy saving projects, such as heat pumps, energy efficient motors, EI-11. Details of environmental impact assessments of projects undertaken by the entity based on applicable
Variable Voltage and Frequency Drive (VVFD) usage etc. to reduce the overall requirement of energy in the factories. laws, in the current Financial Year:
Whether conducted by Results communicated
We have significantly reduced our per tonne GHG emission by 97% and energy consumption by 44% in our own
S. Name and brief details independent external in public domain Relevant
manufacturing operations in FY 2022-23 compared to 2008 baseline. No. of project EIA Notification No. Date agency (yes/no) (yes/no) web link
1. Nabha Production Expansion Project 2006 EIA Notification July 2022 Yes Submitted to PCB -
144 145
EI-12. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency
the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment (yes/no) If yes, name of the external agency
protection act and rules thereunder (yes/no)? If not, provide details of all such non-compliances, in the Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP
following format:
Yes, the Company’s operations/offices comply with applicable environmental law, regulations of the country and operate LI-3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
as per Consent to Operate conditions from the Central and State Pollution Control Boards. Our dedicated trained and (i) Name of the area: As per central groundwater authority below areas are located in water stress area:
qualified Environment, Health and Safety representative at each site co-ordinate the overall implementation of the site
environmental management system. This includes the environmental performance of individual activities, co-ordinating Bhuj, Chhindwara, Etah (Instant Tea), Etah (Packet Tea), Nabha, Nashik, Pondicherry, Rajpura, and Sonepat
environmental matters within the organisation, advising line management in environmental matters and contacts with (ii) Nature of operations: Manufacturing
regulatory authorities, residents, etc.
LI-3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): Water withdrawal,
Specify the law/regulation/
S. guidelines which was not Provide details of the Any fines/penalties/action taken by regulatory agencies Corrective action and consumption in the following format:
No. complied with non-compliance such as pollution control boards or by courts taken, if any
1. None
Water withdrawal by source (in kilolitres)
(i) Surface water - -
Leadership indicators (ii) Groundwater 10,00,604 9,50,144
LI-1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable sources, in the (iii) Third party water 2,63,667 2,41,069
following format: (iv) Seawater/desalinated water - -
(v) Others - -
Total volume of water withdrawal (in kilolitres) 12,64,271 11,91,213
From renewable sources
Total volume of water consumption (in kilolitres) 12,64,271 11,90,479
Total electricity consumption (A)* 11,52,640 10,68,468
Water intensity per rupee of turnover (Water consumed / turnover in rupees)* 21.4 KL/crore 23.3 KL/crore
Total fuel consumption (B) 23,31,926 22,63,217
Water discharge by destination and level of treatment (in kilolitres)
Energy consumption through other sources (C) - -
(i) Into Surface water
Total energy consumed from renewable sources (A+B+C) 34,84,566 33,31,685
From non-renewable sources – No treatment - -
Total electricity consumption (D) - 1,131 – With treatment - -
Total fuel consumption (E) 2,34,806 3,69,769 (ii) Into Groundwater
Energy consumption through other sources (F) - - – No treatment - -
Total energy consumed from non-renewable sources (D+E+F) 2,34,806 3,70,900 – With treatment - -
*Sources of renewable electricity include solar energy, wind energy and offsets though International Renewable Energy Certificate (IREC) purchased (iii) Into Seawater
for grid electricity. – No treatment - -
– With treatment - -
Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency (iv) Sent to third-parties
(yes/no)? If yes, name of the external agency. – No treatment - -
Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP – With treatment (Secondary treatment) - 734
(v) Others
LI-2. Provide the following details related to water discharged: Water discharge by destination and level – No treatment - -
of treatment (in kilolitres)# – With treatment - -
Total water discharged (in kilolitres) - 734
* Turnover number used in the intensity calculation is audited by our statutory auditors, BSR & Co. LLP. The numerator of intensity calculation i.e. total
Water discharge by destination and level of treatment (in kilolitres) water consumption is assured by Price Waterhouse Chartered Accountants LLP.
(i) To Surface water
– No treatment - - Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency
– With treatment - - (yes/no) If yes, name of the external agency
(ii) To Groundwater Yes, an independent assurance has been conducted by Price Waterhouse Chartered Accountants LLP
– No treatment - -
– With treatment - - LI-4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
(iii) To Seawater We are committed to Net Zero emissions for all our products from sourcing to point of sale by 2039. Unilever PLC (Parent
– No treatment - - Company) measures group level (includes HUL) Scope 3 emissions along the value chain using a proprietary GHG

– With treatment - - footprint model from sourcing to disposal. The model is developed using lifecycle analysis and industry databases, and
(iv) Sent to third parties actual data from suppliers where available. For us, Scope 3 includes emissions, which are embedded in the raw materials
– No treatment - - and their inbound and outbound logistics. The largest contributor to Scope 3 emissions is the carbon footprint of raw
- With treatment (Secondary Treatment) 52,080 58,686 materials incorporated in our products. This footprint is a function of the embedded carbon per ton of the raw material
(v) Others and the total volume purchased.
– No treatment - - Unilever PLC has carried out simplified LCA to estimate various Scope 3 emission sources. This approach also takes
– With treatment - - into account the source of the carbon for organic molecules and the fate (i.e., biodegradation) of organic materials.
Total water discharged (in kilolitres) 52,080 58,686 Our analysis indicates that the largest emissions are from raw materials like Linear Alkylbenzene Sulphonic acid, Total
* Wastewater is treated in the Company’s own Effluent Treatment Plants through Secondary treatment and then discharged in line with consent Fatty Matter/Soap, Tea, Sodium Carbonate, Sodium Lauryl Ether Sulphate, Milk and milk solids. We are working with our
requirements of the Pollution Control Board. suppliers to set up a mechanism for measuring HUL specific Scope 3 emissions.
#
Water discharge has been reported for owned manufacturing sites
146 147
LI-5. With respect to the ecologically sensitive areas reported at Question 10 of essential indicators above, Sr. Initiative Details of the initiative (web-link, if any, may
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with No. undertaken be provided along-with summary) Outcome of the initiative
prevention and remediation activities. 3. Waste Our factories have identified innovative ways to reuse various The total waste generated from
Not applicable, as none of the manufacturing units is in ecologically sensitive zones. non-hazardous waste streams and maintain the status of zero the factories was 55% (per tonne
non-hazardous waste to landfills in factories and offices across the of production) lower in our own
Company. This was done by maximising the reuse and recycling of manufacturing operations in FY
LI-6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve all non-hazardous waste in environmentally friendly ways. 2022-23 than the 2008 baseline. All
resource efficiency, or reduce impact due to emissions/effluent discharge/waste generated, please provide our factories are equipped with pre-
details of the same as well as outcome of such initiatives, as per the following format: Please refer https://www.hul.co.in/planet-and-society/waste-free-
processing facilities, such as waste
world/ for more details
separation and waste reduction at the
Sr. Initiative Details of the initiative (web-link, if any, may
source, thus improving recyclability.
No. undertaken be provided along-with summary) Outcome of the initiative
1. Water We have implemented Water Stewardship Projects across 8 At Site level, our own manufacturing
stewardship water stressed locations (as per ground water resource and WRI) operations have witnessed a 48% LI-7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/
in India. In 2022, we embarked on the journey to align our Water reduction in water usage (cubic web link.
Stewardship Programme to the Alliance for Water Stewardship meter per tonne of production) in We have a standardised procedure to maintain business continuity and ensure robust and effective management of
(AWS) Framework for 2 sites. FY 2022-23 as compared to the 2008 incidents. It is based on the principles of prevention, preparedness, response, and recovery. A risk-based approach is
baseline. We were able to achieve this
We set up Hindustan Unilever Foundation (HUF) in 2010 to support followed to identify credible business risks and the management plan is reviewed regularly to ensure that it is up to date
by focussing on reducing freshwater
and amplify scalable solutions that can help address India’s water and effective. In addition, to safeguard our data and IT systems, we have a Data Recovery Capability Standard for the
abstraction, implementing captive
challenges - specifically for rural communities that intersect with design, operation and management of any device or technology solution which stores or processes our data. The purpose
rainwater harvesting, and maximising
agriculture. HUF established its ‘Water for Public Good’ programme of this Standard is to specify controls to ensure that our data, applications and systems can be recovered to meet business
the use of RO plants. The benefits
that is anchored in the belief that water is a common good
include increased efficiencies, operational requirements following a disruptive cyber incident.
and must be governed by citizen communities. The aim was to
reduced risks, strengthening
catalyse effective solutions to India’s water challenges involving
stakeholder relationships and building LI-8. Disclose any significant adverse impact on the environment, arising from the value chain of the entity.
the government, communities, experts, and mission-based
community trust.
organisations. HUF’s programmes has reached over 14,000 villages What mitigation or adaptation measures have been taken by the entity in this regard?
since inception. HUF also supports several knowledge initiatives in HUF along with its partners has created We conduct a sustainability materiality assessment to identify and prioritise sustainability issues across our value chain.
water conservation and governance. a cumulative and collective water
A sustainability issue is material to us if it is considered a principal risk or an element of a principal risk that could impact
potential of over 2.6 trillion litres*. To
We also have Project Prabhat– our sustainable community initiative our business or performance or if our key stakeholders deem it important. In addition, we use stakeholder insights to
underscore the importance of the water
that has been implementing water conservation projects in water- gauge the relative importance of each issue https://www.hul.co.in/planet-and-society/sustainability-reporting-centre/
potential created by HUF; 2.6 trillion
stressed sites across the country, focusing on ensuring water materiality-assessment/
litres of water is more than the quantity
security. Water conservation structures, such as check dams, farm
required to meet the drinking water
ponds, farm bunds, water absorption trenches were constructed in We have set specific sustainability targets, serving as our strategy to deliver consistent, competitive, profitable, and
needs of India’s population for nearly
programme villages to enhance access to water. The programme responsible growth. We have set an ambitious sustainability agenda to tackle the issues that our consumers and
two years
also supports agricultural communities with water conservation stakeholders care deeply about. Details of our mitigation can be reviewed on the following websites: https://www.hul.co.in/
solutions helping in achieving better water efficiency.
planet-and-society/climate-action/ and https://www.hul.co.in/planet-and-society/protect-and-regenerate-nature/
Please refer https://www.hul.co.in/planet-and-society/protect-
and-regenerate-nature/ for more details LI-9. Percentage of value chain partners (by value of business done with such partners) that were assessed
2. Emissions In alignment with the Paris Agreement - 2015, we embraced the As on March 2023, the renewable for environmental impacts
most important aspect of ‘Care for Environment and Planet’ and energy percentage (for both Electrical
We conduct periodic risk assessment of our suppliers using country risk and commodity risk data from external third-
thus embarked on a journey to halve greenhouse gas impact of our and Thermal combined) is 93% for our
products across the lifecycle by 2030 and net zero emissions for all own manufacturing sites. party risk data providers. As on 31st March 2023, 77.8% of the suppliers (by value of business done) have undergone risk
our products from sourcing to point of sale by 2039. assessment and are compliant
We have significantly reduced our
100% of our electricity is from renewable sources with a per tonne GHG emission by 97% and Our RPP and its Fundamental Principles embody our commitment to responsible, transparent, and sustainable business.
combination solar/wind and IREC green certification. We have energy consumption by 44% in our Each fundamental principle of the RPP provides guidance on what we expects from the responsible and sustainable
started buying renewable energy through solar power plants own manufacturing operations in business partners. We are committed to working with our suppliers on this journey of continuous improvement.
and invested in windmills to reduce the real time requirement of FY 2022-23 compared to 2008 baseline.
grid power. We also verify alignment to and implementation of the RPP’s mandatory requirements using supplier self-declarations,
online assessments and – for designated high-risk countries and supplier types – independent verification, including
We have also embarked on a journey to substitute the fossil fuel
requirement by green fuels and already eliminated coal from our third-party audits.
operations. In the last four years, we have introduced Biomass
instead of Coal, Bio diesel in place of Furnace Oil and High Speed
Diesel (HSD). We have also adopted the usage of various energy
saving projects, such as heat pumps, energy efficient motors,
Variable Voltage and Frequency Drive (VVFD) usage etc. to
reduce the overall requirement of energy in the factories. Please

refer https://www.hul.co.in/planet-and-society/climate-action/ for
more details
148 149
PRINCIPLE 7: BUSINESSES, WHEN ENGAGING IN INFLUENCING PUBLIC AND REGULATORY POLICY, Leadership indicators
SHOULD DO SO IN A MANNER THAT IS RESPONSIBLE AND TRANSPARENT LI-1. Details of public policy positions advocated by the entity:
Whether Frequency of
information Review by Board
available (annually/half
in public yearly/quarterly/ Web link,
Methods resorted for such domain others – please if
Public policy advocated advocacy (yes/no)? specify) available
We participate in multi-stakeholder engagements and, We are represented in No NA NA

“As a responsible Company, we regularly participate in multi- when relevant, respond to public consultations. Our key industry and business
approach to advocacy is guided by the Code of Business associations. We perform
stakeholder engagements on addressing public policy and Principles (CoBP). The Code provides that any contact policy advocacy in
legislative issues and are committed to doing so with honesty, by us or our business associates with Government, a transparent and
integrity, openness and in compliance with applicable laws” legislators, regulators or NGOs must be done with responsible manner
honesty, integrity, openness and in compliance with while engaging with
applicable laws. Only authorised individuals can interact all the authorities and
Dev Bajpai
with these institutions. Prior internal approval is required consider our as well
Executive Director, Legal & Corporate Affairs and Company Secretary
for initiating any contact between us, our representatives, as the larger national
and officials, aimed at proactively addressing changes/ interest.
suggestions to regulation or legislation.
EI-1. a. Number of affiliations with trade and industry chambers/associations. PRINCIPLE 8: BUSINESSES SHOULD PROMOTE INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT
We are affiliated with 12 trade and industry chambers/associations.
EI-1. b. List the top 10 trade and industry chambers/associations (determined based on the total members
of such body) the entity is a member of/affiliated to
S. Reach of trade and industry chambers/
No. Name of the trade and industry chambers/associations associations (state/national)
1. Federation of Indian Chambers of Commerce and Industry (FICCI) National
2. Confederation of Indian Industry (CII) National
3. Associated Chambers of Commerce and Industry of India (ASSOCHAM) National
4. Indian Beauty and Hygiene Association (IBHA) National
“We cannot have a flourishing business in a world where our
5. Bombay Chamber of Commerce & Industry State
6. Water Quality India Association (WQIA) National
consumers are struggling with climate change and social
7. Bengal Chamber of Commerce & Industry State inequality. Sustainability and inclusiveness have always been
8. Federation of Kutch Industrial Association State core to our business strategy and operations.”
9. Public Affairs Forum of India (PAFI) National
10. European Business Group, India National Deepak Subramanian
11. Indian Home & Personal Care Industry Association (IHPCIA) National
Executive Director – Home Care
12. Protein Food Nutrition Development Association of India (PFNDAI) National
EI-2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct Essential indicators
by the entity, based on adverse orders from regulatory authorities EI-1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable
During the year, there were no adverse orders from regulatory authorities relating to anti-competitive conduct. laws, in the current Financial Year
During FY 2022-23, we have not undertaken any projects that require Social Impact Assessments (SIA).
S.
No. Name of authority Brief of the case Corrective action taken
Whether conducted
1. Nil Nil Nil by independent Results communicated
S. Name and brief external agency in public domain
No. details of project SIA Notification No. Date of notification (yes/no) (yes/no) Relevant web link
1. Not Applicable

EI-2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:
During FY 2022-23, we have not undertaken any projects that require Rehabilitation and Resettlement (R&R).
No. of Project
S. Name of Project for Affected Families % of PAFs covered by Amounts paid to
No. which R&R is ongoing State District (PAFs) R&R PAFs in the FY (In ₹)
1. Not Applicable
150 151
EI-3. Describe the mechanisms to receive and redress grievances of the community LI-3. c. What percentage of total procurement (by value) does it constitute?
We are committed to developing communities around our sites and redressing their grievances and concerns. Our We are in the process of setting up a mechanism to quantify procurement from such diverse suppliers.
people regularly engage with communities living around the sites to understand their concerns, and in case of a
specific grievance, it is duly recorded, investigated, and acted upon. We also have an online hotline (Convercent portal - LI-4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your
https://app.convercent.com/en-us/LandingPage/99b958aa-55a1-e611-80d3-000d3ab1117eIg), where anyone can file entity (in the current Financial Year), based on traditional knowledge:
concerns related to us, which are closely monitored by our Business Integrity team. Not Applicable.
EI-4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: LI-5. Details of corrective actions taken or underway, based on any adverse order in intellectual property
Category FY 2022-23 FY 2021-22 related disputes wherein usage of traditional knowledge is involved
Directly sourced from MSMEs/small producers 16.8% 11.8% Not applicable, as there are no adverse orders in intellectual property related disputes wherein the usage of traditional
Sourced directly from within the district and neighbouring districts 44.2% 47.8% knowledge was involved.
LI-6. Details of beneficiaries of CSR Projects

Leadership indicators
We are committed to operating and growing our business in a socially responsible way. Our purpose is to make sustainable
LI-1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
living commonplace.
Assessments (Reference: Question 1 of Essential Indicators above):
It is not applicable as there was no Social Impact Assessment required to be conducted during FY 2022-23. Our Corporate Social Responsibility (CSR) Policy that is approved by the Board of Directors (Board), outlines a clear
agenda through which we will continue to contribute to the community at large. We have been actively engaged in
S. Corrective action various CSR projects involving, inter-alia, water conservation, nutrition, skill development, health, cleanliness, waste
No. Details of negative social impact identified taken
management and environmental sustainability. For further details on CSR initiatives, please refer pages 98 to 102 of the
1. Not applicable Integrated Annual Report.
S. No. of persons benefitted % of beneficiaries from vulnerable

LI-2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
No. CSR Project from CSR projects and marginalised groups
districts as identified by government bodies:
1 Plastic Waste Management 1,19,51,857 77.0%
S. Amount spent
2 Swachh Aadat Swachh Bharat (SASB) 12,63,016 100.0%
No. State Aspirational district (In D)
3 Prabhat 11,48,876 91.0%
1. Multiple (14 States) Multiple* 11,77,13,002
4 Promoting Nutrition & Hygiene 2,28,497 98.9%
2. Uttar Pradesh Balrampur 4,06,74,957
5 Project Shakti 1,90,000 100.0%
3. Maharashtra Osmanabad 4,01,45,394
6 Water Conservation – HUF 1,78,945 84.5%
4. Uttar Pradesh Chitrakoot 1,15,06,062
7 Future of Work 20,988 56.1%
5. Uttarakhand Haridwar 98,94,688
8 Health & Wellbeing 9,250 3.8%
6. Punjab Moga 42,96,540
9 Empowering Women in the Field of Sports 1,200 100.0%
7. Madhya Pradesh Chhatarpur 36,39,168
Total 22,78,69,811 In addition to the above, we also run several behavioural change programmes (for e.g. ‘bin boy’ campaign) across all
*77 out of 112 aspirational districts notified by NITI Aayog. media channels which has a widespread reach.
LI-3. a. Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalised/vulnerable groups (yes/no)?
Yes, we are committed to increasing spends with diverse suppliers with an aim to create opportunities for all by breaking
down socio-cultural, systemic, and economic barriers. By including groups previously under-represented in our supply
chain, we look forward to jointly scaling up and accelerating businesses, unlocking innovation, agility, resilience, and
opportunities. Under ‘HUL Compass ESG Goals’, we are working to spend at least ₹2,000 crores annually with diverse
businesses by 2025. The HUL Compass ESG Goals form a part of the Integrated Annual Report at pages 10 and 11.
LI-3. b. From which marginalised/vulnerable groups do you procure?

We define a diverse business as one which is at least 51% owned and operated by members of under-represented groups.
We continue our endeavour to increase spending with suppliers who embrace diversity, equity and inclusion matching
to our ethos. As per the global Unilever framework, the focus groups will be (but not limited to) women, differently-abled
people, economically marginalised communities, and backward sections of the society.

152 153
PRINCIPLE 9: BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CONSUMERS IN A EI-3. Number of consumer complaints in respect of the following:
RESPONSIBLE MANNER FY 2022-23 FY 2021-22
Pending Pending
Received during resolution at Received during resolution at
the year end of year Remarks the year end of year Remarks
Data privacy - - - - - -
Advertising 10 1 - 9 3 -
“The Indian consumer is evolving rapidly. The pandemic has Cyber-security - - - - - -
accelerated several trends that will continue to have far-reaching Delivery of essential services - - - - - -
effects on the Indian consumer - an increased affinity towards holistic Restrictive trade practices - - - - - -
health and wellbeing, a massive shift in the adoption of digital Unfair trade practices - - - - - -
technology and importantly, a heightened consciousness amongst Other - - - - - -
consumers on sustainability and social equity. The Indian consumer We have a very robust mechanism to receive and address queries, feedback and complaints received from our consumers. We have reported
is increasingly choosing superior products and brands that are also above complaints in relation to ‘data privacy’, ‘advertising’, ‘cyber-security’, ‘delivery of essential services’, ‘restrictive trade practices’ and ‘unfair
good for the people and the planet. We are focused on faster-better trade practices’.
innovation, leveraging next generation media tools to reach EI-4. Details of instances of product recalls on account of safety issues
consumers effectively and efficiently, and building engagement We have a stringent mandatory quality standard in place against which compliance is verified through regular audits and
platforms enabling end-to-end consumer experience.” self-assessments. These standards ensure we design, manufacture and supply products that are safe, of excellent quality,
and conform to the relevant industry and regulatory standards in the countries in which we operate. Comprehensive
Srinandan Sundaram management procedures are in place to mitigate risks and to protect our consumers and markets. We take prompt and
Executive Director – Foods & Refreshment timely action wherever and whenever we encounter products, which do not meet the standards and ensure right quality
product go in the market.
Category Number Reasons for recall
EI-1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback
As a consumer-centric organisation, we value all consumer feedback and have set up various channels through Voluntary recalls Nil -
which consumers can reach out to us. A PO Box number, email ID, and a toll-free number are on the back of pack of Forced recalls Nil -
all brands, SKUs, variants, and formats. Consumers can also reach out to us through social media platforms, brand
websites, WhatsApp number and our Contact Us form. There is a team dedicated to attend and address consumer EI-5. Does the entity have a framework/policy on cyber security and risks related to data privacy (yes/no)?
feedback and queries. If available, provide a web-link of the policy
Yes, we have extensive cyber security and data privacy policies, which are applicable to the entire organisation. We
EI-2. Turnover of products and services as a percentage of turnover from all products/services that carry respect the privacy of all individuals including employees and consumers and their personal data. We recognise and
information about: protect privacy as an essential human right under our Code of Business Principles, which is available on our website at
As a percentage https://www.hul.co.in/investor-relations/corporate-governance/hul-policies/
Category to total turnover*
We have focused learning modules on the Code Policy on Personal Data, which is mandatory for the entire organisation.
Environmental and social parameters relevant to the product 100.0%
We had training for the entire workforce on the Personal Data Code Policy in 2021 and Privacy & Data Protection (general
Safe and responsible usage 100.0% privacy principles, practices, processes, behaviour, etc.) in 2022.
Recycling and/or safe disposal 100.0% In addition, we disclose ‘Privacy Notice’ pertaining to our personal data processing practices to consumers before they
* As a company, we have a very large count of unique product base packs. We are in the process of creating a central repository of all product consent to process their personal data. The Privacy Notice proactively discloses all the relevant information necessary to
artworks with element level details. Above numbers are reported basis comprehensive review of base packs covering 60% of the total sales. make an informed choice, including but not limited to types of data, purposes, security safeguards, principal data rights,
contact details of Data Privacy Officer and grievance redressal mechanisms, retention, third-party disclosure policies.
https://www.unilevernotices.com/privacy-notices/india-english.html
We also have a designated Data Privacy Officer, whose key responsibility is to ensure data privacy guidelines are followed
in the organisation and any privacy related grievances are being addressed. We have a central email ID i.e., grievance.
officer-privacy@unilever.com, which is disclosed in the privacy notices and on our website. There is also a Contact Us form
for privacy issues that is directed to the Data Privacy Office.
Our Responsible Partner Policy, which is applicable to all third parties, includes an obligation to protect and safeguard
personal data involving our consumers and customers.

154 155
EI-6. Provide details of any corrective actions taken or underway on issues relating to advertising, and Similarly, we provide usage instructions and cautionary statements for personal care products. For example, on our hair
delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of serum label, we give the ideal usage directions for maximum benefit, precautions to be taken, and immediate action
product recalls; penalty/action taken by regulatory authorities on safety of products/services. in case of an issue. In addition, all products contain information on the product benefits and any special ingredients
There were no significant concerns/complaint/penalty/regulatory actions identified during the year. However, in case of delivering the benefits. This information helps consumers make an informed choice.
any concerns, consumers can reach out to us via multiple channels i.e., phone, email, social media, and WhatsApp. We Consumer satisfaction survey: Our Levercare team (also known as Consumer Engagement Centre) provides a
have a pre-defined turnaround time and response mechanism for complaint closure. comprehensive omni-channel (Phone, Email, Social-Media, WhatsApp & Web) system to help answer any product related
For data-privacy-related concerns, we have a Personal Data Incident Reporting process to report and investigate any queries and complaints to deliver best in class consumer experience.
suspected or potential threat to personal data. The Data Privacy Officer and Cyber Security Lead investigates incidents to We monitor consumer sentiments (i.e., the digital voice of the consumer via social media and brand pages) to receive
identify lapses and gaps to continuously improve processes and controls to mitigate future breaches. overall feedback on issue resolution and products/services and calculate the Net Promoter Score (0 to 10). We then
evaluate consumer experiences on both product and service based on how likely they are to recommend both, the
Leadership indicators product, and the service to family & friends on a scale of 0 to 10.
LI-1. Channels/platforms where information on products and services of the entity can be accessed (provide
Additionally, to capture feedback from E-commerce consumers, we use digitally enabled consumer-focused capability,
web link, if available)
which provides specific insights based on ratings & reviews at brand and product levels that help identify product
Information regarding all products is available in the Brand section of our website: https://www.hul.co.in/brands/. improvements & feed into innovations. This also helps improve end-to-end consumer experience on E-commerce
Consumers can also reach out to us via one of the following modes for any additional information: and Social-Media.
• Toll-free number for Levercare: 1800-102-2221 Further, for customers, we run an Annual ‘Customer Voice Survey’ to gauge overall performance and sentiment across
• WhatsApp Number: +91 8291082913 our distributors and customer’s network. The feedback is taken across facets like Overall experience, Customer Service,
Finance, Supply Chain, IT support, etc. Currently in the second year of its running, the annual check on Customer pulse,
• Email ID: lever.care@unilever.com
provides real time insights on things going well, things we need to do more of and areas which need correction
• Address: PO Box 14760, Mumbai 400 099, Maharashtra, India
• Contact Us form on the website: https://www.hul.co.in/contact/ LI-5. Provide the following information relating to data breaches: a. Number of instances of data breaches
along-with impact
LI-2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or Nil, there were no instances of reportable data breaches in the current Financial Year.
services.
We provide information on our product packaging, including ingredients, expiry date, usage directions, etc., as LI-5. Provide the following information relating to data breaches: b. Percentage of data breaches involving
appropriate to inform our consumers about safe and responsible usage. Consumers can also reach out to us on our personally identifiable information of customers
levercare toll-free number (1800-102-2221) and via our email ID (lever.care@unilever.com) printed on each product. Our Nil, there were no instances of reportable data breaches involving personally identifiable information.
website has a dedicated section where consumers can reach us through the Contact Us form and a dedicated section
on ‘What is in Our Products’ (https://www.hul.co.in/our-company/rd-innovation/safety-environment/whats-in-our-
products/) is hosted to inform consumers about our products and the ingredients.
LI-3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
At HUL, we do not deal with any essential services, however, in case of any disruption, we can disseminate information
through our website, various mass media platforms, social media platforms, distribution network, sales representatives,
emails, etc. In addition, consumers can reach out to us on our toll-free number for Levercare (1800-102-2221) and email ID
(lever.care@unilever.com), printed on each product.
LI-4. Does the entity display product information on the product over and above what is mandated as per
local laws (yes/no/not applicable)? If yes, provide details in brief. Did your entity carry out any survey with
regard to consumer satisfaction relating to the major products/services of the entity, significant locations
of operation of the entity or the entity as a whole (yes/no)?
We are fully committed to not only ensuring compliance to mandatory labelling, but also to providing important
information to consumers regarding safety, health, proper usage and appropriate precautions. These are embedded
in our Trust & Transparency pillar of Unilever Compass strategy. For example, on the Foods and Refreshments products,
we provide on-label nutritional information in a nutrition table in addition to the mandatory nutrients. We also use
additional logos, such as the ‘Guideline Daily Amount (GDA)’, to provide additional information or reference to product
quality (e.g., a trust seal or Darjeeling tea logo for tea). We also provide QR codes for extra information and sustainability-
related logos (e.g., a recyclable logo). In the case of flavoured tea, we provide a table covering the registration numbers of
flavours with their maximum percentages. For home care products, on our laundry pods, we provide safety precautions,

symbols, and usage directions in text and pictures; an ingredient declaration; and warnings (e.g., regarding keeping
products out of the reach of children) to ensure complete safety for our consumers.
156 157
Corporate Governance Report
COMPANY’S CORPORATE GOVERNANCE maintain an effective, informed and independent Board. During the year, Mr. Wilhelmus Uijen (DIN: 08614686) 2023 and as a successor to Mr. Sanjiv Mehta as the MD &
PHILOSOPHY We keep our governance practices under continuous review stepped down as the Whole-time Director and Member CEO for a term of 5 (five) consecutive years with effect from
At Hindustan Unilever Limited (HUL), we feel proud to and benchmark ourselves to best practices across the globe. of Management Committee of the Company with effect 27th June, 2023 upto 26th June, 2028 subject to approval
belong to a Company whose visionary founders laid from 31st August, 2022, consequent to his elevation as of the Shareholders and other statutory approvals as
In recognition of our high standards of governance
the foundation stone for good governance long back the Chief Procurement Officer for Unilever, globally. The may be applicable.
practices, we were conferred with several awards over
and made it an integral part of its day-to-day business. Board places on record its appreciation for the leadership
the last few years, and are committed to raise the bar During the year, based on the recommendation of the
The principles of Corporate Governance are based on and invaluable contribution made by Mr. Wilhelmus Uijen
of Corporate Governance excellence with each passing Nomination and Remuneration Committee, the Board
transparency, accountability and focus on the sustainable during his tenure as a Whole-time Director and Member of
day. During the year, we were awarded the Certificate of also approved the appointment of Mr. Ranjay Gulati
success of the Company over the long-term. Management Committee of the Company.
Recognition at the 22nd ICSI National Awards for Excellence (DIN: 10053369) as an Additional Director – Independent
With 90 years of heritage in India, our corporate governance in Corporate Governance, for adopting and promoting Mr. Sanjiv Mehta will step down as the Chief Executive Director of the Company, for a term of 5 (five) consecutive
framework has evolved over the decades and is inspired exemplary corporate governance practices. Officer & Managing Director of the Company with effect years with effect from 1st April, 2023 to 31st March, 2028
by our core values of Respect, Integrity, Responsibility from the close of business hours on 26th June, 2023 after subject to approval of the Shareholders.
& Pioneering. Conducting our operations with integrity THE BOARD OF DIRECTORS a transformational tenure of 10 (ten) years at the helm of
As per the provisions of Regulation 17 of Listing
and respect for the many people, organisations and HUL is a professionally managed Company functioning the Company. During his tenure, the business more than
Regulations, approval of Shareholders, for appointment
environments our business touches, has always been at the under the overall supervision of the Board. The Board has doubled its turnover, significantly improved its profitability
of Directors on the Board shall be taken either at the next
heart of our corporate responsibility. ultimate responsibility for the development of strategy, and the market capitalisation of the Company increased
General Meeting or within a time period of three months
management, general affairs, direction, performance more than four times from US$17 billion to US$75 billion. The
Our history is a story of growth powered by ideas and from the date of appointment, whichever is earlier. The
and long-term success of business as a whole. The Board places on record their deep sense of appreciation
values. Our business has always been driven by a sense of proposals seeking approval of the Shareholders for
Chairman leads the Board and is responsible for its overall and gratitude to Mr. Sanjiv Mehta for his immense and
purpose and the belief that businesses must have purpose appointment of Mr. Rohit Jawa and Mr. Ranjay Gulati form
effectiveness. The Chairman sets the Board Agenda, sustainable contribution to the business as the CEO & MD
beyond profit. We continue to believe that the only way a a part of the Notice in this Integrated Annual Report at
ensures the Directors receive accurate, timely and clear of the Company, that led in reinforcing HUL as one of India’s
business will succeed is by making a positive contribution pages 348 and 349.
information, promotes and facilitates constructive most valuable businesses.
to addressing the challenges the world faces. The details of each Member of the Board along with the
relationships and effective contribution of all Executive The Board on the basis of recommendation of the
At HUL, responsible corporate conduct is fundamental to and Non-Executive Directors, and promotes a culture of number of Directorship(s)/Committee Membership(s)/
Nomination and Remuneration Committee, approved
the way we do our business. Our actions are governed by openness and debate. The Independent Directors provide Chairmanship(s), date of joining the Board and their
the appointment of Mr. Rohit Jawa (DIN: 10063590) as a
our values and principles, which are reinforced at all levels constructive challenge, strategic guidance, specialist shareholding in the Company are provided herein below:
Whole-time Director effective 1st April, 2023 till 26th June,
within the Company. We are committed to doing things advice and hold management to account.
the right way which means taking business decisions and
The Board has delegated the operational conduct of Composition and Directorship(s), Committee Membership(s), Chairmanship(s) and number of
acting in a way that is ethical and in compliance with
the business to the Chief Executive Officer (CEO) and other Board and Committees as on 31st March, 2023:
applicable legislations. Our Code of Business Principles
Managing Director (MD) of the Company. The Management Membership(s) Chairmanship(s)
(the Code) is an extension of our values and reflects our
Committee of the Company is headed by the CEO & MD Date of Number of Directorship(s) of Committees of Committees
continued commitment to ethical business practices joining the shares held in in other of other of other
and has business / functional heads as its members, who
across our operations. We acknowledge our individual and Name and Category Board the Company Companies # Companies ## Companies##
manage the day-to-day affairs of the Company.
collective responsibilities to manage our business activities Non-Executive Chairman
with integrity. Our Code inspires us to set high standards Composition Nitin Paranjpe 31.03.2022 1,24,509 - - -
of governance which go beyond what is prescribed under Chief Executive Officer & Managing Director
The Board of your Company comprises highly experienced
legislations in many areas of our functioning.
persons of repute, eminence and has a good and diverse Sanjiv Mehta 01.10.2013 1,410 1 1 -
To succeed, we believe, requires highest standards of mix of Executive and Non- Executive Directors with Executive Director, Finance & IT and
corporate behaviour towards everyone we work with, the majority of the Board members comprising Independent Chief Financial Officer
communities we touch and the environment on which we Directors including Independent Women Directors. The Ritesh Tiwari 01.05.2021 2,630 1 - -
have an impact. This is our road to consistent, competitive, Board composition is in conformity with the applicable Executive Director, Legal & Corporate Affairs
profitable and responsible growth and creating long-term provisions of Companies Act, 2013 (the Act) and Securities and Company Secretary
value for our shareholders, our people and our business and Exchange Board of India (SEBI) (Listing Obligations Dev Bajpai 23.01.2017 51,576 1 - -
partners. The above principles have been the guiding and Disclosure Requirements) Regulations, 2015 (Listing Independent Directors
force for whatever we do and shall continue to be so in Regulations) as amended from time to time. As on date O. P. Bhatt 20.12.2011 245 4 4 -
the years to come. of this Integrated Annual Report, the Board consists of
Sanjiv Misra 08.04.2013 - - - -
twelve Directors comprising one Non-Executive and
The Corporate Governance Code adopted by the Board Kalpana Morparia 09.10.2014 - 1 2 1
Non-Independent Director designated as the Chairman,
acts as a comprehensive framework within which the
seven Independent Directors including two Women Leo Puri 12.10.2018 - 1 - -
Company, Board of Directors (the Board), Statutory Board
Directors, one Whole-time Director and three Executive Ashish Gupta 31.01.2020 - 2 - -
Committees may effectively operate for the benefit of its

Directors including CEO & MD. The composition of the Board Ashu Suyash 12.11.2021 - 1 2 1
varied stakeholders.
represents an optimal mix of professionalism, knowledge #
Excluding Private Limited Companies, Foreign Companies, Section 8 Companies and Alternate Directorships.
The Board is responsible for and committed to sound and experience and enables the Board to discharge its ##
Includes only Audit Committee and Stakeholders’ Relationship Committee.
principles of Corporate Governance in the Company. responsibilities and provide effective leadership to the
The Board plays a crucial role in overseeing how the business. The Board as part of its succession planning None of the Directors of your Company are related to each other.
management serves the short and long-term interests of exercise, periodically reviews its composition to ensure that The names of the listed entities along with the The number of Directorship(s), Committee Membership(s),
shareholders and other stakeholders. This belief is reflected the same is closely aligned with the strategy and long- term categor y of Directorship for all the Directors forms Chairmanship(s) of all the Directors is within respective
in our governance practices, under which we strive to needs of the Company. part of Profile of Directors from pages 366 to 371 of this limits prescribed under the Act and Listing Regulations as
Integrated Annual Report. amended from time to time.
158 159
Appointment and Tenure The Board agenda generally includes consideration of Composition and Attendance of the Board Meetings Statutory Compliance Monitoring Tool
The Directors of the Company are appointed/re - important corporate actions and events including: The Company has in place a web -based Statutor y
Name of the Directors Category of Directorship Attendance
appointed by the Board on the recommendation of the • quarterly and annual results announcements; Nitin Paranjpe – Chairman Non-Executive Director 8/8
Compliance Monitoring Tool, which has been implemented
Nomination and Remuneration Committee and approval to streamline and manage compliance tracking of
Sanjiv Mehta Executive Director 8/8
of the Shareholders at the General Meeting(s) or through • oversight of the performance of the business; all the statutor y & legal compliances needed to be
Ritesh Tiwari Executive Director 8/8
means of Postal Ballot. In accordance with the Articles • declaration of dividends; followed by the Company and provides the necessary
Dev Bajpai Executive Director 8/8
of Association of the Company and provisions of the assurance to the Board.
• development and approval of overall business strategy; Wilhelmus Uijen* Executive Director 3/3
Act, all the Directors, except the Managing Director and
O.P. Bhatt Independent Director 8/8
Independent Directors, of the Company, are liable to retire • Board succession planning; Confirmation and Certification
Sanjiv Misra Independent Director 8/8
by rotation at the Annual General Meeting (AGM) each year The Company annually obtains from each Director,
• review of the functioning of the Committees; and Kalpana Morparia Independent Director 7/8
and, if eligible, offer their candidature for re-appointment. details of the Board and Board Committee
The Executive Directors on the Board have been appointed Leo Puri Independent Director 8/8
• other strategic, transactional and governance matters p osit io ns h e/sh e o ccup ie s in ot h e r Co m p a nie s,
as per the provisions of the Act and serve in accordance Ashish Gupta Independent Director 7/8
as required under the Act, Listing Regulations and other and changes if any, regarding their Directorships.
with the terms of employment with the Company. Ashu Suyash Independent Director 7/8
applicable legislations. T h e Co m p a ny h a s o b t a i n e d a c e r t i f i c a t e f r o m
* Mr. Wilhelmus Uijen ceased to be the Whole-time Director with effect
None of the Independent Director(s) of the Company M/s. S. N. Ananthasubramanian & Company, Company
from 31st August, 2022.
resigned before the expiry of their tenure. The Notice of Board/Committee Meetings is given well in Secretaries, under Regulation 34(3) and Schedule V
advance to all the Directors. Usually, Meetings of the Board Succession Planning Para C Clause (10)(i) of Listing Regulations confirming
As regards the appointment and tenure of Independent are held in Mumbai. The Agenda of the Board/ Committee that none of the Directors on the Board of the Company
Directors, following is the policy adopted by the Board: We believe that sound succession planning for the Board
Meetings is set by the Company Secretary in consultation have b e en deb ar re d or disqualif ie d from b eing
Members and Senior Management is vital for creating a
with the Chairman of the Company. The Agenda is appointed or continuing as Directors of the Company
• The Company has adopted the provisions with respect to robust future for the Company. Our succession planning
circulated a week prior to the date of the Meeting. The by the SEBI and Ministr y of Corporate Affairs (MCA)
appointment and tenure of Independent Directors which framework is well built and acts as a hallmark of a
Board Agenda includes an Action Taken Report comprising or any such authority and the same forms part of this
are consistent with the Act and Listing Regulations. forward-thinking, future-ready and progressive Board.
actions emanating from the Board Meetings and status Integrated Annual Report.
The Nomination and Remuneration Committee plays an
• In keeping with progressive governance practices, your updates thereof. The Agenda for the Board and Committee
instrumental role in development of a diverse pipeline
Company shall, for the purpose of determining the Meetings covers items set out as per the guidelines in Listing
for succession thereby ensuring that the Company
Board Independence
composition of the Board, treat all Independent Directors Regulations to the extent it is relevant and applicable. The Our definition of ‘Independence’ of Directors is derived
has a strong, diverse and high performing Board and
who are appointed from the Financial Year 2022-23 and, Agenda for the Board and Committee Meetings includes from Section 149(6) of the Act and Regulation 16 of
Management Committee now and in the future. It
thereafter, and who complete ten years on the Board, as detailed notes on the items to be discussed at the Meeting
deliberates on various factors including current tenure of Listing Regulations. The Independent Directors provide
Non-Independent and ineligible for appointment as an to enable the Directors to take an informed decision. Video/
Directors, anticipated vacancies in key Board and Senior an annual confirmation that they meet the criteria of
Independent Director(s) for any period thereafter. Audio-conferencing facilities are also used to facilitate
Management positions, skill matrix including skill-gaps, independence. Based on the confirmations/disclosures
Directors travelling or located at other locations to
diversity, time-commitment and statutory requirements, received from the Directors and on evaluation of the
Any person who becomes Director or Officer, including an participate in the Meetings.
etc., to ensure orderly succession planning. relationships disclosed, supported by a certificate from
employee who is acting in a managerial or supervisory
Prior approval from the Board is obtained for circulating the M/s. S. N. Ananthasubramanian & Company, Company
capacity, shall be covered under Directors’ and Officers’
Agenda items with shorter notice for matters that form part Board Support Secretaries, as per the requirement of Regulation 25(9)
Liability Insurance Policy. The Policy shall also covers
of the Board and Committee Agenda and are considered to The Company Secretary supports the Board to ensure of the Listing Regulations, the Board confirms, that the
those who serve as a Director, Officer or equivalent of
be in the nature of Unpublished Price Sensitive Information. that it has policies, processes, information, time and Independent Directors fulfill the conditions as specified
an outside entity at Company’s request. The Company
resources it needs to function effectively and efficiently. under Schedule V of the Listing Regulations and are
has provided insurance cover in respect of legal action
Board Commitment The Company Secretary is responsible for collation, review independent of the Management. The Board includes six
against its Directors under the Directors’ and Officers’
All Directors are expected to attend each Board Meeting and distribution of all papers submitted to the Board Independent Directors as on 31st March, 2023.
Liability Insurance.
and each Committee Meeting of which they are members, and Committees thereof for consideration. The Company
unless there are exceptional reasons preventing them Secretary is also responsible for preparation of the Agenda Separate Independent Directors’ Meetings
Board Meetings
from participating. Only members of the Committees are and convening of the Board and Committee Meetings. The The Independent Directors meet at least once in a
The Board meets at regular intervals to discuss and decide
entitled to attend Committee Meetings, but others may Company Secretary attends all the Meetings of the Board quarter, without the presence of Executive Directors or
on Company/Business policy and strategy apart from
attend at Committee Chair’s discretion. and its Committees, either in the capacity of Secretary of Management representatives. They also have separate
other Board businesses. The Board/Committee Meetings
the Board/Committees or as a Member of the Committee. meeting(s) with the Chairman of the Board, to discuss
are pre-scheduled and a tentative annual calendar of During the Financial Year 2022-23, eight Board Meetings
The Company Secretary advises/assures the Board and its issues and concerns, if any.
the Board and Committee Meetings is circulated to the were held on 4th & 5th April, 2022 (Strategy Meeting),
Committees on compliance and governance principles and
Directors well in advance to facilitate them to plan their 27th April, 2022, 19th July, 2022, 21st October, 2022, The Independent Directors met four times during
ensures appropriate recording of minutes of the Meetings.
schedule and to ensure meaningful participation in the 24th November, 2022, 19th January, 2023, 17th February, the Financial Year 202 2-2 3, on 27th April , 202 2,
Meetings. However, in case of a special and urgent business 2023 and 10th March, 2023. The interval between any two With a view to leverage technology and reduce paper 19th July, 2022, 21st October, 2022 and 19th January,
need, the Board’s approval is taken by passing resolutions Board Meetings was well within the maximum allowed gap consumption, the Company has adopted a web-based 2023. The Independent Directors inter alia discuss the

through circulation, as permitted by law, which are noted of 120 days. During the year, the Board also transacted application for transmitting Board/Committee Agenda issues arising out of the Committee Meetings and Board
and confirmed in the subsequent Board Meeting. some of the business by passing resolutions by circulation. and Pre-reads. The Directors of the Company receive discussion including the quality, quantity and timely flow
the Agenda and Pre-reads in electronic form through of information between the Company Management and
this application, which can be accessed through web the Board that is necessary for the Board to effectively
browser or iPad. The application meets high standards of and reasonably per form its duties. In addition to
security and integrity that are required for storage and these formal meetings, interactions outside the Board
transmission of Board/Committee Agenda and Pre-reads Meetings also take place between the Chairman and
in electronic form. Independent Directors.
160 161
Directors’ Induction and Familiarisation if any, required to be undertaken and gives a good as attendance, contribution, and independent judgment. • The contributions made by the Audit Committee stood
The Board Familiarisation Programme comprises of perspective of the future opportunities and challenges. The recommendations from last year and the current year out, with special praise and recognition of role played by
the following:- were discussed. the Chairperson of the Audit Committee.
For the Financial Year 2022-23, two full day Board Strategy
• I n d u c t i o n Pr o g r a m m e fo r D ir e c t o r s in c lu d in g Session was conducted on 10th and 11th April, 2023 at For the year under review, as an outcome of the
Additionally, the exercise has resulted in identification of
Non-Executive Directors; Sumerpur and Lucknow. As part of the Strategy Session, performance evaluation exercise it was noted that:
the following key focus areas, for the Company to work
the Board visited the Sumerpur factory of the Company,
• Immersion sessions on business and functional • The Board is independent and takes its role of upon in the coming years:
wherein they were taken through the operations at the
issues; and governance very seriously;
factory, the expansion plans and the transformation • The formation of the ESG Committee has been welcomed
• Strategy sessions. activities, safety performance at the plant, quality controls, • The Board is commit ted to creating value for enthusiastically by the Board. However, there is high
cost and ser vice excellence and the people related all stakeholders; expectation from the ESG Committee to build on the
All Directors on their appointment are taken through processes that is being followed at the factory. The Board • The Board Meetings are well planned and run effectively work already done;
a detailed induction and familiarisation programme was also apprised about the community engagement by the Chair; and • Deeper dive on topical matters at alternate Board
when they join the Board of the Company. The induction conducted through the Corporate Social Responsibility • The Committees of the Board are well-functioning and Meetings to allow for exchange of thoughts and
programme is an exhaustive one that covers the history, (CSR) programme around the factory premises under well managed, meaningful contribution is made by the contribute/exchange ideas with the Members of the
culture and background of the Company and its growth the Project Prabhat. Further, detailed presentations on Committees especially the CSR Committee which has Management Committee; and
over the last several decades, various milestones in the key topics concerning the overall Company’s strategy helped the Company in setting a benchmark for CSR • Company’s reporting requirements should continue
Company’s existence since its incorporation, the present including strategy for the business and functional divisions activities amongst its peers. to remain in step with constantly evolving regulatory
structure and an overview of the businesses and functions. of the Company, were made to the Board.
The programme also covers the progress on HUL Compass landscape especially in field of sustainability and
Environmental, Social and Governance (ESG) Goals. The details of training programmes attended climate change.
by In dep en dent D ire c tor s are available on the
The CEO & MD and the Company Secretary are jointly website at https://w w w.hul .co.in/investor-relations/ COMMITTEES OF THE BOARD
responsible for ensuring that induction and training corporate-governance/. The Board Committees play a crucial role in the Governance Structure of the Company and have been constituted to deal
programmes are conducted for Directors. The CEO
with specific areas/activities as mandated by applicable regulations, which concern the Company and need a closer
& MD, provides an over view of the organisation, its Board Evaluation review. The Board Committees are set up under the formal approval of the Board to carry out clearly defined roles which
history, culture, values and purpose. The Management
In terms of the requirement of the Act and the Listing are considered to be performed by Members of the Board, as part of good governance practices. The Chairperson of the
Committee Members take the Directors through their
Regulations, an annual performance evaluation of the respective Committee informs the Board about the summary of the discussions held in the Committee Meetings. The
respective businesses and functions. As a part of induction
Board is undertaken where the Board formally assesses its minutes of the Meeting of all Committees are placed before the Board for review. The Board Committees can request
programme, the Directors also visit the Company ’s
own performance with the aim to improve the effectiveness special invitees to join the Meeting, as appropriate.
manufacturing locations and undertake market visits to
of the Board and the Committees. The Board along with
understand the operations of the Company. The Directors During the year, all recommendations of the Committees of the Board have been accepted by the Board.
the Nomination and Remuneration Committee has laid
are exposed to the Board constitution, procedures, matters
down the criteria of performance evaluation of Board, its As on 31st March, 2023, the Board has constituted the following Committees:
reserved for the Board and major risks facing the business
Committees and Individual Directors which is available
and mitigation programmes. The Independent Directors
on the website of the Company at https://www.hul.co.in/ CONSTITUTION OF THE COMMITTEES
are made aware of their roles and responsibilities at
investor-relations/corporate-governance/. Audit Nomination and Corporate Social
the time of their appointment and a detailed Letter of
Appointment is issued to them. For Independent Directors, evaluation is carried out based Committee Remuneration Committee Responsibility Committee
on the criteria viz.
In the Board Meetings, immersion sessions deal with Kalpana Morparia Sanjiv Misra O.P. Bhatt
different parts of the business and bring out all facets • the considerations which led to the selection of the O.P. Bhatt O.P. Bhatt Sanjiv Misra
of the business besides the shape of the business. These Director on the Board and the delivery against the same; Sanjiv Misra Kalpana Morparia Kalpana Morparia
immersion sessions provide a good understanding of the • contribution made to the Board / Committees; Ashish Gupta Ashu Suyash Leo Puri
business to the Directors. Similar immersion sessions are Ashu Suyash Sanjiv Mehta
• attendance at the Board / Committee Meetings;
also convened for various functions of the Company. These Ritesh Tiwari
sessions are also an opportunity for the Board to interact • impact on the performance of the Board / Committees;
with the next level of management. To make these sessions • instances of sharing best and next practices, engaging
meaningful and insightful, pre-reads are circulated in with top management team of the Company; Stakeholders Relationship Risk Management Environmental, Social and
advance. Deep dive sessions are also organised on specific Committee Committee Governance Committee
• active participation in long-term strategic planning.
subjects for better appreciation by the Board of its impact
O.P. Bhatt Sanjiv Mehta Ashu Suyash
on the business. There are opportunities for Independent During the year, Board Evaluation exercise which included Leo Puri Ashish Gupta O.P. Bhatt
Directors to interact amongst themselves every quarter and the evaluation of the Board as a whole, Board Committees Sanjiv Mehta Ashu Suyash Kalpana Morparia
many themes for such immersion sessions come through on and Peer Evaluation of the Directors was conducted Ritesh Tiwari Ritesh Tiwari Ashish Gupta

account of these structured interactions and Meetings of by an Independent External Agency - Egon Zehnder, a Dev Bajpai Sanjiv Mehta
Independent Directors. The process of Board Evaluation also leadership advisory firm on Board matters. The evaluation Ravishankar A.
throws up areas where the Board desires focused sessions. process focused on effectiveness of the Board, Board
dynamics, Board Meetings and procedures, Committee Chairperson Member
Strategy Sessions effectiveness, succession planning and flow of information
Every year Board Strategy Sessions are organised which to the Board and Committees. The evaluation methodology
provide the Board an opportunity to understand Company’s included techniques such as detailed questionnaires Audit Committee
footprint in a market and also interact with Company’s covering various parameters relevant for the Board As on 31st March, 2023, the Company’s Audit Committee Misra , Dr. A shish Gupta and Ms . A shu Suya sh ac t
leadership and business teams in that market. The Strategy and Committees and one-on-one discussion with the comprises 5 (five) Members and all the Members are a s M e mb e r s of th e Co mmit te e . A ll th e M e m b e r s
Session focuses on the strategy for the future and covers all Directors. Separate exercise was carried out to evaluate the Independent Directors. Audit Committee is chaired by of the Commit tee have relevant experience in
parts of the business and functions, the course corrections, performance of individual Directors on parameters such Ms. Kalpana Morparia and Mr. O. P. Bhatt, Dr. Sanjiv financial matters.
162 163
Terms of Reference of Audit Committee implications of security and internal audit and control Unit heads are responsible to ensure compliance with the The Committee also plays the role of Compensation
The Committee is governed by the terms of reference which assurance reports of all the major divisions of the Company. policies and procedures laid down by the Management. Committee and is responsible for administering Stock
are in line with the regulatory requirements mandated by the Robust and continuous internal monitoring mechanisms Option Schemes as applicable to the employees
The meetings of Audit Committee are also attended by the
Act and Listing Regulations. The detailed terms of reference ensure timely identification of risks and issues. The of the Company.
Chief Financial Officer, Statutory Auditors, Group Controller
of the Audit Committee are contained in the ‘Corporate Management, Statutory and Internal Auditors undertake
and Internal Auditor as special invitees. The Company The Nomination and Remuneration Committee met five
Governance Code’ which is available on the website of rigorous testing of the control environment of the Company.
Secretary acts as the Secretary to the Committee. The times during the Financial Year 2022-23 on 26th April, 2022,
the Company at https://www.hul.co.in/investor-relations/ minutes of each Audit Committee meeting are placed in the The Board of Directors based on the recommendation of 19th July, 2022, 2nd December, 2022, 17th February, 2023
corporate-governance/. The Audit Committee ensures that next meeting of the Board. The Audit Committee also meets the Audit Committee, at their meeting held on 19th July, and 10th March, 2023.
it has reviewed each area that it is required to review under the Internal and Statutory Auditors separately, without the 2022 appointed Ms. Surabhi Mehrotra as Internal Auditor of
its terms of reference and under applicable legislations or presence of Management representatives. the Company with effect from 20th July, 2022, succeeding Composition and Attendance of Nomination and
by way of good practice. This periodic review ensures that all Mr. Amit Agarwal. Remuneration Committee
areas within the scope of the Committee are reviewed. The Audit Committee met six times during the Financial
Year 2022-23 on 27th April, 2022, 18th July, 2022,
Nomination and Remuneration Committee
Key Terms of Reference of the Committee are: 19th July, 2022, 21st October, 2022, 2nd December, 2022
As on 31st March, 2023, the Nomination and Remuneration
100% 4
and 19th January, 2023. Independence Members
Activities of the Committee during the year Frequency Committee comprises Dr. Sanjiv Misra, Independent
Overseeing the Company’s financial reporting
process and disclosure of financial information to
Composition and Attendance of Audit Committee Director as the Chairperson and Mr. O. P. Bhat t, 5 100%
Ms. Kalpana Morparia and Ms. Ashu Suyash as Members Meetings Average Attendance
ensure that the financial statements are correct, of the Committee. The Nomination and Remuneration
sufficient and credible 100% 5 Committee is responsible for evaluating the balance of
Reviewing and examining with Management the / Independence Members skills, experience, independence, diversity and knowledge
quarterly and annual financial results and the Sanjiv Misra – Chairperson Independent Director 5/5
Limited Review/Auditor's Report thereon before 6 93.33% on the Board and for drawing up selection criteria, ongoing
succession planning and appointment procedures for both O.P. Bhatt Independent Director 5/5
submission to the Board for approval Meetings Average Attendance
internal and external appointments, including Managing Kalpana Morparia Independent Director 5/5
Reviewing management discussion and analysis of
financial condition and results of operations
Director and Management Committee. Ashu Suyash Independent Director 5/5
Recommending the appointment, remuneration /
and terms of appointment of Statutory Auditors
Kalpana Morparia – Independent Director 6/6 Terms of Reference of Nomination and Remuneration Board Membership Criteria and list of core skills/
of the Company and approval for payment of any
Chairperson Committee expertise/competencies identified in the context of
other services O.P. Bhatt Independent Director 6/6 The detailed terms of reference of the Nomination and the business:
Reviewing and monitoring the Statutory Auditor’s Sanjiv Misra Independent Director 6/6 Remuneration Committee are contained in the ‘Corporate The Board of Directors are collectively responsible for
independence and performance and effectiveness Ashish Gupta Independent Director 5/6 Governance Code’ which is available on the website of selection of a member on the Board. The Nomination
of audit process
Ashu Suyash Independent Director 5/6 the Company at https://www.hul.co.in/investor-relations/ and Remuneration Committee of the Company follows
Reviewing, approving or subsequently modifying corporate-governance/. a defined criteria for identifying, screening, recruiting
any Related Party Transactions in accordance
with the Related Party Transaction Policy of the Internal Controls and Risk Management and recommending candidates for elec tion a s a
Company
Key Terms of Reference of the Committee are: Director on the Board. The criteria for appointment to
The Company has robust Internal Audit and Enterprise
Reviewing the adequacy of internal audit function Risk assessment and mitigation system. The Company has Activities of the Committee during the year Frequency the Board include:
and the findings of any internal investigations by an independent Internal Audit Department assisted by Determine/recommend the criteria for • composition of the Board, which is commensurate with
the internal auditors outsourced audit teams. a p p o i n t m e n t of D i re c to r s , M e m b e r s of the size of the Company, its portfolio, geographical
Reviewing management letters/letters of internal Management Committee and Key Managerial
The Internal Audit plan is approved by Audit Committee at spread and its status as a Listed Company;
control weaknesses issued by the Statutory Personnel
Auditors the beginning of every year. The conduct of Internal Audit is Identify candidates who are qualified to become • desired age and diversity on the Board;
Evaluating internal financial controls and risk oriented towards the review of internal controls and risks Directors and who may be appointed on the • size of the Board with optimal balance of skills and
management systems in the Company’s operations and covers factories, sales Management Committee, or as a Key Managerial experience and balance of Executive and Non-Executive
Verifying that the systems for internal controls offices, warehouses and centrally controlled businesses Personnel
Directors consistent with the requirements of law;
for compliance with SEBI (Prohibition of Insider and functions. Every quarter, the Audit Committee is Evaluate the balance of skills, knowledge
Trading) Regulations, 2015 are adequate and are and experience on the Board and prepare a • professional qualifications, expertise and experience in
presented with a summary of significant audit observations
operating effectively description of the role and capabilities required for specific area of relevance to the Company;
and follow-up remediation actions thereon.
Reviewing the functioning of the Code of Business Independent Director(s) • balance of skills and expertise in view of the objectives
Principles and Vigil Mechanism Business Risk Assessment procedures have been set in Review and determine all elements of remuneration and activities of the Company;
Reviewing the utilisation of loans and/or advances place for self-assessment of business risks, operating package of all the Executive Directors, i.e. salary,
benefits, bonuses, stock options, pension, etc. • avoidance of any present or potential conflict of interest;
from/investment in the Subsidiary exceeding controls and compliance with Corporate Policies. There
₹100 crores or 10% of the asset size of the is an ongoing process to track the evolution of risks and Ensure succession planning (including the • availability of time and other commitments for proper

subsidiary, whichever is lower including existing delivery of mitigating action plans. development of a diverse pipeline for succession) performance of duties;
loans/advances/investments to the Board and the leadership development
• personal characteristics being in line with the Company’s
The Company’s internal financial control framework, plans to enhance such succession planning
Recommending the appointment and values, such as integrity, responsibility, respect and
remuneration to be paid to the Cost Auditor es ta b l ish e d in a cco r d a n ce w ith th e Co mmit te e Recommend to the Board, all remunerations, in
pioneering mindset.
of S p o nso r in g O r g a nisatio n (COSO) fr a m ewo r k , whatever form, payable to Senior Management
– Quarterly ; – Annually ; – Periodically
commensurate with the size and operations of the business – Quarterly ; – Annually ; – Periodically
In addition to quarterly meetings for consideration of and is in line with requirements of the Act. The Company’s
financial results, special meetings of the Audit Committee internal financial controls framework is based on the
are convened. In these meetings, the Audit Committee ‘three lines of defense model’. The Company has laid down
reviews various businesses/functions, business risk Standard Operating Procedures and policies to guide the
assessment, controls, critical IT applications with operations of the business.
164 165
In terms of requirement of Listing Regulations, the Board has identified the following skills/expertise/competencies of the vis-a-vis salary, variable pay, service contract, notice As per the Differential Remuneration Policy, Independent
Directors as given below:- period and severance fee, if any, are governed by the Directors are entitled to fixed commission on profits at
applicable policies. The total reward for Executive the rate of ₹15 lakhs for each Financial Year. In addition,
Leadership experience of running large enterprise
Directors, Key Managerial Personnel and Management Independent Directors are entitled to a remuneration
Experience in leading well-governed large organisations, with an understanding of organisational systems and processes,
complex business and regulatory environment, strategic planning and risk management, understanding of emerging local Committee Members is reviewed and recommended to the linked to their attendance at the meetings of the Board
and global trends and management of accountability and performance. Board of Directors for their approval, by the Nomination or Committees thereof and also on the basis of their
and Remuneration Committee annually, taking into position in various Committees of the Board, whether
Experience of crafting Business Strategies
Experience in developing long-term strategies to grow consumer/FMCG business consistently, profitably, competitively and account external benchmarks along with the combination that of a Chairperson or a Member of the Committee(s).
in a sustainable manner in diverse business environments and changing economic conditions. of Company’s and individual’s performance. The remuneration payable to the Independent Directors
Understanding of Consumer and Customer Insights in diverse environments and conditions under the Differential Remuneration Policy is within the
A fair portion of Executive Directors total reward is linked
Experience of having managed organisations with large consumer/customer interface in diverse business environments and overall limit of ₹300 lakhs, as approved by the Members
to Company ’s performance. This creates alignment
economic conditions which helps in leveraging consumer insights for business benefits. at the Annual General Meeting held on 29th June, 2015.
with the strategy and business priorities to enhance
Finance and Accounting Experience The criteria adopted by the Company for Differential
Shareholder value. Long-term incentives, in the form
Leadership experience in handling financial management of a large organisation along with an understanding of Remuneration Policy are as under:
of Performance Share Plan, seek to reward Executive (₹ in lakhs)
accounting and financial statements.
Directors, Management Committee Members and other Commission
Experience in overseeing large and complex Supply Chain eligible employees by aligning their deliverables to Particulars (p.a.)
Experience in overseeing large and complex supply chain operations, management of innovations, understanding of
business results. Fixed Commission:
emerging technologies including digital information technologies and their disruptive impact.
Base Fixed Commission for Independent Directors 15.00
Understanding use of Digital/Information Technology across the FMCG value chain In line with the Evaluation Policy of the Company, the
Nomination and Remuneration Committee considers the Additional Variable Commission:
Understanding the use of digital/Information Technology across the value chain, ability to anticipate technological
driven changes & disruption, impacting business and appreciation of the need of cyber security and controls across the outcome of the Annual Evaluation before recommending Corresponding to the percentage of attendance at 5.00
organisation. all the Board and Committee Meeting(s)
the changes in the remuneration of the Executive Directors
In the capacity of Chairperson of the Committee(s)* 2.00
Experience of large companies and understanding of the changing regulatory landscape and appointment/re-appointment of Directors.
Experience of having served in large public companies in diverse industries to provide Board oversight to all dimensions of In the capacity of Member of the Committee(s)* 1.00
business and Board accountability, high governance standards with an understanding of changing regulatory framework. Independent Directors are eligible for sitting fees and * Committee includes Audit Committee, Nomination and Remuneration
commission not exceeding the limits prescribed under the Committee, Stakeholders Relationship Committee, and Corporate
Understanding Understanding Experience of large Act. The remuneration payable to Non-Executive Directors Social Responsibility Committee, Risk Management Committee and
Leadership of Consumer Experience in use of Digital/ companies and Environmental, Social and Governance Committee.
is decided by the Board of Directors subject to the approval
experience Experience and Customer Finance overseeing Information understanding
of running of crafting Insights in diverse and large and Technology of the changing of Members of the Company. The Independent Directors who continuously ser ve
large Business environments and Accounting complex across the FMCG regulatory
Independent Directors are currently paid sitting fees of minimum two terms of five years each, are also entitled to
Name of Director enterprise Strategies conditions Experience Supply Chain value chain landscape
₹30,000/- for attending every meeting of the Board or one time commission of ₹10 lakhs at the time of stepping
Nitin Paranjape
Committee thereof. In line with the globally accepted down from the Board.
Sanjiv Mehta
Rohit Jawa# governance practices, the Board of Directors adopted During the year, there were no pecuniary relationships
a ‘Differential Remuneration Policy’ for Non-Executive or transactions between the Company and any of its
Ritesh Tiwari
Directors remuneration which is available on the Independent Directors apar t from sitting fees and
Dev Bajpai
Company’s website at https://www.hul.co.in/investor- commission. The Company has not granted any stock
O.P. Bhatt
relations/corporate-governance/. options to any of its Independent Directors.
Sanjiv Misra
Kalpana Morparia The details of remuneration paid to Executive and Non-Executive Directors for the Financial Year 2022-23 are
Leo Puri provided hereinafter:
Ashish Gupta
Ashu Suyash
Details of Remuneration to the Executive Directors
(₹ in Crores)
Ranjay Gulati #
Name Sanjiv Mehta Dev Bajpai Ritesh Tiwari Wilhelmus Uijen*
#
Mr. Rohit Jawa and Mr. Ranjay Gulati were appointed as Additional Directors effective 1st April, 2023.
Salary 3.73 3.28 2.47 0.83
Reward Policy Insight and Engagement: make reward truly relevant
2. Allowances 9.72 2.57 2.16 3.39
The Reward philosophy of the Company is to provide to the employees by using leading edge tools Bonus^^ 6.27 2.11 1.83 1.72
market competitive total reward opportunity that has a that help the Company ‘hear’ how employees feel Perquisite – Long Term Incentives(LTI)$ 2.13 0.84 0.67 0.61
strong linkage to and reinforces the performance culture about their reward; Perquisite – Others# 0.05 0.09 0.03 0.33
of the Company. This philosophy is set forth into practice by Innovation: continuously improve Company’s reward
3. Contribution to Provident Fund 0.45 0.39 0.30 0.17
various policies governing the different elements of total through innovations based on insight, analytics and Contribution to Pension - 0.18 0.04 -
reward. The intent of all these policies is to ensure that the Unilever’s expertise; Total 22.36 9.46 7.49 7.04

principles of Reward philosophy are followed in entirety, Simplicity, Speed and Accuracy: simplify reward plans
4. Note
thereby facilitating the Company to recruit and retain the and processes and deliver the information employees
Bonus and Perquisites are shown net of Income Tax. As per the terms of employment, Income Tax is borne by the Company and is
best talent. The ultimate objective is to gain competitive need quickly, clearly and efficiently; included in allowances.
advantage by creating a reward proposition that inspires * Mr. Wilhelmus Uijen ceased to be the Whole-time Director with effect from 31st August, 2022.
Business Results: Company’s business results are the
5.
employees to deliver Company’s promise to consumers ^^ Annual Bonus incentivises year-on-year delivery of stretching short-term financial, strategic and operational objectives selected to support
ultimate test of whether reward solutions are effective
and achieve superior operational results. our annual business strategy and the ongoing enhancement of shareholder value. The bonus amount is linked to: (1) business performance
and sustainable. measured through the lens of growth, profitability and cash generation, and (2) individual contribution.
The guiding principles for Company’s reward policies/
The appointment of Executive Directors, Key Managerial $ Long-term Share schemes incentivise Senior Management’s focus on the sustained delivery of high-performance results over the long-term.
practices are as follows: The amount of shares awarded is linked to business performance measured over a 3-year period across four parameters, namely Competitive
Personnel, Management Committee Members and
growth, cash, capital efficiency and progress on sustainability initiatives.
Open, Fair and Consistent: increase transparency and
1. other employees is by virtue of their employment with
# Inclusive of perquisites on account of Housing, Medical, Club Fee, Car etc.
ensure fairness and consistency in reward framework; the Company and therefore, their terms of employment
166 167
Details of Remuneration to the Non-Executive Composition and Attendance of Corporate Social Key Terms of Reference of the Committee are : Trend of Complaints Received and Resolved during
and Independent Directors Responsibility Committee
Activities of the Committee during the year Frequency
previous 5 years
(₹ in lakhs)
Consider and resolve the grievances of shareholders 21
6 100%
Name Sitting Fees* Commission# Total 20 15 26
28
Nitin Paranjpe^ - - - Review of adherence to the service standards
Members Average Attendance adopted by the Company in respect of various 76
O. P. Bhatt 7.20 26.33 33.53
Sanjiv Misra 6.30 24.00 30.30 2 services being rendered by its Registrar & Share
Transfer Agent 95 73 77
83
Meetings
Kalpana Morparia 6.30 24.11 30.41 Make recommendations to improve investor service
Leo Puri 3.60 22.00 25.60 levels for the investors
89
Name of the Directors Category of Directorship Attendance Review of various measures and initiatives taken by 57
Ashish Gupta 4.80 21.78 26.58 19
O.P. Bhatt – Chairperson Independent Director 2/2 the Company for reducing the quantum of unpaid 15 7
Ashu Suyash 6.30 23.23 29.53 dividend
Sanjiv Misra Independent Director 2/2 2018-19 2019-20 2020-21 2021-22 2022-23
^ The Non-Executive Chairman of the Company does not receive any – Quarterly ; – Annually ; – Periodically
sitting fees, commission or stock options from the Company.
Kalpana Morparia Independent Director 2/2 Non-Receipt of Dividend Non-Receipt of Shares Others*
*Includes sitting fees paid for attending both Board and

Leo Puri Independent Director 2/2 During the Financial Year 2022-23, the Committee met * Includes complaints related to IEPF and transfer/transmission of
Committee Meetings. Sanjiv Mehta Executive Director 2/2 twice on 26th April, 2022 and 19th January, 2023. shares, non-receipt of Annual Report and TDS on dividend.
#
The Commission for the Financial Year ended 31st March, 2023 as per Ritesh Tiwari Executive Director 2/2
the differential remuneration parameters will be paid to Independent Composition and Attendance of Stakeholders' Risk Management Committee
Directors, on a pro-rata basis, subject to deduction of tax, after
Stakeholders’ Relationship Committee Relationship Committee
adoption of Financial Statements by the Shareholders at the AGM to be With an embedded approach to Risk Management which
held on 26th June, 2023. As on 31st March, 2023, the Stakeholders’ Relationship puts risk and opportunity assessment at the core of the
Committee comprises Mr. O. P. Bhatt, Independent Director 4 100% Board’s Agenda, the Company has constituted a Risk
Corporate Social Responsibility Committee as the Chairperson and Mr. Leo Puri, Mr. Sanjiv Mehta and Members Average Attendance Management Committee, in line with the Listing Regulations.
As on 31st March, 2023, the Corporate Social Responsibility Mr. Ritesh Tiwari, as Members of the Committee.
(CSR) Committee comprises Mr. O. P. Bhatt, Independent 2 As on 31st March, 2023, the Risk Management Committee
The role of Stakeholders’ Relationship Committee includes Meetings of the Company comprises Mr. Sanjiv Mehta as the
Director as the Chairperson and Dr. Sanjiv Misra,
resolving the grievances of Shareholders, ensuring Chairperson, Dr. Ashish Gupta, Ms. Ashu Suyash,
Ms. Kalpana Morparia, Mr. Leo Puri, Mr. Sanjiv Mehta and
expeditious share transfer process in line with the Mr. Ritesh Tiwari, Mr. Dev Bajpai, and Mr. Ravishankar
Mr. Ritesh Tiwari as the members of the Committee. Name of the Directors Category of Directorship Attendance
proceedings of the Share Transfer Committee, evaluating A., Group Controller and Head Investor Relations as the
The role of CSR Committee includes formulating and performance and service standards of the Registrar and O. P. Bhatt – Chairperson Independent Director 2/2 members of the Committee.
recommending to the Board the CSR Policy and activities Share Transfer Agent (RTA) of the Company. Leo Puri Independent Director 2/2
The role of Risk Management Committee includes the
to be undertaken by the Company, recommending the Sanjiv Mehta Executive Director 2/2
The Committee has periodic interactions with the implementation of Risk Management Systems and
amount of expenditure to be incurred on CSR activities of Ritesh Tiwari Executive Director 2/2
representatives of the RTA of the Company. Over the last Framework, review of the Company ’s financial and
the Company, reviewing the performance of the Company
few years, SEBI, the capital market regulator has issued risk management policies, assess risk and formulate
in the areas of CSR. Details of Investors’ Complaints
guidelines and undertaken a number of measures for procedures to minimise the same.
raising industry standards for RTA to facilitate effective Mr. Dev Bajpai, Executive Director, Legal & Corporate
Terms of Reference of Corporate Social Responsibility
shareholder ser vice. In order to ensure compliance Affairs and Company Secretary is the Compliance Officer Terms of Reference of the Risk Management Committee
Committee
with various guidelines and measures issued by SEBI for resolution of Investors’ complaints. During the Financial The detailed terms of reference of the Risk Management
The detailed terms of reference of the CSR Committee is to improve investor services, the Committee invites the Year 2022-23, 186 complaints were received from the Committee is contained in the ‘Corporate Governance Code’
contained in the ‘Corporate Governance Code’ which is representatives of the RTA to join the Committee Meeting Investors. All complaints except six were redressed by which is available on the website of the Company at https://
available on the website of the Company at https://www. for sharing an update on the steps and actions taken 31st March, 2023. www.hul.co.in/investor-relations/corporate-governance/.
hul.co.in/investor-relations/corporate-governance/. by them. The Committee also invites Shareholders for
Complaints Complaints
interactions during the meeting to get a direct feedback on Key Terms of Reference of the Committee are:
Particulars Received Redressed
Key Terms of Reference of the Committee are: investor service.
Non-Receipt of Dividend 21 21 Activities of the Committee during the year Frequency
Terms of Reference of Stakeholders’ Relationship Non-Receipt of Shares lodged 76 72 To identify the internal and external risks, inter alia,
Formulate and recommend to the Board the CSR for Transfer
Committee financial, operational, sectoral, sustainability/
Policy and activities to be undertaken
Others 89 87 ESG, information, cyber security risks, legal and
Recommend the amount of expenditure to be The detailed terms of reference of the Stakeholders’ regulatory risks
incurred on CSR activities Relationship Committee is contained in the ‘Corporate Total 186 180*
Oversee the implementation of the Risk
Formulate and review the Annual Action Plan in / Governance Code’ which is available on the website of *The pending six complaints have also been redressed to the satisfaction
Management Policy and the adequacy of Risk
pursuance of the CSR Policy the Company at https://www.hul.co.in/investor-relations/ of the shareholders as on the date of adoption of this Integrated Annual
Management systems
Report by the Board.
corporate-governance/.

Oversee the manner of execution of projects or Ensure appropriate methodology, processes and
programmes; the modalities of utilisation of funds systems are in place to monitor and evaluate risks
and implementation schedules for the projects/
programmes
Impact assessment, monitoring and reporting
mechanism for the projects/programmes
During the Financial Year 2022-23, the Committee met

twice on 26th April, 2022 and 21st October, 2022.
168 169
During the Financial Year 2022-23, the Risk Management Key Terms of Reference of the Committee are: Share Transfer / Transmission Committee companies are shared with the Board of Directors on a
Committee met thrice on 26th April, 2022, 21st October, The Share Transfer/ Transmission Commit tee ha s quarterly basis. The Financial Statements of the subsidiary
2022 and 17th February, 2023, for reviewing the Company been formed to look into share transfer and related companies are presented to the Audit Committee. The
level risks and mitigation plans and actions. The gap Guide the creation of ESG vision & ambition of the Company does not have a material subsidiary as on the
Company and monitor the same applications received from Shareholders, with a view to
between two meetings was not more than 180 days as accelerate procedures. The Committee comprises three date of this Integrated Annual Report, having an income
stipulated under the Listing Regulations. Providing the advice and direc tions on or net worth exceeding 10% of the consolidated income or
implementation of the ESG Strategy, opportunities Executive Directors of the Board. The Committee inter alia
considers applications for transfer, transmission, issuance net worth respectively, of the Company. The information
and risks to the Company’s operation and
Composition & Attendance of Risk Management reputation and its corporate responsibility of duplicate share certificates, split, consolidation, in respect of the loans and advances in the nature of
Committee cancellation, dematerialisation of share certificates loans to subsidiaries pursuant to Regulation 34 of the
Review the ESG policies that are formalised along
and issuance of letters of confirmation in compliance Listing Regulations is provided in Notes to the standalone
with the oversight on their implementation and
6 100% considering the same periodically with the provisions in this regard. As per Regulation Financial Statements.
Members Average Attendance Work in joint co-ordination with the Risk 40 of Listing Regulations, as amended, shares of the
Management Committee to oversee the Company can be transferred only in dematerialised form COMPANY POLICIES
3 identification and mitigation of risks relating to ESG with effect from, 1st April, 2019. Further, with effect from Environmental, Social and Governance Policy
Meetings and review the effectiveness of risk management 24th January, 2022, Listed Companies shall issue securities The Company’s ESG Policy is driven by the vision to be a
and internal control policies where relevant to ESG
in dematerialised mode only while processing any investor leader in sustainable business. The Company envisions
matters
Attendance for the Committee Meetings service request in respect of issuance of duplicate share integration of ESG aspects into the business operations
Oversee the Company’s engagement with its
certificates, exchange / sub-division / split / consolidation which will help in generating superior long-term value, and
Name of the Directors Category of Directorship Attendance broader stakeholders community and ensure that
the Company takes appropriate measures / transmission / transposition of securities and claim from reducing risks faced by the business. Through this Policy, the
Sanjiv Mehta – Executive Director 3/3 unclaimed suspense account.
Monitor Company’s ESG rating and statutory
Company aims to define the position on ESG matters and
Chairperson
requirements for Sustainability reporting & guide employees on the manner to integrate ESG aspects
Ashish Gupta Independent Director 3/3 The Committee is authorised to sign, seal or issue any new
disclosure in their decision making processes relating to activities of
Ashu Suyash Independent Director 3/3 share certificate or letter of confirmation, as the case may
Review regularly the requirement for external the Company. The ESG Policy is available on the website of
Ritesh Tiwari Executive Director 3/3
be, as a result of transfer, transmission, consolidation, split
assurance of ESG matters the Company at https://www.hul.co.in/investor-relations/
or in lieu of share certificates lost, defaced or destroyed.
Dev Bajpai Executive Director 3/3 corporate-governance/.
Review the ESG matters to be presented in the The Committee meets generally on a weekly basis to
Wilhelmus Uijen* Executive Director 1/1 Company’s Annual Report and monitor the ensure that share transfers and other related requests
Ravishankar A. Group Controller 3/3 integrity of these reports Code of Business Principles and Whistle Blower
are registered and actioned within a period of fifteen days
and Head Investor – Quarterly ; – Annually ; – Periodically Policy
Relations from the date of receipt thereof.
The Code of Business Principles (the Code) is the
*Mr. Wilhelmus Uijen ceased to be a Member of the Committee with During the Financial Year 2022-23, the Environmental,
Committee for Allotment of Shares under ESOPs Company ’s statement of values and represents the
effect from 31st August, 2022. Social and Governance Commit tee met once on
standard of conduct which all employees are expected to
17th February, 2023. The Committee for Allotment of Shares under ESOPs has
observe in their business endeavours. The Code reflects
Environmental, Social and Governance been constituted for approval, issue and allotment of
the Company’s commitment to principles of integrity,
Composition & Attendance of Environmental, Social shares under ESOP Schemes. The Committee comprises
Committee and Governance Committee
transparency and fairness. It forms the benchmark against
three Executive Directors of the Board and is constituted
During the year, the Board constituted an Environmental, which the world at large is invited to judge the Company’s
to expedite the process of allotment and issue of shares
Social and Governance (ESG) Committee effective activities. The copy of the Code is available on the website
1st December, 2022. The ESG Committee shall be 5 100% to eligible employees under the Stock Option Plan
of the Company.
of the Company at https://www.hul.co.in/planet-and-
responsible for overseeing the vision and focus on the Members Attendance society/business-integrity/.
Company’s strategy relating to ESG and sustainability
matters. The Committee shall also monitor the progress
1 Administrative Matters Committee The Company has adopted a Whistle Blower Policy, as
Meeting The Administrative Matters Committee has been set up to part of Vigil Mechanism to provide appropriate avenues
against the stated vision and review the practices, to all individuals associated with the Company to bring
oversee routine operations that arise in the normal course
initiatives & goals of the Company relating to ESG, and to the attention of the Management any issue which
Name of the Directors Category of Directorship Attendance of the business, such as decision on banking relations,
ensure that they remain effective. is perceived to be in violation of or in conflict with the
Ashu Suyash – Chairperson Independent Director 1/1
delegation of operational powers, appointment of
The ESG Committee of the Company comprises Code of the Company. The Company has provided
nominees under statutes, etc. The Committee comprises
Ms. Ashu Suyash, Independent Director as the O. P. Bhatt Independent Director 1/1 dedicated e-mail addresses kalpana.morparia@unilever.
three Executive Directors of the Board.
Chairperson, Mr. O.P. Bhatt, Ms. Kalpana Morparia, Kalpana Morparia Independent Director 1/1 com and cobp.hul@unilever.com for repor ting such
Dr. Ashish Gupta and Mr. Sanjiv Mehta as the members Ashish Gupta Independent Director 1/1 concerns. Alternatively, individuals can also send written
Committee for approving Disposal of Surplus Assets
of the Committee. Sanjiv Mehta Executive Director 1/1
communications to the Company. The employees are
The Committee for approving Disposal of Surplus Assets encouraged to voice their concerns by way of Whistle
has been set up and entrusted with the responsibility Blowing and all the employees have been given access to
Terms of Reference of the Environmental, Social and Other Committees of identifying the surplus assets of the Company and to

Governance Committee the Audit Committee. The Policy provides an avenue to every
Apart from the above Statutory Committees, the Board authorise sale and disposal of such surplus property. The employee and every person as defined therein to report
The detailed terms of reference of the ESG Committee is of Directors has constituted the following Committees Committee is fully authorised to take necessary steps to concerns directly to the Management or to the Chairperson
contained in the ‘Corporate Governance Code’ which is to enhance the level of governance and also to meet the give effect to sale and transfer of the ownership rights, of the Audit Committee. The Company Secretary is the
available on the website of the Company at https://www. specific business needs. The below Committees report to interest and title in such identified properties, for and on designated officer for effective implementation of the
hul.co.in/investor-relations/corporate-governance/. the Board of Directors of the Company. behalf of the Company. The Committee comprises three Policy and dealing with the complaints registered under
Executive Directors of the Board. the Policy. All cases, registered under the Code and the
Whistle Blower Policy of the Company, are reported to the
GOVERNANCE OF SUBSIDIARY COMPANIES Management Committee and are subject to the review of
The minutes of the Board Meetings of the subsidiary the Audit Committee. The Whistle Blower Policy is available
companies along with the details of significant transactions on the website of the Company at https://www.hul.co.in/
and arrangements entered into by the subsidiar y investor-relations/corporate-governance/.
170 171
Disclosures in relation to the Sexual Harassment corporate-governance/. In addition, the Directors and adopted the Share Dealing Code and formulated the Code are a part, for the Financial Year 2022-23 is ₹6.01 crores and
of Women at Workplace (Prevention, Prohibition members of Management Committee also submit, on an of Practices and Procedures for Fair Disclosure in terms of estimated fees to be paid for the Financial Year 2023-24
and Redressal) Act, 2013 annual basis, the details of individuals to whom they are the requirements of SEBI PIT Regulations. The Share Dealing shall be ₹6.25 crores.
The Company is committed to ensure that all the related and entities in which they hold interest and such Code of the Company prohibits the Directors, Members of
employees work in an environment that is inclusive and disclosures are placed before the Board. Management Committee and other Designated Persons Disclosure of Pending Cases/Instances of
provides an opportunity to bring their best selves at (collectively referred to as Special Employees) from dealing Non-Compliance
The Directors inform the Company of any change in their
workplace. The Company is also committed to provide a in the securities of the Company on the basis of any There were no non-compliances by the Company and
Directorship(s), Chairmanship(s)/ Membership(s) of the
work environment that ensures every person is treated Unpublished Price Sensitive Information (UPSI), available no instances of penalties and strictures imposed on the
Committees, in accordance with the requirements of the
with dignity, respect and fair treatment. The Company has to them by virtue of their position in the Company. The Company by the Stock Exchanges or SEBI or any other
Act and Listing Regulations. Transactions with any of the
formulated a Policy on Prevention of Sexual Harassment in objective of this Share Dealing Code is to prevent misuse of Statutory Authority on any matter related to the capital
entities referred above are placed before the Board for
accordance with the provisions of the Sexual Harassment any UPSI and prohibit any insider trading activity, in order market during the last three years.
approval. Details of all Related Party Transactions are
of Women at Workplace (Prevention, Prohibition and to protect the interest of the Shareholders at large.
placed before the Audit Committee on quarterly basis. The Company has been impleaded in certain legal cases
Redressal) Act, 2013 (POSH Act) and the Rules made The Company has put in place a mechanism for monitoring related to disputes over title to shares arising in the
thereunder which is aimed at providing everyone who Policy on Related Party Transactions the trades done by Special Employees as well as generation ordinary course of share transfer operations. However,
visits our workplace, experiences an environment that of system based disclosures in line with the Share Dealing
The Company has not entered into any Material Related none of these cases are material in nature, which may lead
not only promotes diversity and equality but also mutual Code. The details of dealing in the Company's shares
Party Transaction (RPT) during the Financial Year 2022-23. to material loss or expenditure to the Company.
trust, equal opportunity and respect for human rights. by Special Employees are placed before the Board for
The Company has adopted the Policy on RPTs in line with
Our POSH Policy is now more inclusive and gender neutral,
the requirements of the Act and Listing Regulations, as information on quarterly basis. The Share Dealing Code Commodity Price Risk/Foreign Exchange Risk
detailing the governance mechanisms for prevention of
amended from time to time, which is available on the also prescribes sanction framework and any instance of and Hedging Activities
sexual harassment issues relating to employees across breach of Share Dealing Code is dealt with in accordance
website of the Company at https://www.hul.co.in/investor- 1. Risk Management Policy of the Company with
genders including employees who identify themselves with with the said sanction framework. The Company Secretary
relations/corporate-governance/. respect to the Commodities and Forex:
LGBTQI+ Community. has been appointed as the Compliance Officer for ensuring
The Policy intends to ensure that proper reporting, implementation of the Share Dealing Code. A copy of the In terms of provisions of Regulation 34(3) of the
We have constituted Internal Committees (IC) as per the
approval, disclosure processes are in place for all Share Dealing Code is made available to all the employees Listing Regulations read with SEBI Circular dated
POSH Act. While maintaining the highest governance
transactions between the Company and Related Parties. of the Company and compliance of the same is ensured. 15th November, 2018, companies are required to make
norms, the Company has appointed external independent
necessary disclosures about the Risk Management
persons who work in this area and have the requisite This Policy specifically deals with the review and approval The Share Dealing Code is available on the website of the Policy with respect to commodities in the Corporate
experience in handling such matters, as Chairperson of of Material RPTs, keeping in mind the potential or actual Company at https://www.hul.co.in/investor-relations/ Governance Report.
each of the Committees. conflicts of interest that may arise because of entering
corporate-governance/dealing-in-hul-shares/.
into these transactions. All RPTs are placed before the Commodities form a major part of the raw materials
Number of Complaints received during the 7 Audit Committee for review and approval. Prior omnibus required for the Company's products portfolio and
Financial Year 2022-23
AFFIRMATION AND DISCLOSURE
approval is obtained for RPTs on a quarterly basis for hence commodity price risk is one of the important
Number of Complaints disposed of during 5 All the Directors and members of the Management
transactions which are of repetitive nature and/ or entered market risks for the Company. The commodities we
the Financial Year 2022-23 Commit tee have af f irmed their compliance with
in the ordinary course of business and are at arm’s length. source are priced using pricing benchmarks and
Number of Complaints pending as on 2* All RPTs entered during the year were in ordinary course of the Code of Conduct as on 31st March, 2023 and a commodity derivatives are priced using exchange-
31st March, 2023 business and on arm’s length basis. declaration to that effect, signed by the CEO & MD and the traded pricing benchmarks. Your Company has a
Chief Financial Officer, is attached and forms part of this robust framework and governance mechanism in
* The Complaints which were pending as on 31st March, 2023 were Integrated Annual Report.
received on 15th March, 2023 and 29th March, 2023 respectively. As on Policy on Material Subsidiary place to ensure that the organisation is adequately
the date of this Integrated Annual Report, one of the Complaints was The Company has adopted a Policy on Material Subsidiary The Members of the Management Committee have made protected from the market volatility in terms of price
disposed of. The Company endeavours to complete the inquiry process
in line with the requirements of the Listing Regulations. disclosure to the Board of Directors relating to transactions and availability.
within the stipulated period of 90 days.
The objective of this Policy is to lay down criteria for with potential conflict of interest with the Company. There The Commodity Risk Management (CRM) team of
Policy on avoiding Conflict of Interest identification and dealing with material subsidiaries and were no material, financial or commercial transaction, Unilever, based on intelligence and monitoring,
to formulate a governance framework for subsidiaries of between the Company and Members of the Management forecasts commodity prices and movements and
The Board of Directors is responsible for ensuring that
the Company. The Policy on Material Subsidiary is available Committee that may have a potential conflict with the advises the Procurement team on cover strategy.
systems and processes are in place to avoid conflict
on the website of the Company at https://www.hul.co.in/ interest of the Company at large. A robust planning and strategy ensure that the
of interest by the Directors and the Management
investor-relations/corporate-governance/. Company's interests are protected despite volatility in
Committee. The Board has adopted the Code of Conduct All details relating to financial and commercial transactions
for the Directors and Senior Management Team. The Code where Directors may have a pecuniar y interest are commodity prices.
provides that the Directors are required to avoid any
Policy on Dividend Distribution provided to the Board and the interested Directors neither The Company manages the foreign exchange risk with
interest in contracts entered into by the Company. If such The B o ard of D ire c tor s h ave adopte d D i v iden d participate in the discussion nor vote on such matters. appropriate hedging activities in accordance with
an interest exists, they are required to make adequate Distribution Policy in terms of the requirements of Listing
The Company has complied with the requirements policies of the Company. The aim of the Company’s
disclosure to the Board and to abstain from discussion, Regulations. The Policy is available on the website of the
specified in Regulations 17 to 27 and Clauses (b) to (i) of the approach to manage currency risk is to leave the

voting or otherwise influencing the decision on any matter Company at https://www.hul.co.in/investor-relations/
Regulation 46(2) of the Listing Regulations. Company with no material residual risk. The Company
in which the concerned Director has or may have such corporate-governance/.
is exposed to foreign exchange risk arising from
interest. The Code also restricts Directors from accepting No funds were raised through Preferential Allotment or various currency exposures, primarily with respect
any gifts or incentives in their capacity as a Director of Share Dealing Code Qualified Institutional Placement as per the Regulation to US Dollar and Euro. The Company manages
the Company, except what is duly authorised under the The Company has instituted a mechanism to avoid Insider 32(7A) of Listing Regulations. currency exposures through use of forward exchange
Company’s Gift Policy. The Directors and the Management Trading and abusive self-dealing in the securities of the contracts, monitored on a weekly basis in line with
Committee annually confirm the compliance of the Code Company. In accordance with the Securities and Exchange Fees paid to Auditors the Company Policy. The Company does not enter into
of Conduct to the Board. The Code of Conduct is in addition Board of India (Prohibition of Insider Trading) Regulations, The total fee for all services paid/payable by the Company any derivative instruments for trading or speculative
to the Code of Business Principles of the Company. A copy 2015 (SEBI PIT Regulations), the Company has established and its Subsidiaries to M/s. B S R & Co. LLP, Chartered purposes. The details of foreign exchange exposures
of the said Code of Conduct is available on the website of systems and procedures to prohibit insider trading Accountants, Statutory Auditors and all the entities in the as on 31st March, 2023 are disclosed in Note 38 to the
the Company at https://www.hul.co.in/investor-relations/ activities. The Board of Directors of the Company have network firm / network entity, of which Statutory Auditors standalone Financial Statements.
172 173
2. Exposure of the Listed entity to commodity and commodity risks faced by the entity throughout the SHAREHOLDER INFORMATION
year: General Body Meetings
(a) Total exposure of the Listed entity to commodities during the Financial Year – ₹14,996 crores Details of last three Annual General Meetings and the summary of Special Resolutions passed therein are as under:
(b) Exposure of the Listed entity to material commodities
Financial year ended Date and Time Venue Special resolution passed
Exposure Exposure % of such exposure hedged through commodity derivatives 31st March, 2020 30th June, 2020 Annual General Meeting through Video No special resolutions were
towards the in Quantity 3.00 P.M. (IST) Conferencing / Other Audio-Visual Means facility passed in this meeting
Domestic Market International Market
material terms towards
Commodity commodity the material Units of 31st March, 2021 22nd June, 2021 Annual General Meeting through Video No special resolutions were
Name (₹ in crores) commodity Measurement# OTC Exchange OTC Exchange Total 3.00 P.M. (IST) Conferencing / Other Audio-Visual Means facility passed in this meeting
Brent 31st March, 2022 23rd June, 2022 Annual General Meeting through Video No special resolutions were
2.30 P.M. (IST) Conferencing/Other Audio-Visual Means Facility passed in this meeting
Benzene 4,319 20,60,824* Barrels - - 37% - 37%
Kerosene All the members of the Board except for Mr. Leo Puri and Mr. Ritesh Tiwari, had attended the AGM held on 23rd June, 2022.
Vegetable Oil 2,908 2,60,000 KG/TO - - - - -
Tea 3,230 1,65,083,090 KG - - - - Postal Ballot Dividend
* Quantity derived basis Labsa volumes and formulation. No Special Resolution was passed by the Company last year The Board of Directors at their meeting held on 27th April,
through Postal Ballot. No Special Resolution is proposed 2023, recommended a Final Dividend of ₹22/- per equity
#
KG – Kilograms; TO - Tonnes
to be passed through Postal Ballot as on the date of this share of face value of ₹1/- each, for the Financial Year
(c) Commodity risks faced and managed by the Company during the year are disclosed in Note 38 to the standalone Integrated Annual Report. ended 31st March, 2023. Together with the Interim Dividend
Financial Statements. of ₹17/- per equity share of face value of ₹1/- each paid on
Annual General Meeting for the Financial Year 17th November, 2022, the total dividend for the Financial
Compliance with the Discretionary Requirements Company Secretaries of India. The Secretarial Audit Report 2022-23 Year ended 31st March, 2023 amounts to ₹39/- per share
under the Listing Regulations forms part of this Integrated Annual Report. of face value of ₹1/- each. Final Dividend, if approved
Date Monday, 26th June, 2023
• The Board: The Board of Directors periodically reviewed by Shareholders, will be paid on or after Thursday,
Venue Annual General Meeting through Video
the compliance of all the applicable laws and steps taken Annual Secretarial Compliance Report Conferencing/Other Audio - Visual Means
29th June, 2023.
by the Company to rectify instances of non-compliance, The Company has undertaken an audit for the Financial facility [Deemed Venue for Meeting:
if any. The Company is in compliance with all mandatory Year 2022-23 for all the applicable compliances as per SEBI Registered Office: Unilever House, B. D. Unpaid/Unclaimed Dividends
requirements of Listing Regulations. Regulations and Circulars/Guidelines issued thereunder. Sawant Marg, Chakala, Andheri (East), In accordance with the provisions of Sections 124 and 125
Mumbai - 400 099] of the Act and Investor Education and Protection Fund
• Shareholders’ rights: The Company ensures that the The Annual Secretarial Compliance Report for financial Time 2.00 P.M. (IST) (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF
disclosure of all the information is disseminated on a year 2022-23 shall be submitted to the Stock Exchanges as
Book Closure Dates Tuesday, 20th June, 2023 to Monday, Rules), dividends not encashed/claimed within seven years
non-discretionary basis to all the Shareholders. The per the timelines prescribed under Listing Regulations. for Final Dividend 26th June, 2023 (both days inclusive) from the date of declaration are to be transferred to the
quarterly results along with the press release, investor
Investor Education and Protection Fund (IEPF).
presentations, recordings and transcripts of earnings Corporate Governance Code Audit Calendar of financial year ended 31st March, 2023
call are uploaded on the website of the Company The IEPF Rules mandate companies to transfer shares of
The Board of Directors have adopted ‘Corporate The Company follows April-March as the Financial Year. The
at https://www.hul.co.in/investor-relations/results- Members whose dividends remain unpaid/unclaimed for
Governance Code’, a statement of practices and meetings of Board of Directors for approval of quarterly
presentations/quarterly-results/. a period of seven consecutive years or more to the demat
procedures to be followed by the Company, its officers financial results during the Financial Year 2022-23 were
• Audit qualif ications: The Comp any ’s Financial and the employees. The Corporate Governance Code lays account of IEPF established by the Central Government.
held on the following dates:
Statements are unqualified. down the principles governing compliances for Board of The Members, whose dividends/shares are transferred
Directors, Key Managerial Personnel, Risk Management, First Quarter Results 19th July, 2022 to the IEPF, can claim their shares/dividends from the
• Reporting of Internal Auditor: The Internal Auditor of
Shareholders and Grievances etc., which will be the guiding Second Quarter and Half yearly Results 21st October, 2022 IEPF Authority. In accordance with the said IEPF Rules,
the Company directly reports to the Audit Committee on
force for the Company to maintain highest governance as amended, the Company had sent notices to all the
functional matters. Third Quarter Results 19th January, 2023
standards. The Corporate Governance Code is amended Members whose shares were due to be transferred to
Fourth Quarter and Annual Results 27th April, 2023
from time to time to align with the amendments to the IEPF requesting them to comply with the requirements
The Company has submitted quarterly compliance report
Act, Listing Regulations and for adoption of the best to claim back the Dividends and avoid transfer of
on Corporate Governance with the Stock Exchanges, in Tentative Calendar for financial year ending
governance practices. The Corporate Governance Code is shares and had simultaneously published newspaper
accordance with the requirements of Regulation 27(2)(a) of 31st March, 2024
available on Company’s website at https://www.hul.co.in/ advertisement for the same.
the Listing Regulations. The tentative dates of meeting of Board of Directors for
investor-relations/corporate-governance/. In terms of the applicable provisions of the IEPF Rules,
consideration of quarterly financial results for the Financial
Secretarial Audit Report The Company had appointed Year 2023-24 are as follows: ₹13.64 crores of unpaid / unclaimed dividends and
The Company has undertaken Secretarial Audit for the M/s . S . N . Ananthasubramanian & Co., Company 3,09,332 shares were transferred during the Financial
Financial Year 2022-23 which, inter-alia, includes audit of Secretaries as the Auditor for the audit of the practices First Quarter Results 20th July, 2023 Year 2022-23 to the IEPF. Further, the Company also paid

compliance with the Act, and the Rules made thereunder, and procedures followed by the Company as prescribed Second Quarter and Half yearly Results 19th October, 2023 ₹15.70 crores to IEPF towards dividend in respect of shares
Listing Regulations, applicable Regulations prescribed under the Corporate Governance Code. The Company has Third Quarter Results 22nd January, 2024 that had already been transferred to IEPF consequent
by the SEBI, Foreign Exchange Management Act, 1999 received the Corporate Governance Code Audit Report for to dividends remaining unpaid /unclaimed for seven
Fourth Quarter and Annual Results 25th April, 2024
and Secretarial Standards issued by the Institute of the the Financial Year 2022-23. consecutive years.
174 175
The Company has appointed a Nodal Officer and a Deputy Details of Demat / Unclaimed Suspense Account Bifurcation of shares held in physical and demat Listing Details
Nodal Officer under the provisions of IEPF Rules, the details SEBI vide Circular dated 25th January, 2022, mandated form as on 31st March, 2023 Name and Address of Stock Exchange Stock Code
of which are available on the website of the Company at that the Company / RTA shall verify and process the Particulars No. of Shares % BSE Limited (BSE) 500696
https://www.hul.co.in/investor-relations/unclaimed-and- investor service requests and thereafter issue a ‘Letter of
Physical Segment 2,19,19,112 0.93 Floor 25, Phiroze Jeejeebhoy Towers,
unpaid-dividend/. Confirmation (LOC)’ in lieu of physical share certificate(s).
Demat Segment Dalal Street, Mumbai - 400 001
The Company has uploaded the details of unpaid and The LOC shall be valid for a period of one hundred
NSDL (A) 2,27,26,51,549 96.73 National Stock Exchange of India Limited HINDUNILVR
unclaimed dividend amounts lying with the Company twenty days from the date of issuance within which the (NSE)
Member/Claimant shall make a request to the Depository CDSL (B) 5,50,20,601 2.34
as on 31st March, 2022 on the website of the Company at Exchange Plaza, Bandra-Kurla Complex,
https://www.hul.co.in/investor-relations/unclaimed-and- Participant for dematerialising the said shares. In case, the Total (A+B) 2,32,76,72,150 99.07* Bandra (East), Mumbai - 400 051
unpaid-dividend/ and on the website of the Ministry of demat request is not submitted within the aforesaid period, TOTAL 2,34,95,91,262 100 ISIN INE030A01027
Corporate Affairs at www.iepf.gov.in. The details of unpaid the shares shall be credited to the Company’s Suspense
*includes shares held by Unilever PLC and its Affiliates representing
and unclaimed dividend amounts lying with the Company Escrow Demat Account. 61.90% of the total shareholding. There are no outstanding GDRs / ADRs The listing fee for the Financial Year 2022-23 has been paid
as on 31st March, 2023 shall be updated on or before In accordance with the above, during the year, the / Warrants / Convertible Instruments of the Company. to the above Stock Exchanges.
26th August, 2023. Company transferred 11,980 shares to its Suspense Escrow
Demat Account. Members / claimants can claim back the Share Price Data
said shares by submitting the required documents to RTA The monthly high and low prices and volumes of shares of the Company at BSE and NSE for the year ended 31st March,
as per SEBI Advisory dated 30th December, 2022. 2023 are as under:
Distribution of Shareholding as on 31st March, 2023 BSE NSE

Month High Low Volume High Low Volume
Shareholders Shares
S. Apr-22 2,289.00 2,037.85 19,64,130 2,290.00 2,038.40 3,92,86,419
No. Category (Amount) Number % Number %
May-22 2,387.65 2,106.00 30,66,870 2,388.00 2,106.20 3,94,13,696
1. 1 - 5,000 11,15,871 98.93 14,30,99,767 6.09
Jun-22 2,413.00 2,100.00 24,87,887 2,413.80 2,100.00 3,92,76,021
2. 5,001 - 10,000 6,542 0.58 4,59,19,196 1.95
Jul-22 2,653.55 2,204.95 25,40,791 2,654.00 2,203.60 4,36,50,374
3. 10,001 - 20,000 3,043 0.27 4,20,65,739 1.79
Aug-22 2,714.90 2,528.35 25,97,580 2,715.00 2,550.00 2,73,38,752
4. 20,001 - 30,000 824 0.07 1,99,07,734 0.85
Sep-22 2,728.55 2,507.60 33,93,241 2,729.00 2,508.05 3,58,17,385
5. 30,001 - 40,000 365 0.03 1,25,01,076 0.53
Oct-22 2,733.00 2,488.40 31,42,979 2,734.00 2,488.00 2,56,10,779
6. 40,001 - 50,000 231 0.02 1,03,24,034 0.44
Nov-22 2,698.60 2,429.00 20,28,296 2,698.00 2,428.10 2,85,07,867
7. 50,001 - 100,000 401 0.04 2,83,20,059 1.21
Dec-22 2,741.00 2,540.25 11,74,526 2,741.60 2,539.40 2,81,06,599
8. 10,0001 & Above 705 0.06 2,04,74,53,657 87.14
Jan-23 2,692.50 2,527.50 10,07,935 2,693.50 2,527.05 3,55,95,413
Total 11,27,982 100.00 2,34,95,91,262 100.00
Feb-23 2,655.15 2,434.70 6,20,258 2,657.45 2,435.65 2,74,97,229
Mar-23 2,568.95 2,393.00 11,20,117 2,568.45 2,393.00 3,03,09,893
Categories of Shareholders as on 31st March, 2023
0.61% 0.01% BSE Sensex Vs HUL Share Price (Indexed)
1,42,79,342 1,80,125
NRIs/Foreign Bodies Corporate/Foreign Nationals Directors and their Relatives* 140
No. of Folios: 24,667 No. of Folios: 5 130
120
110
2.90%
100
6,82,49,631
11.20% 90
Bodies Corporate
26,30,72,353 80
No. of Folios: 3,292 70
Resident Individuals & Others
No. of Folios: 10,98,056 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
14.36%
33,74,65,437 HUL Indexed Sensex Indexed
Foreign Portfolio Investors
No. of Folios: 1,373
61.90% NSE Nifty Vs HUL Share Price (Indexed)
4.61% 1,45,44,12,858

Unilever and its Associates 140
10,84,28,265
No. of Folios: 7 130
Insurance Companies
120
No. of Folios: 51
110
100
0.10% 4.30% 90
24,14,113 10,10,89,138 80
Financial Institutions/Banks Mutual Funds & Unit Trust of India 70
No. of Folios: 122 No. of Folios: 409
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
HUL Indexed Nifty Indexed

* includes 1,24,509 shares held by Mr. Nitin Paranjpe, Chairman who is a Non-Resident Indian.
176 177
10 - year Performance of HUL Share Price vis-à-vis Sensex and Nifty prescribed forms duly filled and signed by the registered requesting them to update the details so as to avoid
holders to M/s. KFin Technologies Limited at Selenium freezing of the folios.
Date of HUL Share HUL Share Sensex HUL Share HUL Share Nifty
Purchase Price on BSE Performance BSE Sensex Performance Price on NSE Performance NSE Nifty Performance Building, Tower-B, Plot No. 31 & 32, Financial District,
31-03-2014 603.65 324% 22,386.27 164% 605.55 323% 6,704.20 159%
Nanakramguda, Serilingampally, Hyderabad, Rangareddi, Communication to Shareholders
Telangana, India - 500 032. Effective communication of information is an essential
31-03-2015 872.90 193% 27,957.49 111% 873.55 193% 8,491.00 104%
In accordance with the SEBI circular dated 16th March, component of Corporate Governance. It is a process
31-03-2016 869.50 194% 25,341.86 133% 869.50 194% 7,738.40 124%
2023, the Company has sent out intimations to those of sharing information, ideas, thoughts, opinions and
31-03-2017 909.75 181% 29,620.50 99% 911.75 181% 9,173.75 89%
Members, holding shares in physical form, whose folios plans to all stakeholders which promotes management-
28-03-2018 1,335.90 92% 32,968.68 79% 1,333.35 92% 10,113.70 72% shareholder relations. The Company regularly interacts
are incomplete with PAN, KYC and/ or Nomination details,
29-03-2019 1,707.80 50% 38,672.91 53% 1,706.80 50% 11,623.90 49% with Shareholders through multiple channel s of
31-03-2020 2,298.20 11% 29,468.49 100% 2,298.50 11% 8,597.75 102% communication such as:
31-03-2021 2,430.80 5% 49,509.15 19% 2,431.50 5% 14,690.70 18%
31-03-2022 2,048.90 25% 58,568.51 1% 2,048.70 25% 17,464.80 -1% Results Announcements Integrated Annual Report and AGM
31-03-2023 2,558.75 58,991.52 2,560.35 17,359.75 The quar terly, half yearly and annual results of Inte grate d A nnual Rep or t containing audite d
Source: BSE and NSE Website the Company ’s per formance are published in standalone and consolidated financial statements
leading newspapers such as Business Standard together with Report of Board of Directors, Management
Market Capitalisation
and Loksatta. Discussion and Analysis Report, Corporate Governance
The Market Capitalisation of the Company based on year-end closing prices quoted in the BSE is given below:
Repor t , Auditor 's Repor t and other impor tant
information are circulated to the Members. In the AGM,
Market Capitalisation (₹ Crores) Media Releases the Shareholders also interact with the Board and
All our news releases and presentations made at the Management.
7,00,000
6,00,000
investor conferences and to analysts are posted on the
5,00,000 Company’s website.
Company’s Website
4,00,000
3,00,000 The Company’s website contains a dedicated section
2,00,000 Designated Email Ids for Investors where Annual Reports, quarterly and
1,00,000 • Retail investor – levercare.shareholder@unilever.com ; annual results, stock exchange filings, press releases,
0 Karvyshares.frontoffice@unilever.com quarterly reports, all statutory policies, information
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 relating to investor service requests, unclaimed unpaid
• Institutional Investor –
Investor.Relations-hul@Unilever.com dividend are available, apart from the details about
the Company, Board of Directors and Management. The
Mergers and Demergers Regulations. The same is filed with the Stock Exchanges • Investor Grievance – levercare.shareolder@unilever.com
website also displays vital information relating to the
The details of Mergers and Demergers and respective share and is also available on the website of the Company. • Nodal Officer/ Deputy Nodal Officer under IEPF – Company and its performance, official press releases
exchange ratios are available on ‘Investors’ page on the comsec.hul@unilever.com and presentation to analysts.
With effect from 24th January, 2022, SEBI has made it
website of the Company at https://www.hul.co.in/investor- mandatory for listed companies to issue securities in demat
relations/mergers-demergers-acquisitions/. mode only while processing any investor service requests
Stock Exchanges
viz. issuance of duplicate share certificates, exchange/sub-
Plant Locations division/ split/consolidation of securities, transmission/
All price sensitive information and matters that are
SEBI and Stock Exchanges’ Investor Grievance material to Shareholders are disclosed to the respective
The details of Plant Locations are provided at page 372 of transposition of securities and claim from Suspense Escrow Redressal System Stock Exchanges where the securities of the Company
this Integrated Annual Report. Demat Account. Vide its Circular dated 25th January, 2022,
SCORES platform of SEBI, ‘Investor Complaints’ sections are listed. The Quarterly Results, Shareholding Pattern
SEBI has clarified that listed entities/ RTAs shall issue a
Credit Ratings of BSE and NSE websites facilitate investors to file and all other corporate communications to the Stock
Letter of Confirmation in lieu of the share certificate while
complaints online and get end-to-end status update of Exchanges are filed through NSE Electronic Application
CRISIL has given the credit rating of CRISIL AAA/Stable processing any of the aforesaid investor service requests.
their grievances. The Company endeavours to redress Processing System (NEAPS), NSE Digital Exchange
for debt instrument/facilities of the Company. The details
the grievances of the Investors as soon as it receives the platform and BSE Listing Centre, for dissemination on
of Credit Rating are available on the website of the Simplified Norms for processing Investor Service
same from the respective forums. their respective websites. The stock exchange filings are
Company at https://www.hul.co.in/investor-relations/ Requests
also made available on the website of the Company at
corporate-governance/. SEBI, vide its Circular dated 3rd November, 2021, as https://www.hul.co.in/investor-relations/
amended from time to time, had made it mandatory for
Registrar and Share Transfer Agent holders of physical securities to furnish PAN, KYC and
M/s. KFin Technologies Limited shall continue to act as the Nomination/Opt-out of Nomination details to avail any Investor Service Queries and Requests - One Stop number can be used at the option ‘ VIEW REPLY’ after

Registrar and Share Transfer Agent of the Company. investor service. The timeline provided by SEBI to furnish Solution 24 hours. Members can continue to put an additional
/ update the above details was 31st March, 2023, which Web-based Facility query, if any, relating to the grievance till they get a
Process for requests related to physical shares satisfactory reply.
has now been extended till 30th September, 2023. Folios Members may utilise the facility extended by RTA for
The Board has delegated the authority for approving wherein any one of the above mentioned details are not redressal of queries, by visiting https://karisma.kfintech. Members can also visit the Investor Service Center (ISC)
transfer, transmission, dematerialisation of shares etc. to registered by 1st October, 2023 shall be frozen. Members com/ and clicking on ‘INVESTORS SERVICES’ option for webpage https://ris.kfintech.com/clientser vices/isc/
the Share Transfer/ Transmission Committee. A summary who are yet to update their KYC details are therefore query registration through an identity registration process. default.aspx and get benefited from the available list of
of transactions so approved by the Committee is placed at urged to furnish PAN, KYC and Nomination/Opt-out of Members can submit their query in the ‘QUERIES’ option services such as post or track a query, check the dividend
the Board Meeting held quarterly. The Company obtains an Nomination by submitting the prescribed forms duly provided on the above website that would generate the status, upload tax exemptions forms, view the demat /
Annual Certificate from a Practising Company Secretary filled, by email from their registered email id to einward. query registration number. For accessing the status/ remat request, download the required ISR forms and check
as per the requirement of Regulation 40(9) of Listing ris@kfintech.com or by sending a physical copy of the response to the query submitted, the query registration KYC status for Physical Folios.
178 179
Corporate Governance Report Certificate of Non-Disqualification of Directors

[Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
KPRISM - Mobile and Web based Application A number of Shareholders have availed the benefit To,
Additionally, a mobile based application named ‘KPRISM’ of this process and the Company through its various
The Members of
and a website https://kprism.kfintech.com/ are also initiatives keeps exploring the possibilities of settling
Hindustan Unilever Limited
available for the benefit of Members holding shares such issues. The process helps the investors in releasing
Unilever House, B. D. Sawant Marg,
in physical form. the locked up investment and save their time consumed
Chakala, Andheri (East), Mumbai - 400 099
in contesting legal proceedings. The objective of this
KPRISM enables Members to view as well as add their process is to facilitate quick resolution of the dispute We have examined the following documents:
folios, check the status of demat requests, add reminders between the parties.
for General Meetings & e-voting events and connect with (i) Declaration of non-disqualification as required under Section 164 of Companies Act, 2013 (the Act);
helpdesk on the go. The Shareholders who are willing to avail the benefits of
(ii) Disclosure of concern or interests as required under Section 184 of the Act;
Alternative Dispute Redressal Mechanism may approach
Members can download this android mobile application (hereinafter referred to as relevant documents)
the Investor Service Department of the Company at the
from play store and view their portfolios serviced by our RTA. Registered Office of the Company. As submitted by the Directors of Hindustan Unilever Limited (the Company) bearing CIN: L15140MH1933PLC002030 and
having its Registered Office at Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400 099, to the
Alternative Dispute Redressal Dispute Resolution Mechanism at Stock Exchanges Board of Directors of the Company (the Board) for the Financial Years 2022-23 and 2023-24 and relevant registers, records,
Long pending litigations involve significant investment SEBI vide its Circular dated 30th May, 2022 provided an forms and returns maintained by the Company and as made available to us for the purpose of issuing this Certificate in
as monetary value of the disputed shares and accrued option for arbitration as a Dispute Resolution Mechanism accordance with Regulation 34(3) read with Schedule V Para C Clause 10(i) of SEBI (LODR) Regulations, 2015. We have
dividends/other benefits are locked up unutilised till the for investors. As per this Circular, investors can opt for considered non-disqualification to include non-debarment by Regulatory/Statutory Authorities.
dispute is settled. Keeping this in mind, the Company has arbitration with Stock Exchanges in case of any dispute It is the responsibility of Directors to submit relevant documents with complete and accurate information in accordance
provided an Alternative Dispute Redressal Mechanism for against the Company or its RTA on delay or default in with the provisions of the Act.
shareholders to resolve the shares related disputes pending processing any investor services related request.
before the Courts/authorities by amicable settlement. Ensuring the eligibility for appointment/continuity of every Director on the Board is the responsibility of the management
In compliance with SEBI guidelines, the Company had of the Company. Our responsibility is to express an opinion on these based on our verification.
The Company had star ted this unique initiative of sent communication intimating about the said Dispute
organising Alternative Dispute Redressal meetings wherein Resolution Mechanism to all the Members holding shares Based on our examination as aforesaid and such other verifications carried out by us as deemed necessary and
aggrieved investors come face to face and get a chance to in physical form. adequate (including Directors Identification Number (DIN) status at the portal www.mca.gov.in), in our opinion and to
settle their disputes, some of which were pending for years. the best of our information and knowledge and according to the explanations provided by the Company, its officers
and authorised representatives, we hereby certify that none of the Directors on the Board of the Company, as listed
Address for Correspondence hereunder for the Financial Year ended 31st March, 2023, have been debarred or disqualified from being appointed or
• All correspondence by Members should be forwarded to M/s. KFin Technologies Limited, the Registrar and Share continuing as Directors of Companies by Securities and Exchange Board of India/Ministry of Corporate Affairs or any such
Transfer Agent of the Company or to the Investor Service Department at the Registered Office of the Company at the statutory authority.
addresses mentioned below.
Sr. Director Identification
• The Company ’s dedicated e -mail address for Investors’ Complaints and other communications is No. Name of Director Number (DIN) Date of Appointment Date of Cessation
levercare.shareholder@unilever.com. 1. Mr. Nitin Paranjpe 00045204 31-03-2022 NA
2. Mr. Sanjiv Mehta 06699923 01-10-2013 NA
3. Mr. Ritesh Tiwari 05349994 01-05-2021 NA
M/s. KFin Technologies Limited Investor Service Department Compliance Officer 4. Mr. Dev Bajpai 00050516 23-01-2017 NA
Unit : Hindustan Unilever Limited Hindustan Unilever Limited Mr. Dev Bajpai 5. Mr. O. P. Bhatt 00548091 20-12-2011 NA
Selenium Building, Tower-B, Unilever House, Executive Director, Legal 6. Dr. Sanjiv Misra 03075797 08-04-2013 NA
Plot No. 31 & 32, Financial B. D. Sawant Marg, Chakala, & Corporate Affairs and
7. Ms. Kalpana Morparia 00046081 09-10-2014 NA
District, Nanakramguda, Andheri (East), Mumbai - 400 099 Company Secretary
8. Mr. Leo Puri 01764813 12-10-2018 NA
Serilingampally, Hyderabad,
Phone : +91 - 22 – 50432791 / E-mail: 9. Dr. Ashish Gupta 00521511 31-01-2020 NA
Rangareddi, Telangana,
50432792 comsec.hul@unilever.com
India - 500 032 10. Ms. Ashu Suyash 00494515 12-11-2021 NA
E-mail: Phone : +91 - 8657921862 11. Mr. Wilhelmus Uijen 08614686 01-01-2020 31-08-2022
Whatsapp No. : +91 9100094099
levercare.
Toll Free no.: 1800 309 4001 shareholder@unilever.com This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
E-mail: einward.ris@kfintech.com Karvyshares.
frontoffice@unilever.com This Certificate has been issued at the request of the Company to make disclosure in its Corporate Governance Report of
Website: www.kfintech.com the Financial Year ended 31st March, 2023.
Website : www.hul.co.in
Android Mobile App: KPRISM

For S. N. Ananthasubramanian & Co.
Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 606/2019
S. N. Ananthasubramanian
Partner
FCS: 4206 | COP No.: 1774
Thane, 26th April, 2023 ICSI UDIN: F004206E000199381
180 181
Chief Executive Officer (CEO) and Chief Financial Certificate of Compliance with the Corporate Governance
Officer (CFO) Certification Independent Auditor’s Certificate on compliance with the Corporate Governance requirements under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
To, To,
The Board of Directors The Members of

Hindustan Unilever Limited Hindustan Unilever Limited
We, the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of Hindustan 1. This certificate is issued in accordance with the terms of our engagement letter dated 29 July 2019 and addendum to
Unilever Limited (‘the Company’), to the best of our knowledge and belief, certify that: the engagement letter dated 20 July 2020.
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended 31st March, 2. We have examined the compliance of conditions of Corporate Governance by Hindustan Unilever Limited
2023 and to the best of our knowledge and belief, we state that: (‘the Company’), for the year ended 31 March 2023, as stipulated in regulations 17 to 27, clauses (b) to (i) of regulation
46(2) and paragraphs C, D and E of Schedule V of the Securities Exchange Board of India (Listing Obligations and
(i) these statements do not contain any materially untrue statement or omit any material fact or contain any
Disclosure Requirements) Regulations, 2015 as amended from time to time (‘Listing Regulations’) pursuant to the
statements that might be misleading;
Listing Agreement of the Company with Stock Exchanges.
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the
existing accounting standards, applicable laws and regulations. MANAGEMENT’S RESPONSIBILITY
(b) We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company 3. The compliance of conditions of Corporate Governance as stipulated under the listing regulations is the
during the year, which are fraudulent, illegal or violative of the Company’s Code of Conduct. responsibility of the Company’s Management including the preparation and maintenance of all the relevant
records and documents. This responsibility includes the design, implementation and maintenance of internal
(c) We hereby declare that all the members of the Board of Directors and Management Committee have confirmed control and procedures to ensure the compliance with the conditions of Corporate Governance stipulated in the
compliance with the Code of Conduct as adopted by the Company. Listing Regulations.
(d) We are responsible for establishing and maintaining internal controls and for evaluating the effectiveness of the
same over the financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, AUDITORS’ RESPONSIBILITY
deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we have taken 4. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the
or propose to take to rectify these deficiencies. compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
(e) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
5. Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance
(i) significant changes, if any, in the internal control over financial reporting during the year;
whether the Company has complied with the conditions of Corporate Governance as stipulated in Listing Regulations
(ii) significant changes, if any, in the accounting policies made during the year and that the same has been for the year ended 31 March 2023.
disclosed in the notes to the financial statements; and
6. We conducted our examination of the above corporate governance compliance by the Company in accordance
(iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) and Guidance Note on
the management or an employee having significant role in the Company’s internal control system over Certification of Corporate Governance both issued by the Institute of the Chartered Accountants of India (the ‘ICAI’),
financial reporting. in so far as applicable for the purpose of this certificate. The Guidance Note requires that we comply with the ethical
requirements of the Code of Ethics issued by the ICAI.
Sanjiv Mehta Ritesh Tiwari
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Chief Executive Officer and Executive Director - Finance & IT
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Managing Director and Chief Financial Officer
Related Services Engagements.
Mumbai, 27th April, 2023 DIN: 06699923 DIN: 05349994
OPINION
8. In our opinion and to the best of our information and according to the explanations given to us, we certify that
the Company has complied with the conditions of Corporate Governance as stipulated in the above-mentioned
Listing Regulations.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
RESTRICTION ON USE
10. The certificate is addressed and provided to the Members of the Company solely for the purpose of enabling the
Company to comply with the requirement of the Listing Regulations and should not be used by any other person
or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other
purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior
consent in writing.

For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/W-100022
Aniruddha Godbole
Partner
Membership No:105149
Mumbai, 27th April, 2023 UDIN: 23105149BGYFRD2968
182 183
Form No. MR – 3 Secretarial Audit Report

For the Financial Year Ended 31st March, 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
(vi)
Management has identified and confirmed the (ii) Adequate notice is given to all Directors to schedule
To, (v) The following Regulations and Guidelines prescribed following laws as being specifically applicable Board Meetings; Agenda and detailed notes on
under the Securities and Exchange Board of India Act, to the Company: Agenda were sent at least seven days in advance
The Members,
1992 (SEBI Act): except where consent of directors was received
Hindustan Unilever Limited (a) The Drugs and Cosmetics Act, 1940;
for circulation of the notice, Agenda and notes on
CIN: L15140MH1933PLC002030 (a) The Securities and Exchange Board of India
(b) The Legal Metrology Act, 2009; Agenda at a shorter notice and a system exists for
Unilever House, B. D. Sawant Marg, (Substantial Acquisition of Shares and Takeovers)
seeking and obtaining further information and
Chakala, Andheri (East), Mumbai – 400 099 Regulations, 2011; (c) The Legal Metrology (Packaged Commodities)
clarifications on Agenda items before the meeting
Rules, 2011;
We have conducted Secretarial Audit of compliance with (b) The Securities and Exchange Board of India and for meaningful participation at the meeting;
the applicable statutory provisions and adherence to (Prohibition of Insider Trading) Regulations, 2015; (d) Food Safety and Standards Act, 2006 and Rules
(iii) All the decisions of the Board and Committees thereof
good corporate practices by Hindustan Unilever Limited 2011 with allied rules and Regulations;
(c) The Securities and Exchange Board of India were carried through with requisite majority.
(hereinafter called the Company) for the Financial Year
(Issue of Capital and Disclosure Requirements) (e) Applicable BIS Standards for various categories
ended 31st March, 2023. Secretarial Audit was conducted We further report that based on review of compliance
Regulations, 2018 – Not applicable as there and production process.
in a manner that provided us a reasonable basis for mechanism established by the Company and on the basis
was no reportable event during the financial
evaluating the corporate conducts/statutory compliances We have also examined compliance with the applicable of the Compliance Certificate(s) issued by the Company
year under review;
and expressing our opinion thereon. clauses of the following: Secretary and taken on record by the Board of Directors at
(d) The Securities and Exchange Board of India their meeting(s), we are of the opinion there are adequate
Based on our verification of the Company ’s books (i) Secretarial Standards with respect to Meetings of
(Share Based Employee Benefits & Sweat Equity) systems and processes in place in the Company which
and papers, minute books, forms and returns filed Board of Directors (SS-1) and General Meetings (SS-2)
Regulations, 2021 – Not applicable as there is commensurate with its size and operations, to monitor
and other records maintained by the Company and issued by The Institute of Company Secretaries of
was no reportable event during the financial and ensure compliance with applicable Laws, Rules,
also the information provided by the Company, its India – The Company has generally complied with
year under review; Regulations and Guidelines; and
officers, agents and authorised representatives during Secretarial Standards with respect to Meetings of the
the conduct of Secretarial Audit, we hereby repor t (e) The Securities and Exchange Board of India Board of Directors (SS-1) and General Meetings (SS-2) We further report that during the financial year under
that in our opinion, the Company has, during the (Issue and Listing of Non-Convertible Securities) issued by the Institute of Company Secretaries of India. review, no event has occurred having a major bearing on
audit period covering the Financial Year ended 31st Regulations, 2021 – Not applicable as there the Company’s affairs in pursuance of the above referred
(ii) Listing Agreements entered into by the Company
March, 2023 complied with statutory provisions listed was no reportable event during the financial Laws, Rules, Regulations, Guidelines, Standards etc.,
with BSE Limited and National Stock Exchange
hereunder and also that the Company has proper year under review;
of India Limited. This Report is to be read with our letter of even date which
Board-processes and compliance-mechanism in place
(f) The Securities and Exchange Board of India is annexed as Annexure A and forms an integral part
to the extent, in the manner and subject to the reporting During the period under review, the Company has
(Registrars to an Issue and Share Transfer Agents) of this report.
made hereinafter. complied with the provisions of the Act, Rules, Regulations,
Regulations, 1993 regarding the Companies
Guidelines, Standards etc. mentioned above. For S. N. Ananthasubramanian & Co.
We have examined the books and papers, minute books, Act and dealing with client – Not applicable as
Company Secretaries
forms and returns filed and other records maintained by the Company is not registered as Registrar to We further report that:
the Company for the Financial Year ended 31st March, an Issue and Share Transfer Agent during the
(i)
The Board of Directors of the Company is duly Peer Review Cert. No.: 606/2019
2023 according to the provisions of: financial year under review;
constituted with proper balance of Executive
(i) The Companies Act, 2013 (the Act) and the rules (g) The Securities and Exchange Board of India Directors, Non-Executive Directors, Independent
Partner
made thereunder; (Delisting of Equity Shares) Regulations, 2021 – Directors including Woman Independent Director(s).
Thane, FCS: 4206 | COP No.: 1774
Not applicable as there was no reportable event Changes in the composition of Board of Directors that
(ii) The Securities Contracts (Regulation) Act, 1956 (SCRA) 27th April, 2023 ICSI UDIN: F004206E000201788
during the financial year under review; took place during the year under review, were carried
and the rules made thereunder;
out in compliance with the provisions of the Act;
(h) The Securities and Exchange Board of India
(iii) The Depositories Act, 1996 and the Regulations and
(Buyback of Securities) Regulations, 2018 – Not
Bye-laws framed thereunder;
applicable as there was no reportable event
(iv) Foreign Exchange Management Act, 1999 and rules during the financial year under review; and
and regulations made thereunder to the extent
(i)
T h e S e c ur i t i e s a n d E xc h a n g e B o a r d of
of Foreign Direct Investment, Overseas Direct
India (Listing Obligations and Disclosure
Investment and External Commercial Borrowings –
Requirements) Regulations, 2015.
Not applicable for External Commercial Borrowings
as there was no reportable event during the financial
year under review;

184 185
Annexure A to Secretarial Audit Report
To,
The Members,
CIN: L15140MH1933PLC002030
Unilever House, B. D. Sawant Marg,
Chakala, Andheri (East), Mumbai – 400 099.
MANAGEMENT’S RESPONSIBILITY
1. It is the responsibility of management of the Company to maintain secretarial records, devise proper systems to
ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are
adequate and operate effectively.
AUDITOR’S RESPONSIBILITY
2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the
Company with respect to secretarial compliances.
3. We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company
Secretaries of India.
4. We believe that audit evidence and information obtained from the Company’s management is adequate and
appropriate for us to provide a basis for our opinion.
Financial
5. Wherever required, we have obtained reasonable assurance whether the statements prepared, documents or
records, in relation to Secretarial Audit, maintained by the Company, are free from misstatement.
6. Wherever required, we have obtained the Management’s representation about the compliance of laws, rules and
regulations and happening of events, etc.
Statements
DISCLAIMER
7. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted affairs of the Company.
8. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
For S. N. Ananthasubramanian & Co.

Company Secretaries
Peer Review Cert. No.: 606/2019
Partner
FCS: 4206 | COP No.: 1774
Thane, 27th April, 2023 ICSI UDIN: F004206E000201788

186 187
Independent Auditor’s Report

To the Members of Hindustan Unilever Limited
REPORT ON THE AUDIT OF THE STANDALONE Basis for Opinion The key audit matter How the matter was addressed in our audit
FINANCIAL STATEMENTS We conducted our audit in accordance with the Standards • Examining historical rebate accrual together with our
Opinion on Auditing (SAs) specified under Section 143(10) of the understanding of current year developments to form
Act. Our responsibilities under those SAs are further an expectation of the rebate accrual as at year end and
We have audited the standalone financial statements
described in the Auditor’s Responsibilities for the Audit comparing this expectation against the actual rebate
of Hindustan Unilever Limited (the “Company”) which accrual, completing further inquiries and obtaining
comprise the standalone balance sheet as at 31st March, of the Standalone Financial Statements section of
underlying documentation, on a sample basis, as
2023, and the standalone statement of profit and loss our report . We are independent of the Company in appropriate. Further, we also performed retrospective review
(including other comprehensive income), standalone accordance with the Code of Ethics issued by the Institute to evaluate the precision with which management makes
statement of changes in equity and standalone statement of Chartered Accountants of India together with the estimates.
of cash flows for the year ended 31st March, 2023, and ethical requirements that are relevant to our audit of the
• Checking completeness and accuracy of the data used by
notes to the standalone financial statements, including standalone financial statements under the provisions of the Company for accrual of discounts and rebates.
a summary of significant accounting policies and other the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with • Testing actualisation of estimated accruals on a sample
explanatory information. basis.
these requirements and the Code of Ethics. We believe
In our opinion and to the best of our information and that the audit evidence we have obtained is sufficient • Testing a selection of rebate accruals recorded after 31st
according to the explanations given to us, the aforesaid and appropriate to provide a basis for our opinion on the March, 2023 and assessing whether the accrual is recorded
standalone financial statements give the information standalone financial statements. in the correct period.
required by the Companies Act, 2013 (“Act”) in the manner • Testing a selection of payments made after 31st March, 2023
so required and give a true and fair view in conformity with Key Audit Matters and where relevant, comparing the payment to the related
the accounting principles generally accepted in India, of rebate accrual.
Key audit matters are those matters that, in our
the state of affairs of the Company as at 31st March, 2023,
professional judgement , were of most significance in our • Critically assessing manual journal entries posted to
and its profit and other comprehensive loss, changes in revenue, on a sample basis, to identify unusual items and
audit of the standalone financial statements of the current
equity and its cash flows for the year ended on that date. examining the underlying documentation.
period. These matters were addressed in the context of our
audit of the standalone financial statements as a whole,
and in forming our opinion thereon, and we do not provide Impairment assessment of Food & Refreshment Cash Generating Unit (F&R CGU)
a separate opinion on these matters. See Note 4 to standalone financial statements
The key audit matter How the matter was addressed in our audit
Revenue recognition – Discounts and rebates As disclosed in note 4 to the standalone financial statements, Our audit procedures included:
See Note 25 to standalone financial statements the F&R CGU includes ₹17,301 crores of goodwill and ₹27,210
• Understanding the process followed by the Company in
crores of indefinite life intangible assets which together
respect of the annual impairment analysis for F&R CGU.
The key audit matter How the matter was addressed in our audit represents 62% of total assets of the Company as at 31st
As disclosed in note 25 to the standalone financial statements, Our audit procedures included: March, 2023. • Evaluating the design and implementation and testing the
revenue is measured net of any trade discounts and volume operating effectiveness of key internal controls related to
• Understanding the process followed by the Company to The recoverable value of the F&R CGU which is based on
rebates to customers (“discounts and rebates”). the Company’s process relating to review of the annual
determine the amount of accrual for discounts and rebates. the value in use model, has been derived from discounted
impairment analysis, including controls over determination
Certain discounts and rebates for goods sold during the cash flow model. This model requires the Company to make
• Evaluating the design and implementation and testing of discount rate, near and long-term revenue growth rate and
year are only finalised when the precise amounts are known, significant assumptions such as discount rate, near and
operating effectiveness of Company’s general IT controls, projected margins.
and revenue therefore includes an estimate of variable long-term revenue growth rate and projected margins which
key manual and application controls over the Company’s involves inherent uncertainty since they are based on future •
Challenging the reasonableness of the assumptions,
consideration. The variable consideration represents the
IT systems including controls over rebates agreements business prospects and economic outlook. particularly forecasted revenue growth rate and margins
portion of discounts and rebates that are not directly deducted
/ arrangements, rebate payments / settlements and based on our knowledge of the Company and market.
on the invoice and involves estimation by the Company Due to the materiality of above assets in context of the
Company’s review over the rebate accruals. Assessing historical accuracy by comparing past forecasts to
in recognition and measurement of such discounts and standalone financial statements and sensitivity of discount
rebates. This includes establishing an accrual at year end, • Inspecting on a sample basis, key customer contracts. actual results achieved.
rate and near and long-term revenue growth rate assumptions
particularly in arrangements with customers involving varying Based on the terms and conditions relating to discounts where a minor change could have a significant impact on • Involving the valuation professionals with specialised skills
terms which are based on annual contracts or shorter-term and rebates, assessing the Company’s revenue recognition the recoverable value, we have considered the impairment and knowledge to assist in evaluating the impairment model
arrangements. In addition, the value and timing of promotions policies with reference to the requirements of the applicable assessment of F&R CGU to be a key audit matter. used and assumptions (including discount rate and long-
for products varies from period to period, and the activity accounting standards. term sales growth rate applied by the Company by comparing
can span beyond the year end. The unsettled portion of the
• Performing substantive testing by selecting samples of it to a range of rates that were independently developed
variable consideration results in discounts and rebates due to
discounts and rebates transactions recorded during the year using publicly available market indices and market data for
customers as at year end.
as well as period end discounts and rebates accruals and comparable entities). Applying additional sensitivities to
Therefore, there is a risk of revenue being overstated due to matching the parameters used in the computation with the assess the reasonableness of the above key assumptions.
fraud through manipulation of discounts and rebates accruals relevant source documents. • Testing data used to develop the estimate for completeness
recognised, resulting from pressure the Company may feel to
and accuracy.

achieve performance targets at the year end.
• Performing a sensitivity analysis to evaluate the impact of
We identified the evaluation of accrual for discounts and
change in key assumptions individually or collectively to the
rebates as a key audit matter.
recoverable value.
• Evaluating the adequacy of the Company’s disclosures in the

standalone financial statements in respect of its impairment
testing.
188 189
Provisions and contingent liabilities relating to taxation, litigations and claims were operating effectively for ensuring the accuracy and Company’s ability to continue as a going concern. If
See Note 21 and 24 to standalone financial statements completeness of the accounting records, relevant to the we conclude that a material uncertainty exists, we
preparation and presentation of the standalone financial are required to draw attention in our auditor’s report
statements that give a true and fair view and are free from to the related disclosures in the standalone financial
The provisions and contingent liabilities relate to ongoing Our audit procedures included: material misstatement, whether due to fraud or error. statements or, if such disclosures are inadequate, to
litigations and claims with various authorities and third modify our opinion. Our conclusions are based on the
• Understanding the process followed by the Company for In preparing the standalone financial statements, the
parties. These relate to direct tax, indirect tax, transfer
assessment and determination of the amount of provisions audit evidence obtained up to the date of our auditor’s
pricing arrangements, claims, general legal proceedings, Management and Board of Directors are responsible for
and contingent liabilities relating to taxation, litigations and report. However, future events or conditions may cause
environmental issues and other eventualities arising in the assessing the Company’s ability to continue as a going
claims. the Company to cease to continue as a going concern.
regular course of business. concern, disclosing, as applicable, matters related to going
• Evaluating the design and implementation and testing concern and using the going concern basis of accounting • Evaluate the overall presentation, structure and content
As at 31st March, 2023, the amounts involved are significant.
operating effectiveness of key internal controls around of the standalone financial statements, including the
The determination of a provision or contingent liability unless the Board of Directors either intends to liquidate
the recognition and measurement of provisions and re- disclosures, and whether the standalone financial
requires significant judgement by the Company because the Company or to cease operations, or has no realistic
assessment of contingent liabilities.
of the inherent complexity in estimating future costs. The alternative but to do so. statements represent the underlying transactions and
amount recognised as a provision is the best estimate of the • Involving our tax professionals with specialised skills and events in a manner that achieves fair presentation.
expenditure. The provisions and contingent liabilities are knowledge to assist in the assessment of the value of The Board of Directors is also responsible for overseeing
subject to changes in the outcomes of litigations and claims significant provisions and contingent liabilities relating to the Company’s financial reporting process. We communicate with those charged with governance
and the positions taken by the Company. taxation matters, on sample basis, in light of the nature
regarding, among other matters, the planned scope and
It involves significant judgement and estimation to
of the exposures, applicable regulations and related Auditor’s Responsibilities for the Audit of the timing of the audit and significant audit findings, including
correspondence with the authorities.
determine the likelihood and timing of the cash outflows Standalone Financial Statements any significant deficiencies in internal control that we
and interpretations of the legal aspects, tax legislations and • Inquiring the status in respect of significant provisions and Our objectives are to obtain reasonable assurance about identify during our audit.
judgements previously made by authorities. contingent liabilities with the Company’s internal tax and
whether the standalone financial statements as a whole
legal team, including challenging the assumptions and We also provide those charged with governance with
are free from material misstatement, whether due to fraud
critical judgements made by the Company which impacted a statement that we have complied with relevant
the computation of the provisions and inspecting the or error, and to issue an auditor’s report that includes
ethical requirements regarding independence, and
computation. our opinion. Reasonable assurance is a high level of
to communicate with them all relationships and other
assurance, but is not a guarantee that an audit conducted
• Assessing the assumptions used and estimates of outcome matters that may reasonably be thought to bear on our
in accordance with SAs will always detect a material
and financial effect, including considering judgement of the independence, and where applicable, related safeguards.
Company, supplemented by experience of similar decisions misstatement when it exists. Misstatements can arise from
previously made by the authorities and, in some cases, fraud or error and are considered material if, individually From the matters communicated with those charged with
relevant opinions given by the Company’s advisors. or in the aggregate, they could reasonably be expected governance, we determine those matters that were of
to influence the economic decisions of users taken on the most significance in the audit of the standalone financial
• Testing data used to develop the estimate for completeness
and accuracy. basis of these standalone financial statements. statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s
• Evaluating judgements made by the Company by comparing As part of an audit in accordance with SAs, we exercise
report unless law or regulation precludes public disclosure
the estimates of prior year to the actual outcome. professional judgement and maintain professional
about the matter or when, in extremely rare circumstances,
skepticism throughout the audit. We also:
• Evaluating the Company’s disclosures in the standalone we determine that a matter should not be communicated
financial statements in respect of provisions and contingent in our report because the adverse consequences of doing
liabilities. • Identify and assess the risks of material misstatement of
so would reasonably be expected to outweigh the public
the standalone financial statements, whether due to fraud
interest benefits of such communication.
or error, design and perform audit procedures responsive
Other Information and describe actions applicable under the applicable laws
to those risks, and obtain audit evidence that is sufficient
and regulations. Report on Other Legal and Regulatory Requirements
The Company’s Management and Board of Directors are and appropriate to provide a basis for our opinion. The risk
responsible for the other information. The other information of not detecting a material misstatement resulting from 1. As required by the Companies (Auditor’s Report)
Management's and Board of Directors' Responsibilities Order, 2020 (“the Order”) issued by the Central
comprises the information included in the annual report, fraud is higher than for one resulting from error, as fraud
for the Standalone Financial Statements Government of India in terms of Section 143(11) of the
but does not include the financial statements and auditor’s may involve collusion, forgery, intentional omissions,
report thereon. The annual report is expected to be made The Company’s Management and Board of Directors are misrepresentations, or the override of internal control. Act, we give in the “Annexure A” a statement on the
available to us after the date of this auditor’s report. responsible for the matters stated in Section 134(5) of the matters specified in paragraphs 3 and 4 of the Order,
• Obtain an understanding of internal control relevant to
Act with respect to the preparation of these standalone to the extent applicable.
Our opinion on the standalone financial statements does the audit in order to design audit procedures that are
financial statements that give a true and fair view of the
not cover the other information and we will not express any appropriate in the circumstances. Under Section 143(3) 2 A. As required by Section 143(3) of the Act, we report that:
state of affairs, profit/ loss and other comprehensive
form of assurance conclusion thereon. (i) of the Act, we are also responsible for expressing our
income, changes in equity and cash flows of the Company a. We have sought and obtained all the information
opinion on whether the Company has adequate internal
In connection with our audit of the standalone financial in accordance with the accounting principles generally and explanations which to the best of our
financial controls with reference to financial statements
statements, our responsibilit y is to read the other accepted in India, including the Indian Accounting knowledge and belief were necessary for the
in place and the operating effectiveness of such controls.

information identified above when it becomes available Standards (Ind AS) specified under Section 133 of the Act. purposes of our audit.
This responsibility also includes maintenance of adequate • Evaluate the appropriateness of accounting policies
and, in doing so, consider whether the other information b. In our opinion, proper books of account as
accounting records in accordance with the provisions of the used and the reasonableness of accounting estimates
is materially inconsistent with the standalone financial required by law have been kept by the Company
Act for safeguarding of the assets of the Company and for and related disclosures made by the Management and
statements or our knowledge obtained in the audit, or so far as it appears from our examination
preventing and detecting frauds and other irregularities; Board of Directors.
otherwise appears to be materially misstated. of those books.
selection and application of appropriate accounting • Conclude on the appropriateness of the Management
When we read the annual report, if we conclude that there policies; making judgements and estimates that are and Board of Directors use of the going concern basis c. The standalone balance sheet, the standalone
is a material misstatement therein, we are required to reasonable and prudent; and design, implementation and of accounting in preparation of standalone financial statement of profit and loss (including other
communicate the matter to those charged with governance maintenance of adequate internal financial controls, that statements and, based on the audit evidence obtained, comprehensi ve incom e), the s tan dalone
whether a material uncertainty exists related to events statement of changes in equit y and the
or conditions that may cast significant doubt on the standalone statement of cash flows dealt
190 191
Independent Auditor’s Report Annexure - A

to the Independent Auditor’s Report on the Standalone Financial Statements of Hindustan Unilever Limited for the year
ended 31st March, 2023
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our
with by this Report are in agreement with the statements, no funds have been received by
report of even date)
books of account. the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with (i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
d. In our opinion, the aforesaid standalone financial
the understanding, whether recorded in writing situation of Property, Plant and Equipment.
statements comply with the Ind AS specified
or otherwise, that the Company shall directly
under Section 133 of the Act. (B) The Company has maintained proper records showing full particulars of intangible assets.
or indirectly, lend or invest in other persons or
e. On the basis of the written representations entities identified in any manner whatsoever by (b) According to the information and explanations given to us and on the basis of our examination of the records
received from the directors as on 31st March, or on behalf of the Funding Parties (“Ultimate of the Company, the Company has a regular programme of physical verification of its Property, Plant and
2023 taken on record by the Board of Directors, Beneficiaries”) or provide any guarantee, security Equipment by which all property, plant and equipment are verified in a phased manner over a period of two
none of the directors is disqualified as on 31st or the like on behalf of the Ultimate Beneficiaries. years. In accordance with this programme, certain property, plant and equipment were verified during the year.
March, 2023 from being appointed as a director In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company
(iii)
Based on the audit procedures per formed
in terms of Section 164(2) of the Act. and the nature of its assets. No material discrepancies were noticed on such verification.
that have been considered reasonable and
f. With respect to the adequacy of the internal appropriate in the circumstances, nothing has (c) According to the information and explanations given to us and on the basis of our examination of the records of
financial controls with reference to financial come to our notice that has caused us to believe the Company, the title deeds of immovable properties (other than immovable properties where the Company
statements of the Company and the operating that the representations under sub-clause (i) is the lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the standalone
effectiveness of such controls, refer to our and (ii) of Rule 11(e), as provided under (i) and (ii) financial statements are held in the name of the Company, except for the following which are not held in the
separate Report in “Annexure B”. above, contain any material misstatement. name of the Company:
B. With respect to the other matters to be included in e. The final dividend paid by the Company during Whether Period held- Reason for not being
the Auditor’s Report in accordance with Rule 11 of the year, in respect of the same declared Gross carrying promoter, director indicate held in the name of the
value (amounts or their relative or range, where Company. Also indicate
the Companies (Audit and Auditors) Rules, 2014, in for the previous year is in accordance with
Description of property in ₹ crores) Held in the name of employee appropriate if in dispute
our opinion and to the best of our information and Section 123 of the Act to the extent it applies to
Owned Properties
according to the explanations given to us: payment of dividend.
Freehold land 0 TATA Oil Mills No 19 years Pending litigation
a.
The Company has disclosed the impact of The interim dividend declared and paid by the Company Limited
pending litigations as at 31st March, 2023 on Company during the year and until the date of Building 34 HMM Limited No 3 years Pending litigation
its financial position in its standalone financial this audit report is in compliance with Section
Building 1 Lakme Lever Private No 27 years Pending litigation
statements - Refer Note 21 and 24 to the 123 of the Act.
Limited
standalone financial statements.
As stated in Note 36 to the standalone financial Building 0 Indexport Limited No 23 years Pending litigation
b.
The Company did not have any long-term statements, the Board of Directors of the Leasehold properties
contracts for which there were any material Company has proposed final dividend for Leasehold land 13 Trent Limited No 24 years Pending application
foreseeable losses. The Company has made the year which is subject to the approval of
Leasehold land 0 TATA Oil Mills No 29 years Pending litigation
provision, as required under the applicable law or the members at the ensuing Annual General
Company Limited
accounting standards, for material foreseeable Meeting. The dividend declared is in accordance
losses on derivative contracts - Refer Note 46 to with Section 123 of the Act to the extent it applies (d) According to the information and explanations given to us and on the basis of our examination of the records of
the standalone financial statements. to declaration of dividend. the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets)
or intangible assets or both during the year.
c. There is an instance of delay of 15 days in f. As proviso to rule 3(1) of the Companies
transferring an amount of ₹1 crore pertaining (Accounts) Rules, 2014 is applicable for the (e) According to the information and explanations given to us and on the basis of our examination of the records
to Unpaid dividend required to be transferred Company only with effect from 1st April, 2023, of the Company, there are no proceedings initiated or pending against the Company for holding any benami
during the year, to the Investor Education and reporting under Rule 11(g) of the Companies property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
Protection Fund by the Company. (Audit and Auditors) Rules, 2014 is not applicable.
(ii) (a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically verified by the
d (i) The management has represented that, to the C. With respect to the matter to be included in the management during the year. For stocks lying with third parties at the year-end, written confirmations have
best of it’s knowledge and belief, as disclosed Auditor’s Report under Section 197(16) of the Act: been obtained and for goods-in-transit subsequent evidence of receipts has been linked with inventory records.
in the Note 7(3) to the standalone financial In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by
statements, no funds have been advanced or In our opinion and according to the information and management were appropriate. No discrepancies were noticed on verification between the physical stocks and
loaned or invested (either from borrowed funds explanations given to us, the remuneration paid by the book records that were more than 10% in the aggregate of each class of inventory
or share premium or any other sources or kind the Company to its directors during the current year
(b) According to the information and explanations given to us and on the basis of our examination of the records of
of funds) by the Company to or in any other is in accordance with the provisions of Section 197 of
the Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in
person(s) or entity(ies), including foreign entities the Act. The remuneration paid to any director is not
aggregate from banks and financial institutions on the basis of security of current assets at any point of time of
(“Intermediaries”), with the understanding, in excess of the limit laid down under Section 197
the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.
whether recorded in writing or otherwise, that of the Act. The Ministry of Corporate Affairs has not

the Intermediary shall directly or indirectly lend prescribed other details under Section 197(16) of the (iii) According to the information and explanations given to us and on the basis of our examination of the records of the
or invest in other persons or entities identified in Act which are required to be commented upon by us. Company, the Company has not provided any guarantee or security or granted any advances in the nature of loans,
any manner whatsoever by or on behalf of the secured or unsecured to companies, firms, limited liability partnership or any other parties during the year. The
Company (“Ultimate Beneficiaries”) or provide For B S R & Co. LLP Company has made investments in companies and other parties, granted interest bearing secured and unsecured
any guarantee, security or the like on behalf of loans to companies and interest free unsecured loans to other parties (employees) in respect of which the requisite
Firm’s Registration No.: 101248W/W-100022
the Ultimate Beneficiaries. information is as below. The Company has not made any investments in or granted any loans, secured or unsecured,
Aniruddha Godbole to firms and limited liability partnership.
(ii) The management has represented that, to the Partner
best of it’s knowledge and belief, as disclosed Place: Mumbai Membership No.: 105149
in the Note 7(3) to the standalone financial Date: 27th April, 2023 ICAI UDIN: 23105149BGYFRB8085
192 193
Annexure - A
(a) Based on the audit procedures carried on by us and as per the information and explanations given to us, the (b) According to the information and explanations given to us and on the basis of our examination of the records of
Company has provided loans to any other entity as below: the Company, statutory dues relating to Excise Duty, Value Added Tax, Sales Tax, Service Tax, Goods and Service
Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess which have not been
(Amount in ₹ crores)
deposited on account of any dispute are as follows:
Particulars Loans
(₹ in crores)
Aggregate amount during the year ended 31st March, 2023
Period to
Subsidiaries* 493 which the
Others* (including employees and other parties) 6 Amount Amount amount Forum where dispute is
Name of the statute Nature of the dues Demanded paid relates pending
Balance outstanding as at balance sheet date - 31st March, 2023
Central Excise Act, Excise duty (including Interest 53 2 1997-2015 Appellate Authority upto
Subsidiaries* 247 1944 and penalty, if applicable) Commissioner's level
Others* (including employees and other parties) 133 Central Excise Act, Excise duty (including Interest 93 6 1994 - 2018 Customs, Excise and
1944 and penalty, if applicable) Ser vice Tax Appellate
*As per the Companies Act, 2013
Tribunals of various states
(b) According to the information and explanations given to us and based on the audit procedures conducted by us Central Excise Act, Excise duty (including Interest 164 12 2007-2019 High Courts of various
in our opinion the investments made and the terms and conditions of the grant of secured and unsecured loans 1944 and penalty, if applicable) states
are prima facie, not prejudicial to the interest of the Company. Central Sales Tax Sales tax (including interest 78 39 1984-2022 Appellate Authority upto
Act, 1956 and Local and penalty, if applicable) Commissioner's level
(c) According to the information and explanations given to us and on the basis of our examination of the records of Sales Tax Act
the Company, in the case of interest bearing secured and unsecured loans given, in our opinion the repayment Central Sales Tax Sales tax (including interest 47 16 1992-2018 S a l e s Ta x A p p e l l a t e
of principal and payment of interest has been stipulated and the repayments or receipts have been regular. In Act, 1956 and Local and penalty, if applicable) Tribunals of various states
the case of interest free unsecured loans given to other parties (employees), in our opinion the repayment of Sales Tax Act
principal has been stipulated and the repayments or receipts have been regular. Further, the Company has not Central Sales Tax Sales tax (including interest 290 103 1986-2023 High Courts of various
Act, 1956 and Local and penalty, if applicable) states
given any advance in the nature of loan to any party during the year.
Sales Tax Act
(d) According to the information and explanations given to us and on the basis of our examination of the records Central Sales Tax Sales tax (including interest 18 9 1997-2007 Supreme Court
of the Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Act, 1956 and Local and penalty, if applicable)
Company has not given any advances in the nature of loans to any party during the year. Sales Tax Act
Customs Act, 1962 Customs Duty, (including 298 11 2007-2019 Customs, Excise and
(e) According to the information and explanations given to us and on the basis of our examination of the records of Interest and penalty, if Ser vice Tax Appellate
the Company, there is no loan granted falling due during the year, which has been renewed or extended or fresh applicable) Tribunals of various states
loans granted to settle the overdue of existing loans given to same parties. Further, the Company has not given Customs Act, 1962 Customs Duty, (including 96 91 2012-2022 Customs, Excise and
any advances in the nature of loans to any party. Interest and penalty, if Ser vice Tax Appellate
applicable) Tribunals of various states
(f) According to the information and explanations given to us and on the basis of our examination of the records of Service tax (Finance Service tax (including interest 41 3 2005-2018 Appellate Authority upto
the Company, the Company has not granted any loans or advances in the nature of loans either repayable on Act, 1994) and penalty, if applicable) Commissioner's level
demand or without specifying any terms or period of repayment. Service tax (Finance Service tax (including interest 117 7 2005-2017 Customs, Excise and
Act, 1994) and penalty, if applicable) Ser vice Tax Appellate
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the Tribunals of various states
Company, the Company has not provided any guarantee or security as specified under Section 185 and 186 of the Goods and Service Goods and Ser vices tax 96 1 2017-2023 Appellate Authority upto
Companies Act, 2013 (“the Act”). In respect of the investments made and loans given by the Company, in our opinion Tax Act, 2017 ( i n c l u d i n g i n te re s t a n d Commissioner's level
the provisions of Section 185 and 186 of the Act have been complied with. penalty, if applicable)
Goods and Service Goods and Services tax 366 90 2017-2018 Delhi High Court
(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public.
Tax Act, 2017
Accordingly, clause 3(v) of the Order is not applicable.
Income Tax Act, Income Tax (including interest 96 - 1979-1980, Appellate Authority upto
(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the 1961 and penalty, if applicable) 1991, 2006- Commissioner's Level
Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its manufactured 07, 2009-
2010, 2023
goods and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
Income Tax Act, Income Tax (including interest 581 - 2011-2012, Income Tax Appellate
However, we have not carried out a detailed examination of the records with a view to determine whether these are
1961 and penalty, if applicable) 2013-2014, Tribunal, Mumbai
accurate or complete. 2014-2015,
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax 2015-2016,
2016-2017,
during the year since effective 1st July, 2017, these statutory dues has been subsumed into GST.
2017-2018
According to the information and explanations given to us and on the basis of our examination of the records Income Tax Act, Income Tax (including interest 1,290 99 2007-2008 to Income Tax Appellate
of the Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed 1961 and penalty, if applicable) 2011-2012, Tribunal, Chandigarh

2013-14 to
statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax,
2015-16
Duty of Customs or Cess or other statutory dues have been regularly deposited by the Company with the
Employees State ESIC (including interest and 1 0* 1990-2010 Appellate Authority upto
appropriate authorities.
Insurance Act, 1948 penalty, if applicable) Commissioner's level
According to the information and explanations given to us and on the basis of our examination of the records of Employees State ESIC (including interest and 4 2 2010 High Court
the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees Insurance Act, 1948 penalty, if applicable)
State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at 31st March, Provident Fund Act, PF (including interest and 0* - 2000-2016 Appellate Tribunals of
1952 penalty, if applicable) various states
2023 for a period of more than six months from the date they became payable.
Provident Fund Act, PF (including interest and 0* 0* 1995-2004 Allahabad High Court
1952 penalty, if applicable)
* Balances with amount below the rounding off norm have been reflected as “0”
194 195
Annexure - A
(viii) According to the information and explanations given to us and on the basis of our examination of the records of the (d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank)
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.
books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is
the Company, the Company did not have any loans or borrowings from any lender during the year. Accordingly,
not applicable.
clause 3(ix)(a) of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and
(b) According to the information and explanations given to us and on the basis of our examination of the records
expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying
of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or
the standalone financial statements, our knowledge of the Board of Directors and management plans and based
government or government authority.
on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us
(c) According to the information and explanations given to us by the management, the Company has not obtained to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of
any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not applicable. meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet
We further state that our reporting is based on the facts up to the date of the audit report and we neither give any
of the Company, we report that no funds raised on short-term basis have been used for long-term purposes
guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date,
by the Company.
will get discharged by the Company as and when they fall due.
(e) According to the information and explanations given to us and on an overall examination of the standalone
(xx) (a) In our opinion and according to the information and explanations given to us, there is no unspent amount
financial statements of the Company, we report that the Company has not taken any funds from any entity
under sub-section (5) of Section 135 of the Act pursuant to any project other than ongoing projects. Accordingly,
or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures as
clause 3(xx)(a) of the Order is not applicable.
defined under the Act.
(b) In respect of ongoing projects, the Company has transferred the unspent amount to a Special Account within a
(f) According to the information and explanations given to us and procedures performed by us, we report that the
period of 30 days from the end of the financial year in compliance with Section 135(6) of the Act.
Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures
or associate companies (as defined under the Act). For B S R & Co. LLP
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt
Firm’s Registration No.:101248W/W-100022
instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of Aniruddha Godbole
the Company, the Company has not made any preferential allotment or private placement of shares or fully or Partner
partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable. Place: Mumbai Membership No.: 105149
(xi) (a) Based on examination of the books and records of the Company and according to the information and Date: 27th April, 2023 ICAI UDIN: 23105149BGYFRB8085
explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we report
that no fraud by the Company or on the Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of
the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of our audit procedures.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause
3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are
in compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions
have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company
has an internal audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any
non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of

the Act are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of
India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
196 197
Annexure - B
to the Independent Auditor’s Report on the standalone financial statements of Hindustan Unilever Limited for the year
ended 31st March, 2023
Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause
Inherent Limitations of Internal Financial Controls with Reference to Financial Statements
(i) of Sub-section 3 of Section 143 of the Act
Because of the inherent limitations of internal financial controls with reference to financial statements, including the
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our possibility of collusion or improper management override of controls, material misstatements due to error or fraud
report of even date) may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
financial statements to future periods are subject to the risk that the internal financial controls with reference to financial
Opinion reasonable assurance about whether adequate internal statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
financial controls with reference to financial statements or procedures may deteriorate.
We have audited the internal financial controls with
were established and maintained and if such controls
reference to financial statements of Hindustan Unilever For B S R & Co. LLP
operated effectively in all material respects.
Limited (“the Company ”) as of 31st March, 2023 in Chartered Accountants
conjunction with our audit of the standalone financial Our audit involves performing procedures to obtain audit Firm’s Registration No.:101248W/W-100022
statements of the Company for the year ended on that date. evidence about the adequacy of the internal financial
controls with reference to financial statements and their
In our opinion, the Company has, in all material respects, Aniruddha Godbole
operating effectiveness. Our audit of internal financial
adequate internal financial controls with reference to Partner
controls with reference to financial statements included
financial statements and such internal financial controls Place: Mumbai Membership No.: 105149
obtaining an understanding of internal financial controls
were operating effectively as at 31st March, 2023, based Date: 27th April, 2023 ICAI UDIN: 23105149BGYFRB8085
with reference to financial statements, assessing the
on the internal financial controls with reference to risk that a material weakness exists, and testing and
financial statements criteria established by the Company evaluating the design and operating effectiveness of
considering the essential components of internal control internal control based on the assessed risk. The procedures
stated in the Guidance Note on Audit of Internal Financial selected depend on the auditor’s judgement, including
Controls Over Financial Reporting issued by the Institute of the assessment of the risks of material misstatement of
Chartered Accountants of India (the “Guidance Note”). the standalone financial statements, whether due to
fraud or error.
Management’s and Board of Directors’ Responsibilities
for Internal Financial Controls We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
The Company’s Management and the Board of Directors
opinion on the Company’s internal financial controls with
are responsible for establishing and maintaining internal
reference to financial statements.
financial controls based on the internal financial controls
with reference to financial statements criteria established
Meaning of Internal Financial Controls with
by the Company considering the essential components Reference to Financial Statements
of internal control stated in the Guidance Note. These
A company's internal financial controls with reference
responsibilities include the design, implementation and
to financial statements is a process designed to provide
maintenance of adequate internal financial controls that
reasonable assurance regarding the reliability of financial
were operating effectively for ensuring the orderly and
reporting and the preparation of standalone financial
efficient conduct of its business, including adherence
statements for external purposes in accordance with
to company’s policies, the safeguarding of its assets,
generally accepted accounting principles. A company's
the prevention and detection of frauds and errors, the
internal financial controls with reference to financial
accuracy and completeness of the accounting records, and
statements include those policies and procedures that (1)
the timely preparation of reliable financial information, as
pertain to the maintenance of records that, in reasonable
required under the Act.
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (2) provide
Auditor’s Responsibility reasonable assurance that transactions are recorded as
Our responsibility is to express an opinion on the Company’s necessary to permit preparation of standalone financial
internal financial controls with reference to financial statements in accordance with generally accepted
statements based on our audit. We conducted our audit in accounting principles, and that receipts and expenditures
accordance with the Guidance Note and the Standards on of the Company are being made only in accordance with
Auditing, prescribed under Section 143(10) of the Act, to the authorisations of management and directors of the
extent applicable to an audit of internal financial controls Company; and (3) provide reasonable assurance regarding
with reference to financial statements. Those Standards prevention or timely detection of unauthorised acquisition,
and the Guidance Note require that we comply with ethical use, or disposition of the Company's assets that could have

requirements and plan and perform the audit to obtain a material effect on the standalone financial statements.
198 199
Standalone Balance Sheet

as at 31st March, 2023
(All amounts in ₹ crores, unless otherwise stated) (All amounts in ₹ crores, unless otherwise stated)
As at As at As at As at
Particulars Note 31st March, 2023 31st March, 2022 Particulars Note 31st March, 2023 31st March, 2022
ASSETS EQUITY AND LIABILITIES

Non-current assets Equity
Property, plant and equipment 3 6,189 5,813 Equity share capital 17 235 235
Capital work-in-progress 3 1,020 901 Other equity 18A 49,986 48,525
Goodwill 4 17,316 17,316 Total - Equity (A) 50,221 48,760
Other intangible assets 4 27,900 27,905 Liabilities
Financial assets Non-current liabilities
Investments in subsidiaries, associates and joint venture 5 981 610 Financial liabilities
Investments 6 2 2 Lease Liabilities 19 746 686
Loans 7 339 541 Other financial liabilities 20 495 329
Other financial assets 8 715 720 Provisions 21 1,335 1,553
Non-current tax assets (net) 9D 1,115 1,107 Deferred tax liabilities (net) 9C 6,325 6,141
Other non-current assets 10 199 175 Non-current tax liabilities (net) 9D 1,076 1,324
Total - Non-current assets (A) 55,776 55,090 Total - Non-current liabilities (B) 9,977 10,033
Current assets Current liabilities
Inventories 11 4,031 3,890 Financial liabilities
Financial assets Lease Liabilities 19 293 285
Investments 6 2,811 3,510 Trade payables
Trade receivables 12 2,735 1,932 total outstanding dues of micro enterprises and small enterprises 22 89 56
Cash and cash equivalents 13 586 988 total outstanding dues of creditors other than micro enterprises and 22 9,302 8,808
Bank balances other than cash and cash equivalents mentioned above 14 3,836 2,630 small enterprises
Other financial assets 8 1,391 1,070 Other current liabilities 23 735 638
Other current assets 15 612 580 Provisions 21 379 334
Assets held for sale 16 12 13 Total - Current liabilities (C) 11,627 10,944
Total - Current assets (B) 16,049 14,647 Total Equity and Liabilities [(A) + (B) + (C)] 71,825 69,737
Total Assets [(A) + (B)] 71,825 69,737 Basis of preparation, measurement and significant accounting policies 2
Contingent liabilities and commitments 24
The accompanying notes 1 to 50 are an integral part of these standalone financial statements
As per our report of even date attached For and on behalf of Board of Directors
For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari

Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Firm's Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
[DIN: 06699923] [DIN: 05349994]
Aniruddha Godbole Kalpana Morparia Dev Bajpai

Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
Membership No. FCS 3354
[DIN: 00050516]
Ravishankar A.
Group Controller
Mumbai: 27th April, 2023 Mumbai: 27th April, 2023


200 201
Standalone Statement of Profit and Loss

for the year ended 31st March, 2023
Year ended Year ended Year ended Year ended

INCOME OTHER COMPREHENSIVE INCOME

Revenue from operations 25 59,144 51,193 Items that will not be reclassified subsequently to profit or loss
Other income 26 640 393 Remeasurements of the net defined benefit plans 39C (17) 41
Total Income 59,784 51,586 Income tax relating to items that will not be reclassified subsequently to profit or
loss
EXPENSES
Remeasurements of the net defined benefit plans 9A 4 (10)
Cost of materials consumed 27 19,229 15,869
Items that will be reclassified subsequently to profit or loss
Purchases of Stock-in-Trade 28 11,968 9,274
Fair value of debt instruments through other comprehensive income 18C (1) (1)
Changes in inventories of finished goods, Stock-in-Trade and work-in-progress 29 (53) (19)
Fair value of cash flow hedges through other comprehensive income 18C (21) 85
Employee benefits expense 30 2,665 2,399
Income tax relating to items that will be reclassified subsequently to profit or
Finance costs 31 101 98 loss
Depreciation and amortisation expenses 32 1,030 1,025 Fair value of debt instruments through other comprehensive income 9A 0 0
Other expenses 33 11,703 11,167 Fair value of cash flow hedges through other comprehensive income 9A 9 (0)
Total Expenses 46,643 39,813 Other Comprehensive Income for the year (B) (26) 115
Profit before exceptional items and tax 13,141 11,773 Total Comprehensive Income for the year (A+B) 9,936 8,933
Exceptional items (net) 34 (62) (34) Earnings per equity share
Profit before tax 13,079 11,739 Basic (Face value of ₹1 each) 35 ₹42.40 ₹37.53
Tax expenses Diluted (Face value of ₹1 each) 35 ₹42.40 ₹37.53
Current tax 9A (2,922) (2,778) Basis of preparation, measurement and significant accounting policies 2
Deferred tax charge 9A (195) (143)
Profit for the Year (A) 9,962 8,818 The accompanying notes 1 to 50 are an integral part of these standalone financial statements

[DIN: 06699923] [DIN: 05349994]

[DIN: 00050516]
Ravishankar A.
Group Controller


202 203
Standalone Statement of Changes in Equity

A. EQUITY SHARE CAPITAL Items of Other Comprehensive

Reserves and Surplus Income (OCI)
As at As at
Note 31st March, 2023 31st March, 2022 Employee Debt Cash flow
Capital Stock Options instruments Hedges
Balance as at the beginning of the year 17 235 235 Capital Redemption Securities Outstanding Retained Other through through
Changes in equity share capital due to prior period errors - - Reserve Reserve Premium Account Earnings Reserves OCI OCI Total
Restated balance at the beginning of the year 235 235 As at 1st April, 2022 * 4 6 40,352 - 8,135 9 (1) 20 48,525
Changes in equity share capital during the year 17 - 0 Profit for the year - - - - 9,962 - - - 9,962
Balance as at the end of the year 17 235 235 Other comprehensive - - - - (13) - (1) (12) (26)
income for the year
B. OTHER EQUITY Total comprehensive - - - - 9,949 - (1) (12) 9,936
income for the year
Items of Other Comprehensive
Reserves and Surplus Income (OCI) Hedging loss/(gain) - - - - - - - (14) (14)
Employee Debt Cash flow transferred to non-
Capital Stock Options instruments Hedges financial assets (net)
Capital Redemption Securities Outstanding Retained Other through through
Dividend on equity - - - - (8,459) - - - (8,459)
Reserve Reserve Premium Account Earnings Reserves OCI OCI Total
shares for the year
As at 31st March, 2021 4 6 40,350 5 6,805 9 (0) 20 47,199 (Note: 36)
As at 1st April, 2021 * 4 6 40,350 5 6,805 9 (0) 20 47,199 Deferred Tax on Stamp - - (2) - - - - - (2)
Profit for the year - - - - 8,818 - - - 8,818 duty (Refer note 9A)
Other comprehensive - - - - 31 - (1) 85 115 As at 31st March, 2023 4 6 40,350 - 9,625 9 (2) (6) 49,986
income for the year * There are no changes in other equity due to prior period errors
Total comprehensive - - - - 8,849 - (1) 85 8,933 Refer note 18B for nature and purpose of reserves
income for the year
Hedging loss/(gain) - - - - - - - (85) (85)
The accompanying notes 1 to 50 are an integral part of these standalone financial statements
transferred to non-
financial assets (net)
Dividend on equity - - - - (7,519) - - - (7,519)
shares for the year For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari
(Note: 36) Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Deferred Tax on Stamp - - (2) - - - - - (2) Firm's Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
duty (Refer note 9A) [DIN: 06699923] [DIN: 05349994]
Issue of equity shares - - 4 (4) - - - - -
on exercise of employee
stock options
Equity settled share - - - (1) - - - - (1) Membership No. FCS 3354
based payment credit [DIN: 00050516]
As at 31st March, 2022 4 6 40,352 - 8,135 9 (1) 20 48,525 Ravishankar A.
Group Controller


204 205
Standalone Statement of Cash Flows


31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
A CASH FLOWS FROM OPERATING ACTIVITIES: C CASH FLOWS FROM FINANCING ACTIVITIES:
Profit before tax 13,079 11,739 Dividends paid (8,459) (7,519)
Adjustments for: Principal payment of lease liabilities (431) (388)
Depreciation and amortisation expenses 1,045 1,040 Interest paid on lease liabilities (76) (75)
(Profit) / loss on sale of property, plant and equipment (102) (99) Interest paid other than on lease liabilities - (2)
Contingent consideration true up for business combination (2) (9) Proceeds from share allotment under employee stock options/ performance share - 0
Finance income (425) (207) schemes
Dividend income (118) (131) Net cash flows used in financing activities - [C] (8,966) (7,984)
Other non operating income - Fair value (gain)/loss on investments (97) (55) Net decrease in cash and cash equivalents - [A+B+C] (402) (752)
Interest expense 101 98 Add: Cash and cash equivalents at the beginning of the year 988 1,740
Provision for expenses on employee stock options - (1) Cash and cash equivalents at the end of the year (refer note 13) 586 988
Note: The above Standalone Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, 'Statement of Cash Flows'.
Profit on sale of brand rights (60) (29)
Inventory written off net of Provision/(write back) for Inventory 176 145 The accompanying notes 1 to 50 are an integral part of these standalone financial statements
Bad debts/assets written off net of Provision/(write back) (34) (17)
Transaction cost on acquisition 2 - As per our report of even date attached For and on behalf of Board of Directors
Mark-to-market (gain)/ loss on derivative financial instruments (8) (1) For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari
Cash Generated from operations before working capital changes 13,557 12,473 Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Adjustments for:
[DIN: 06699923] [DIN: 05349994]
(Increase)/decrease in Non-Current Assets (13) 2
(Increase)/decrease in Current Assets (1,099) (257) Aniruddha Godbole Kalpana Morparia Dev Bajpai
(Increase)/decrease in Inventories (332) (737)
Increase/(decrease) in Non-Current Liabilities (115) 92 Membership No. FCS 3354
Increase/(decrease) in Current Liabilities 696 111 [DIN: 00050516]
Cash flows generated from operations 12,694 11,684 Ravishankar A.
Group Controller
Taxes paid (net of refunds) (3,068) (2,720)
Net cash flows generated from operating activities - [A] 9,626 8,964 Mumbai: 27th April, 2023 Mumbai: 27th April, 2023
B CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (1,023) (916)
Sale proceeds of property, plant and equipment 120 146
Purchase of intangible assets (18) (3)
Sale proceeds of intangible assets (brand rights) 60 29
Investment in subsidiary (264) (300)
Transaction cost on acquisition (2) -
Investment in Joint Venture (70) -
Contingent consideration paid on business combination (40) (41)
Purchase of current investments (22,561) (47,928)
Sale proceeds of current investments 23,363 47,173
Loans given to subsidiaries (493) (436)
Loans repaid by subsidiaries 678 284
Loans given to others (1) (4)
Investment in term deposits (having original maturity of more than 3 months) (3,627) (3,619)
Redemption/maturity of term deposits (having original maturity of more than 3 months) 2,425 3,582
Investment in non-current deposits with banks - (1)

Interest received 273 171
Dividend received from subsidiaries 116 130
Dividend received from others 2 1
Net cash flows used in investing activities - [B] (1,062) (1,732)
206 207
Notes
to the standalone financial statements for the year ended 31st March, 2023
NOTE 1 COMPANY INFORMATION All other liabilities are classified as non-current. historical experience and other factors, including 2.4 Recent Accounting Developments
Hindustan Unilever Limited (the ‘Company’) is a public expectations of future events that are believed to be Ministry of Corporate Affairs (MCA), vide notification
Based on the nature of products and the time
limited company domiciled in India with its registered office reasonable. Revisions to accounting estimates are dated 31st March, 2023, has made the following
between acquisition of assets for processing and
located at Unilever House, B.D. Sawant Marg, Chakala, recognised prospectively. am en dm ent s to In d A S which are ef fe c tive
their realisation in cash and cash equivalents, the
Andheri (East), Mumbai 400 099. The Company is listed on Company has ascertained its operating cycle as 12 Information about critical judgements in applying 1st April, 2023:
the BSE Limited and the National Stock Exchange of India months for the purpose of current or non-current accounting policies, as well as estimates and a. Amendments to Ind AS 1, Presentation of Financial
Limited (NSE). The Company is in the Fast moving consumer classification of assets and liabilities. Deferred tax assumptions that have the most significant effect Statements where the companies are now
goods (FMCG) business comprising primarily of Home assets and liabilities are classified as non-current to the carrying amounts of assets and liabilities required to disclose material accounting policies
Care, Beauty & Personal Care and Foods & Refreshment assets and liabilities. within the next financial year, are included in the rather than their significant accounting policies.
segments. The Company has manufacturing facilities following notes:
across the country and sells primarily in India. The standalone financial statements are presented b. Amendments to Ind AS 8, Accounting policies,
in Indian Rupee (INR), the functional currency of the a. Measurement of defined benefit obligations Changes in Accounting Estimates and Errors
NOTE 2 BASIS OF PREPARATION, MEASUREMENT Company. Items included in the standalone financial – Note 39 where the definition of ‘change in account
AND SIGNIFICANT ACCOUNTING POLICIES statements of the Company are recorded using the estimate’ has been replaced by revised definition
b. Measurement and likelihood of occurrence of
currency of the primary economic environment in which of ‘accounting estimate’.
2.1 Basis of Preparation and Measurement provisions and contingencies - Notes 21 and 24
the Company operates (the ‘functional currency’).
(a) Basis of preparation Foreign currency transactions are translated into the c. Recognition of deferred tax assets –Note 9 c. Amendments to Ind AS 12, Income Taxes where
These financial statements have been prepared in functional currency using exchange rates at the date the scope of Initial Recognition Exemption (IRE)
d. Key assumptions used in discounted cash flow has been narrowed down.
accordance with the Indian Accounting Standards of the transaction. Foreign exchange gains and losses
projections - Note 41
(hereinafter referred to as the 'Ind AS') as notified by from settlement of these transactions are recognised Based on preliminary assessment, the Company does
Ministry of Corporate Affairs pursuant to Section 133 in the standalone statement of profit and loss. Foreign e. Impairment of Goodwill and Intangible assets not expect these amendments to have any significant
of the Companies Act, 2013 read with Rule 3 of the currency denominated monetary assets and liabilities - Note 4 impact on its standalone financial statements.
Companies (Indian Accounting Standards) Rules, 2015 are translated into functional currency at exchange
f. Indefinite useful life of certain intangible assets
as amended from time to time. rates in effect at the balance sheet date, the gain or 2.5 Significant Accounting Policies
– Note 4
loss arising from such translations are recognised in
The standalone financial statements have been The significant accounting policies used in preparation
the standalone statement of profit and loss. g. Measurement of Right of Use Asset and Lease
prepared on accrual and going concern basis. of the standalone financial statements have been
liabilities – Note 3 and Note 19
The accounting policies are applied consistently The expenses in standalone statement of profit and included in the relevant notes to the standalone
to all the periods presented in the standalone loss are net of reimbursements (individually not h. Measurement of non-current financial liability on financial statements.
financial statements. material) received from Group Companies. acquisition – Note 20
All assets and liabilities have been classified as The Company has decided to round off the figures to
current or non-current as per the Company’s normal the nearest crores. Transactions and balances with
operating cycle, paragraph 66 and 69 of Ind AS 1 and values below the rounding off norm adopted by the
other criteria as set out in the Division II of Schedule III Company have been reflected as “0” in the relevant
to the Companies Act, 2013. notes to these financial statements.
An asset is treated as current when it is The standalone financial statements of the Company
for the year ended 31st March, 2023 were approved for
a. Expected to be realised or intended to be sold or
issue in accordance with the resolution of the Board of
consumed in normal operating cycle:
Directors on 27th April, 2023.
b. Held primarily for the purpose of trading;
(b) Basis of measurement
c. Expected to be realised within twelve months
after the reporting period; or These financial statements are prepared under the
historical cost convention except for certain class of
d. Cash or cash equivalent unless restricted from financial assets/ liabilities, share based payments
being exchanged or used to settle a liability for at and net liability for defined benefit plans that are
least twelve months after the reporting period. measured at fair value.
All other assets are classified as non-current. The accounting policies adopted are the same as those
A liability is treated as current when which were applied for the previous financial year.
It is expected to be settled in normal operating cycle;

a. 2.2 Key Accounting Estimates and Judgements

b. It is held primarily for the purpose of trading; The preparation of standalone financial statements
requires management to make judgements, estimates
c. It is due to be settled within twelve months after
and assumptions in the application of accounting
the reporting period; or
policies that affect the reported amounts of assets,
d. There is no unconditional right to defer the liabilities, income and expenses. Actual results may
settlement of the liability for at least twelve differ from these estimates. Continuous evaluation
months after the reporting period. is done on the estimation and judgements based on
208 209
Notes
NOTE 3 PROPERTY, PLANT & EQUIPMENT AND CAPITAL WORK-IN-PROGRESS The residual values, useful lives and method of depreciation of property, plant and equipment is reviewed at each
As at As at financial year end and adjusted prospectively, if appropriate.
31st March, 2023 31st March, 2022
Freehold Plant and Furniture Office
Owned Assets 5,080 4,810 land Buildings equipment and fixtures equipment Total
Leased Assets 1,109 1,003 Gross Block
Total Property, plant and equipment 6,189 5,813 Opening balance as at 1st April, 2021 477 1,941 4,711 139 168 7,436
Total Capital work-in-progress 1,020 901 Additions - 81 573 3 11 668
Disposals / Reclassifications (0) (11) (170) (8) (6) (195)
A. Owned Assets
Opening balance as at 1st April, 2022 477 2,011 5,114 134 173 7,909
Property, plant and equipment is stated at acquisition cost net of accumulated depreciation and accumulated
Additions - 194 696 13 10 913
impairment losses, if any. Cost of acquisition or construction of property, plant and equipment comprises its
Disposals / Reclassifications (1) (16) (80) (7) (9) (113)
purchase price including import duties and non-refundable purchase taxes after deducting trade discounts, rebates
and any directly attributable cost of bringing the item to its working condition for its intended use. Balance as at 31st March, 2023 476 2,189 5,730 140 174 8,709
Accumulated Depreciation
Property, plant and equipment acquired in a business combination are recognised at fair value at the acquisition
Opening balance as at 1st April, 2021 - 352 2,089 89 111 2,641
date. When parts of an item of property, plant and equipment having significant cost have different useful lives, then
they are accounted for as separate items (major components) of property, plant and equipment. Additions * - 81 493 10 26 610
Disposals / Reclassifications - (6) (133) (8) (5) (152)
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the standalone Additions * - 86 511 9 18 624
statement of profit and loss during the period in which they are incurred. Disposals / Reclassifications (0) (16) (62) (7) (9) (94)
Balance as at 31st March, 2023 (0) 497 2,898 93 141 3,629
Gains or losses arising on retirement or disposal of property, plant and equipment are recognised in the standalone
statement of profit and loss. Net Block
Balance as at 31st March, 2022 477 1,584 2,665 43 41 4,810
Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as
“Capital work-in-progress".
*Includes ₹15 crores (31st March, 2022 : ₹15 crores) of accelerated depreciation which has been charged to exceptional items under a
Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is restructuring project
classified as capital advances under “Other Non-Current Assets”.
NOTES:
Depreciation is calculated on pro rata basis on straight-line method based on estimated useful life prescribed under
Schedule II of the Companies Act, 2013. Freehold land is not depreciated. (a) Buildings include ₹0 crore (31st March, 2022: ₹0 crore) being the value of shares in co-operative housing societies.
The useful life of major components of Property, Plant and Equipment is as follows: (b) The title deeds of certain freehold land and buildings are in the process of perfection of title. Details of such
freehold land and buildings are as follows:
Asset Useful life*
Factory Buildings 60 Years Details as on 31st March, 2023

Plant and equipment 3-21 Years Whether title deed holder Reason for not
Gross is a promoter, director being held in
General Furniture and fixtures 10 Years
Description of item carrying Title deeds or relative/ employee of Property held since the name of the
Office equipment (including Computers) 3-5 Years of property value held in the name of promoter/ director which date Company
* In case of certain class of assets, the Company uses different useful life than those prescribed in Schedule II of the Companies Act, 2013. Building 34 HMM Limited No 1st April, 2020 Pending litigation
The useful life has been assessed based on technical evaluation, taking into account the nature of the asset and the estimated usage basis
Building 1 Lakme Lever Pvt. Ltd. No 1st April, 1996 Pending litigation
management’s best judgement of economic benefits from those classes of assets. The exception are as under:
Building 0 Indexport Limited No 24th December, 1999 Pending litigation
a) Plant and equipment is depreciated over 3 to 21 years Freehold land 0 TATA Oil Mills No 25th September, 2004 Pending litigation
Company Limited
b) Assets costing ₹5,000 or less are fully depreciated in the year of purchase
35
c) Accelerated Depreciation is charged in case of assets forming part of a restructuring project basis planned
remaining useful life of assets. Details as on 31st March, 2022
Whether title deed holder Reason for not
Gross is a promoter, director being held in
Description of item carrying Title deeds or relative/ employee of Property held since the name of the

of property value held in the name of promoter/ director which date Company
Building 34 HMM Limited No 1st April, 2020 Pending litigation

Building 1 Lakme Lever Pvt. Ltd. No 1st April, 1996 Pending litigation
Building 1 Ghansham Makhija No 23rd January, 1981 Pending litigation
Building 0 Indexport Limited No 24th December, 1999 Pending litigation
Freehold land 0 TATA Oil Mills No 25th September, 2004 Pending litigation
Company Limited
36
210 211
Notes
(c) The Property, Plant and Equipment in 3A includes assets given on lease as follows: Plant, equipment
Land & Building and others* Total
Plant and Furniture and Office
Gross Block
Building equipment fixtures equipment Total
Opening balance as at 1st April, 2021 445 983 1,428
Gross Block as at 31st March, 2022 0 110 0 0 110
Additions # 287 163 450
Accumulated Depreciation as at 31st March, 2022 (0) (64) (0) (0) (64)
Deletions (181) (133) (314)
Net Block as at 31st March, 2022 0 46 0 0 46
Opening balance as at 1st April, 2022 551 1,013 1,564
Gross Block as at 31st March, 2023 2 169 0 0 171
Additions # 242 273 515
Accumulated Depreciation as at 31st March, 2023 (0) (82) (0) (0) (82)
Deletions (171) (97) (268)
Net Block as at 31st March, 2023 2 87 0 0 89
Balance as at 31st March, 2023 622 1,189 1,811
The lease payments received under operating leases amounting to ₹20 crores (FY 2021-22: ₹15 crores) are recognised Accumulated Depreciation
as other income in the standalone statement of profit and loss.
Opening balance as at 1st April, 2021 147 290 437
(d) The Company has not revalued any of its property, plant and equipment. Additions 211 194 405
Deletions (164) (117) (281)
B Leased Assets Opening balance as at 1st April, 2022 194 367 561
The Company's lease asset classes primarily consist of leases for Land & Buildings, Plant & Equipment, Furniture & Additions 208 190 398
Fixtures and Office equipment. The Company assesses whether a contract is or contains a lease, at the inception of a
Deletions (166) (91) (257)
contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for
Balance as at 31st March, 2023 236 466 702
a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether: Net Block
Balance as at 31st March, 2022 357 646 1,003
(i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period * Others include Furniture and fixtures & office equipments
of the lease and
# includes addition of ₹44 crores for the year ended 31st March, 2023 (31st March, 2022: ₹92 crores) pertaining to prior period with
(iii) the Company has the right to direct the use of the asset. corresponding impact taken in lease liabilities.
The right-of-use asset is a lessee's right to use an asset over the life of a lease. At the date of commencement (a) The Company incurred ₹49 crores for the year ended 31st March, 2023 (31st March, 2022: ₹65 crores)
of the lease, the Company recognises a right-of-use asset and a corresponding lease liability for all lease towards expenses relating to short-term leases and leases of low-value assets. The total cash outflow for
arrangements in which it is a lessee, except for short-term leases and leases of low value assets. For these, the leases is ₹556 crores for the year ended 31st March, 2023 (31st March, 2022: ₹527 crores), including cash
Company recognises the lease payments as an operating expense. outflow of short-term leases and leases of low-value assets. Interest on lease liabilities is ₹76 crores for the
year ended 31st March, 2023 (31st March, 2022: ₹75 crores).
The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct (b) The Company's leases mainly comprise of land and buildings, plant, equipment, furniture and fixtures and
costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and office equipments. The Company leases land and buildings for manufacturing and warehouse facilities.
impairment losses, if any. Right-of-use assets are depreciated from the commencement date on a straight-line
(c) The title deeds of certain Leasehold Land and Building are in the process of perfection of title. Details of
basis over the shorter of the lease term and useful life of the underlying asset.
such leasehold land and building are as follows:
The lease liability is initially measured at the present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental Details as on 31st March, 2023
borrowing rates. The lease liability is subsequently remeasured by increasing the carrying amount to reflect
Whether title deed holder
interest on the lease liability and reducing the carrying amount to reflect the lease payments made. Gross is a promoter, director Reason for not being
Description of carrying Title deeds or relative/ employee of Property held since held in the name of
A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or item of property value held in the name of promoter/ director which date the Company
a change in an index or rate used to determine lease payments. The remeasurement normally also adjusts Leasehold Land 13 Trent Limited No 1st December, 1998 Pending application
the leased assets.
Leasehold Land 0 TATA Oil Mills No 28th December, 1994 Pending litigation
Lease Liability has been separately presented in the Balance Sheet and lease payments have been classified as Company Limited
financing cash flows. 13
Details as on 31st March, 2022

Whether title deed holder
Gross is a promoter, director Reason for not being

Description of carrying Title deeds or relative/ employee of Property held since held in the name of
item of property value held in the name of promoter/ director which date the Company
Leasehold Land 13 Trent Limited No 1st December, 1998 Pending application

Leasehold Land 0 TATA Oil Mills No 28th December, 1994 Pending litigation
Company Limited
13
(d) Lease commitments and Lease liability : Refer Note 24 B and Note 19 respectively.
(e) The Company has not revalued any of its right-of-use assets.
212 213
Notes
C
Capital work-in-progress Details of capital-work-in progress whose completion is overdue as compared to its original plan as at 31st March, 2022
Capital work-in-progress comprises of property, plant and equipment that are not ready for their intended use at the To be completed in
end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
attributable costs and borrowing costs.
Under Progress (A) 340 20 1 2 363
Temporarily suspended projects do not include those projects where temporary suspension is a necessary part of Project at Kolkata Factory 71 - - - 71
the process of getting an asset ready for its intended use. Project at Assam Factory 47 - - - 47
Opening Balance as at 1st April, 2021 623 Project at Rajahmundry Factory 24 - - - 24
Additions 949 Project at Khamgaon Factory 20 - - - 20
Capitalisations (671) Others* 178 20 1 2 201
Opening balance as at 1st April, 2022 901 Temporarily Suspended (B) 9 2 - - 11
Additions 1,050 Others* 9 2 - - 11
Capitalisations (931) Total (A+B) 349 22 1 2 374
Balance as at 31st March, 2023 1,020 *Others comprise of various projects with individually immaterial values.
Details of capital-work-in-progress which has exceeded its cost compared to its original plan as at 31st March, 2022
Ageing of CWIP as on 31st March, 2023
There were no material projects which have exceeded their original plan cost as at 31st March, 2022
Amount in CWIP for a period of
For contractual commitment with respect to property, plant and equipment refer Note 24 B(ii).
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Projects in Progress 658 267 50 36 1011 NOTE 4 GOODWILL AND OTHER INTANGIBLE ASSETS
Projects temporarily suspended - 2 4 3 9 Intangible assets purchased are initially measured at cost.
Total 658 269 54 39 1020
The cost of an intangible asset comprises its purchase price including duties and taxes and any costs directly attributable
to making the asset ready for their intended use.
Amount
Projects which have exceeded their original timeline 293 Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date
Projects which have exceeded their original budget 21 of acquisition.
Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Subsequently,
Details of capital-work-in progress whose completion is overdue as compared to its original plan as at 31st March, 2023 intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
To be completed in
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total to which it relates. All other expenditure is recognised in standalone statement of profit or loss as incurred.
Under Progress (A) 287 1 1 - 289
The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortised
Nutrition technology advancement project 44 - - - 44 on a straight-line basis over the period of their estimated useful lives. Estimated useful lives by major class of finite-life
Project at Rajahmundry Factory 21 - - - 21 intangible assets are as follows:
Project at Assam Factory 20 - - - 20
Design and Know-how - 10 years
Others* 202 1 1 - 204
Temporarily Suspended (B) 0 4 - - 4 Computer software - 5 years
Others* 0 4 - - 4 Trademarks - 5 years

Total (A+B) 287 5 1 - 293
Distribution network - 15 years
*Others comprise of various projects with individually immaterial values.
The amortisation period and the amortisation method for finite-life intangible assets is reviewed at each financial year

Details of capital-work-in progress which has exceeded its cost compared to its original plan as at 31st March, 2023 end and adjusted prospectively, if appropriate. Indefinite-life intangible assets comprises of trademarks and brands,
There were no material projects which have exceeded their original plan cost as at 31st March, 2023. for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These
are considered to have an indefinite life, given the strength and durability of the brands and the level of marketing
Ageing of CWIP as on 31st March, 2022 support. For indefinite-life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it
continues, if not, it is impaired or changed prospectively basis revised estimates.
Amount in CWIP for a period of
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total Goodwill is initially recognised based on the accounting policy for business combinations and is tested for
Projects in Progress 559 243 55 30 887 impairment annually.

Projects temporarily suspended 0 4 5 5 14
Total 559 247 60 35 901
Amount
Projects which have exceeded their original timeline 374

Projects which have exceeded their original budget 2
214 215
Notes
Other intangible assets Significant Cash Generating Units (CGUs)

Indefinite The Company has identified its reportable segments, i.e. Home Care, Beauty & Personal Care, Foods & Refreshment and
life
Others as the CGUs. The goodwill and indefinite-life intangible assets acquired through business combinations have been
intangible
assets Finite Life Intangible assets allocated to CGU 'Beauty & Personal Care' and 'Foods & Refreshment'. The carrying amount of goodwill and indefinite-life
Brands/ Brands/ Knowhow Computer
intangible assets is as under:
Goodwill Trademarks Trademarks and Design Software Others* Total
As at 31st March, 2023 As at 31st March, 2022
Gross Block
Beauty & Foods & Beauty & Foods &
Opening balance as at 1st April, 2021 17,316 27,782 18 65 40 107 28,012 Personal Care Refreshment Personal Care Refreshment
Additions - - - - 3 - 3 Goodwill 15 17,301 15 17,301
Disposals - - - - (5) - (5) Indefinite life intangible assets 572 27,210 572 27,210
Opening balance as at 1st April, 2022 17,316 27,782 18 65 38 107 28,010 Total 587 44,511 587 44,511
Additions - - - - 18 - 18
The recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of
Disposals - - - - (0) - (0)
projected future cash flows.
Balance as at 31st March, 2023 17,316 27,782 18 65 56 107 28,028
Accumulated Amortisation and Following key assumptions were considered while performing Impairment testing
Impairment
Opening balance as at 1st April, 2021 - - 12 33 27 15 87
Beauty & Foods & Beauty & Foods &
Additions - - 3 7 6 9 25 Personal Care Refreshment Personal Care Refreshment
Disposals - - - - (7) - (7) Average Annual Growth rate for 5 years 8.0% 9.5% 8.0% 9.5%
Opening balance as at 1st April, 2022 - - 15 40 26 24 105 Terminal Growth rate* 5.0% 5.0% 5.0% 5.0%
Additions - - 3 7 4 9 23 Weighted Average Cost of Capital % (WACC) post tax 10.9% 10.9% 9.1% 9.1%
Disposals - - - - (0) - (0) (Discount rate)
Balance as at 31st March, 2023 - - 18 47 30 33 128 Segmental margins 25.6% 17.9% 27.5% 18.6%
Net Block * linearly declining terminal growth rate for the first ten years and at 5% thereafter
Balance as at 31st March, 2022 17,316 27,782 3 25 12 83 27,905 The projections cover a period of five years, as the Company believes this to be the most appropriate timescale over which
Balance as at 31st March, 2023 17,316 27,782 0 18 26 74 27,900 to review and consider annual performances before applying a terminal value multiple to the final year cash flows. The
growth rates and segmental margins used to estimate cash flows for the first five years are based on past performance,
*Others include Customer Relationship, Distribution network, etc.
and on the Company’s five-year strategic plan.
The Company has not revalued any of its intangible assets.
Weighted Average Cost of Capital % (WACC) for the Company = Risk free return + (Market risk premium x Beta).
Impairment The Company has performed sensitivity analysis and has concluded that there are no reasonably possible changes to key
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that a non-financial assumptions that would cause the carrying amount of a CGU to exceed its recoverable amount.
asset may be impaired. Indefinite life intangible assets and goodwill are subject to review for impairment annually or
more frequently if events or circumstances indicate that it is necessary. For the purpose of assessing impairment, the NOTE 5 INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the Investments in Subsidiaries, Associates and Joint Venture are carried at cost less accumulated impairment losses,
cash inflows from other assets or groups of assets is considered as a cash generating unit. Goodwill acquired in a business if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down
combination is, from the acquisition date, allocated to each of the Company's cash generating units that are expected immediately to its recoverable amount. On disposal of investments in subsidiaries, associates and joint venture, the
to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are difference between net disposal proceeds and the carrying amounts are recognised in the standalone statement of
assigned to those units. profit and loss.
If any indication of impairment exists, an estimate of the recoverable amount of the individual asset/cash generating
unit is made. Asset/cash generating unit whose carrying value exceeds their recoverable amount are written down to the
recoverable amount by recognising the impairment loss as an expense in the standalone statement of profit and loss.
The impairment loss is allocated first to reduce the carrying amount of goodwill (if any) allocated to the cash generating
unit and then to the other assets of the unit, pro rata based on the carrying amount of each asset in the unit. Recoverable
amount is higher of an asset's or cash generating unit's value in use and its fair value less cost of disposal. Value in use
is estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and from
its disposal at the end of its useful life discounted to their present value using a post-tax discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate
valuation model is used.
Assessment is also done at each Balance Sheet date as to whether there is any indication that an impairment loss
recognised for an asset in prior accounting periods may no longer exist or may have decreased. Basis the assessment a
reversal of an impairment loss for an asset other than goodwill is recognised in the standalone statement of profit and loss.
No impairment was identified in FY 2022-23 (FY 2021-22: Nil).
216 217
Notes
As at As at Information About Subsidiaries and Joint Ventures

Proportion (%) of equity interest
Investment in Subsidiaries
Country of As at As at
Quoted Name of the company incorporation Principal activities 31st March, 2023 31st March, 2022
7,36,560 equity shares [31st March, 2022: 7,36,560] of Nepalese ₹100 each 5 5 Subsidiaries
held in Unilever Nepal Limited
Unilever India Exports Limited India FMCG export business 100 100
Unquoted
Lakme Lever Private Limited India (i) Beauty salons 100 100
29,75,000 equity shares [31st March, 2022: 29,75,000 ] of ₹10 each held in 73 73
Unilever India Exports Limited (ii) Job work business
3,59,07,547 equity shares [31st March, 2022: 3,59,07,547] of ₹10 each held in 172 172 Unilever India Limited India FMCG business 100 100
Lakme Lever Private Limited Zywie Ventures Private Limited India FMCG business 53.34# -
3,60,00,00,000 equity shares [31st March, 2022: 3,60,00,00,000] of ₹1 each 360 360 Unilever Nepal Limited Nepal FMCG business 80 80
held in Unilever India Limited
Pond's Export Limited India Leather products business (discontinued 90* 90*
Investment in Zywie Ventures Private Limited: - operations)
i) 1,06,215 equity shares of ₹10 each [31st March, 2022: nil] 209 Jamnagar Properties Private India Real estate company 100 100
ii) 27,085 compulsorily convertible preference shares of ₹100 each [31st 55 Limited
March, 2022: nil] Daverashola Estates Private India Real estate company 100 100
iii) Deemed cost pertaining to financial liability on acquisition [31st 37 301 Limited
March, 2022: nil] Levindra Trust Limited India Discharge trust business as a trustee 100 100
1,79,10,132 equity shares [31st March, 2022: 1,79,10,132 ] of ₹1 each held in - - Hindlever Trust Limited India Discharge trust business as a trustee 100 100
Pond's Export Limited
Levers Associated Trust Limited India Discharge trust business as a trustee 100 100
[net of impairment in value of ₹3 crores (31st March, 2022: ₹3 crores)]
Hindustan Unilever Foundation India Not-for-profit company in the field of 76* 76*
50,00,000 equity shares [31st March, 2022: 50,00,000] of ₹10 each held in - -
community development initiatives
Jamnagar Properties Private Limited
[net of impairment in value of ₹5 crores (31st March, 2022: ₹5 crores)] Bhavishya Alliance C h i l d India Not-for-profit company that works in the 100 100
Nutrition Initiatives area of social development issues
2,21,700 equity shares [31st March, 2022: 2,21,700 ] of ₹10 each held in - -
Daverashola Estates Private Limited *Hindustan Unilever Limited (the Company) indirectly holds remaining percentage of the Equity Share Capital through one of its 100% subsidiary
[net of impairment in value of ₹4 crores (31st March, 2022: ₹4 crores)] (Unilever India Exports Limited).
50,000 equity shares [31st March, 2022: 50,000] of ₹10 each held in Levindra 0 0 The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read
with Companies (Restriction on number of Layers) Rules, 2017.
Trust Limited
50,000 equity shares [31st March, 2022: 50,000] of ₹10 each held in Hindlever 0 0
#
On a fully diluted basis 51%
Trust Limited
50,000 equity shares [31st March, 2022: 50,000] of ₹10 each held in Levers 0 0
Associated Trust Limited
Name of the company incorporation Principal activities 31st March, 2023 31st March, 2022
7,600 equity shares [31st March, 2022: 7,600] of ₹10 each held in Hindustan 0 0
Joint Venture
Unilever Foundation
Nutritionalab Private Limited India FMCG business 21.51# -
10,000 equity shares [31st March, 2022: 10,000] of ₹10 each held in 0 0
Bhavishya Alliance Child Nutrition Initiatives The Company has acquired substantive rights to jointly decide on relevant activities of the business and hence the
Total 911 610 arrangement has been treated as a 'Joint Venture'.
Investment in Joint Venture #
On a fully diluted basis 19.8%
Investment in Nutritionalab Private Limited:

i) 7,256 equity shares of ₹10 each [31st March, 2022: nil] 12 NOTE 6 INVESTMENTS
ii) 36,480 compulsorily convertible preference shares of ₹100 each [31st 58 70 - Refer note 37 for accounting policy on financial instruments.
March, 2022: nil]
As at As at
Total 70 - 31st March, 2023 31st March, 2022
Grand Total 981 610 NON-CURRENT INVESTMENTS
Aggregate amount of quoted investments 5 5 A. Equity instruments
Aggregate Market value of quoted investments 994 879 Fair value through profit and loss
Aggregate amount of unquoted investments 976 605 Quoted 0 0

Aggregate amount of impairment in value of investments 12 12 Unquoted 1 1
Total (A) 1 1
Investment in Associate
The Company holds 24% of equity holdings in Comfund Consulting Limited and 26% equity and preference capital holding
in Aquagel Chemicals (Bhavnagar) Private Limited. The Company does not exercise significant influence or control on
decisions of the investees. Hence, they are not being construed as associate companies. These investments are included
in "Note 6 - Investments" in the standalone financial statements.
Refer note 43 for details of investments during the year.
218 219
Notes
As at As at 2) There are no loans or advances in the nature of loans granted to promoters, Directors, KMPs and their related parties
31st March, 2023 31st March, 2022 (as defined under Companies Act, 2013), either severally or jointly with any other person, that are:
B. Other instruments
(a) repayable on demand; or
Amortised cost
Unquoted (b) without specifying any terms or period of repayment
Investment in debentures and bonds 0 0 3) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
Investment in National Savings Certificates 0 0 sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
Fair value through profit and loss (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not
Unquoted
received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether,
Investment in preference shares 1 1
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate
Total (B) 1 1 Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Total Non-Current Investments (A+B) 2 2
Refer Note 43 for details on non-current investments. NOTE 8 OTHER FINANCIAL ASSETS
CURRENT INVESTMENTS (Unsecured, considered good unless otherwise stated)
C. Other instruments
Indemnification Asset
Fair value through other comprehensive income
Initial recognition
Quoted
Indemnification asset is recognised at fair value at the time when the seller contractually agrees to indemnify, in whole
Investments in treasury bills 1,014 2,023
or in part, for a particular uncertainty. It is initially measured on the same basis as defined in the agreement, subject to
Fair value through profit and loss collectability.
Quoted
Investments in mutual funds 1,797 1,487 Subsequent measurement
Total Current Investments (C) 2,811 3,510 As at each reporting period, the Company re-assesses the indemnification asset that was recognised initially on the same
Total (A+B+C) 2,813 3,512 basis as defined in the contract subject to collectability of such asset. The Company derecognises the indemnification
Aggregate amount of quoted investments 2,811 3,510 asset only when it collects the asset, sells it or otherwise loses the right to it.
Aggregate Market value of quoted investments 2,811 3,510 Refer note 37 for accounting policy on financial instruments.
Aggregate amount of unquoted investments 2 2
As at As at
Aggregate amount of impairment in value of investments 0 0 31st March, 2023 31st March, 2022
Refer Note 37 for information about fair value measurement and Note 38 for credit risk and market risk of investments. Non-Current
Security deposits 101 98
NOTE 7 LOANS Investments in term deposits (with remaining maturity of more than twelve months) 1 1
(Unsecured, considered good unless otherwise stated) Indemnification Asset 608 608
Refer note 37 for accounting policy on financial instruments. Other assets (includes other receivables etc.) 5 13
Total (A) 715 720
As at As at
31st March, 2023 31st March, 2022 Current
Non-Current Security deposits 63 52
Loans to related parties (Refer Note 44) 247 432 Receivables from group companies 195 169
Others (including employee loans) 92 109 Fair Value of Derivatives 15 52
Total (A) 339 541 Consignment Receivables 278 226
Current Other assets (includes Government grants, other receivables, etc.) 840 571
Others (including employee loans) 35 34 Total (B) 1,391 1,070
Total (B) 35 34 Total (A+B) 2,106 1,790
Total (A+B) 374 575 Refer Note 44 for information about receivables from related party.
Sub-classification of Loans:
Refer Note 38 for information about credit risk and market risk for other financial assets.
Loans Receivables considered good- Secured 6 4

Loans Receivables considered good- Unsecured 368 571 NOTE 9 INCOME TAXES
Loans Receivables which have significant increase in Credit Risk - - Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the standalone statement of
Loans Receivables - credit impaired - - profit and loss except to the extent it relates to a business combination or to an item which is recognised directly in equity
or in other comprehensive income.
Refer Note 38 for information about credit risk and market risk for loans.
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates
1) In line with Circular No 04/2015 issued by Ministry of Corporate Affairs dated 10/03/2015, loans given to employees for the relevant period, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any,
as per the Company’s policy are not considered for the purposes of disclosure under Section 186(4) of the related to income tax are included in finance cost and other expenses respectively. Interest Income, if any, related to
Companies Act, 2013. income tax is included in other income.
220 221
Notes
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for B. Reconciliation of Effective Tax Rate
financial reporting purposes and the corresponding amounts used for taxation purposes. The reconciliation between the statutory income tax rate applicable to the Company and the effective income tax
A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount rate of the Company is as follows:
of assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred Year ended Year ended
tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which
the asset can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no Statutory income tax rate applicable for the year 25.2% 25.2%
longer probable that the related tax benefit will be realised. Differences due to:
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised Expenses not deductible for tax purposes 1.1% 1.0%
amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax Income exempt from income tax -0.3% -0.3%
liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities; and Others* -2.2% -1.0%
the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. Effective tax rate 23.8% 24.9%
* Others include prior period tax refunds and tax on exceptional items.
Uncertain Tax position:
C. Movement in Deferred Tax Assets and Liabilities
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes provisions where appropriate. The provision is estimated based Credit/ Credit /
(charge) in (charge)
on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible
As at the Statement in Other Credit/ As at
outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of 31st March, of Profit and Comprehensive (charge) in 31st March,
the uncertainty. Movements during the year ended 31st March, 2023 2022 Loss Income Equity 2023
Deferred tax assets/(liabilities)

A. Components of Income Tax Expense Provision for post retirement benefits and other 49 10 0 0 59
I. Tax expense recognised in Profit and Loss employee benefits
Provision for doubtful debts and advances 27 (9) - - 18
Year ended Year ended
31st March, 2023 31st March, 2022 Expenses allowable for tax purposes when paid 170 (42) 4 - 132
Current Tax Property, plant and equipment and Intangible (6,776) (129) - - (6,905)
Current year 3,214 2,896 assets
Adjustments/(credits) related to previous years - (net) (292) (118) Fair value gain/(loss) (17) (4) 9 - (12)
Total (A) 2,922 2,778 Impact of Right of Use Asset and Lease Liabilities 5 (16) - - (11)
Deferred Tax Charge Other temporary differences 401 (5) - (2) 394
Origination and reversal of temporary differences 190 143 Total (6,141) (195) 13 (2) (6,325)
Adjustments/(credits) related to previous years - (net) 5 -

Credit/ Credit /
Total (B) 195 143 (charge) in (charge)
Total (A+B) 3,117 2,921 As at the Statement in Other Credit/ As at
31st March, of Profit and Comprehensive (charge) in 31st March,
Movements during the year ended 31st March, 2022 2021 Loss Income Equity 2022
II. Tax expense recognised in Other Comprehensive Income Deferred tax assets/(liabilities)
Year ended Year ended Provision for post retirement benefits and other 37 22 (10) - 49
31st March, 2023 31st March, 2022 employee benefits
Deferred Tax Provision for doubtful debts and advances 31 (4) - - 27
(Gain)/loss on remeasurement of net defined benefit plans (4) 10 Expenses allowable for tax purposes when paid 186 (14) - (2) 170
(Gain)/loss on debt instruments through other comprehensive income (0) (0) Property, plant and equipment and Intangible (6,622) (154) - - (6,776)
(Gain)/loss on cash flow hedges through other comprehensive income (9) 0 assets
(13) 10 Fair value gain/(loss) (19) 2 0 - (17)
Impact of Right of Use Asset and Lease Liabilities 1 4 - - 5
III. Tax expense recognised in Equity Other temporary differences 400 1 - - 401
Year ended Year ended Total (5,986) (143) (10) (2) (6,141)
Deferred Tax D. Tax Assets and Liabilities

Stamp Duty on issue of equity shares on account of business combination 2 2

As at As at
2 2 31st March, 2023 31st March, 2022
Non-current tax assets (net of tax provision) 1,115 1,107

Non-current tax liabilities (net of tax assets) 1,076 1,324
E. Disclosure in Relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly,
there are no transaction which are not recorded in the books of accounts.
222 223
Notes
NOTE 10 OTHER NON-CURRENT ASSETS As at As at

As at As at
31st March, 2023 31st March, 2022 Trade Receivables considered good- Secured - -
Capital advances 26 38 Trade Receivables considered good- Unsecured 2,760 1,955
Advances other than Capital advances Less: Allowance for expected credit loss (25) (23)
Deposit with Government Authorities (Customs, GST, etc.) 167 133 Trade Receivables which have significant increase in credit risk - -
Other advances (includes advances for materials) 15 13 Trade Receivables - credit impaired 38 74
Less: Allowance for bad and doubtful advances (9) (9) Less: Allowance for credit impairment (38) (74)
Total 199 175 Total 2,735 1,932
The movement in allowance for bad and doubtful advances is as follows: The movement in change in allowance for expected credit loss and credit impairment
Balance as at beginning of the year 9 17 Balance as at beginning of the year 97 107
Change in allowance for bad and doubtful advances during the year - (7) Change in allowance for expected credit loss and credit impairment during the year (34) (10)
Written off / (Written back) during the year (0) (1) Trade receivables written off during the year 0 0
Balance as at the end of the year 9 9 Balance as at the end of the year 63 97
The Company has not given any advances to Directors or other Officers of the Company or any of them either severally or Refer note 38 for information about credit risk and market risk of trade receivables.
jointly with any other persons or advances to firms or private companies respectively in which any Director is a Partner or
Refer note 44 for information about receivables from related party.
a Director or a Member.
Ageing for trade receivables from the due date of payment for each of the category as at 31st March, 2023 is as follows:
NOTE 11 INVENTORIES
Outstanding for following periods from due date of payment
Inventories are valued at the lower of cost and net realisable value. Cost is computed on a weighted average basis.
Less than 6 months - More than
Cost of raw materials and stores and spares includes cost of purchase and other costs incurred in bringing the inventories Not due 6 months 1 year 1-2 years 2-3 years 3 years Total
to their present location and condition. The aforesaid items are valued at net realisable value if the finished products in Undisputed trade receivables considered 2,207 194 154 164 25 16 2,760
which they are to be incorporated are expected to be sold at a loss. good
Undisputed trade receivables which have - - - - - - -
Cost of finished goods and work-in-progress include all costs of purchases, conversion costs and other costs incurred in
significant increase in credit risk
bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in
Undisputed trade receivables - credit - 1 0 2 7 2 12
the ordinary course of business less the estimated costs of completion and estimated costs necessary to make the sale.
impaired
As at As at Disputed trade receivables considered good - - - - - - -
Disputed trade receivables which have - - - - - - -
Raw materials [includes in transit: ₹0 crore (31st March, 2022: ₹73 crores)] 1,758 1,691 significant increase in credit risk
Packing materials 112 104 Disputed trade receivables - credit impaired - - 1 - 9 16 26
Work-in-progress 391 409 Total (A) 2,207 195 155 166 41 34 2,798
Finished goods [includes in transit: ₹48 crores (31st March, 2022: ₹34 crores)] (Refer note (a) 1,651 1,580 Allowance for expected credit loss 25
below)
Allowance for credit impairment 38
Stores and spares 119 106
Total (B) 63
Total 4,031 3,890
Total [(A)- (B)] 2,735
(a) Finished goods includes good purchased for re-sale, as both are stocked together. Ageing for trade receivables from the due date of payment for each of the category as at 31st March, 2022 is as follows:
(b) During FY 2022-23, an amount of ₹176 crores (31st March, 2022: ₹145 crores) was charged to the standalone
statement of profit and loss on account of damaged and slow moving inventory.
Less than 6 months - More than
Not due 6 months 1 year 1-2 years 2-3 years 3 years Total
NOTE 12 TRADE RECEIVABLES
Undisputed trade receivables considered 1,658 194 63 24 8 8 1,955
(Unsecured unless otherwise stated) good
Trade receivables are initially recognised at transaction price as they do not contain a significant financing component. Undisputed trade receivables which have - - - - - - -
This implies that the effective interest rate for these receivables is zero. Subsequently, the Company applies lifetime significant increase in credit risk
expected credit loss model for measurement of trade receivables. Undisputed trade receivables - credit 0 2 1 41 0 14 58
impaired

Disputed trade receivables considered good - - - - - - -
Disputed trade receivables which have - - - - - - -
Disputed trade receivables - credit impaired - - - 9 0 7 16
Total (A) 1,658 196 64 74 8 29 2,029
Allowance for expected credit loss 23
Total (B) 97
Total [(A)- (B)] 1,932
224 225
Notes
There are no unbilled receivables as at 31st March, 2023 and 31st March, 2022. NOTE 17 EQUITY SHARE CAPITAL
There are no debts due by Directors or other Officers of the Company or any of them either severally or jointly with any other As at As at
person or debts due by firms or private companies respectively in which any Director is a Partner or a Director or a Member.
Authorised
NOTE 13 CASH AND CASH EQUIVALENTS 2,85,00,00,000 (31st March, 2022: 2,85,00,00,000) equity shares of ₹1 each 285 285
Cash and cash equivalents are cash, balances with bank and short-term (three months or less from the date of Issued, subscribed and fully paid up
placement), highly liquid investments that are readily convertible into cash and which are subject to an insignificant risk 2,34,95,91,262 (31st March, 2022: 2,34,95,91,262) equity shares of ₹1 each 235 235
of changes in value. Total 235 235
As at As at
31st March, 2023 31st March, 2022 a) Reconciliation of the number of shares
Cash on hand 0 0 As at 31st March, 2023 As at 31st March, 2022
Balances with Banks Number of shares Amount Number of shares Amount
In current accounts 18 29 Equity Shares
Term deposits with original maturity of less than three months 473 753 Balance as at the beginning of the year 2,34,95,91,262 235 2,34,95,67,819 235
Other Cash equivalents Add: ESOP shares issued during the year (Refer - - 23,443 0
Treasury bills with original maturity of less than three months - 50 note 40)
Overnight Mutual Funds 95 156 Balance as at the end of the year 2,34,95,91,262 235 2,34,95,91,262 235
Total 586 988

b) Rights, preferences and restrictions attached to shares
NOTE 14 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS Equity shares: The Company has one class of equity shares having a par value of ₹1 per share. Each shareholder

is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive
As at As at
31st March, 2023 31st March, 2022 the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their
Earmarked balances with banks
shareholding. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend.
Unpaid dividend 222 218
Investments in term deposits (with original maturity of more than three months but less than 3,614 2,412 c) Shares held by Holding Company and Subsidiaries of Holding Company in aggregate
twelve months)
As at As at
Total 3,836 2,630
Equity Shares of ₹1 each

NOTE 15 OTHER CURRENT ASSETS
1,11,43,70,148 shares (31st March, 2022: 1,11,43,70,148) held by Unilever PLC, UK, the 111 111
(Unsecured, considered good unless otherwise stated)
Holding Company
As at As at 3,40,042,710 shares (31st March, 2022: 3,40,042,710) held by subsidiaries of the Holding 34 34
31st March, 2023 31st March, 2022 Company
Advances other than Capital advances
Input taxes (GST, etc.) 205 175 d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares
Other advances (includes prepaid expenses etc.) 407 405 in the Company
Total 612 580 As at As at
There are no advances to directors or other officers of the Company or any of them either severally or jointly with any other
Unilever PLC, UK, the Holding Company
persons or advances to firms or private companies respectively in which any director is a partner or a director or a member.
Number of shares 1,11,43,70,148 1,11,43,70,148
NOTE 16 ASSETS HELD FOR SALE % of holding 47.4% 47.4%
Non-current assets or disposal groups comprising of assets and liabilities are classified as 'held for sale' when all the
following criteria are met: (i) decision has been made to sell, (ii) the assets are available for immediate sale in its present e) Details of shareholdings by the Promoter's of the Company
condition, (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within
12 months of the Balance Sheet date.
S. Number of % of total Number of % of total % Change in
Subsequently, such non-current assets and disposal groups classified as 'held for sale' are measured at the lower of its no Promoter Name shares shares shares shares the year
carrying value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised. 1 UNILEVER PLC 1,11,43,70,148 47.4% 1,11,43,70,148 47.4% -

2 UNILEVER GROUP LIMITED* 10,67,39,460 4.5% 10,67,39,460 4.5% -
As at As at
31st March, 2023 31st March, 2022 3 UNILEVER OVERSEAS HOLDINGS AG 6,87,84,320 2.9% 6,87,84,320 2.9% -
Groups of assets held for sale 4 UNILEVER UK&CN HOLDINGS LIMITED 6,00,86,250 2.6% 6,00,86,250 2.6% -
Land 2 2 5 UNILEVER SOUTH INDIA ESTATES LIMITED* 5,27,47,200 2.2% 5,27,47,200 2.2% -
Buildings 10 11 6 UNILEVER ASSAM ESTATES LIMITED* 3,28,20,480 1.4% 3,28,20,480 1.4% -
Furniture and fixtures 0 0 7 UNILEVER OVERSEAS HOLDINGS B V 1,88,65,000 0.8% 1,88,65,000 0.8% -
12 13 Total Promoters shares outstanding 1,45,44,12,858 61.9% 1,45,44,12,858 61.9% -
Total HUL shares outstanding 2,34,95,91,262 2,34,95,91,262
226 227
Notes
As at 31st March, 2022 As at 31st March, 2021 B. Nature and purpose of reserves
S. Number of % of total Number of % of total % Change in (a) Capital Reserve: During amalgamation, the excess of net assets acquired, over the cost of consideration paid is
no Promoter Name shares shares shares shares the year
treated as capital reserve.
1 UNILEVER PLC 1,11,43,70,148 47.4% 1,11,43,70,148 47.4% -
As at As at
2 BROOKE BOND GROUP LIMITED* 10,67,39,460 4.5% 10,67,39,460 4.5% - 31st March, 2023 31st March, 2022
3 UNILEVER OVERSEAS HOLDINGS AG 6,87,84,320 2.9% 6,87,84,320 2.9% - Balance at the beginning of the year 4 4
4 UNILEVER UK&CN HOLDINGS LIMITED 6,00,86,250 2.6% 6,00,86,250 2.6% - Add: Additions during the year - -
5 BROOKE BOND SOUTH INDIA ESTATES 5,27,47,200 2.2% 5,27,47,200 2.2% - Less: Utilisation during the year - -
LIMITED*
Balance at the end of the year 4 4
6 BROOKE BOND ASSAM ESTATES LIMITED* 3,28,20,480 1.4% 3,28,20,480 1.4% -
7 UNILEVER OVERSEAS HOLDINGS B V 1,88,65,000 0.8% 1,88,65,000 0.8% - (b) Capital Redemption Reserve: The Company has recognised Capital Redemption Reserve on buyback of equity
Total Promoters shares outstanding 1,45,44,12,858 61.9% 1,45,44,12,858 61.9% - shares from its retained earnings. The amount in Capital Redemption Reserve is equal to nominal amount of the
Total HUL shares outstanding 2,34,95,91,262 2,34,95,67,819 equity shares bought back.
*As intimated to Stock Exchanges vide our letters dated 27th June, 2022 and 4th July, 2022 the names of three of our promoter entities have been changed As at As at
f) Shares reserved for issue under options Balance at the beginning of the year 6 6
As at 31st March, 2023 As at 31st March, 2022 Add: Additions during the year - -
Number of shares Amount Number of shares Amount Less: Utilisation during the year - -
Under 2012 HUL Performance Share Scheme: - - - - Balance at the end of the year 6 6
equity shares of ₹1 each, at an exercise price of ₹1
per share (refer note 40)
(c) Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities
- - -* -* Premium. In case of equity-settled share based payment transactions, the difference between fair value on grant
For terms and other details Refer note 40. date and nominal value of share is accounted as securities premium. In case of business combinations, the difference
*Shares outstanding as on 1st April, 2021 have been fully issued / settled as on 31st March, 2022 between fair value and nominal value of shares issued on the acquisition date is accounted as securities premium.
g) Aggregate value of Issued, Subscribed and Paid-up Share Capital as on the Balance Sheet As at As at
date for the period of preceding five years includes:
Balance at the beginning of the year 40,352 40,350
i. 18,46,23,812 (31st March, 2022:18,46,23,812) Equity shares of ₹1 each allotted as fully paid-up pursuant to HUL-
Add: Deferred Tax on Stamp duty (2) (2)
GSKCH merger without payment being received in cash (Refer Note 41).
Add: Issue of equity shares on exercise of employee stock options - 4
ii. 438,673 (31st March, 2022: 6,17,811) Equity shares allotted under the Employee stock option plan/ performance Balance at the end of the year 40,350 40,352
share schemes as consideration for services rendered by employees for which only exercise price has been
received in cash.
(d) Employee Stock Options Outstanding Account: The fair value of the equity-settled share based payment
transactions is recognised in standalone statement of profit and loss with corresponding credit to Employee Stock
NOTE 18 OTHER EQUITY
Options Outstanding Account.
Refer Standalone Statement of Changes in Equity for detailed movement in Other Equity balance
As at As at
A. Summary of Other Equity balance
Balance at the beginning of the year - 5
As at As at
Less: Issue of equity shares on exercise of employee stock options - (4)
Less: Equity settled share based payment credit - (1)
Capital Reserve 4 4
Balance at the end of the year - -
Capital Redemption Reserve 6 6
Securities Premium 40,350 40,352
(e) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to
Retained Earnings 9,625 8,135
general reserve, dividends or other distributions paid to shareholders.
Other Reserves 9 9
Remeasurements of Net Defined Benefit Plans: Differences between the interest income on plan assets and the

Items of Other Comprehensive Income return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or
- Fair value of Cash flow hedges through OCI (6) 20 experience adjustments within the plans, are recognised in other comprehensive income and are adjusted to retained
- Fair value of Debt instruments through OCI (2) (1) earnings.

Total Other Equity 49,986 48,525 As at As at

Add: Profit for the year 9,962 8,818
Add: Other comprehensive income for the year (Remeasurement of Net Defined Benefit (13) 31
Plans)*
Less: Dividend on equity shares during the year (8,459) (7,519)
Balance at the end of the year 9,625 8,135
*Movement in Remeasurement of Net Defined Benefit Plans
228 229
Notes
As at As at NOTE 19 LEASE LIABILITIES

Lease liability is initially measured at the present value of future lease payments. Lease payments are discounted using
Balance at the beginning of the year - - the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liability
Add: Gain/ (loss) on remeasurement of net defined benefit plans, net of tax (13) 31 is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability and reducing the
Less: Transfer to retained earnings 13 (31) carrying amount to reflect the lease payments made.
Balance at the end of the year - - A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an
index or rate used to determine lease payments. The remeasurement normally also adjusts the leased assets.
(f) Other Reserves: The Company has recognised Other Reserves on amalgamation of Brooke Bond Lipton India Limited
as per statutory requirements. This reserve is not available for capitalisation/ declaration of dividend/ share buy-back. As at As at
Further, it also includes capital subsidy.
NON - CURRENT
As at As at
31st March, 2023 31st March, 2022 Lease liabilities payable beyond 12 months 746 686
Balance at the beginning of the year 9 9 CURRENT
Add: Additions during the year - - Lease liabilities payable within 12 months 293 285
Less: Utilisation during the year - - Total 1,039 971
Balance at the end of the year 9 9 The movement in Lease liabilities (Non-current and Current) is as follows:
Balance as at beginning of the year 971 943
(g) Items of Other Comprehensive Income: Add: Addition 518 440
i) Fair value of cash flow hedges through Other Comprehensive Income: The effective portion of the fair value Add: Accretion of interest 76 75
change of the cash flow hedges measured at fair value through other comprehensive income is recognised in Less: Payments (507) (463)
Cash flow hedges through Other Comprehensive Income. Upon derecognition, if the hedged cash flow relates Less: Others (including foreclosure) (19) (24)
to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value
Closing balance as at 31st March 1,039 971
of that asset. For other cash flow hedges, amounts accumulated in other comprehensive income are taken to
the standalone statement of profit and loss at the same time as the related cash flow.
NOTE 20 OTHER FINANCIAL LIABILITIES
ii) Debt Instruments through Other Comprehensive Income: The fair value change of the debt instruments Refer note 37 for accounting policy on financial instruments
measured at fair value through other comprehensive income is recognised in Debt instruments through Other
Comprehensive Income. Upon derecognition, the cumulative fair value changes on the said instruments are As at As at
reclassified to the standalone statement of profit and loss.
NON-CURRENT
C. Other Comprehensive Income accumulated in Other Equity, net of tax Security deposits 22 22
The disaggregation of changes in other comprehensive income by each type of reserve in equity is shown below: Employee and ex-employee related liabilities 414 301
Contingent consideration payable on business combination - 6
Cash flow hedges Debt instruments Financial liability on acquisition 37 -
through Other through Other
Comprehensive Comprehensive
Other payables and advances 22 -
Income Income Total Total (A) 495 329
As at 1st April, 2021 20 (0) 20 CURRENT
Fair value of debt instruments through other comprehensive income - (1) (1) Unpaid dividends [Refer (a) below] 222 218
Fair Value of cash flow hedges through other comprehensive income 85 - 85 Salaries, wages, bonus and other employee payable 250 252
Hedging loss/(gain) transferred to non-financial asset (net) (85) - (85) Fair Value of Derivatives 6 4
Tax on above (0) 0 0 Contingent consideration payable on business combination 4 40
As at 1st April, 2022 20 (1) 19 Consignment Payables 285 259
Fair value of debt instruments through other comprehensive income - (1) (1) Other payables (including trade deposits, retention money for purchase of property, plant & 62 50
Fair Value of cash flow hedges through other comprehensive income (21) - (21) equipment, etc.) [Refer (b) below]
Hedging loss/(gain) transferred to non-financial asset (net) (14) - (14) Total (B) 829 823
Tax on above 9 0 9 Total (A+B) 1,324 1,152
As at 31st March, 2023 (6) (2) (8) Refer note 38 for information about liquidity risk of other financial liability.

a) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the
D. Capital Management
Companies Act, 2013 as 31st March, 2023 (31st March, 2022: Nil).
Equity share capital and other equity are considered for the purpose of Company's capital management.
b) Includes ₹7 crores of Corporate Social Responsibility (CSR) expense related to ongoing projects as at 31st March,
The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise 2023 (31st March, 2022: ₹28 crores). The same was transferred to a special account designated as “Unspent Corporate
returns to shareholders. The capital structure of the Company is based on management’s judgement of its strategic Social Responsibility Account for the Financial Year 22-23” (“UCSRA – FY 2022-23”) of the Company within 30 days
and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence. from end of financial year. Refer note 33 for more information about Corporate Social Responsibility expense.
The management and the Board of Directors monitors the return on capital as well as the level of dividends
to shareholders. The Company may take appropriate steps in order to maintain, or if necessary adjust, its
capital structure.
Refer note 45 for information on ratios.
230 231
Notes
NOTE 21 PROVISIONS a) Disclosure as required by Micro, Small and Medium Enterprises Development Act, 2006
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, As at As at
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and 31st March, 2023 31st March, 2022
a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the A(i). Principal amount remaining unpaid 89 56
expenditure required to settle the present obligation at the Balance Sheet date. A(ii). Interest amount remaining unpaid - -
If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current B. Interest paid by the Company in terms of Section 16 of the Micro, Small and Medium 0 0
pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the obligation. Enterprises Development Act, 2006, along with the amount of the payment made
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. to the supplier beyond the appointed day
C. Interest due and payable for the period of delay in making payment (which have - -
As at As at been paid but beyond the appointed day during the period) but without adding
31st March, 2023 31st March, 2022 interest specified under the Micro, Small and Medium Enterprises Act, 2006
NON-CURRENT D. Interest accrued and remaining unpaid 0 -
Provision for employee benefits (pension, provident fund, post medical retirement benefits, 345 351 E. Interest remaining due and payable even in the succeeding years, until such date - -
etc.) [Refer Note 39] when the interest dues as above are actually paid to the small enterprises
Other provisions (including for statutory levies) - net [Refer (a) below] 990 1,202
Note: Identification of micro and small enterprises is basis intimation received from vendors
Total (A) 1,335 1,553
CURRENT Ageing for trade payables from the due date of payment for each of the category as at 31st March,
Provision for employee benefits (gratuity and compensated absences) [Refer Note 39] 44 43 2023 is as follows:
Other provisions (including restructuring) [Refer (a) below] 335 291 Outstanding for following periods from due date of payment
Total (B) 379 334 Less than More than
Total (A+B) 1,714 1,887 Not due 1 year 1-2 years 2-3 years 3 years Total
Undisputed dues- MSME 89 0 - - - 89
a) Movement in Other provisions (Non-current and current) Undisputed dues - Others 9,093 209 - - - 9,302
Disputed dues - MSME - - - - - -
Indirect Tax Legal and
related Other Matters # Total
Disputed dues - Others - - - - - -
Total 9,182 209 - - - 9,391
Add: Provision/reclassified during the year 15 76 91
Ageing for trade payables from the due date of payment for each of the category as at 31st March,
Less: Amount utilised/reversed/reclassified during the year (90) (238) (328) 2022 is as follows:
Add: Provision/reclassified during the year 18 101 119
Less than More than
Less: Amount utilised/reversed/reclassified during the year (200) (87) (287) Not due 1 year 1-2 years 2-3 years 3 years Total
Balance as at 31st March, 2023 548 777 1,325 Undisputed dues- MSME 56 - - - - 56
#
including restructuring provisions, etc. Undisputed dues - Others 8,633 175 - - - 8,808
Disputed dues - MSME - - - - - -
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer
Disputed dues - Others - - - - - -
probable that the outflow of resources would be required to settle the obligation, the provision is reversed.
Total 8,689 175 - - - 8,864
The provisions for indirect taxes and legal matters comprises of numerous separate cases that arise in the ordinary
course of business. These provisions have not been discounted as it is not practicable for the Company to estimate NOTE 23 OTHER CURRENT LIABILITIES
the timing of the provision utilisation and cash outflows, if any, pending resolution.
As at As at
The Company does not expect any reimbursements in respect of the above provisions. 31st March, 2023 31st March, 2022
Statutory dues (including provident fund, tax deducted at source and others) 649 525
NOTE 22 TRADE PAYABLES Others (including advance from customers etc.) 86 113
Refer note 37 for accounting policy on financial instruments. Total 735 638
As at
31st March, 2023
As at
31st March, 2022
NOTE 24 CONTINGENT LIABILITIES AND COMMITMENTS
Total outstanding dues of micro enterprises and small enterprises [Refer (a) below] 89 56
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
Total outstanding dues of creditors other than micro enterprises and small enterprises

control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
Acceptances 93 116 of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
Trade payables 9,209 8,692
Total 9,391 8,864 A. CONTINGENT LIABILITIES
Refer note 38 for information about liquidity risk and market risk related to trade payables. As at As at
Claims against the Company not acknowledged as debts
Income tax matters 1,586 1,248
Indirect Tax matters 710 792
Legal and Other Matters 281 281
232 233
Notes
(i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above The Company has received approval under the Production Linked Incentive Scheme of the Government of India for
pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions specific product categories. Incentive under the scheme is subject to meeting certain committed investments and
pending with various forums/authorities. defined incremental sales threshold. Such grants are recognised as other operating revenue when there is a reasonable
assurance that the Company will comply with all necessary conditions attached to the grant.
(ii) The Company does not expect any reimbursements in respect of the above contingent liabilities.
Income from such grants is recognised on a systematic basis over the periods to which they relate.
(iii) The Company’s pending litigations comprise of claims against the Company by employees and pertaining to
proceedings pending with various direct tax, indirect tax and other authorities. The Company has reviewed Year ended Year ended
all its pending litigations and proceedings and has adequately provided for where provisions are required 31st March, 2023 31st March, 2022
or disclosed as contingent liabilities where applicable, in its standalone financial statements. The Company Sale of products 58,154 50,336
does not expect the outcome of these proceedings to have a materially adverse effect on its standalone Other operating revenue*
financial statements.
Income from services rendered 347 281
Commission income on consignment sales 333 315
B. COMMITMENTS
Government grants (GST budgetary support and Production linked incentives) 170 140
i) Lease commitments
Others (including scrap sales, rentals, etc) 140 121
Lease commitments are the future cash out flows from the lease contracts which are not recorded in the
Total 59,144 51,193
measurement of lease liabilities. These include potential future payments related to leases of low value assets
and leases with term less than twelve months.
Reconciliation of Revenue from sale of products with the contracted price
As at As at
31st March, 2023 31st March, 2022 Year ended Year ended
Not later than one year 69 67
Contracted Price 65,271 56,076
Later than one year and not later than five years 57 66
Less: Trade discounts, volume rebates, etc. (7,117) (5,740)
Later than five years - -
Sale of products 58,154 50,336
ii) Capital commitments * There is no material adjustment made to contract price for revenue recognised as other operating revenue
As at As at Segment-wise Revenue from operations

31st March, 2023 31st March, 2022 The Company has following major segments:-
Estimated value of contracts in capital account remaining to be executed and not 434 360 (a) Home Care includes Fabric Solutions, Home and Hygiene, etc
provided for (net of capital advances) (b) Beauty & Personal Care includes Skin Cleansing, Skin Care, Hair Care, etc
(c) Foods & Refreshment includes Tea, Health Food Drinks, Coffee, etc
NOTE 25 REVENUE FROM OPERATIONS (d) Others includes Exports, Consignment, etc.
Sale of products: Year ended Year ended
Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer and 31st March, 2023 31st March, 2022
when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are fulfilled at the Home Care 21,230 16,578
time of dispatch, delivery or upon formal customer acceptance depending on terms with customers. Beauty & Personal Care 21,831 19,460
Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any Foods & Refreshment 14,876 14,105
taxes or duties collected on behalf of the Government such as Goods and Services Tax, etc. Accumulated experience is Others (includes Exports, Consignment, etc.) 1,207 1,050
used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly Total 59,144 51,193
probable a significant reversal will not occur.
Our customers have the contractual right to return goods only when authorised by the Company. An estimate is NOTE 26 OTHER INCOME
made of goods that will be returned and a liability is recognised for this amount using a best estimate based on Interest income is recognised using the effective interest rate (EIR) method. Dividend income on investments is recognised
accumulated experience. when the right to receive dividend is established. Refer Note 37 on financial instruments for policy on measurement at fair
value through profit or loss.
Income from services rendered:
Income from services rendered is recognised based on agreements/arrangements with the customers as the service is 31st March, 2023 31st March, 2022
performed and there are no unfulfilled obligations. Interest income on
Bank deposits 162 95
Commission income on consignment sales:
Current investments 126 80
Commission income on consignment sales (Consignment selling agency fees) is charged for rendering of services and for

Others (including interest on Income tax refunds) 137 32
the use of the Company's sales and distribution network. Such revenue is recognised in the accounting period in which the
services are rendered in accordance with the agreement with the parties. Dividend income from
Subsidiaries 116 130
Government grants: Non-current investments 2 1
The Company is entitled to 'Scheme of budgetary support' under Goods and Service Tax Regime in respect of eligible Other non-operating income
manufacturing units located in specified regions. Such grants are measured as amount receivable from the Government Fair value gain on investments measured at fair value through profit or loss* 97 55
and are recognised as other operating revenue when there is a reasonable assurance that the Company will comply with Total 640 393
all necessary conditions attached to that.
*Includes realised gain on sale of investment of ₹91 crores (31st March, 2022 : ₹52 crores).
234 235
Notes
NOTE 27 COST OF MATERIALS CONSUMED the liability discount rate to the net defined benefit liability or asset is charged or credited to 'Finance costs' in the
Refer note 11 for accounting policy on Inventories standalone statement of profit and loss. Any differences between the expected interest income on plan assets and the
return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or
experience adjustments within the plans, are recognised immediately in 'Other comprehensive income' and subsequently
31st March, 2023 31st March, 2022 not reclassified to the standalone statement of profit and loss.
Raw materials consumed 16,074 13,124 The defined benefit plan surplus or deficit on the Balance Sheet date comprises fair value of plan assets less the present
Packing materials consumed 3,155 2,745 value of the defined benefit liabilities using a discount rate by reference to market yields on Government bonds at the end
Total 19,229 15,869 of the reporting period.
All defined benefit plans obligations are determined based on valuations, as at the Balance Sheet date, made by
NOTE 28 PURCHASES OF STOCK-IN-TRADE independent actuary using the projected unit credit method. The classification of the Company's net obligation into
Refer note 11 for accounting policy on Inventories current and non-current is as per the actuarial valuation report.
Year ended
31st March, 2023
Year ended
31st March, 2022
Termination benefits
Purchases of stock-in-trade 11,968 9,274
Termination benefits, in the nature of voluntary retirement benefits or termination benefits arising from restructuring, are
recognised in the standalone statement of profit and loss. The Company recognises termination benefits at the earlier of
Total 11,968 9,274
the following dates:
NOTE 29 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN- (a) when the Company can no longer withdraw the offer of those benefits; or
PROGRESS (b) when the Company recognises costs for a restructuring that is within the scope of Ind AS 37: Provisions, Contingent
Refer note 11 for accounting policy on Inventories Liabilities and Contingent Assets and involves the payment of termination benefits.
Year ended Year ended Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Opening inventories Share-Based Payments

Finished goods 1,580 1,542 Employees of the Company receive remuneration in the form of share-based payments in consideration of the services
Work-in-progress 409 428 rendered. Under the equity settled share based payment, the fair value on the grant date of the awards given to employees
Closing inventories is recognised as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. The fair
value of the options at the grant date is calculated by an independent valuer basis Black Scholes model. At the end of
Finished goods (1,651) (1,580)
each reporting period, apart from the non-market vesting condition, the expense is reviewed and adjusted to reflect
Work-in-progress (391) (409) changes to the level of options expected to vest. When the options are exercised, the Company issues fresh equity shares.
Total (53) (19)
For cash-settled share-based payments, the fair value of the amount payable is recognised as ‘employee benefit
expenses’ with a corresponding increase in liabilities, over the period of non-market vesting conditions getting fulfilled.
NOTE 30 EMPLOYEE BENEFITS EXPENSE
The liability is remeasured at each reporting period up to, and including the settlement date, with changes in fair value
Short-Term Employee Benefits recognised in employee benefits expenses. Refer Note 40 for details.
Short-term employee benefits including salaries and performance incentives, are charged to standalone statement of
profit and loss on an undiscounted, accrual basis during the period of employment.
Salaries and wages 2,137 1,883

Defined contribution plans
Contribution to provident and other funds 153 162
Contributions to defined contribution schemes such as employees' state insurance, labour welfare fund, superannuation
scheme, employee pension scheme etc. are charged as an expense based on the amount of contribution required to Defined benefit plan expense (Refer note 39) 42 91
be made as and when services are rendered by the employees. Company's provident fund contribution, in respect of Share based payments to employees (Refer note 40) 156 101
certain employees, is made to a Government administered fund and charged as an expense to the standalone statement Staff welfare expenses 177 162
of profit and loss. The above benefits are classified as Defined Contribution Schemes as the Company has no further Total 2,665 2,399
defined obligations beyond the monthly contributions.
NOTE 31 FINANCE COSTS
Defined benefit plans
Finance costs includes costs in relation to pensions and similar obligations, interest on lease liabilities which represents
In respect of certain employees, provident fund contributions are made to trusts administered by the Company. The the unwind of the discount rate applied to lease liabilities and also include interest costs in relation to financial liabilities.
interest rate payable to the members of the trust shall not be lower than the statutory rate of interest declared by the
Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, Year ended Year ended
shall be made good by the Company.

Interest expense on bank overdraft, security deposit and others 0 2
The liability in respect of the shortfall of interest earnings of the Fund is determined on the basis of an actuarial valuation.
Net interest on the net defined benefit liability (Refer Note 39) 16 15
The Company also provides for retirement/post-retirement benefits in the form of gratuity, pensions (in respect of
certain employees), compensated absences (in respect of certain employees) and medical benefits (in respect of certain Unwinding of discount on provisions and liabilities 1 3
employees) including to the employees of group companies. Unwinding of discount on employee and ex-employee related liabilities 8 3
Interest on lease liabilities 76 75
For defined benefit plans, the amount recognised as 'Employee benefit expenses' in the standalone statement of profit
Others (including interest on taxes) - -
and loss is the cost of defined benefit obligation resulting from employee service in the current period ('current service
cost') and the costs of individual events such as changes in past service benefits and settlements (such events are Total 101 98
recognised immediately in the statement of profit and loss). The amount of net interest expense calculated by applying
236 237
Notes
NOTE 32 DEPRECIATION AND AMORTISATION EXPENSES VII. Nature of CSR activities include promoting education, including special education and employment enhancing
Refer note 3 and 4 for accounting policy on depreciation and amortisation cost vocation skills, ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal
welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water, rural
Year ended Year ended development projects and disaster management, including relief, rehabilitation and reconstruction activities.
Depreciation on property, plant and equipment (owned assets)* 609 595

VIII. Above includes a contribution of ₹15 crores (2021-22: ₹11 crores) to subsidiary Hindustan Unilever Foundation
which is a Section 8 registered Company under Companies Act, 2013. The objectives of Hindustan Unilever
Depreciation on property, plant and equipment (leased assets) 398 405
Foundation includes working in areas of social, economic and environmental issues such as water harvesting,
Amortisation on intangible assets 23 25 health and hygiene awareness, women empowerment and enhancing capabilities of the underprivileged
Total 1,030 1,025 segments of society to meet emerging opportunities thus improving their livelihood.
*In addition to the above, ₹15 crores (31st March, 2022: ₹15 crores) of accelerated depreciation has been charged to exceptional items under a
restructuring project.
IX. Above includes ₹7 crores of Corporate Social Responsibility (CSR) expense related to ongoing projects as at
31st March, 2023 (31st March, 2022: ₹28 crores). The same was transferred to a special account designated as
NOTE 33 OTHER EXPENSES “Unspent Corporate Social Responsibility Account for the Financial Year 22-23” (“UCSRA – FY 2022-23”) of the
Company within 30 days from end of financial year.
X. The Company does not wish to carry forward any excess amount spent during the year.
Advertising and promotion 4,859 4,718
XI. The Company does not carry any provisions for Corporate social responsibility expenses for current year
Carriage and freight 1,901 1,801
and previous year.
Royalty
- Technology 760 652 NOTE 34 EXCEPTIONAL ITEMS (NET)
- Brand 230 990 187 839
Fees for central services from Parent Company 601 497 31st March, 2023 31st March, 2022
Processing charges 349 395 i) Profit on disposal of surplus properties 113 140
Power, fuel, light and water 325 277 ii) Fair valuation of contingent consideration payable (refer note 41) 2 9
Rent 80 79 iii) Profit on sale of brand rights 60 29
Travelling and motor car expenses 238 107 Total exceptional income (A) 175 178
Repairs 201 189 i) Acquisition and disposal related costs (117) (86)
Corporate social responsibility expense [Refer note (a) below] 209 186 ii) Restructuring and other costs (120) (126)
Miscellaneous expenses 1,950 2,079 Total exceptional expenditure (B) (237) (212)
Total 11,703 11,167 Exceptional items (net) (A+B) (62) (34)
Year ended Year ended NOTE 35 EARNINGS PER EQUITY SHARE

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of
Miscellaneous expenses include: the Company by the weighted average number of equity shares outstanding during the period. The weighted average
Payments to the auditors for: number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus
Statutory audit fees 2 2 shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding,
Tax audit fees 1 1 without a corresponding change in resources.
Others For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders
Fees for other audit related services 2 2 and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive
Fees for certification 0 0 potential equity shares.
Reimbursement of out-of-pocket expenses 0 0
Total 5 5 31st March, 2023 31st March, 2022
Earnings Per Share has been computed as under:

(a) The details of Corporate Social Responsibility as prescribed under section 135 of the Companies Profit for the year 9,962 8,818
Act, 2013 is as follows: Weighted average number of equity shares outstanding during the year 2,34,95,91,262 2,34,95,87,637
I. Unspent CSR amount for FY 2021-22: ₹28 crores (utilised: ₹28 crores, balance to be utilised ₹0 crores). Earnings Per Share (₹) - Basic (Face value of ₹1 per share) ₹42.40 ₹37.53
Year ended Year ended Add: Weighted average number of potential equity shares on account of employee stock - 3,625
31st March, 2023 31st March, 2022 options/performance share schemes *

II. Amount required to be spent by the company during the year 205 185 Weighted average number of Equity shares (including dilutive shares) outstanding during the 2,34,95,91,262 2,34,95,91,262
year
III. Amount spent during the year on:
Earnings Per Share (₹) - Diluted (Face value of ₹1 per share) ₹42.40 ₹37.53
i) Construction/ acquisition of any asset - -
* Pertains to ESOP shares vested during the year, no outstanding share options as at 31st March, 2023 and 31st March, 2022.
ii) For purposes other than (i) above 209 186
IV. Shortfall at the end of the year - -
V. Total of previous years shortfall - -
VI. Reason for shortfall Not Applicable Not Applicable
238 239
Notes
NOTE 36 DIVIDEND ON EQUITY SHARE The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity
instrument is recognised in ‘other income’ in the standalone statement of profit and loss unless the Company has
31st March, 2023 31st March, 2022 elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument
Dividend on equity shares declared and paid during the year
measured at FVOCI are recognised in OCI. Amounts recognised in OCI are not subsequently reclassified to
the standalone statement of profit and loss. Dividend income on the investments in equity instruments are
Final dividend of ₹19.00 per share for FY 2021-22 (2020-21: ₹17.00 per share) 4,464 3,994
recognised as ‘other income’ in the standalone statement of profit and loss.
Interim dividend of ₹17.00 per share for FY 2022-23 (2021-22: ₹15.00 per share) 3,995 3,525
8,459 7,519 (c) Derivative Financial Instruments:
Proposed dividend on equity shares not recognised as liability The Company uses derivative financial instruments to hedge its foreign currency and commodity risks.
Final dividend of ₹22 per share for FY 2022-23 (2021-22: ₹19.00 per share) 5,169 4,464 Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
5,169 4,464 subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent
Payout ratio 92% 91% changes in fair value depends on their use as explained below:
Proposed dividend on equity shares is subject to the approval of the shareholders of the Company at the Annual General (i) Cash flow hedges:
Meeting and not recognised as liability as at the Balance Sheet date.
Derivatives are held to hedge the uncertainty in timing or amount of future forecast cash flows. Such
derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and
NOTE 37 FINANCIAL INSTRUMENTS
losses from changes in the fair value of derivatives are recognised in other comprehensive income. Any
I. Financial Assets: ineffective elements of the hedge are recognised in the standalone statement of profit and loss.
Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument.
If the hedged cash flow relates to a non-financial asset, the amount accumulated in other comprehensive
On initial recognition, a financial asset is recognised at fair value. income is subsequently included within the carrying value of that asset. For other cash flow hedges,
amounts accumulated in other comprehensive income are taken to the standalone statement of profit
The subsequent measurement of a financial asset depends on the classification of the asset on the basis of business
and loss at the same time as the related cash flow.
model for managing such assets and the contractual cash flow characteristics of such asset. These classifications are:
When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity
- amortised cost
until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to
- fair value through profit and loss (FVTPL) the standalone statement of profit and loss. If the hedged cash flow is no longer expected to occur, the
cumulative gain or loss is taken to the standalone statement of profit and loss immediately.
- fair value through other comprehensive income (FVOCI).
Financial assets are not reclassified subsequent to their recognition, except during the period the Company changes (ii) Derivatives for which hedge accounting is not applied
its business model for managing financial assets. Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity
In case of financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction cost is exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with
recognised in the standalone statement of profit and loss. In other cases, the transaction cost is attributed to the changes being recognised in the statement of profit and loss.
acquisition value of the financial asset.
Derecognition
(a) Debt Instruments: The Company derecognises a financial asset when the contractual rights to the cash flows from the
(i) Measured at amortised cost: financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset or has
assumed an obligation to pay the received cash flows to one or more recipient.
Financial assets that give rise to cash flows on specified dates that are solely the payments of principal
and interest; and the financial asset is held within a business model whose objective is solely to collect Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially
those cash flows, then the financial asset is classified and measured at amortised cost. all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised.
Where the entity has not transferred substantially all risks and rewards of ownership of the financial
These are measured by applying the effective interest rate method. The effective interest rate method
asset, the financial asset is not derecognised. Where the entity has neither transferred a financial asset
allocates interest income over the relevant period by applying the effective interest rate (that is the interest
nor retained substantially all risks and rewards of ownership of the financial asset, the financial asset
rate that exactly discounts expected future cash flows to the gross carrying amount of the asset)."
is derecognised if the Company has not retained control of the financial asset. Where the Company
retains control of the financial asset, the asset is continued to be recognised to the extent of continuing
(ii) Measured at fair value through other comprehensive income (FVOCI):
involvement in the financial asset.
Financial assets that are held within a business model whose objective is achieved by both, selling
financial assets and collecting contractual cash flows that are solely payments of principal and interest, Offsetting financial instruments
are subsequently measured at fair value through other comprehensive income. Fair value movements are
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet, if
recognised in the other comprehensive income (OCI). Interest income measured using the EIR method and
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
impairment losses, if any are recognised in the standalone statement of profit and loss. On derecognition,
settle them on a net basis or to realise the assets and settle the liabilities simultaneously.

cumulative gain or loss previously recognised in OCI is reclassified from the equity to ‘other income’ in the
standalone statement of profit and loss.
Impairment of Financial Asset
(iii) Measured at fair value through profit or loss (FVTPL): The Company applies expected credit loss (ECL) model for measurement and recognition of loss allowance
on the following:
A financial asset not classified as either amortised cost or FVOCI, is classified as FVTPL. Such financial
assets are measured at fair value with all changes in fair value, including interest income and dividend i. Trade receivables
income if any, recognised in ‘other income’ in the standalone statement of profit and loss.
ii. Financial assets measured at amortised cost (other than trade receivables)
(b) Equity Instruments:

All investments in equity instruments classified under financial assets are initially measured at fair value, the
Company may, on initial recognition, irrevocably elect to measure the same either at FVOCI or FVTPL.
240 241
Notes
In case of trade receivables, the Company follows a simplified approach wherein an amount equal to Carrying value/ Fair value
lifetime ECL is measured and recognised as loss allowance. As at As at
Note 31st March, 2023 31st March, 2022
Financial assets classified as amortised cost (listed as ii above), subsequent to initial recognition, are
assessed for evidence of impairment at end of each reporting period basis monitoring of whether there Security deposits 8 164 150
has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, Investments in term deposits 8,14 3,615 2,413
the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of Indemnification Asset 8 608 608
default as at the date of initial recognition. It considers available reasonable and supportive forwarding- Other assets 8 845 584
looking information. 8,434 7,894
If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is Financial Liabilities
measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount Financial Liabilities measured at fair value
equal to lifetime ECL is measured and recognised as loss allowance. Fair Value of Derivatives 20 6 4
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant Contingent consideration payable on business combination 20 4 46
increase in credit risk since initial recognition, the Company reverts to recognising impairment loss Financial liability on acquisition 20 37 -
allowance based on 12-month ECL. Financial liabilities measured at amortised cost
ECL allowance recognised (or reversed) during the period is recognised as expense (or income) in the Lease Liabilities 19 1,039 971
standalone statement of profit and loss under the head ‘Other expenses’. Security deposits 20 22 22
Employee Liabilities 20 664 553
Write - off
Other payables 20 84 50
The gross carrying amount of a financial asset is written off when the Company has no reasonable 1,856 1,646
expectations of recovering the financial asset in its entirety or a portion thereof. A write-off constitutes a
derecognition event. The Company has disclosed financial instruments such as cash and cash equivalents, other bank balances,
trade receivables, receivables from group companies, consignment receivables, trade payables, consignment
II. Financial Liabilities: payables and unpaid dividends at carrying value because their carrying amounts are a reasonable
Initial recognition and measurement approximation of the fair values due to their short term nature.
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
B. Income, Expenses, Gains or Losses on Financial Instruments
instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are
classified as fair value through profit and loss. In case of trade payables, they are initially recognised at fair value Interest income and expenses, gains or losses recognised on financial assets and liabilities in the Standalone
and subsequently, these liabilities are held at amortised cost, using the effective interest rate method. Statement of Profit and Loss are as follows:

Subsequent measurement Note 31st March, 2023 31st March, 2022
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at Financial assets measured at amortised cost
fair value through profit or loss are measured at fair value with all changes in fair value recognised in the standalone Interest income 26 299 115
statement of profit and loss.
Allowance for expected credit loss and credit impairment 12 (34) (10)
Financial assets measured at fair value through other comprehensive
Derecognition
income
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
Investment in debt instruments
The difference between the carrying value of the financial liability and the consideration paid is recognised in
Interest income 26 126 80
standalone statement of profit and loss.
Fair value gain/(loss) recognised in other comprehensive income 18C (1) (1)
A. Accounting Classifications and Fair Values Financial assets measured at fair value through profit or loss
The carrying amounts and fair values of financial instruments by class are as follows: Fair value gain/(loss) on investment in debt instruments 26 97 55
Dividend income on non-current investment 26 2 1
Carrying value/ Fair value
Financial liabilities measured at amortised cost
As at As at
Note 31st March, 2023 31st March, 2022 Interest expense 31 0 2
Financial Assets Interest on lease liabilities 31 76 75
Financial assets measured at fair value Interest expense other than on lease liabilities 31 9 6
Investments measured at Financial liabilities measured at fair value


i. Fair value through other comprehensive income 6 1,014 2,023 Fair valuation of contingent consideration payable 34 2 9
ii. Fair value through profit and loss 6 1,799 1,489 Derivatives - foreign exchange forward contracts and cash flow hedges
Fair Value of Derivatives 8 15 52 Fair value gain/(loss) 27,33 51 63
Financial assets measured at amortised cost

Investments 6 0 0
Loans 7 374 575
242 243
Notes
C. Fair Value Hierarchy Other financial assets and liabilities

The fair value of financial instruments as referred to in note (A) above have been classified into three categories Cash and cash equivalents, trade receivables, investments in term deposits, other financial assets (except
depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted derivative financial instruments), consignment receivable, trade payables, consignment payable and other
prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to financial liabilities (except derivative financial instruments) have fair values that approximate to their carrying
unobservable inputs (Level 3 measurements). amounts due to their short-term nature.
The categories used are as follows:
Significant unobservable inputs used in level 2 and level 3 fair values
• Level 1: Quoted prices for identical instruments in an active market;
As at 31st March, Significant Sensitivity of input to fair value
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and 2023 Valuation techniques unobservable inputs measurement
• Level 3: Inputs which are not based on observable market data. (a) Fair Value of Forward pricing: Not applicable A 10% increase in prices of open trades
Derivatives would have led to approximately ₹12
The fair value is determined using
For assets and liabilities which are measured at fair value as at Balance Sheet date, the classification of fair crores gain in OCI. A 10% decrease in
quoted forward exchange rates and
value calculations by category is summarised below: prices would have led to an equal but
the commodity derivative prices at
opposite effect.
the reporting date.
Level 1 Level 2 Level 3 Total
(b) Contingent Discounted cash flows: Forecast revenue 10% increase in forecasted revenue
As at 31st March, 2023 consideration per year will have additional liability
The valuation model considers the
Assets at fair value of ₹0 crores and 10% decrease would
present value of the expected future
Investments measured at: have led to an equal but opposite
payments, discounted using a risk-
effect.
i. Fair Value through OCI 1,014 - - 1,014 adjusted discount rate.
Discount rate: 7.8% 1% increase in Discount rate will have
ii. Fair Value through Profit or Loss 1,797 - 2 1,799 reduction in liability of ₹0 crore and 1%
Fair Value of Derivatives - 15 - 15 decrease would have led to an equal
Liabilities at fair value but opposite effect.
Fair Value of Derivatives - 6 - 6 (c) Financial Monte Carlo simulation: Forecast revenue 5% increase in forecasted revenue
liability on would have led to an additional
Contingent consideration payable on business - - 4 4 The fair value is determined using
acquisition liability of approximately ₹19 crores
combination forecasted revenue, volatility and the
and 5% decrease would have led to an
internal rate of return of the project.
Financial liability on acquisition - - 37 37 equal but opposite effect.
As at 31st March, 2022
Assets at fair value
Investments measured at: As at 31st March, Valuation Significant Sensitivity of input to fair value
2022 techniques unobservable inputs measurement
i. Fair Value through OCI 2,023 - - 2,023
ii. Fair Value through Profit or Loss 1,487 - 2 1,489 (a) Fair Value of Forward pricing: Not applicable A 10% increase in prices of open trades
Fair Value of Derivatives - 52 - 52 The fair value is determined using
crores gain in OCI. A 10% decrease in
Liabilities at fair value quoted forward exchange rates and
prices would have led to an equal but
the commodity derivative prices at
Fair Value of Derivatives - 4 - 4 opposite effect.
the reporting date.
Contingent consideration payable on business - - 46 46 (b) Contingent Discounted cash flows: Forecast revenue 10% increase in forecasted revenue
combination consideration per year will have additional liability
The valuation model considers the
of ₹5 crores and 10% decrease would
present value of the expected future
Calculation of Fair Values have led to an equal but opposite
payments, discounted using a risk-
effect.
The fair values of the financial assets and liabilities are defined as the price that would be received on sale of an adjusted discount rate.
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
reduction in liability of ₹0 crore and 1%
date. Methods and assumptions used to estimate the fair values are consistent with those used for the year decrease would have led to an equal
ended 31st March, 2022. but opposite effect.
Financial assets and liabilities measured at fair value as at Balance Sheet date: Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below
1. The fair values of investment in treasury bills and quoted investment in equity shares is based on the bid
price of respective investment as at the Balance Sheet date. Reconciliation of movements in Level 3 valuations 31st March, 2023 31st March, 2022
2. The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the Opening 48 94

issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents Additions during the year 37 -
the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem Interest unwinding 0 4
such units from the investors. Payments during the year (40) (41)
3. Derivatives are valued using valuation techniques with market observable inputs. The models incorporate Gain recognised in profit and loss on fair value adjustment (2) (9)
various inputs including the credit quality of counter-parties, foreign exchange spot and forward rates, Closing 43 48
interest rate curves and forward rate curves of the underlying commodities.
244 245
Notes
NOTE 38 FINANCIAL RISK MANAGEMENT Undiscounted Amount
The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risk, credit risk Carrying Within More than
Note amount 1 year 1 year Total
and commodity risk. The Company's senior management has the overall responsibility for establishing and governing
the Company's risk management framework. The Company has constituted a Risk Management Committee, which is As at 31st March, 2022
responsible for developing and monitoring the Company's risk management policies. The Company's risk management Financial assets
Non-derivative assets
policies are established to identify and analyse the risks faced by the Company, to set and monitor appropriate risk limits
Investments 6 3,512 3,510 2 3,512
and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The
Loans 7 575 34 541 575
key risks and mitigating actions are also placed before the Audit Committee of the Company.
Trade Receivables 12 1,932 1,932 - 1,932
Cash and Cash Equivalents 13 988 988 - 988
A. Management of Liquidity Risk Bank Balance other than cash and cash equivalents 14 2,630 2,630 - 2,630
Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. Security deposits 8 150 52 98 150
The Company’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities Consignment Receivable 8 226 226 - 226
when due without incurring unacceptable losses. In doing this, management considers both normal and Other financial asset 8 753 740 13 753
stressed conditions. Derivative assets
Fair Value of Derivatives 8 52 52 - 52
The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended 31st Financial liabilities
March, 2023 and 31st March, 2022. Cash flow from operating activities provides the funds to service the financial Non-derivative liabilities
liabilities on a day-to-day basis. Lease Liabilities 19 971 285 805 1,090
Trade payables (including acceptances) 22 8,864 8,864 - 8,864
The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
Security deposits 20 22 - 22 22
operational needs. Any short-term surplus cash generated, over and above the amount required for working capital
Unpaid dividend 20 218 218 - 218
management and other operational requirements, is retained as cash and cash equivalents (to the extent required) Employee liabilities 20 553 252 324 576
and any excess is invested in interest bearing term deposits and other highly marketable debt investments with Contingent consideration 20 46 40 6 46
appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet Consignment Payable 20 259 259 - 259
its liabilities. Other Payables 20 50 50 - 50
Derivative liabilities
The following table shows the maturity analysis of the Company's financial assets and financial liabilities based on
contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.
Undiscounted Amount B. Management of Market Risk

Carrying Within More than The Company’s business activities are exposed to a variety of financial risks, namely:
Note amount 1 year 1 year Total • currency risk;
• interest rate risk; and
Financial assets
Non-derivative assets • commodity risk
Investments 6 2,813 2,811 2 2,813
Loans 7 374 35 339 374 The above risks may affect the Company’s income and expenses, or the value of its financial instruments. The
Trade Receivables 12 2,735 2,735 - 2,735 Company’s exposure to and management of these risks are explained below.
Cash and cash equivalents 13 586 586 - 586
1. Currency Risk
Bank Balances other cash and cash equivalents 14 3,836 3,836 - 3,836
Security deposits 8 164 63 101 164 Potential Impact of Risk Management Policy Sensitivity to Risk
Consignment Receivable 8 278 278 - 278
The Company is subject to the risk The Company is exposed to foreign A 5% strengthening of the INR against
Other financial asset 8 1,040 1,035 5 1,040
that changes in foreign currency exchange risk arising from various key currencies to which the Company
Derivative assets
values impact the Company’s exports currency exposures, primarily with is exposed (net of hedge) would have
Fair Value of Derivatives 8 15 15 - 15 revenue and imports of raw material respect to US Dollar and Euro. led to approximately an additional
Financial liabilities and property, plant and equipment. ₹4 crores gain in the standalone
Non-derivative liabilities The Company manages currency
statement of profit and loss (2021-
Lease Liabilities 19 1,039 293 903 1,196 As at 31st March, 2023, the unhedged exposures through use of forward
22: ₹5 crores gain). A 5% weakening
Trade payables (including acceptances) 22 9,391 9,391 - 9,391 exposure to the Company on financial exchange contracts monitored on
of the INR against these currencies
assets (trade receivables) and a weekly basis in line with company
Security deposits 20 22 - 22 22 would have led to an equal but
liabilities (trade payables) other than policy.
Unpaid dividend 20 222 222 - 222 opposite effect.
in their functional currency amounted
Employee liabilities 20 664 250 414 664 The aim of the Company’s approach
to ₹75 crores payable (net) [31st
Contingent consideration 20 4 4 - 4 to management of currency risk is to
March, 2022: ₹95 crores payable (net)]
Consignment Payable 20 285 285 - 285 leave the Company with no material
residual risk.

Financial liability on acquisition 20 37 - 45 45 As at As at
Other Payables 20 84 62 22 84 Payable/ 31st March, 31st March,
Derivative liabilities (Receivable) 2023 2022
Fair Value of Derivatives 20 6 6 - 6 USD 22 31

SEK 20 12
SGD 14 22
NZD 7 7
EUR 4 29
GBP 2 (8)
Others 6 2
75 95
246 247
Notes
2. Interest Rate Risk Other financial assets

Credit risk related to the use of treasury instruments arises from transactions with financial institutions involving
Potential Impact of Risk Management Policy Sensitivity to Risk
cash and cash equivalents, term deposits with banks, investments in treasury bills, Government securities, money
The Company is mainly exposed The Company has laid policies A 0.25% decrease in interest rates
market liquid mutual funds, overnight mutual funds and derivative instrument. The maximum exposure to credit risk
to the interest rate risk due to its and guidelines including tenure would have led to approximately
at the reporting date is the carrying value of each class of financial assets as at 31st March, 2023 and 31st March,
investment in treasury bills and debt of investment made to minimise ₹2 crore gain in the Standalone
mutual funds. The interest rate risk impact of interest rate risk. Statement of Profit and Loss (2021-22: 2022. To reduce this risk, HUL has concentrated its main activities with a limited number of counter-parties which
arises due to uncertainties about the ₹6 crore). A 0.25% increase in interest have secure credit ratings. Individual risk limits are set for each counter-party based on financial position, credit
future market interest rate on these rates would have led to an equal but rating and past experience. Credit limits and concentration of exposures are actively monitored by the Company’s
investments. opposite effect. Treasury department. The Company has given inter-corporate deposits (ICD) to its subsidiaries amounting ₹247
In addition to treasury bills and debt crores (31st March, 2022: ₹432 crores).
mutual funds, the Company invests in
term deposits. Considering the short- NOTE 39 EMPLOYEE BENEFIT PLANS
term nature, there is no significant
I. Defined Contribution Plans
interest rate risk pertaining to these
deposits. Refer note 30 for accounting policy on Employee Benefits.
As a t 3 1 st M a rc h , 2 0 2 3 , t h e Refer Note 30 for the Company's contribution to the defined contribution plans with respect to employee benefit funds.
investments in treasury bill amounts
to ₹1,014 crores (31st March, 2022: II. DEFINED BENEFIT PLANS
₹2,073 Crores) and the investments
in debt mutual funds amounts to Refer note 30 for accounting policy on Employee Benefits.
₹1892 crores (31st March, 2022: ₹1,643
crores). Description of Plans
Retirement Benefit Plans of the Company include Gratuity, Management Pension, Officer's Pension and Provident
3. Commodity Risk
Fund. Other post-employment benefit plans includes post retirement medical benefits.
Potential Impact of Risk Management Policy Sensitivity to Risk
Gratuity is funded through investments with an insurance service provider & the Company administered trust.
The Company is exposed to the risk Commodities form a major part A 10% increase in prices of Pension (Management Pension and Officer's Pension) is managed through a Company administered trust and in
of changes in commodity prices in of the raw materials required for open trades would have led to some instances invested with an insurance service provider. Provident Funds for certain employees are managed
relation to its purchase of certain raw Company’s products portfolio and approximately ₹12 crores gain in
through the Company administered trust. Post-retirement medical benefits are managed through the Company
materials. hence commodity price risk is one OCI (2021-22 ₹13 crores gain). A 10%
administered trust and through insurance policy.
of the important market risk for the decrease in prices would have led to
At 31st March, 2023, the Company
Company. The commodities are an equal but opposite effect.
h a d h e d g e d i t s ex p os u re t o Governance
priced using pricing benchmarks and
future commodity purchases with
commodity derivatives are priced The trustees of Gratuity, Pension, Post Retirement Medical Benefit and Provident Funds are responsible for the overall
commodity derivatives valued at ₹29
using exchange-traded pricing
crores (31st March, 2022: ₹106 crores). governance of the plan and to act in accordance with the provisions of the trust deed and rules in the best interests
benchmarks. The Company has a
of the plan participants. They are tasked with periodic reviews of the solvency of the fund and play a role in the long-
H e d g e s of f u t u r e co m m o d i t y robust framework and governance
mechanism in place to ensure that term investment, risk management and funding strategy.
purchases resulted in cumulative
profits of ₹14 crores (31st March, the organisation is adequately
2022: ₹85 crores cumulative profits) protected from the market volatility Investment Strategy
being reclassified to the standalone in terms of price and availability. The
The Company’s investment strategy in respect of its funded plans is implemented within the framework of the
statement of profit and loss as an Company uses commodity swaps
applicable statutory requirements. The plans expose the Company to a number of actuarial risks such as investment
adjustment to inventory purchase. and option contracts to hedge
against components of commodities risk, interest rate risk, longevity risk and inflation risk. The Company has developed policy guidelines for the allocation
where it is not possible to hedge the of assets to different classes with the objective of controlling risk and maintaining the right balance between risk
commodity in full. and long-term returns. To achieve this, investments are well diversified, such that the failure of any single investment
would not have a material impact on the overall level of assets.
C. Management of Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its
contractual obligations.
Trade receivables
Concentration of credit risk with respect to trade receivables are limited, due to the Company’s customer base
being large and diverse. All trade receivables are reviewed and assessed for default on a quarterly basis.

Our historical experience of collecting receivables indicate a low credit risk. Hence, trade receivables are considered
to be a single class of financial assets.
Refer note 12 for accounting policy on Financial Instruments - trade receivables.
248 249
Notes
A. Balance Sheet Retirement Benefit Plans Other Post-Employment Benefit Plans
The assets, liabilities and (surplus)/deficit position of the defined benefit plans at the Balance Sheet date were: Plan Plan
Plan Assets Obligation Total Plan Assets Obligation Total
Retirement Benefit Plans Other Post-Employment Benefit Plans As at 31st March, 2022 4,030 4,089 59 56 252 196
As at As at As at As at Current service cost - 146 146 - 0 0
Past service cost - - - - - -
Present Value of Obligation 4,132 4,089 253 252
Change in asset ceiling 90 - (90) - - -
Fair Value of Plan Assets (4,019) (4,030) (40) (56)
Employee contributions - 230 230 - - -
(Asset)/Liability recognised in the 113 59 213 196
Balance Sheet Interest cost - 271 271 - 17 17
Of which in respect of: Interest income 274 - (274) 4 - (4)
Funded plans in surplus: Actuarial (gain)/loss arising from (0) 38 38 (2) (16) (14)
changes in financial assumptions
Present Value of Obligation 1,054 3,779 - -
Actuarial (gain)/loss arising from - 69 69 - 20 20
Fair Value of Plan Assets (1,085) (3,901) - -
experience adjustments
(Asset)/Liability recognised in the -* -* - -
Balance Sheet Employer contributions 106 - (106) 2 - (2)
(*The excess of assets over liabilities in respect

Employee contributions 230 - (230) - - -
of Gratuity Plan & Provident Fund Plan II have not Assets acquired/ (settled) (160) (160) - - - -
been recognised on account of asset ceiling)
Benefit payments (551) (551) - (20) (20) -
Funded plans in deficit:
As at 31st March, 2023 4,019 4,132 113 40 253 213
Present Value of Obligation 3,078 310 192 199
Fair Value of Plan Assets (2,965) (251) (40) (56) C. Statement of Profit and Loss
(Asset)/Liability recognised in the 113 59 152 143 The charge to the Standalone Statement of Profit and Loss comprises:
Balance Sheet
(During the year Provident Fund Plan I and Retirement Benefit Plans Other Post-Employment Benefit Plans
Officer's Pension have moved from funded plans Year ended Year ended Year ended Year ended
in surplus to funded plans in deficit.) 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Unfunded plans in deficit: Employee Benefit Expenses *:
Present Value of Obligation - - 61 53 Current service cost 42 39 0 0
Fair Value of Plan Assets - - - - Past service cost - 52 - -
(Asset)/Liability recognised in the - - 61 53 Finance costs * :
Balance Sheet
Interest cost 57 56 17 16
Employee provisions include other provisions not in the nature of retirement and post employment benefit Interest income (55) (53) (3) (4)
plans amounting to ₹19 crores as at 31st March, 2023 (₹96 crores as at 31st March, 2022). Net impact on profit (before tax) 44 94 14 12
Remeasurement of the net defined benefit
B. Movements in Present Value of Obligation and Fair Value of Plan Assets plans:
Retirement Benefit Plans Other Post-Employment Benefit Plans Actuarial (gains)/losses arising from (32) (26) (14) (6)
Plan Plan changes in financial assumptions
Plan Assets Obligation Total Plan Assets Obligation Total Actuarial (gains)/losses arising from 18 (14) 19 12
As at 31st March, 2021 3,821 3,880 59 66 255 189 experience adjustments
Current service cost - 148 148 - 0 0 Change in asset ceiling (gains)/losses 26 (7) - -
Past service cost - 52 52 - - - Net impact on other comprehensive income 12 (47) 5 6
(before tax)
Change in asset ceiling (62) - 62 - - -
* Service cost and Finance cost excludes charges towards Officer's Pension and Provident Fund.
Interest cost - 257 257 - 16 16
Interest income 254 - (254) 4 - (4)
Actuarial (gain)/loss arising from 159 25 (134) 0 (6) (6)

Actuarial (gain)/loss arising from - 18 18 - 12 12
Employer contributions 149 - (149) 10 - (10)
Assets acquired/ (settled) (69) (69) - (8) (9) (1)
As at 31st March, 2022 4,030 4,089 59 56 252 196
250 251
Notes
D. Assets F. Sensitivity Analysis

The fair value of plan assets at the Balance Sheet date for our defined benefit plans for each category The sensitivity of the overall plan obligations to changes in the weighted key assumptions are:
are as follows:
Other Post-Employment Benefit
Retirement Benefit Plans Other Post-Employment Benefit Plans Retirement Benefit Plans Plans
As at As at As at As at Change in Change in plan Change in Change in plan

31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022 assumption (%) obligation (%) assumption (%) obligation (%)
Quoted Discount rate (per annum) Increase 0.5% -1.9% 0.5% -4.7%
Government Debt Instruments 1,663 1,703 - - Decrease 0.5% 2.0% 0.5% 5.1%
Other Debt Instruments 1,067 1,146 40 56 Salary escalation rate (per annum) Increase 0.3% 1.3% - -
Equity 342 280 - - Decrease 0.3% -1.3% - -
Total (A) 3,072 3,129 40 56 EPFO Guaranteed rate of return (per Increase 0.5% 1.8% - -
annum) Decrease 0.5% -1.8% - -
Unquoted
Other Debt Instruments 228 233 - - Pension rate Increase 0.3% 5.4% - -
Others 750 790 - - Decrease 0.3% -5.4% - -
Total (B) 978 1,023 - - Life expectancy Increase 1 year 3.4% 1 year 4.9%
Total (A+B) 4,050 4,152 40 56 Decrease 1 year -3.5% 1 year -4.8%

Annual increase in healthcare costs (per Increase - - 1.0% 10.4%
Assets to the extent of ₹11 crores for Provident Fund (FY 2021-22: 76), ₹21 crores for Gratuity Fund (FY 2021-22: 46 annum) Decrease - - 1.0% -8.9%
crores) and ₹ Nil for Officer’s Pension Fund (FY 2020-21: ₹0 crores) not recognised on account of asset ceiling
None of the plans invest directly in any property occupied by the Company or any financial securities issued The sensitivity analysis above have been determined based on reasonably possible changes of the respective
by the Company. assumptions occurring at the end of the year and may not be representative of the actual change. It is based on
a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity
E. Assumptions to the assumption, the same method used to calculate the liability recognised in the Balance Sheet has been
applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change
With the objective of presenting the plan assets and plan obligations of the defined benefits plans at their fair
compared with the previous year.
value on the Standalone Balance Sheet, assumptions under Ind AS 19 are set by reference to market conditions
at the valuation date.
G. Weighted average duration and expected employers contribution for the next year for each of the defined
Retirement Benefit Plans Other Post-Employment Benefit Plans benefit plan
As at As at As at As at Weighted average duration (years) Expected
Financial Assumptions 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022 Employers
Discount rate (per annum) 7.5% 6.9% 7.5% 6.9% Year ended Year ended contribution for
31st March, 2023 31st March, 2022 the next year
Salary Escalation Rate (per annum)
Gratuity Plan I 6.9 7.1 -
Management employees- for first 5years 8.0% 8.0% - -
Management Pension 7.1 6.6 0
Management employees- after 5 years 8.0% 8.0% - -
Officer's Pension 2.4 2.4 0
Non-management Employees 8.0% 8.0% - -
Provident Fund Plan I 7.7 8.7 100
Pension Increase Rate (per annum)* 2.0% 2.0% - -
Provident Fund Plan II 7.7 8.7 14
Annual increase in healthcare costs (per - - 9.0% 9.0%
Post-retirement medical benefits Plan I 9.1 9.5 -
annum)
Post-retirement medical benefits Plan II 13.0 13.6 -
*For management pension only
Plan I refers to existing employee benefit plans of the Company
The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation,
Plan II refers to employee benefit plans added pursuant to HUL-GSKCH merger
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Compensated absences
Demographic Assumptions Employee Benefit expenses for the year include ₹8 crores (FY 2021-22 : ₹7 crores) towards compensated absences.

Mortality in Service: Indian Assured Lives Mortality (2012-14) Ultimate table.
Provision for compensated absences as on 31st March, 2023 is ₹44 crores (31st March, 2022 : ₹43 crores).
Mortality in Retirement: LIC Buy-out Annuity Rates & Published rates under S1PA Mortality table adjusted
for Indian Lives.

252 253
Notes
NOTE 40 SHARE BASED PAYMENTS Weighted

Numbers Average
Refer note 30 for accounting policy on Share Based Payments. Scheme Grant Date of of options Exercise Price Exercise Price
Scheme Year Grant granted Vesting Conditions Exercise Period (₹) per share (₹) per share
Cash Settled Share Based Payments 2001 HLL Stock 2005 27-May-05 15,47,700 Vested after three 7 years from 132.05 132.05
The employees of the Company are eligible for Unilever Plc. (the 'Holding Company') share awards namely, the Option Plan years from date of date of vesting
Management Co-Investment Plan (MCIP), the Performance Share Plan (PSP) and the SHARES Plan. grant
2006 HLL 2012 17-Feb-12 4,20,080 Vested after three 3 months from 1.00 1.00
The MCIP allowed eligible employees to invest up to 100% of their annual bonus in the shares of the Holding Company and Performance years from date of date of vesting
Interim 2012 30-Jul-12 51,385 1.00 1.00
to receive a corresponding award of performance-related shares. The performance measures for MCIP are underlying Share Scheme grant
sales growth, underlying EPS growth, underlying return on invested capital and sustainability progress index for the 2013 18-Mar-13 3,68,023 1.00 1.00
Group. The awards under MCIP plans will vest after 4 years between 0% and 200% of grant level, depending on the
Interim 2013 29-Jul-13 25,418 1.00 1.00
achievement of the performance metrics.
2014 14-Feb-14 2,62,155 1.00 1.00
Under PSP, eligible employees receive annual awards of the Holding Company’s shares. The performance measures for Interim 2014 28-Jul-14 16,805 1.00 1.00
PSP are competitiveness, cumulative free cash flow, underlying return on invested capital and sustainability progress
2015 13-Feb-15 1,42,038 1.00 1.00
index for the Group. The awards under PSP plans will vest after 3 years between 0% and 200% of grant level, depending on 2012 HUL Vested after three
Interim 2015 27-Jul-15 12,322 3 months from 1.00 1.00
the achievement of the performance metrics. Performance years from date of
date of vesting
Share Scheme 2016 11-Feb-16 1,57,193 grant 1.00 1.00
Under the SHARES Plan, eligible employees can invest upto ₹17,246 per month in the shares of the Holding Company and
Interim 2016 25-Jul-16 11,834 1.00 1.00
after three years one share is granted free of cost to the employees for every three shares invested, provided they hold
2017 13-Feb-17 1,23,887 1.00 1.00
the shares bought for three years. The Holding Company charges the Company for the grant of shares to the Company's
employees at the end of the 3/4 years based on the market value of the shares on the exercise date. The Company Interim 2017 21-Jul-17 6,846 1.00 1.00
recognises the fair value of the liability and expense for these plans over the vesting period based on the management’s 2018 16-Feb-18 63,421 1.00 1.00
estimate of the vesting and forfeiture conditions. Interim 2018 27-Jul-18 4,650 1.00 1.00
Equity Settled Share Based Payments Number of Share Options

The members of the Company had approved ‘2001 HLL Stock Option Plan’ at the Annual General Meeting held on 22nd Outstanding
June, 2001. The plan envisaged grant of share options to eligible employees at market price as defined in Securities and at the Granted Forfeited/ Exercised Outstanding
Scheme Grant Financial beginning of during the Expired during during the at the end of
Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. Scheme Year Year the year year the year year the year
This plan was amended and revised vide ‘2006 HLL Performance Share Scheme’ at the Annual General Meeting held 2012 HUL Performance 2018 2022-23 - - - - -
on 29th May, 2006. This scheme provided for conditional grant of Performance Shares at nominal value to eligible Share Scheme 2021-22 21,019 - - 21,019 -
management employees as determined by the Compensation Committee of the Board of Directors from time to time, Interim 2018 2022-23 - - - - -
at the end of 3-year performance period. The performance measures under this scheme include group underlying sales
2021-22 4,030 - 1,606 2,424 -
growth and free cash flow. The scheme also provided for ‘Par’ Awards for the managers at different work levels.
Weighted average equity share price at the date of exercise of options during the year 2021-22 was ₹2,406.
The 2006 scheme was further amended and revised vide ‘2012 HUL Performance Share Scheme’ at the Annual General
Meeting held on 23rd July, 2012. This scheme provided for conditional grant of Performance Shares at nominal value Weighted average remaining contractual life of options as at 31st March, 2022 was 0 year.
to eligible management employees as determined by the Nomination and Remuneration Committee of the Board of
Directors from time to time, at the end of 3-year performance period. The performance measures under this scheme Effect of share based payment transactions on the Standalone Balance Sheet:
include group underlying sales growth, underlying operating margin, and cumulative operating cash flow.
As at As at
The number of shares allocated for allotment under the 2006 and 2012 Performance Share Schemes is 2,00,00,000 (two
crores) equity shares of ₹1/- each. The schemes are monitored and supervised by the Nomination and Remuneration Other non-current financial liabilities 242 160
Committee of the Board of Directors in compliance with the provisions of Securities and Exchange Board of India (Share Other current financial liabilities 80 64
Based Employee Benefits) Regulations, 2014 and amendments thereof from time to time. Total carrying amount of liabilities 322 224
The Employee Stock Option Plan includes employees of Hindustan Unilever Limited, its subsidiaries and a subsidiary of
holding Company. Effect of share based payment transactions on the Standalone Statement of Profit and Loss:
As at As at
Cash settled share based payments 156 102

Equity settled share based payments - (1)
Total expense on share based payments 156 101

254 255
Notes
NOTE 41 BUSINESS COMBINATION (A) Purchase consideration transferred:

Business combinations are accounted for using the acquisition accounting method as at the date of the acquisition, The total consideration paid was ₹40,242 crores which comprised of shares of the Company, valued based on
which is the date at which control is transferred to the Company. The consideration transferred in the acquisition and the the share price of the Company on the completion date. Refer to the details below:
identifiable assets acquired and liabilities assumed are recognised at fair values on their acquisition date. Goodwill is
initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised As per the scheme, the Company issued its shares in favour of existing shareholders of GSKCH such that 4.39 of
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities Company’s shares were allotted for every share of GSKCH as below.
assumed. The Company recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable Total number of GSKCH shares outstanding 4,20,55,538
assets. Consideration transferred does not include amounts related to settlement of pre-existing relationships. Such Total number of company’s shares issued to GSKCH shareholders i.e.,4.39 of Company’s shares per 18,46,23,812
amounts are recognised in the standalone statement of profit and loss. share of GSKCH
Value of the Company share (closing price of the Company share on NSE as on 1st April, 2020) 2,179.65
Transaction costs are expensed in the standalone statement of profit and loss as incurred, other than those incurred in
Total consideration paid to acquire GSKCH (₹ Crores) 40,242
relation to the issue of debt or equity securities which are directly adjusted in other equity. Any contingent consideration
payable is measured at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration (a) Total costs relating to the issuance of shares amounting to ₹44 crores was recognised against equity.
are recognised in the standalone statement of profit and loss.
(b) Transaction cost of ₹146 crores that were not directly attributable to the issue of shares was included under
I. Acquisition of VWash Brand exceptional items in the standalone Statement of Profit and Loss.
On 25th June, 2020, the Company completed the acquisition of the brand 'VWash' from Glenmark Pharmaceuticals
(B) Assets acquired, and liabilities assumed is as under:
Limited. The deal comprised the acquisition of the brand 'VWash', along with other trademarks, copyrights,
know-how and designs associated with the brand (‘VWash Business’) and certain packing / product moulds for Amount
a cash consideration of ₹286 crores including a holdback consideration of ₹10 crores; plus a deferred contingent Total identifiable assets (A) 31,445
consideration of 5% of net turnover payable annually for a 3 year period commencing financial year 2021-22. Total identifiable liabilities (B) 8,468
Goodwill (C) 17,265
Deferred contingent consideration
Total Net Assets [(A) - (B) + (C)] 40,242
Basis the projection of the domestic turnover of the brand, the contingent consideration is subject to revision on a
yearly basis. As at 31st March, 2022, the fair value of the contingent consideration was ₹10 crores which was classified The main assets acquired were Right to use Horlicks and Boost brand which were valued using the income
as other financial liability. approach model by estimating future cashflows generated by these assets and discounting them to present
value using rates in line with a market participant expectation.
Based on actual performance in financial year 2022-23, contingent consideration paid and current view of future
projections for the brand, the Company has reviewed and fair valued the deferred contingent consideration so In addition, as applicable, Property plant & equipment have been valued using the market comparison
payable. As at 31st March, 2023, the fair value of the contingent consideration is ₹4 crores which is classified as other technique and replacement cost method.
financial liability.
(C) Acquisition of Horlicks Brand:
The determination of the fair value as at Balance Sheet date is based on discounted cash flow method. The
key input used in determining the fair value of deferred contingent consideration were domestic turnover The Company also acquired the Horlicks Intellectual Property Rights (IPR), being the legal rights to the Horlicks
projection of the brand. brand for India from GlaxoSmithKline Plc for a consideration of ₹3,045 crores. The transaction has been
accounted as an asset acquisition in line with Ind AS 38 (Intangible asset).
II. Amalgamation of GlaxoSmithKline Consumer Healthcare Limited The Company incurred transaction cost of ₹91 crores for the above asset acquisition which was capitalised
On 1st April, 2020, the Company completed the merger of GlaxoSmithKline Consumer Healthcare Limited ['GSKCH'] along with Horlicks IPR. Total value of ₹3,136 crores is recognised under Intangible assets in the standalone
via an all-equity merger under which 4.39 shares of HUL (the Company) were allotted for every share of GSKCH. financial statements.
With this merger the Company acquired the business of GSKCH including the Right to Use asset of brand Horlicks
and Intellectual Property Rights of brands like Boost, Maltova and Viva. The Company also acquired the Horlicks NOTE 42 INVESTMENTS DURING THE YEAR
intellectual property rights, being the legal rights to the Horlicks brand for India from GlaxoSmithKline Plc. Acquisition of Zywie Ventures Private Limited
The scheme of merger (“scheme”) submitted by the Company was approved by Hon'ble National Company Law On 10th January, 2023, the Company acquired 53.34% stake (51.00% on a fully diluted basis) in Zywie Ventures Private
Tribunal by its order dated 24th September, 2019 (Mumbai bench) and 12th March, 2020 (Chandigarh bench). The Limited ("ZVPL"), a non-listed company incorporated in India and engaged in the business of health and wellbeing
Board of Directors approved the scheme between the Company and GSKCH, on 1st April, 2020. The scheme was filed products under the brand name of "OZiva".
with Registrar of Companies on the same date. Accordingly, 1st April, 2020 was considered as the acquisition date,
As part of the Shareholders Agreement ("SHA"), HUL has acquired substantive rights which gives control over relevant
i.e. the date at which control is transferred to the Company.
activities of the business and right to variable returns through inter alia composition of Board, decision making rights,
The merger had been accounted for using the acquisition accounting method under Ind AS 103 – Business management control, and hence ZVPL is treated as a subsidiary.
Combinations. All identified assets acquired, and liabilities assumed on the date of merger were recorded at
their fair value. Investment in Nutritionalab Private Limited

On 4th January, 2023, the Company acquired 21.51% stake (19.8% on a fully diluted basis) in Nutritionalab Private Limited
("NLPL"), a non-listed company incorporated in India and engaged in the business of health and wellbeing products
under the brand name of "Wellbeing Nutrition".
As part of the Shareholders Agreement ("SHA"), HUL has acquired substantive rights to jointly decide on relevant activities
of the business and hence the arrangement has been treated as a 'Joint Venture'.
256 257
Notes
NOTE 43 DISCLOSURES PURSUANT TO REGULATION 34 (3) OF SECURITIES AND EXCHANGE BOARD (d) Details of Non-current Investments made by the Company
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND
SECTION 186 OF THE COMPANIES ACT, 2013 Year ended
31st March, 2023
Year ended
31st March, 2022
Year ended Year ended A. Equity Instruments
a) Quoted equity instruments
(a) Loans to Subsidiaries
10,000 equity shares [31st March, 2022: 10,000] of ₹10 each held in Scooters India Limited 0 0
(i) Lakme Lever Private Limited
b) Unquoted equity instruments
Balance as at the beginning of the year 210 185
1,00,000 equity shares [31st March, 2022: 100,000] of ₹10 each held in Biotech 0 0
Loans given 0 38 Consortium India Limited
Loans repaid 38 13 8,284 equity shares [31st March, 2022: 8,284] of ₹10 each held in Assam Bengal Cereals 0 0
Balance as at the end of the year 172 210 Limited
Maximum amount outstanding at any time during the year 210 210 200 equity shares [31st March, 2022: 200] of ₹100 each held in The Nilgiri Co-operative 0 0
[Lakme Lever Private Limited has utilised the loan for working capital requirements and Enterprises Limited
capital expenditure. It is repayable over a period of 5 years and carries a range rate of 1,000 equity shares [31st March, 2022: 1,000] of ₹10 each held in Saraswat Co-operative 0 0
interest at 6.42% to 7.50% during the year (2021-22: 5.93% to 5.99%)] Bank Limited
(ii) Unilever India Export Limited 96,125 equity shares [31st March, 2022: 96,125] of ₹10 each held in Hindustan Field 0 0
Balance as at the beginning of the year 222 95 Services Private Limited
Loans given 349 398 1 equity share [31st March, 2022: 1] of ₹10,000 each held in Coffee Futures India 0 0
Exchange Limited
Loans repaid 571 271
50 equity shares [31st March, 2022: 50] of ₹100 each held in Dugdha Sahakari Kraya- 0 0
Balance as at the end of the year 0 222 Vikraya Samiti Limited
Maximum amount outstanding at any time during the year 245 231 1,150 equity shares [31st March, 2022: 1,150] of ₹100 each held in Annamallais Ropeway 0 0
[Unilever India Export Limited has utilised the loan for working capital requirements. It is company Limited
repayable over a period of 5 years and carries a range rate of interest at 6.42% to 7.50% 1,000 equity shares [31st March, 2022: 1,000] of ₹10 each held in Super Bazar Co-op. 0 0
during the year (2021-22: 5.93% to 5.99%)] Stores Limited
(iii) Unilever India Limited 2,40,000 equity shares [31st March, 2022: 2,40,000] of ₹10 each held in Comfund - -
Balance as at the beginning of the year - - Consulting Limited (formerly known as Comfund Financial Services India Limited)
Loans given 144 - [Net of impairment: ₹0 crore (31st March, 2022: ₹0 crore)]
Loans repaid 69 - 52,000 equity shares [31st March, 2022: 52,000] of ₹100 each held in Aquagel Chemicals 1 1
Bhavanagar Private Limited
Balance as at the end of the year 75 -
Total (A) 1 1
Maximum amount outstanding at any time during the year 100 -
B. Other Instruments
[Unilever India Limited has utilised the loan for working capital requirements. It is
repayable over a period of 5 years and carries a range rate of interest at 6.42% to 7.50% a) Unquoted investment in debentures and bonds
during the year (2021-22: Nil)] 14 6 1/2% Non-redeemable Registered Debentures [31st March, 2022: 14] face value of 0 0
(b) Loans to Others ₹1,000 each held in The Bengal Chamber of Commerce & Industry
Balance as at the beginning of the year 4 - 44 1/2% Debentures [31st March, 2022: 44] face value of ₹100 each held in Woodlands 0 0
Hospital and Medical Research Centre Limited
Loans given 2 4
1 5% Non-redeemable Registered Debenture stock [31st March, 2022: 1] face value of 0 0
Loans repaid 0 - ₹100 each held in Woodlands Hospital and Medical Research Centre Limited
Balance as at the end of the year 6 4 56 5% Debentures [31st March, 2022: 56] face value of ₹100 each held in Shillong Club 0 0
Maximum amount outstanding at any time during the year 6 4 Limited
(c) Investment by the loanees in the shares of the Company b) Unquoted investment in National Savings Certificates
The loanees have not made any investments in the shares of the Company 7 Year National Savings Certificates - II Issue 0 0
c) Unquoted investment in preference shares
1,04,000 9% Cumulative Redeemable Preference Shares [31st March, 2022: 1,04,000] of 1 1
₹100 each held in Aquagel Chemicals Bhavanagar Private Limited
Total (B) 1 1
Total (A + B) 2 2

(e) Refer note 5 for details of Investments in subsidiaries and joint venture.
(f) The Company has not provided any security covered under Section 186 and accordingly, the disclosure
requirements to that extent does not apply to the Company.
258 259
Notes
NOTE 44 RELATED PARTY DISCLOSURES Disclosure of transactions between the Company and Related Parties and the status of outstanding
balances as at 31st March, 2023
A. Enterprises exercising control
(i) Holding Company : Unilever Plc Year ended Year ended
B. Enterprises where control exists
Holding Company : Dividend paid 4,012 3,566
(i) Subsidiaries : Unilever India Exports Limited (100%)
Royalty expense 786 817
(Extent of holding) Lakme Lever Private Limited (100%)
Fees for central services 476 497
Unilever India Limited (100%)
Unilever Nepal Limited (80%)
Expenses for services received 422 500
Zywie Ventures Private Limited (51%)*
Reimbursements paid 72 47
Pond's Exports Limited (90%)
Outstanding as at the year end :
Daverashola Estates Private Limited (100%)
- Trade receivables 60 105
Jamnagar Properties Private Limited (100%)
- Trade payables 351 630
Bhavishya Alliance Child Nutrition Initiatives (100%) (Section 8 company)
Subsidiaries/ Trust : Sale of finished goods / raw materials etc 566 598
Hindustan Unilever Foundation (76%) (Section 8 company)
Investment in subsidiary - 300
Hindlever Trust Limited (100%)
Processing charges 148 147
Levers Associated Trust Limited (100%)
Purchase of Property, Plant & Equipment 0 1
Levindra Trust Limited (100%)
Purchase of finished goods / raw materials etc 302 1
(ii) Joint Venture Nutritionalab Private Limited (19.8%*- Joint Control) Royalty income 19 11
(Extent of holding)
Rent income 0 1
(iii) Trust : Hindustan Unilever Limited Securitisation of Retirement Benefit Trust (100% Commission paid 1 1
(Extent of holding) control)
Expenses shared by subsidiary companies 20 19
(iv) Key Management Personnel Dividend income 116 130
(a) Executive directors & Sr. : Sanjiv Mehta Interest income 25 16
Management Ritesh Tiwari (with effect from 1st May, 2021) Reimbursement received/ receivable towards pension and medical 52 27
Srinivas Phatak (up to 30th April, 2021) benefits
Yogesh Mishra (with effect from 1st September, 2022) Purchase of export licences - 14
Wilhelmus Uijen (up to 31st August, 2022) Sale of Property, Plant & Equipment 2 6
Dev Bajpai Income from services rendered 1 6
Anuradha Razdan Management fees paid 10 11
Madhusudhan Rao (with effect from 1st April, 2022) Rent expense - 0
Priya Nair (up to 31st March, 2022) Donation paid 26 22
Deepak Subramanian (with effect from 1st July, 2022) Donation returned - 11
Prabha Narasimhan (up to 30th April, 2022) Reimbursements paid 2 6
Srinandan Sundaram Reimbursements received 29 33
Sudhir Sitapati (up to 30th June, 2021) Inter corporate loans given during the year 493 436
Kedar Lele (with effect from 1st July, 2021) Inter corporate loans repaid during the year 678 284
Vibhav Sanzgiri Outstanding as at the year end:
(b) Non-executive directors Nitin Paranjpe (with effect from 12th November, 2022) - Trade receivables 138 129
Kalpana Morparia - Trade payables 129 36
Sanjiv Misra - Loans & advances to subsidiaries 247 432
O. P. Bhatt Fellow Subsidiaries : Sale of brand rights - 29
Leo Puri Rent income 11 7
Ashish Gupta Purchase of export licences - 0
Ashu Suyash (with effect from 12th November, 2021) Sale of Property, Plant & Equipment - 0

(v) Employees' Benefit Plans where : The Union Provident Fund Income from services rendered 69 10
there is significant influence Hindustan Lever Gratuity Fund Expenses for services received 16 15
The Hindlever Pension Fund Purchase of finished goods / raw materials etc. 750 758
Hindlever Limited Superannuation Fund Marketing Development Cost 61 -
GlaxoSmithKline Consumer Healthcare Limited Provident Fund (with effect Dividend paid 1,224 1,088
from 1st April, 2020) Royalty expense 204 22
GlaxoSmithKline Consumer Healthcare Limited Indian Sr. Executives Fees for Central Services 125 -
Superannuation Sch (with effect from 1st April, 2020)
Expenses shared by fellow subsidiary companies 4 4
*On a fully diluted basis Gains/ Losses on Commodity Hedge 152 91
260 261
Notes
Year ended Year ended Disclosure of transactions between Company and Related Parties during the year which are more
31st March, 2023 31st March, 2022 than 1% of Revenue
Maintenance and support costs for licences and software 90 49
Income from Distribution Services 1 31st March, 2023 31st March, 2022
Reimbursements paid 71 60 Holding Company : Royalty expense

Reimbursements received 53 92 Unilever Plc. 786 817
Outstanding as at the year end Dividend Paid
- Trade receivables 91 77 Unilever Plc. 4,012 3,566
- Trade payables 526 221 Subsidiaries : Sale of finished goods / raw materials etc
Unilever India Exports Ltd. 559 591
Disclosure of transactions between the Company and Related Parties and the status of outstanding Fellow Subsidiaries : Purchase of finished goods / raw materials etc
balances as at 31st March, 2023
PT Unilever Oleochemical Indonesia 696 687
NOTE 45 ACCOUNTING RATIOS
Key Management : Remuneration :
No Name of the Ratio Numerator Denominator FY 2022-23 (A) FY 2021-22 (B) % Variance (A - B)
Personnel – Short-term employee benefits 91 62
(Executive 1 Current Ratio Current assets Current liabilities 1.4 1.3 3.5%
Directors & Sr. – Post-employment benefits* 1 2 (in times)
Management) – Other long-term benefits* - - 2 Debt - Equity Ratio Total debt Equity 0.0 0.0 3.9%
– Share-based payments 10 20 (in times)
– Dividend paid 0 1 3 Debt Service coverage Earnings available for Total debt service 21.8 21.4 1.9%
Key Management : Dividend paid 0 0 ratio* (in times) debt service
Personnel Commission paid 1 1 4 Return on equity Net profit - preferred Average 20.1% 18.3% 10.0%
(Non-executive (in %) dividends shareholder
Directors) equity
Employees' : Contributions during the year (Employer's contribution only) 158 123 5 Inventory Turnover Ratio Sales Average 14.7 13.8 6.1%
Benefit Plans Outstanding as at the year end : (in times) inventory
where there
– Advances recoverable in cash or kind or for value to be received 8 9 6 Trade receivables Net sales Average accounts 24.9 28.1 -11.4%
is significant
turnover ratio (in times) receivables
influence
7 Trade payables turnover Net purchases Average trade 4.7 4.1 13.6%
*Note: As the liabilities for defined benefit plans and compensated absences are provided on actuarial basis for the Company as a whole, the
ratio (in times) payables
amounts pertaining to Key Management Personnel are not included.
8 Net capital turnover ratio Net sales Working Capital 13.0 13.6 -4.0%
Terms and conditions of transactions with related parties (in times)
9 Net profit ratio Net profit Net sales 17.1% 17.5% -2.2%
All Related Party Transactions entered during the year were in ordinary course of the business and on arm’s length
(in %)
basis. Outstanding balances at the year-end are unsecured and settlement occurs in cash. Refer note 43 for terms and
10 Return on capital Earning before Capital 101.9% 107.8% -5.4%
conditions of loans given to subsidiaries.
employed (in %) interest and taxes employed
There have been no guarantees provided or received for any related party receivables or payables. For the year ended 11 Return on investment 5.5% 3.5% 58.2%
refer (k) below
31st March, 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related (in %)
parties (2021-22: ₹ Nil). This assessment is undertaken each financial year through examining the financial position of the * The Company does not have any borrowings. Debt Service coverage ratio has been computed basis lease liabilities repayment schedule as per
related party and the market in which the related party operates. Guidance note on Schedule III issued by the Institute of Chartered Accountants of India.
There is a significant change in return on investment ratio due to increase in market rates and dynamic portfolio allocation.

262 263
Notes
Definitions: NOTE 48 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS

(a) Earning for available for debt service = Net Profit after taxes + Non-cash operating expenses like depreciation and During FY 2020-21, the Company completed the merger of GSK CH via an all equity merger. The merger was accounted for
other amortisations + Interest + other adjustments like loss on sale of Fixed assets etc. in accordance with the scheme using the acquisition accounting method under Ind AS 103 – Business Combinations. All
identified assets acquired and liabilities assumed on the date of merger were recorded at their fair value.
(b) Debt service = Interest & Lease Payments + Principal Repayments
(c) Average inventory = (Opening inventory balance + Closing inventory balance) / 2 NOTE 49 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES
(d) Net credit sales = Net credit sales consist of gross credit sales minus sales return The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956 during the financial year.
(e) Average trade receivables = (Opening trade receivables balance + Closing trade receivables balance) / 2
(f) Net credit purchases = Net credit purchases consist of gross credit purchases minus purchase return NOTE 50
No transactions to report against the following disclosure requirements as notified by MCA pursuant to
(g) Average trade payables = (Opening trade payables balance + Closing trade payables balance) / 2
amended Schedule III:
(h) Working capital = Current assets - Current liabilities.
(a) Crypto Currency or Virtual Currency
(i) Earning before interest and taxes = Profit before exceptional items and tax + Finance costs - Other Income
(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
(j) Capital Employed = Tangible Net Worth + Total Debt + Deferred Tax Liability
(c) Registration of charges or satisfaction with Registrar of Companies
(k) Return on Investment
(d) Relating to borrowed funds:
{MV(T1) – MV(T0) – Sum [C(t)]}
i. Wilful defaulter
{MV(T0) + Sum [W(t) * C(t)]}
ii. Utilisation of borrowed funds & share premium
where,
iii. Borrowings obtained on the basis of security of current assets
T1 = End of time period
iv. Discrepancy in utilisation of borrowings
T0 = Beginning of time period
v. Current maturity of long-term borrowings
t = Specific date falling between T1 and T0
MV(T1) = Market Value at T1

MV(T0) = Market Value at T0
C(t) = Cash inflow, cash outflow on specific date For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari
W(t) = Weight of the net cash flow (i.e. either net inflow or net outflow) on day ‘t’, calculated as [T1 – t] / T1 Firm's Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
[DIN: 06699923] [DIN: 05349994]
NOTE 46
The Company has a process whereby periodically all long-term contracts (including derivative contracts) are assessed for Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
material foreseeable losses. At the year end, the Company has reviewed and there are no long-term contracts for which Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
there are any material foreseeable losses. The Company has ensured that adequate provision as required under any law/ Membership No. FCS 3354
accounting standards for material foreseeable losses on derivative contracts has been made in the books of accounts. [DIN: 00050516]
Ravishankar A.
NOTE 47 Group Controller
The Company has presented segment information in the consolidated financial statements which are presented in the Mumbai: 27th April, 2023 Mumbai: 27th April, 2023
same annual report. Accordingly, in terms of Paragraph 4 of Ind AS 108 ‘Operating Segments’, no disclosures related to
segments are presented in these standalone financial statements.

264 265

To the Members of Hindustan Unilever Limited
REPORT ON THE AUDIT OF THE CONSOLIDATED Basis for Opinion The key audit matter How the matter was addressed in our audit
FINANCIAL STATEMENTS We conducted our audit in accordance with the Standards • Checking completeness and accuracy of the data used by the
Opinion on Auditing (SAs) specified under Section 143(10) of the Group for accrual of discounts and rebates.
We have audited the consolidated financial statements of Act. Our responsibilities under those SAs are further • Testing actualisation of estimated accruals on a sample
Hindustan Unilever Limited (hereinafter referred to as the described in the Auditor’s Responsibilities for the Audit basis.
“Holding Company”), its subsidiaries (Holding Company of the Consolidated Financial Statements section of our • Testing a selection of rebate accruals recorded after 31 March
and its subsidiaries together referred to as “the Group”) report. We are independent of the Group and its joint 2023 and assessing whether the accrual is recorded in the
venture in accordance with the ethical requirements that correct period.
and its joint venture, which comprise the consolidated
balance sheet as at 31 March 2023, and the consolidated are relevant to our audit of the consolidated financial • Testing a selection of payments made after 31 March 2023
statements in terms of the Code of Ethics issued by the and where relevant, comparing the payment to the related
statement of profit and loss (including other comprehensive
Institute of Chartered Accountants of India and the relevant rebate accrual.
income), consolidated statement of changes in equity and
provisions of the Act, and we have fulfilled our other ethical • Critically assessing manual journal entries posted to revenue,
consolidated statement of cash flows for the year ended
responsibilities in accordance with these requirements. We on a sample basis, to identify unusual items and examining
31 March 2023, and notes to the consolidated financial the underlying documentation.
statements, including a summary of significant accounting believe that the audit evidence obtained by us along with
policies and other explanatory information (hereinafter the consideration of report of the other auditors referred
to in paragraph (a) of the “Other Matters” section below, Impairment assessment of Food & Refreshment Cash Generating Unit (F&R CGU)
referred to as “the consolidated financial statements”).
is sufficient and appropriate to provide a basis for our See Note 4 to consolidated financial statements
In our opinion and to the best of our information and opinion on the consolidated financial statements.
according to the explanations given to us, and based
on the consideration of report of the other auditors on As disclosed in note 4 to the consolidated financial statements, Our audit procedures included:
Key Audit Matters
separate financial statements of a subsidiary as was the F&R CGU includes Rs 17,301 crores of goodwill and Rs
Key audit matters are those matters that, in our professional • Understanding the process followed by the Group in respect
27,210 crores of indefinite life intangible assets which together
audited by the other auditors, the aforesaid consolidated of the annual impairment analysis for F&R CGU.
judgment, were of most significance in our audit of the represents 61% of total assets of the Group and its joint venture
financial statements give the information required by the • Evaluating the design and implementation and testing the
consolidated financial statements of the current period. as at 31 March 2023.
Companies Act, 2013 (“Act”) in the manner so required and operating effectiveness of key internal controls related to the
These matters were addressed in the context of our audit The recoverable value of the F&R CGU which is based on
give a true and fair view in conformity with the accounting Group’s process relating to review of the annual impairment
of the consolidated financial statements as a whole, and the value in use model, has been derived from discounted
principles generally accepted in India, of the consolidated analysis, including controls over determination of discount
in forming our opinion thereon, and we do not provide a forecast cash flow model. This model requires the Group to rate, near and long-term revenue growth rate and projected
state of affairs of the Group and its joint venture as
separate opinion on these matters. make significant assumptions such as discount rate, near and margins.
at 31 March 2023, of its consolidated profit and other long-term revenue growth rate and projected margins which
comprehensive loss, consolidated changes in equity and • Challenging the reasonableness of the assumptions,
involves inherent uncertainty since they are based on future
particularly forecasted revenue growth rate and margins
consolidated cash flows for the year then ended. business prospects and economic outlook.
based on our knowledge of the Group and market. Assessing
Due to the materiality of above assets in context of the historical accuracy by comparing past forecasts to actual
Revenue recognition – Discounts and rebates consolidated financial statements and sensitivity of discount results achieved.
rate and near and long-term revenue growth rate assumptions • Involving the valuation professionals with specialised skills
See Note 27 to consolidated financial statements where a minor change could have a significant impact on and knowledge to assist in evaluating the impairment model
the recoverable value, we have considered the impairment used and assumptions (including discount rate and long
assessment of F&R CGU to be a key audit matter. term sales growth rate applied by the Group by comparing
As disclosed in note 27 to the consolidated financial Our audit procedures included:
it to a range of rates that were independently developed
statements, revenue is measured net of any trade discounts
• Understanding the process followed by the Group to using publicly available market indices and market data for
and volume rebates to customers (“discounts and rebates”).
determine the amount of accrual for discounts and rebates. comparable entities). Applying additional sensitivities to
Certain discounts and rebates for goods sold during the • Evaluating the design and implementation and testing assess the reasonableness of the above key assumptions.
year are only finalised when the precise amounts are known, operating effectiveness of Group’s general IT controls, key • Testing data used to develop the estimate for completeness
and revenue therefore includes an estimate of variable manual and application controls over the Group’s IT systems and accuracy.
consideration. The variable consideration represents the including controls over rebates agreements/arrangements, • Performing a sensitivity analysis to evaluate the impact of
portion of discounts and rebates that are not directly rebate payments/settlements and Group’s review over the change in key assumption individually or collectively to the
deducted on the invoice and involves estimation by the Group rebate accruals. recoverable value.
in recognition and measurement of such discounts and
• Inspecting on a sample basis, key customer contracts. • Evaluating the adequacy of the Group’s disclosures in respect
rebates. This includes establishing an accrual at year end,
Based on the terms and conditions relating to discounts of its impairment testing.
particularly in arrangements with customers involving varying
and rebates, assessing the Group’s revenue recognition
terms which are based on annual contracts or shorter-term
policies with reference to the requirements of the applicable
arrangements. In addition, the value and timing of promotions
accounting standards.
for products varies from period to period, and the activity
can span beyond the year end. The unsettled portion of the • Performing substantive testing by selecting samples of
variable consideration results in discounts and rebates due to discounts and rebates transactions recorded during the year
customers as at year end. as well as period end discounts and rebates accruals and

matching the parameters used in the computation with the
Therefore, there is a risk of revenue being overstated due to relevant source documents.
fraud through manipulation of discounts and rebates accruals
• Examining historical rebate accrual together with our
recognised, resulting from pressure the Group may feel to
understanding of current year developments to form
achieve performance targets at the year end.
an expectation of the rebate accrual as at year end and
We identified the evaluation of accrual for discounts and comparing this expectation against the actual rebate
rebates as a key audit matter. accrual, completing further inquiries and obtaining
underlying documentation, on a sample basis, as
appropriate. Further, we also performed retrospective review
to evaluate the precision with which management makes
estimates.
266 267
Provisions and contingent liabilities relating to taxation, litigations and claims Directors of the companies included in the Group and of its that is sufficient and appropriate to provide a basis
See Note 22 and 26 to consolidated financial statements joint venture are responsible for maintenance of adequate for our opinion. The risk of not detecting a material
accounting records in accordance with the provisions of misstatement resulting from fraud is higher than for
the Act for safeguarding the assets of each company and one resulting from error, as fraud may involve collusion,
The provisions and contingent liabilities relate to ongoing Our audit procedures included: for preventing and detecting frauds and other irregularities; forgery, intentional omissions, misrepresentations, or
litigations and claims with various authorities and third the selection and application of appropriate accounting the override of internal control.
• Understanding the process followed by the Group for
parties. These relate to direct tax, indirect tax, transfer policies; making judgments and estimates that are
assessment and determination of the amount of provisions • Obtain an understanding of internal control relevant to
pricing arrangements, claims, general legal proceedings,
and contingent liabilities relating to taxation, litigations and reasonable and prudent; and the design, implementation the audit in order to design audit procedures that are
environmental issues and other eventualities arising in the
claims. and maintenance of adequate internal financial controls,
regular course of business. appropriate in the circumstances. Under Section 143(3)
• Evaluating the design and implementation and testing that were operating effectively for ensuring the accuracy (i) of the Act, we are also responsible for expressing our
As at 31 March 2023, the amounts involved are significant. operating effectiveness of key internal controls around and completeness of the accounting records, relevant to the
The computation of a provision or contingent liability requires opinion on whether the company has adequate internal
the recognition and measurement of provisions and preparation and presentation of the consolidated financial
significant judgement by the Group because of the inherent re-assessment of contingent liabilities. financial controls with reference to financial statements
complexity in estimating future costs. The amount recognised statements that give a true and fair view and are free from
in place and the operating effectiveness of such controls.
• Involving our tax professionals with specialised skills and material misstatement, whether due to fraud or error,
as a provision is the best estimate of the expenditure. The
knowledge to assist in the assessment of the value of • Evaluate the appropriateness of accounting policies
provisions and contingent liabilities are subject to changes which have been used for the purpose of preparation of the
significant provisions and contingent liabilities relating used and the reasonableness of accounting estimates
in the outcomes of litigations and claims and the positions consolidated financial statements by the Management and
to taxation matter, on sample basis, in light of the nature and related disclosures made by the Management and
taken by the Group. It involves significant judgement and Board of Directors of the Holding Company, as aforesaid.
of the exposures, applicable regulations and related
estimation to determine the likelihood and timing of the Board of Directors.
correspondence with the authorities. In preparing the consolidated financial statements, the
cash outflows and interpretations of the legal aspects, tax
• Conclude on the appropriateness of the Management
legislations and judgements previously made by authorities. • Inquiring the status in respect of significant provisions respective Management and Board of Directors of the
and contingent liabilities with the Group’s internal tax and and Board of Directors use of the going concern basis
companies included in the Group and of its joint venture
legal team, including challenging the assumptions and of accounting in preparation of consolidated financial
are responsible for assessing the ability of each company
critical judgements made by the Group which impacted statements and, based on the audit evidence obtained,
the computation of the provisions and inspecting the to continue as a going concern, disclosing, as applicable,
whether a material uncertainty exists related to events
computation. matters related to going concern and using the going
or conditions that may cast significant doubt on the
• Assessing the assumptions used and estimates of outcome concern basis of accounting unless the respective Board
appropriateness of this assumption. If we conclude
and financial effect, including considering judgement of of Directors either intends to liquidate the company or to
that a material uncertainty exists, we are required to
the Group, supplemented by experience of similar decisions cease operations, or has no realistic alternative but to do so.
draw attention in our auditor’s report to the related
previously made by the authorities and, in some cases,
relevant opinions given by the Group’s advisors. The respective Board of Directors of the companies disclosures in the consolidated financial statements or, if
included in the Group and the Board of Directors of its such disclosures are inadequate, to modify our opinion.
• Testing data used to develop the estimate for completeness
and accuracy. joint venture are responsible for overseeing the financial Our conclusions are based on the audit evidence
reporting process of each company. obtained up to the date of our auditor’s report. However,
• Evaluating judgements made by the Group by comparing the
estimates of prior year to the actual outcome. future events or conditions may cause the Group and its
Auditor’s Responsibilities for the Audit of the joint venture to cease to continue as a going concern.
• Evaluating the Group’s disclosures in the consolidated
financial statements in respect of provisions and contingent
Consolidated Financial Statements • Evaluate the overall presentation, structure and content
liabilities. Our objectives are to obtain reasonable assurance about of the consolidated financial statements, including the
whether the consolidated financial statements as a whole disclosures, and whether the consolidated financial
are free from material misstatement, whether due to fraud statements represent the underlying transactions and
Other Information When we read the annual report, if we conclude that there or error, and to issue an auditor’s report that includes events in a manner that achieves fair presentation.
is a material misstatement therein, we are required to our opinion. Reasonable assurance is a high level of • Obtain sufficient appropriate audit evidence regarding
The Holding Company ’s Management and Board of
communicate the matter to those charged with governance assurance, but is not a guarantee that an audit conducted the financial statements of such entities or business
Directors are responsible for the other information. The
and describe actions applicable under the applicable laws in accordance with SAs will always detect a material
other information comprises the information included activities within the Group and its joint venture to express
and regulations. misstatement when it exists. Misstatements can arise from
in the annual report, but does not include the financial an opinion on the consolidated financial statements.
fraud or error and are considered material if, individually
statements and auditor’s report thereon. The annual report We are responsible for the direction, supervision and
is expected to be made available to us after the date of this
Management's and Board of Directors' Responsibilities or in the aggregate, they could reasonably be expected
performance of the audit of the financial statements
auditor’s report.
for the Consolidated Financial Statements to influence the economic decisions of users taken on the
of such entities included in the consolidated financial
The Holding Company’s Management and Board of Directors basis of these consolidated financial statements.
statements of which we are the independent auditors.
Our opinion on the consolidated financial statements does
are responsible for the preparation and presentation of As part of an audit in accordance with SAs, we exercise For the other entity included in the consolidated financial
not cover the other information and we will not express any
these consolidated financial statements in term of the professional judgment and maintain professional statements, which has been audited by other auditors,
form of assurance conclusion thereon.
requirements of the Act that give a true and fair view of the skepticism throughout the audit. We also: such other auditors remain responsible for the direction,
In connection with our audit of the consolidated financial consolidated state of affairs, consolidated profit/ loss and supervision and performance of the audit carried out by
statements, our responsibilit y is to read the other other comprehensive income, consolidated statement of • Identify and assess the risks of material misstatement them. We remain solely responsible for our audit opinion.

information identified above when it becomes available changes in equity and consolidated cash flows of the Group of the consolidated financial statements, whether due Our responsibilities in this regard are further described
and, in doing so, consider whether the other information including its joint venture in accordance with the accounting to fraud or error, design and perform audit procedures in paragraph (a) of the section titled “Other Matters” in
is materially inconsistent with the consolidated financial principles generally accepted in India, including the Indian responsive to those risks, and obtain audit evidence this audit report.
statements or our knowledge obtained in the audit, or Accounting Standards (Ind AS) specified under Section
otherwise appears to be materially misstated. 133 of the Act. The respective Management and Board of
268 269
We communicate with those charged with governance of (before consolidation adjustments) amounting to ₹102 c.
The consolidated balance sheet, the c. There is an instance of delay of 15 days in
the Holding Company and such other entities included in crores for the year ended on that date, as considered consolidated statement of profit and loss transferring an amount of Rs 1 crore pertaining
the consolidated financial statements of which we are the in the consolidated financial statements, have not (including other comprehensive income), the to Unpaid dividend required to be transferred
independent auditors regarding, among other matters, the been audited either by us or by other auditors. The consolidated statement of changes in equity during the year, to the Investor Education and
planned scope and timing of the audit and significant audit consolidated financial statements also include the and the consolidated statement of cash flows Protection Fund by the Holding Company. There
findings, including any significant deficiencies in internal Group’s share of net loss (and other comprehensive dealt with by this Report are in agreement with has been no delay in transferring amounts,
control that we identify during our audit. income) of ₹1 crore for the year ended 31 March the relevant books of account maintained for required to be transferred, to the Investor
2023, as considered in the consolidated financial the purpose of preparation of the consolidated Education and Protection Fund by subsidiary
We also provide those charged with governance with
statements, in respect of one joint venture, whose financial statements. companies incorporated in India during the year
a statement that we have complied with relevant
financial statements have not been audited by us or by ended 31 March 2023.
ethical requirements regarding independence, and d. In our opinion, the aforesaid consolidated
to communicate with them all relationships and other other auditors. These unaudited financial statements financial statements comply with the Ind AS d (i) The management of the Holding Company
matters that may reasonably be thought to bear on our have been furnished to us by the Management and our specified under Section 133 of the Act. and its subsidiary companies incorporated
independence, and where applicable, related safeguards. opinion on the consolidated financial statements, in so in India whose financial statements have
far as it relates to the amounts and disclosures included e. On the basis of the written representations
been audited under the Act has represented
From the matters communicated with those charged with in respect of this subsidiary and a joint venture, and received from the directors of the Holding
to us that, to the best of it’s knowledge and
governance, we determine those matters that were of our report in terms of sub-section (3) of Section 143 of Company as on 31 March 2023 and taken on
belief, as disclosed in the Note 7(3) to the
most significance in the audit of the consolidated financial the Act in so far as it relates to the aforesaid subsidiary record by the Board of Directors of the Holding
consolidated financial statements, no funds
statements of the current period and are therefore the key and a joint venture, is based solely on such unaudited Company and the reports of the statutor y
have been advanced or loaned or invested
audit matters. We describe these matters in our auditor’s auditors of its subsidiary companies incorporated
financial statements. In our opinion and according (either from borrowed funds or share
report unless law or regulation precludes public disclosure in India, none of the directors of the Group
to the information and explanations given to us by premium or any other sources or kind of
about the matter or when, in extremely rare circumstances, companies incorporated in India is disqualified
the Management, these financial statements are not funds) by the Holding Company or any of the
we determine that a matter should not be communicated as on 31 March 2023 from being appointed as a
material to the Group. subsidiary companies incorporated in India
in our report because the adverse consequences of doing director in terms of Section 164(2) of the Act.
to or in any other person(s) or entity(ies),
so would reasonably be expected to outweigh the public Our opinion on the consolidated financial statements,
f. With respect to the adequacy of the internal including foreign entities (“Intermediaries”),
interest benefits of such communication. and our report on Other Legal and Regulator y
financial controls with reference to financial with the understanding, whether recorded
Requirements below, is not modified in respect of
statements of the Holding Company and its in writing or otherwise, that the Intermediary
Other Matters this matter with respect to the financial statements
subsidiary companies incorporated in India and shall directly or indirectly lend or invest in
a. We did not audit the financial statements of one certified by the Management.
the operating effectiveness of such controls, refer other persons or entities identified in any
subsidiar y, whose financial statements reflect to our separate Report in “Annexure B”. manner whatsoever by or on behalf of the
total assets (before consolidation adjustments) Report on Other Legal and Regulatory Requirements
Holding Company or any of the subsidiary
of ₹380 crores as at 31 March 2023, total revenues 1. As required by the Companies (Auditor’s Report) B. With respect to the other matters to be included in
companies incorporated in India (“Ultimate
(before consolidation adjustments) of ₹543 crores and Order, 2020 (“the Order”) issued by the Central the Auditor’s Report in accordance with Rule 11 of
Beneficiaries”) or provide any guarantee,
net cash outflows (before consolidation adjustments) Government of India in terms of Section 143(11) of the the Companies (Audit and Auditors) Rules, 2014,
securit y or the like on behalf of the
amounting to ₹20 crores for the year ended on that in our opinion and to the best of our information
Act, we give in the “Annexure A” a statement on the Ultimate Beneficiaries.
date, as considered in the consolidated financial and according to the explanations given to us and
matters specified in paragraphs 3 and 4 of the Order,
statements. These financial statements have been based on the consideration of the report of the other (ii) The management of the Holding Company
to the extent applicable.
audited by other auditors whose report have been auditors on separate financial statements of the and its subsidiary companies incorporated
furnished to us by the Management and our opinion 2 A. As required by Section 143(3) of the Act, based on subsidiary, as noted in the paragraph (a) of the “Other in India whose financial statements have
on the consolidated financial statements, in so far as our audit and on the consideration of report of the Matters” paragraph: been audited under the Act has represented
it relates to the amounts and disclosures included in other auditors on separate financial statements of a to us that, to the best of it’s knowledge and
a. The consolidated financial statements disclose
respect of this subsidiary, and our report in terms of subsidiary, as was audited by other auditors, as noted belief, as disclosed in the Note 7(3) to the
the impact of pending litigations as at 31 March
sub-section (3) of Section 143 of the Act, in so far as it in paragraph (a) of the “Other Matters” paragraph, we consolidated financial statements, no funds
2023 on the consolidated financial position of the
relates to the aforesaid subsidiary is based solely on report, to the extent applicable, that: have been received by the Holding Company
Group. Refer Note 22 to 26 to the consolidated
the report of the other auditors. or any of the subsidiar y companies
a.
We h a ve so u ght a n d o b t a in e d a l l t h e financial statements.
incorporated in India from any person(s)
Our opinion on the consolidated financial statements, information and explanations which to the best
b. The Group did not have any material foreseeable or entity(ies), including foreign entities
and our report on Other Legal and Regulator y of our knowledge and belief were necessary
losses on long-term contracts during the year (“Funding Parties”), with the understanding,
Requirements below, is not modified in respect of this for the purposes of our audit of the aforesaid
ended 31 March 2023. Provision has been made whether recorded in writing or otherwise,
matter with respect to our reliance on the work done consolidated financial statements.
in the consolidated financial statements, as that the Holding Company or any of the
and the report of the other auditors. required under the applicable law or Ind AS, subsidiary companies incorporated in India
b. In our opinion, proper books of account as
b. The financial statements of one subsidiary, whose required by law relating to preparation of the for material foreseeable losses, on derivative shall directly or indirectly, lend or invest in
aforesaid consolidated financial statements contracts - Refer Note 47 to the consolidated other persons or entities identified in any

financial statements reflect total assets (before
consolidation adjustments) of ₹138 crores as at 31 have been kept so far as it appears from our financial statements. manner whatsoever by or on behalf of the
March 2023, total revenues (before consolidation examination of those books and the report of the Funding Parties (“Ultimate Beneficiaries”) or
adjustments) of ₹22 crores and net cash outflows other auditors. provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
270 271
Independent Auditor’s Report Annexure - A

to the Independent Auditor’s Report on the Consolidated Financial Statements of Hindustan Unilever Limited for the year
ended 31 March 2023
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(iii)
B a sed on such audit procedures a s C. With respect to the matter to be included in the
considered reasonable and appropriate in Auditor’s Report under Section 197(16) of the Act:
the circumstances, nothing has come to our (xxi) According to the information and explanations given to us following companies incorporated in India and included
In our opinion and according to the information and
notice that has caused us to believe that the in the consolidated financial statements, have certain remarks included in their reports under Companies (Auditor’s
explanations given to us the remuneration paid
representations under sub-clause (d)(i) and Report) Order, 2020 (“CARO”), which have been reproduced as per the requirements of the Guidance Note on CARO:
during the current year by the Holding Company and
(d)(ii) contain any material misstatement.
its subsidiary companies incorporated in India, where Clause number of the
e. The final dividend paid by the Holding Company applicable, to its directors is in accordance with the CARO report which
Sr. Holding Company/ is unfavourable or
during the year, in respect of the same declared provisions of Section 197 of the Act. The remuneration
No. Name of the entities CIN Subsidiary qualified or adverse
for the previous year is in accordance with paid to any director by the Holding Company and its
1 . Hindustan Unilever Limited L15140MH1933PLC002030 Holding Company Clause (i)(c)*
Section 123 of the Act to the extent it applies to subsidiary companies incorporated in India is not in
payment of dividend. excess of the limit laid down under Section 197 of the 2. Unilever India Exports Limited U51900MH1963PLC012667 Subsidiary Clause (i)(c)*
Act, except in case of a subsidiary where requisite 3. Daverashola Estates Private Limited U15200MH2004PTC149035 Subsidiary Clause (i)(c)*
The interim dividend declared and paid by the
approvals are taken in the general meeting. The
Holding Company during the year and until the *This clause pertains to title deeds of certain immovable properties not held in the name of the respective companies.
Ministry of Corporate Affairs has not prescribed other
date of this audit report is in compliance with
details under Section 197(16) of the Act which are The above does not include comments, if any, in respect of the following entities as the report under Section 143(11)
Section 123 of the Act.
required to be commented upon by us. of the Act is not available:
As stated in Note 39 to the consolidated financial
Name of the entities CIN Subsidiary/Joint Venture
statements, the Board of Directors of the Holding
Company have proposed final dividend for For B S R & Co. LLP Zywie Ventures Private Limited U74900CH2013PTC034657 Subsidiary
the year which is subject to the approval of Chartered Accountants Nutritionalab Private Limited U15100MH2016PTC285610 Joint Venture
the members at the ensuing Annual General Firm’s Registration No.:101248W/W-100022
Meeting. The dividend declared is in accordance
Aniruddha Godbole
with Section 123 of the Act to the extent it applies Partner For B S R & Co. LLP
to declaration of dividend. Place: Mumbai Membership No.: 105149 Chartered Accountants
Date: 27 April 2023 ICAI UDIN: 23105149BGYFRC4973 Firm’s Registration No.:101248W/W-100022
f. As proviso to rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable for the Aniruddha Godbole
Holding Company or any of the subsidiar y Partner
companies incorporated in India only with effect Place: Mumbai Membership No.: 105149
from 1 April 2023, reporting under Rule 11(g) of Date: 27 April 2023 ICAI UDIN: 23105149BGYFRC4973
the Companies (Audit and Auditors) Rules, 2014 is
not applicable.

272 273
Annexure - B
to the Independent Auditor’s Report on the consolidated financial statements of Hindustan Unilever Limited for the year
ended 31 March 2023
Report on the internal financial controls with reference to the aforesaid consolidated financial statements under
reporting and the preparation of consolidated financial subject to the risk that the internal financial controls
Clause (i) of Sub-section 3 of Section 143 of the Act
statements for external purposes in accordance with with reference to financial statements may become
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our generally accepted accounting principles. A company's inadequate because of changes in conditions, or that
report of even date) internal financial controls with reference to financial the degree of compliance with the policies or procedures
statements include those policies and procedures that (1) may deteriorate.
Opinion Auditor’s Responsibility pertain to the maintenance of records that, in reasonable
In conjunction with our audit of the consolidated financial

detail, accurately and fairly reflect the transactions and Other Matter
Our responsibility is to express an opinion on the internal
dispositions of the assets of the company; (2) provide The internal financial controls with reference to financial
statements of Hindustan Unilever Limited (hereinafter financial controls with reference to financial statements
reasonable assurance that transactions are recorded as statements insofar as it relates to one subsidiary company
referred to as “the Holding Company”) as of and for the based on our audit. We conducted our audit in accordance
necessary to permit preparation of consolidated financial and one joint venture, which is a company incorporated
year ended 31 March 2023, we have audited the internal with the Guidance Note and the Standards on Auditing,
statements in accordance with generally accepted in India and included in these consolidated financial
financial controls with reference to financial statements of prescribed under Section 143(10) of the Act, to the extent
accounting principles, and that receipts and expenditures statements, have not been audited either by us or by other
the Holding Company and such companies incorporated applicable to an audit of internal financial controls with
of the company are being made only in accordance with
in India under the Act which are its subsidiary companies, reference to financial statements. Those Standards and auditors. In our opinion and according to the information
authorisations of management and directors of the
as of that date. the Guidance Note require that we comply with ethical and explanations given to us by the Management, such
company; and (3) provide reasonable assurance regarding
requirements and plan and perform the audit to obtain unaudited subsidiary company and joint venture are not
In our opinion the Holding Company and its subsidiary prevention or timely detection of unauthorised acquisition,
reasonable assurance about whether adequate internal material to the Holding Company.
companies, have, in all material respects, adequate use, or disposition of the company's assets that could have
internal financial controls with reference to financial financial controls with reference to financial statements a material effect on the consolidated financial statements. Our opinion is not modified in respect of this matter.
statements and such internal financial controls were were established and maintained and if such controls
operating effectively as at 31 March 2023, based on the operated effectively in all material respects. Inherent Limitations of Internal Financial Controls
internal financial controls with reference to financial Our audit involves performing procedures to obtain audit with Reference to Financial Statements For B S R & Co. LLP
statements criteria established by such companies evidence about the adequacy of the internal financial Because of the inherent limitations of internal financial Chartered Accountants
considering the essential components of such internal controls with reference to financial statements and their controls with reference to financial statements, including Firm’s Registration No.:101248W/W-100022
controls stated in the Guidance Note on Audit of Internal operating effectiveness. Our audit of internal financial the possibility of collusion or improper management
Financial Controls Over Financial Reporting issued by controls with reference to financial statements included override of controls, material misstatements due to error Aniruddha Godbole
the Institute of Chartered Accountants of India (the obtaining an understanding of internal financial controls or fraud may occur and not be detected. Also, projections Partner
“Guidance Note”). with reference to financial statements, assessing the of any evaluation of the internal financial controls with Place: Mumbai Membership No.: 105149
risk that a material weakness exists, and testing and reference to financial statements to future periods are Date: 27 April 2023 ICAI UDIN: 23105149BGYFRC4973
Management’s and Board of Directors’ Responsibilities evaluating the design and operating effectiveness of
for Internal Financial Controls internal control based on the assessed risk. The procedures
The respective company's Management and the Board of selected depend on the auditor’s judgement, including
Directors are responsible for establishing and maintaining the assessment of the risks of material misstatement of
internal financial controls based on the internal financial the consolidated financial statements, whether due to
controls with reference to financial statements criteria fraud or error.
established by the respective company considering the
essential components of internal control stated in the We believe that the audit evidence we have obtained is
Guidance Note. These responsibilities include the design, sufficient and appropriate to provide a basis for our audit
implementation and maintenance of adequate internal opinion on the internal financial controls with reference to
financial controls that were operating effectively for financial statements.
ensuring the orderly and efficient conduct of its business,
including adherence to the respective company's policies, Meaning of Internal Financial Controls with
the safeguarding of its assets, the prevention and detection Reference to Financial Statements
of frauds and errors, the accuracy and completeness of the A company's internal financial controls with reference
accounting records, and the timely preparation of reliable to financial statements is a process designed to provide
financial information, as required under the Act. reasonable assurance regarding the reliability of financial

274 275
Consolidated Balance Sheet

as at 31st March, 2023
ASSETS EQUITY AND LIABILITIES

Non-current assets Equity
Property, plant and equipment 3 6,949 6,169 Equity share capital 17 235 235
Capital work-in-progress 3 1,132 1,313 Other equity 18A 50,069 48,826
Goodwill 4A 17,316 17,316 Non-controlling interests 19 218 26
Goodwill on consolidation 4B 150 81 Total – Equity (A) 50,522 49,087
Other intangible assets 4A 28,263 27,907 Liabilities
Investments accounted for using the equity method 5 69 - Non-current liabilities
Financial assets Financial liabilities
Investments 6 2 2 Lease Liabilities 20 807 741
Other financial assets 8 725 729 Provisions 22 1,363 1,580
Deferred tax assets 9C 10 11 Deferred tax liabilities 9C 6,421 6,141
Non-current tax assets (net) 9E 1,164 1,158 Non-current tax liabilities (net) 9E 1,086 1,331
Other non-current assets 10 211 194 Total – Non-current liabilities (B) 10,537 10,150
Total – Non-current assets (A) 56,089 54,995 Current liabilities
Current assets Financial liabilities
Inventories 11 4,251 4,096 Borrowings 23 98 -
Financial assets Lease Liabilities 20 314 302
Investments 6 2,811 3,519 Trade payables
Trade receivables 12 3,079 2,236 Total outstanding dues of micro enterprises and small enterprises 24 100 60
Cash and cash equivalents 13 714 1,147 Total outstanding dues of creditors other than micro enterprises and 24 9,474 9,008
Bank balances other than cash and cash equivalents mentioned above 14 3,964 2,699 small enterprises
Other financial assets 8 1,386 1,089 Other current liabilities 25 764 665
Other current assets 15 745 688 Provisions 22 389 346
Assets held for sale 16 12 13 Total – Current liabilities (C) 12,028 11,280
Total – Current assets (B) 16,998 15,522 TOTAL EQUITY AND LIABILITIES (A+B+C) 73,087 70,517
TOTAL ASSETS (A+B) 73,087 70,517 Basis of preparation, measurement and significant accounting policies 2
Contingent liabilities and commitments 26
The accompanying notes 1 to 51 are an integral part of these consolidated financial statements

[DIN: 06699923] [DIN: 05349994]

[DIN: 00050516]
Ravishankar A.
Group Controller

276 277
Consolidated Statement of Profit and Loss


INCOME Profit attributable to:

Revenue from operations 27 60,580 52,446 Owners of the Company 10,120 8,879
Other income 28 512 258 Non-controlling interests 19 23 13
TOTAL INCOME 61,092 52,704 Other Comprehensive income attributable to:
EXPENSES Owners of the company (26) 115
Cost of materials consumed 29 20,212 16,446 Non-controlling interests 19 0 0
Purchases of stock-in-trade 30 11,579 9,311 Total Comprehensive income attributable to:
Changes in inventories of finished goods, Stock-in-Trade and work-in-progress 31 (75) (22) Owners of the company 10,094 8,994
Employee benefits expense 32 2,854 2,545 Non-controlling interests 19 23 13
Finance costs 33 114 106 Earnings per equity share from Continuing Operations
Depreciation and amortisation expense 34 1,137 1,091 Basic (Face value of ₹1 each) 38A ₹43.07 ₹37.77
Other expenses 35 11,861 11,309 Diluted (Face value of ₹1 each) 38A ₹43.07 ₹37.77
TOTAL EXPENSES 47,682 40,786 Earnings per equity share from Discontinued Operations
Profit before Exceptional Items and tax and before share of equity accounted 13,410 11,918 Basic (Face value of ₹1 each) 38B (₹0.00) ₹0.02
investee Diluted (Face value of ₹1 each) 38B (₹0.00) ₹0.02
Share of loss of equity accounted investee net of tax 5 (1) - Earnings per equity share from continuing and discontinued operations
Profit before exceptional items and tax 13,409 11,918 Basic (Face value of ₹1 each) ₹43.07 ₹37.79
Exceptional items (net) 36 (64) (44) Diluted (Face value of ₹1 each) ₹43.07 ₹37.79
Profit before tax from Continuing Operations 13,345 11,874 Basis of preparation, measurement and significant accounting policies 2
Tax expenses
Current tax 9A (3,001) (2,840)
Deferred tax charge 9A (200) (147)
Profit after tax from Continuing Operations (A) 10,144 8,887 As per our report of even date attached For and on behalf of Board of Directors
Profit/(Loss) from discontinued operations before tax 37A (1) 3 For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari
Tax adjustment of discontinued operations 37A - 2 Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Profit/(Loss) from discontinued operations after tax (B) (1) 5
[DIN: 06699923] [DIN: 05349994]
PROFIT FOR THE YEAR (A+B) 10,143 8,892
OTHER COMPREHENSIVE INCOME Aniruddha Godbole Kalpana Morparia Dev Bajpai
Items that will not be reclassified subsequently to profit or loss Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Remeasurements of the net defined benefit plans 42C (17) 41 Membership No. FCS 3354
Income tax relating to items that will not be reclassified subsequently to profit [DIN: 00050516]
or loss Ravishankar A.
Remeasurements of the net defined benefit plans 9A 4 (10) Group Controller
Items that will be reclassified subsequently to profit or loss

Fair value of debt instruments through other comprehensive income 18C (1) (1)
Fair value of cash flow hedges through other comprehensive income 18C (21) 85
Income tax relating to items that will be reclassified subsequently to profit or
loss
Fair value of debt instruments through other comprehensive income 9A 0 0
Fair value of cash flow hedges through other comprehensive income 9A 9 (0)
OTHER COMPREHENSIVE INCOME FOR THE YEAR (C) (26) 115
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B+C) 10,117 9,007

278
Consolidated Statement of Changes in Equity

(All amounts in ₹ crores, unless otherwise stated)
A. EQUITY SHARE CAPITAL

As at As at
Note 31st March, 2023 31st March, 2022
Balance at the beginning of the year 17 235 235

Changes in equity share capital due to prior period errors - -
Restated balance at the beginning of the year 235 235
Changes in equity share capital during the year 17 - 0
Balance at the end of the year 17 235 235

B. OTHER EQUITY
Items of Other
Reserves and Surplus Comprehensive Income Grand Total
Employee Debt Cash Total

Stock Retirement instruments flow Attributable Attributable
Capital Options Employees' Benefit Export through Other Hedges to owners to Non-
Capital Redemption Securities Outstanding General Retained Other Housing Scheme profit Comprehensive though of the controlling
Reserve Reserve Premium Account Reserve Earnings Reserves Reserve Reserve Reserves Income OCI company Interest Total
As at 31st March, 2021 4 6 40,350 5 114 6,880 9 50 - 0 1 20 47,439 20 47,459

As at 1st April, 2021 * 4 6 40,350 5 114 6,880 9 50 - 0 1 20 47,439 20 47,459
Profit for the year - - - - - 8,879 - - - - - - 8,879 13 8,892
Other comprehensive - - - - - 31 - - - - (1) 85 115 - 115
income for the year
Total comprehensive - - - - - 8,910 - - - - (1) 85 8,994 13 9,007
income for the year
Hedging loss/(gain) - - - - - - - - - - - (85) (85) - (85)
transferred to non-
Dividend on equity - - - - - (7,519) - - - - - - (7,519) (7) (7,526)
shares for the year
(Refer note 39)
Transferred to - - - - - - - (50) 50 - - - (0) - (0)
Retirement Benefit
Scheme Reserve
Deferred Tax on Stamp - - (2) - - - - - - - - - (2) - (2)
duty (Refer note 9A)
Issue of equity - - 4 (4) - - - - - - - - - - -
shares on exercise of
employee stock options
Equity settled share - - - (1) - - - - - - - - (1) - (1)
based payment credit
As at 31st March, 2022 4 6 40,352 - 114 8,271 9 - 50 0 (0) 20 48,826 26 48,852
Items of Other
Reserves and Surplus Comprehensive Income Grand Total
Employee Debt Cash Total

Value
Stock Retirement instruments flow Attributable Attributable

Creation
Capital Options Employees' Benefit Export through Other Hedges to owners to Non-
Capital Redemption Securities Outstanding General Retained Other Housing Scheme profit Comprehensive though of the controlling
Reserve Reserve Premium Account Reserve Earnings Reserves Reserve Reserve Reserves Income OCI company Interest Total
As at 1st April, 2022 * 4 6 40,352 - 114 8,271 9 - 50 0 (0) 20 48,826 26 48,852

Profit for the year - - - - - 10,120 - - - - - - 10,120 23 10,143
Other comprehensive - - - - - (13) - - - - (1) (12) (26) - (26)
income for the year
Total comprehensive - - - - - 10,107 - - - - (1) (12) 10,094 23 10,117
Overview
Corporate
income for the year

Additions through - - - - - (375) - - - - - - (375) 185 (190)
business combination
(Refer note 44)
Hedging loss/(gain) - - - - - - - - - - - (14) (14) - (14)
transferred to non-
Dividend on equity - - - - - (8,459) - - - - - - (8,459) (14) (8,473)
shares for the year
Overview
(Refer note 39)

Payment to NCI - - - - - - - - - - - - - (2) (2)
Performance
(ESOP Cancelled)
(Refer note 39)
Payment from - - - - - - - - (1) - - - (1) - (1)
Retirement Benefit
Scheme Reserve
Deferred Tax on Stamp - - (2) - - - - - - - - - (2) - (2)
duty (Refer note 9A)
As at 31st March, 2023 4 6 40,350 - 114 9,544 9 - 49 0 (1) (6) 50,069 218 50,287
Overview
* There are no changes in other equity due to prior period errors

Governance
Refer note 18B for nature and purpose of reserves.
Chartered Accountants Managing Director Executive Director, Finance & IT and
Firm's Registration No. 101248W/W - 100022 and Chief Executive Officer Chief Financial Officer
Reports
Statutory
[DIN: 06699923] [DIN: 05349994]

[DIN: 00050516]
Ravishankar A.
Group Controller
Financial

Statements

279
280 281
Consolidated Statement of Cash Flows


A CASH FLOWS FROM OPERATING ACTIVITIES: C CASH FLOWS FROM FINANCING ACTIVITIES:
Profit before tax from continuing operations and before share of equity accounted 13,346 11,874 Dividends paid (8,474) (7,526)
investee
Amount taken for short term purpose 286 55
Adjustments for:
Repayment of amount taken for short term purpose (201) (55)
Depreciation and amortisation expenses 1,152 1,106
Borrowings repaid (7) -
(Profit)/loss on sale of property, plant and equipment (100) (97)
Principal payment of lease liabilities (467) (407)
Contingent consideration true up for business combination (2) (9)
Interest paid on lease liabilities (84) (80)
Finance Income (411) (198)
Interest paid other than on lease liabilities (4) (2)
Dividend income (2) (1)
Employee stock options paid (2) -
Other non operating income – Fair value gain on investments (99) (59)
Proceeds from share allotment under employee stock options/ performance share - 0
Interest expense 114 106 schemes
Provision for expenses on employee stock options 1 (1) Net cash flows used in financing activities - [C] (8,953) (8,015)
Profit on sale of brand rights (60) (29) Net decrease in cash and cash equivalents - [A+B+C] (456) (695)
Payment from Retirement Benefit Scheme Reserve (1) - Add: Cash and cash equivalents at the beginning of the year 1,147 1,842
Transaction cost from acquisition 2 - Add: Cash acquired under Business Combination (refer note 44) 10 -
Inventory written off net of Provision/(write back) for Inventory 184 156 Cash and cash equivalents at the end of the year 701 1,147
Bad debts/assets written off net of Provision/(write back) (27) (15) Components of cash and cash equivalents:
Mark-to-market (gain)/ loss on derivative financial instruments (8) (4) Cash and cash equivalents as per Consolidated Balance Sheet (refer note 12) 714 1,147
Cash Generated from operations before working capital changes 14,089 12,829 Less: Bank overdraft (refer note 23) (13) -
Adjustments for: Cash and cash equivalents for Consolidated Statement of Cash Flows 701 1,147
(Increase)/decrease in Non-Current Assets (14) 3
(Increase)/decrease in Current Assets (1,111) (480)
Reconciliation between opening and closing Opening balance Closing balance
(Increase)/decrease in Inventories (339) (758) balance sheet for short term borrowings: 1st April, 2022 Cash flows Non-cash movement 31st March, 2023
Increase/(decrease) in Non-Current Liabilities (116) 86 Short term borrowings - 85 (0) 85

Increase/(decrease) in Current Liabilities 622 149
Note: The above Consolidated Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, ‘Consolidated
Cash flows generated from operations 13,131 11,829
Statement of Cash Flows’.
Taxes paid (net of refunds) (3,138) (2,784)
Profit/(Loss) from Joint venture (1) -
Profit/(Loss) from discontinued operations (1) 3 As per our report of even date attached For and on behalf of Board of Directors
Net cash flows generated from operating activities - [A] 9,991 9,048
B CASH FLOWS FROM INVESTING ACTIVITIES: Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
Purchase of property, plant and equipment (1,174) (1,225) Firm's Registration No. 101248W/W - 100022 and Chief Executive Officer Financial Officer
Sale proceeds of property, plant and equipment 121 146 [DIN: 06699923] [DIN: 05349994]
Purchase of intangible assets (18) (3)
Sale proceeds of intangible assets (brand rights) 60 29 Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
Investment in subsidiary (264) - Membership No. 105149 [DIN: 00046081] Affairs and Company Secretary
Transaction cost on acquisition (2) -
[DIN: 00050516]
Investment in joint venture (70) - Ravishankar A.
Contingent consideration paid on business combination (40) (41) Group Controller
Purchase of current investments (22,649) (48,522)

Sale proceeds of current investments 23,462 47,786
Loans given to others (1) (4)
Investment in term deposits (having original maturity of more than 3 months) (3,668) (3,711)

Redemption/maturity of term deposits (having original maturity of more than 3 months) 2,488 3,656
Investment in non-current deposits with banks - (1)
Interest received 259 161
Dividend received from others 2 1
Net cash flows used in investing activities - [B] (1,494) (1,728)
282 283
Notes
to the consolidated financial statements for the year ended 31st March, 2023
NOTE 1 GROUP INFORMATION The Group holds investments in the below entities which by share ownership are deemed to be an associate company:
Hindustan Unilever Limited (the ‘Holding Company’) is a public limited company domiciled in India with its registered (i) Comfund Consulting Limited where the Group has 24% equity holding. This company is currently dormant.
office located at Unilever House, B.D. Sawant Marg, Chakala, Andheri (East), Mumbai 400 099. The Holding Company
is listed on the BSE Limited and the National Stock Exchange of India Limited (NSE). The Holding Company is in the Fast (ii) Aquagel Chemicals (Bhavnagar) Private Limited where the Group has 26% in equity and preference capital
moving consumer goods (FMCG) business comprising primarily of Home Care, Beauty & Personal Care and Foods and holding. This is a company engaged in Silica business.
Refreshment segments. The Holding Company has manufacturing facilities across the country and sells primarily in India. However, the Group does not exercise significant influence in any of the above entities, as demonstrated below :
The Holding Company, its subsidiaries (jointly referred to as the 'Group' hereinafter) and a joint venture considered in (i) The Group does not have any representation on the board of directors or corresponding governing body
these consolidated financial statements are: of the investee.
(a) Subsidiaries (ii) The Group does not participate in policy making process.
Proportion (%) of equity interest (iii) The Group does not have any material transactions with the investee.
Country of As at As at (iv) The Group does not interchange any managerial personnel.
Unilever India Exports Limited India FMCG export business 100 100 (v) The Group does not provide any essential technical information to the investee.
Lakme Lever Private Limited India (i) Beauty salons 100 100 (vi) As these are not investments strategic to the core business of the Holding Company, these are intended to be
(ii) Job work business divested/liquidated in the near future.
Unilever India Limited India FMCG business 100 100 Since the Group does not exercise significant influence or control on decisions of the investees, these are not being
#
Zywie Ventures Private Limited India FMCG business 53.34 - construed as associate companies and therefore these have not been consolidated in the financial statements of
Unilever Nepal Limited Nepal FMCG business 80 80 the Group and its joint venture.
Pond's Exports Limited India Leather products business 100 100
(discontinued operations) (d) Share of Entities in Group
Jamnagar Properties Private Limited India Real estate company 100 100 As at 31st March, 2023 For the year ended 31st March, 2023
Daverashola Estates Private Limited India Real estate company 100 100 Net Assets Share in Other Share in Total
(Total Assets - Total Share in Sales of Share in Profit and Comprehensive Comprehensive
Levindra Trust Limited India Discharge trust business as a trustee 100 100 Liabilities) Products and Services Loss Income Income
As % of As % of As % of
Hindlever Trust Limited India Discharge trust business as a trustee 100 100 consolidated As % of consolidated consolidated
Levers Associated Trust Limited India Discharge trust business as a trustee 100 100 As % of sale of consolidated other total
consolidated products and profit and comprehensive comprehensive
Hindustan Unilever Foundation* India Not-for-profit company in the field of 100 100 Name of the Entity net assets Amount services Amount loss Amount income Amount income Amount
community development initiatives. Parent
Bhavishya Alliance Child Nutrition India Not-for-profit company in the area of 100 100 Hindustan Unilever Limited 99.4% 50,221 97.7% 58,154 98.2% 9,962 100.1% (26) 98.2% 9,936
Initiatives* social development issues Subsidiaries
Indian Subsidiaries
* These companies are private companies limited by shares formed under Section 25 of the Companies Act, 1956, now section 8 of the
Unilever India Exports Limited 0.6% 321 2.1% 1,268 1.2% 119 - - 1.2% 119
Companies Act, 2013. No dividend can be proposed and paid to the shareholders by these companies. In the event of winding up or dissolution
of these companies, after the satisfaction of all its debts and liabilities, any property whatsoever shall be given or transferred to some other Lakme Lever Private Limited 0.5% 236 0.6% 328 0.3% 27 - - 0.3% 27
institution(s) having object similar to the objects of these companies, to be determined by the members of the these companies at or before Unilever India Limited 0.8% 381 0.8% 449 0.2% 24 - - 0.2% 24
the time of dissolution or in default thereof by the National Company Law Tribunal. The carrying amount of the assets and liabilities included Zywie Ventures Private Limited* 0.4% 190 0.0% 21 0.0% (4) 0.0% 0 0.0% (4)
within the consolidated financial statements to which these restrictions apply is ₹1 Crore (31st March, 2022: ₹2 Crores) and ₹0 Crore (31st Pond’s Exports Limited 0.0% (7) 0.0% - 0.0% (1) - - 0.0% (1)
March, 2022: ₹0 Crore) respectively.
Daverashola Estates Private 0.0% (0) 0.0% - 0.0% - - - - -
The Group has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 Limited
read with Companies (Restriction on number of Layers) Rules, 2017. Levers Associated Trust Limited 0.0% 0 0.0% - 0.0% (0) - - 0.0% (0)
#
on a fully diluted basis 51%. Levindra Trust Limited 0.0% 0 0.0% - 0.0% (0) - - 0.0% (0)
Hindlever Trust Limited 0.0% 0 0.0% - 0.0% (0) - - 0.0% (0)
(b) Joint ventures Jamnagar Properties Private - - 0.0% - 0.0% - - - - -
Limited
Hindustan Unilever Foundation 0.0% 1 0.0% - 0.0% (0) - - 0.0% (0)
Bhavishya Alliance Child - - 0.0% - 0.0% - - - - -
Nutrition Initiatives
#
Nutritionalab Private Limited India FMCG business 21.51 - Foreign subsidiary
The Group has acquired substantive rights to jointly decide on relevant activities of the business and hence the arrangement has been treated Unilever Nepal Limited 0.4% 199 0.9% 531 1.0% 105 -0.1% 0 1.0% 105
as a ‘Joint Venture’. Non-controlling interests 0.4% 218 0.0% - 0.2% 23 0.0% 0 0.3% 23
#
on a fully diluted basis 19.8%. Joint venture

Nutritionalab Private Limited# - - - - 0.0% (1) - - 0.0% (1)
(c) Associates Inter-company eliminations -2.5% (1,238) -2.1% (1,202) -1.1% (111) - - -1.2% (111)
Section 129(3) of the Companies Act, 2013, requires preparation of consolidated financial statement of the Holding TOTAL 100% 50,522 100% 59,549 100% 10,143 100% (26) 100% 10,117
Company and of all the subsidiaries including associate company and joint venture businesses in the same form and * New subsidiary w.e.f 10th January, 2023. The financial statements are unaudited and based on management accounts drawn up as on
manner as that of its own. Indian Accounting Standard (Ind AS) 28 on Investments in Associates and Joint Ventures 31st March, 2023.
defines Associate as an entity over which the investor has significant influence. It mentions that if an entity holds, #
New joint venture w.e.f 4th January, 2023. The financial statements are unaudited and based on management accounts drawn up as on
directly or indirectly through intermediaries, 20 per cent or more of the voting power of the enterprise, it is presumed 31st March, 2023.
that the entity has significant influence, unless it can be clearly demonstrated that this is not the case.
284 285
Notes
(d) Share of Entities in Group The consolidated financial statements are presented is recognised as 'Goodwill on Consolidation' in the
As at 31st March, 2022 For the year ended 31st March, 2022
in Indian Rupee (INR), the functional currency of the consolidated financial statements. The said Goodwill
Net Assets Share in Other Share in Total Group. Items included in the consolidated financial is not amortised, however, it is tested for impairment
(Total Assets - Total Share in Sales of Share in Profit and Comprehensive Comprehensive statements of the Group are recorded using the at each Balance Sheet date and the impairment
Liabilities) Products and Services Loss Income Income
currency of the primary economic environment in loss, if any, is provided for. On the other hand, where
As % of As % of As % of
consolidated As % of consolidated consolidated which the Group operates (the ‘functional currency’). the share of equity in subsidiaries as on the date of
As % of sale of consolidated other total
Foreign currency transactions are translated into the investment is in excess of cost of investments of the
consolidated products and profit and comprehensive comprehensive
Name of the Entity net assets Amount services Amount loss Amount income Amount income Amount functional currency using exchange rates at the date Group, it is recognised as 'Capital Reserve' and shown
Parent of the transaction. Foreign exchange gains and losses under the head 'Other Equity' in the consolidated
Hindustan Unilever Limited 99.3% 48,760 97.6% 50,336 99.1% 8,818 100.0% 115 99.2% 8,933 from settlement of these transactions are recognised financial statements.
Subsidiaries in the consolidated statement of profit and loss.
Non- controlling interests in the net assets of
Indian Subsidiaries Foreign currency denominated monetary assets and
co n s o l i d at e d sub si di a r ie s is i d e nt if ie d a n d
Unilever India Exports Limited 0.5% 262 2.4% 1,255 1.4% 128 - - 1.4% 128 liabilities are translated into functional currency
Unilever India Limited 0.7% 357 - - 0.0% 1 - - 0.0% 1
presented in the consolidated Balance Sheet
at exchange rates in effect at the balance sheet
Lakme Lever Private Limited 0.4% 208 0.5% 275 0.2% 15 - - 0.2% 15
separately within equity.
date, the gain or loss arising from such translations
Pond's Exports Limited 0.0% (6) - - 0.1% 5 - - 0.1% 5 are recognised in the consolidated statement of Non- controlling interests in the net assets of
Daverashola Estates Private - - - - - - - - - - profit and loss. consolidated subsidiaries consists of:
Limited
Jamnagar Properties Private 0.0% 0 - - 0.0% (0) - - 0.0% (0) The expenses in consolidated statement of profit (a)
The amount of equity attributable to non-
Limited
and loss are net of reimbursements (individually not controlling interests at the date on which
Levers Associated Trust Limited 0.0% 0 - - 0.0% (0) - - 0.0% (0)
material) received from Group Companies. investment in a subsidiary is made; and
Levindra Trust Limited 0.0% 0 - - 0.0% (0) - - 0.0% (0)
Hindlever Trust Limited - - - - - - - - 0.0% - The Group has decided to round off the figures to the (b)
The non- controlling interests share of
Hindustan Unilever Foundation 0.0% 2 - - 0.0% (3) - - 0.0% (3) nearest crores. Transactions and balances with values movements in equity since the date parent
Bhavishya Alliance Child - - - - - - - - 0.0% - below the rounding off norm adopted by the Group subsidiary relationship came into existence.
Nutrition Initiatives
have been reflected as “0” in the relevant notes to
Foreign subsidiary The profit/loss and other comprehensive income
these financial statements.
Unilever Nepal Limited 0.3% 151 0.9% 439 0.6% 54 0.0% 0 0.6% 54 at tr ib uta b le to n o n - co ntr o ll in g inte r es t s of
Non-controlling interests 0.1% 26 - - 0.1% 13 0.0% 0 0.1% 13 The consolidated financial statements of the Group subsidiaries are shown separately in the consolidated
Inter-company eliminations -1.3% (673) -1.4% (757) -1.5% (139) - - -1.6% (139) for the year ended 31st March, 2023 were approved for statement of profit and loss and consolidated
TOTAL 100% 49,087 100% 51,548 100% 8,892 100% 115 100% 9,007 issue in accordance with the resolution of the Board of statement of changes in equity.
Directors on 27th April, 2023.
When the Group writes a put or enters into a forward
purchase agreement with the non- controlling
NOTE 2 BASIS OF PREPARATION, MEASUREMENT c. Expected to be realised within twelve months Investment in subsidaries:
interests or their equity interest in that subsidiary and
AND SIGNIFICANT ACCOUNTING POLICIES after the reporting period; or Subsidiaries are entities where the group exercises provides for settlement in cash or in another financial
2.1 Basis of preparation and measurement d. Cash or cash equivalent unless restricted from control or hold more than one-half of its total share asset, then the Group recognises a liability for the
being exchanged or used to settle a liability for at capital. The net assets and results of acquired present value of amount payable on exercise of option
(a) Basis of preparation and consolidation
least twelve months after the reporting period. businesses are included in the consolidated financial or execution of agreement with a corresponding
These consolidated financial statements have been statements from their respective dates of acquisition, impact to 'Retained Earnings within Other equity'.
prepared in accordance with the Indian Accounting All other assets are classified as non-current. being the date on which the Group obtains control. Subsequent to initial recognition of the financial
Standards (hereinafter referred to as the 'Ind AS') as The results of disposed businesses are included in the
A liability is treated as current when: liability, the changes in the carrying amount of the
notified by Ministry of Corporate Affairs pursuant to consolidated financial statements up to their date of financial liability are recognised in the profit or loss
Section 133 of the Companies Act, 2013 read with Rule a.
I t is exp e c te d to b e set tle d in nor m al disposal, being the date control ceases. attributable to Group. There is no impact on non-
3 of the Companies (Indian Accounting Standards) operating cycle;
The consolidated f inancial statement s have controlling interest’s share of profit or loss of the
Rules, 2015 as amended from time to time.
b. It is held primarily for the purpose of trading; been prepared using uniform accounting policies subsidiary due to the same. If the forward agreement
The consolidated financial statements have been for like transactions and other events in similar for non controlling interest is exercised, the Group
c. It is due to be settled within twelve months after
prepared on accrual and going concern basis. circumstances. The accounting policies adopted in accounts for an increase in its ownership interest
the reporting period; or
The accounting policies are applied consistently the preparation of consolidated financial statements as an equity transaction. If the forward agreement
to all the periods presented in the consolidated d. There is no unconditional right to defer the are consistent with those of previous year. The expires unexercised, then the financial liability is
financial statements. settlement of the liability for at least twelve consolidated financial statements of the Company derecognised, and non-controlling interests are
months after the reporting period. and its subsidiaries have been combined on a line- recognised and treated consistently with a decrease
All assets and liabilities have been classified as
by-line basis by adding together the book values of in ownership interests in a subsidiary while retaining
current or non current as per the Group's normal All other liabilities are classified as non-current.
control. Consequently, the financial liability, as

operating cycle, paragraph 66 and 69 of Ind AS 1 and like items of assets, liabilities, income and expenses,
Based on the nature of products and the time after eliminating intra-group balances, intra-group remeasured immediately before the transaction, is
other criteria as set out in the Division II of Schedule III
between acquisition of assets for processing and their transactions and the unrealised profits/losses, unless extinguished by payment of the exercise price and the
to the Companies Act, 2013.
realisation in cash and cash equivalents, the Group cost/revenue cannot be recovered. Non-controlling interests purchased is derecognised
An asset is treated as current when it is: has ascertained its operating cycle as 12 months for against equity attributable to owners of the group.
the purpose of current or non-current classification of The excess of cost to the Group of its investment In such a case, the financial liability is reclassified to
a. Expected to be realised or intended to be sold or in subsidiaries, on the acquisition dates over and
assets and liabilities. the same component of equity that was previously
consumed in normal operating cycle: above the Group's share of equity in the subsidiaries, reduced (on initial recognition).
Deferred tax assets and liabilities are classified as
b. Held primarily for the purpose of trading;
non-current assets and liabilities.
286 287
Notes
Investment in joint venture: Information about critical judgments in applying NOTE 3 PROPERTY, PLANT & EQUIPMENT AND CAPITAL WORK-IN-PROGRESS
A joint venture is a type of joint arrangement whereby accounting policies, as well as estimates and As at As at
the parties that have joint control of the arrangement assumptions that have the most significant effect Property, plant and equipment 31st March, 2023 31st March, 2022
have rights to the net assets of the joint venture. Joint to the carrying amounts of assets and liabilities Owned Assets 5,767 5,101
control is the contractually agreed sharing of control within the next financial year, are included in the Leased Assets 1,182 1,068
of an arrangement, which exists only when decisions following notes:
Total Property, plant and equipment 6,949 6,169
about the relevant activities require unanimous (a)
Measurement of defined benefit Total Capital work-in-progress 1,132 1,313
consent of the parties sharing control. obligations – Note 42
The Group’s investments in its joint venture are (b) Measurement and likelihood of occurrence of A. Owned Assets
accounted for using the Equity Method. Under the provisions and contingencies – Note 22 and 26 Property, plant and equipment is stated at acquisition cost net of accumulated depreciation and accumulated
Equity Method, the investment in joint venture is impairment losses, if any. Cost of acquisition or construction of property, plant and equipment comprises its
initially recognised at cost. The carrying amount of (c) Recognition of deferred tax assets – Note 9
purchase price including import duties and non-refundable purchase taxes after deducting trade discounts and
the investment is adjusted to recognise changes in the (d) Key assumptions used in discounted cash flow rebates, any directly attributable cost of bringing the item to its working condition for its intended use.
Group’s share of net assets of the joint venture from projections – Note 44
the acquisition date. Goodwill relating to joint venture Property, plant and equipment acquired in a business combination are recognised at fair value at the acquisition
is included in the carrying amount of the investment (e) Impairment of Goodwill and other intangible date. When parts of an item of property, plant and equipment having significant cost have different useful lives, then
and is not tested for impairment individually. assets – Note 4 they are accounted for as separate items (major components) of property, plant and equipment.
The statement of profit and loss reflects the Group’s (f)

Indefinite useful life of cer tain intangible Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
share of the results of operations of the joint venture. assets – Note 4 when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
Any change in OCI of those investees is presented item can be measured reliably. All other repairs and maintenance cost are charged to the consolidated statement of
(g) Measurement of Right of Use Assets and Lease
as part of the Group’s OCI. In addition, when there profit and loss during the period in which they are incurred.
liabilities – Note 3 and 20
has been a change recognised directly in the equity Gains or losses arising on retirement or disposal of property, plant and equipment are recognised in the Consolidated
of the joint venture, the Group recognises its share (h) Measurement of non-current financial liability on
Statement of Profit and Loss.
of any changes, when applicable, in the statement acquisition – Note 21
of changes in equity. Unrealised gains and losses Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as
(i)
F a i r va l u a t i o n o f a ss e t s a c q u i r e d a n d
resulting from transactions between the Group and “Capital work-in-progress”.
liabilities a ssum e d a s p ar t of business
the joint venture are eliminated to the extent of the combination – Note 44 Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is
interest in the joint venture. classified as capital advances under “Other Non-Current Assets”.
Upon loss of joint control over the joint venture, 2.3 RECENT ACCOUNTING DEVELOPMENTS
Depreciation is provided on a pro-rata basis on the straight-line method based on estimated useful life prescribed
the Group measures and recognises any retained Ministry of Corporate Affairs (MCA), vide notification under Schedule II to the Companies Act, 2013. Freehold land is not depreciated. The useful life of major components
investment at its fair value. Any difference between the dated 31 March 2023, has made the following of Property, Plant and Equipment is as follows:
carrying amount of the joint venture upon loss of joint am en dm ent s to In d A S which are ef fe c tive
control and the fair value of the retained investment 1st April 2023: Asset Useful life*
net of proceeds from disposal is recognised in Factory Buildings 60 Years
a. Amendments to Ind AS 1, Presentation of Financial
profit or loss. Plant and equipment 3-21 Years
Statements where the companies are now
required to disclose material accounting policies General Furniture and fixtures 10 Years
(b) Basis of measurement
rather than their significant accounting policies. Office equipment (including Computers) 3-5 Years
These consolidated financial statements are prepared
b. Amendments to Ind AS 8, Accounting policies, * In case of certain class of assets, the Group uses different useful life than those prescribed in Schedule II of the Companies Act, 2013. The
under the historical cost convention except for certain useful life has been assessed based on technical evaluation, taking into account the nature of the asset and the estimated usage basis
class of financial assets/liabilities, share based Changes in Accounting Estimates and Errors
management’s best judgement of economic benefits from those classes of assets. The exception are as under:
payments and net liability for defined benefit plans where the definition of ‘change in account
(a) P
lant and equipment is depreciated over 3 to 21 years based on the technical evaluation of useful life done by the management.
that are measured at fair value. estimate’ has been replaced by revised definition
of ‘accounting estimate’. (b) A
ssets costing ₹5,000 or less are fully depreciated in the year of purchase.
The accounting policies adopted are the same as those (c) Accelerated Depreciation is charged in case of assets forming part of a restructuring project basis planned remaining useful life of assets.
which were applied for the previous financial year. c. Amendments to Ind AS 12, Income Taxes where
the scope of Initial Recognition Exemption (IRE)
2.2 KEY ACCOUNTING ESTIMATES AND JUDGEMENTS has been narrowed down.
The preparation of consolidated financial statements Based on preliminary assessment, the Group does
requires management to make judgements, estimates not expect these amendments to have any significant
and assumptions in the application of accounting impact on its consolidated financial statements.

policies that affect the reported amounts of assets,
liabilities, income and expenses. Actual results may 2.4 SIGNIFICANT ACCOUNTING POLICIES
differ from these estimates. Continuous evaluation The significant accounting policies used in preparation
is done on the estimation and judgments based on of the consolidated financial statements have been
historical experience and other factors, including included in the relevant notes to the consolidated
expectations of future events that are believed to be financial statements.
reasonable. Revisions to accounting estimates are
recognised prospectively.
288 289
Notes
The residual values, useful lives and method of depreciation of property, plant and equipment is reviewed at each The right-of-use asset is a lessee's right to use an asset over the life of a lease. At the date of commencement of the
financial year end and adjusted prospectively, if appropriate. lease, the Group recognises a right-of-use asset and a corresponding lease liability for all lease arrangements in
which it is a lessee, except for short-term leases and leases of low value assets. For these, the Group recognises the
Freehold Plant and Furniture Office
lease payments as an operating expense.
land Buildings equipment and fixtures equipment Total
Gross Block The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability
Opening balance as at 1st April, 2021 477 2,048 5,040 156 175 7,896 adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs
less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment
Additions - 83 633 6 12 734
losses, if any. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the
Disposals/Adjustments (0) (12) (200) (10) (6) (228)
shorter of the lease term and useful life of the underlying asset.
Opening balance as at 1st April, 2022 477 2,119 5,473 152 181 8,402
The lease liability is initially measured at the present value of the future lease payments. The lease payments
Additions through business - - 0 1 1 2
combination (Refer note 44) are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental
borrowing rates. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest
Additions - 378 970 15 13 1,376
on the lease liability and reducing the carrying amount to reflect the lease payments made.
Disposals/Adjustments (1) (17) (82) (7) (10) (117)
Balance as at 31st March, 2023 476 2,480 6,361 161 185 9,663 A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change
in an index or rate used to determine lease payments. The remeasurement normally also adjusts the leased assets.
Accumulated Depreciation
Lease Liability have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
Additions * - 86 528 11 27 652
Disposals/Reclassifications - (6) (159) (9) (6) (180) Plant, equipment
Land & Building and others* Total
Gross Block
Additions * - 95 567 10 20 692
Disposals/Reclassifications (0) (17) (64) (7) (9) (97)
Additions #
308 170 478
Balance as at 31st March, 2023 (0) 532 3,119 97 148 3,896
Deletions (193) (134) (327)
Net Block
Additions through business combination (Refer note 44) 3 - 3
Additions # 270 295 565
* Includes ₹15 crores (31st March, 2022: ₹15 crores) of accelerated depreciation which has been charged to exceptional items under a
Deletions (188) (104) (292)
Balance as at 31st March, 2023 754 1,284 2,038
NOTES: Accumulated Depreciation
(a) Buildings include ₹0 crores (31st March, 2022: ₹0 crores) being the value of shares in co-operative Opening balance as at 1st April, 2021 199 363 562
housing societies. Additions 229 199 428
(b) The Property, Plant and Equipment in 3A includes assets given on lease as follows: Deletions (176) (120) (296)
Opening balance as at 1st April, 2022 252 442 694
Plant and Furniture Office
Building equipment and fixtures equipment Total
Additions 231 206 437
Gross Block as at 31st March, 2022 0 110 0 0 110 Deletions (178) (97) (275)
Accumulated Depreciation as at 31st March, 2022 (0) (64) (0) (0) (64) Balance as at 31st March, 2023 305 551 856
Net Block as at 31st March, 2022 0 46 0 0 46 Net Block
Gross Block as at 31st March, 2023 2 175 0 0 177 Balance as at 31st March, 2022 417 651 1,068
Accumulated Depreciation as at 31st March, 2023 (0) (84) (0) (0) (84) Balance as at 31st March, 2023 449 733 1,182
Net Block as at 31st March, 2023 2 91 0 0 93 * O thers include Furniture and fixtures & office equipments.
#
i ncludes addition of ₹44 crores for the year ended 31st March, 2023 (31st March, 2022: ₹92 crores) pertaining to prior period with corresponding
The lease payments received under operating leases amounting to ₹20 crores (FY 2021-22: ₹15 crores) are recognised impact taken in lease liabilities.
as other income in the consolidated statement of profit and loss.
NOTES:
(c) The Group has not revalued any of its property, plant and equipment.
(a) The Group incurred ₹50 crores for the year ended 31st March, 2023 (31st March 2022: ₹68 crores) towards
B. Leased Assets expenses relating to short-term leases and leases of low-value assets. The total cash outflow for leases

is ₹601 crores for the year ended 31st March, 2023 (31st March 2022: ₹551 crores), including cash outflow of
The Group's lease asset classes primarily consist of leases for Land & Buildings, Plant & Equipment, Furniture &
short-term leases and leases of low-value assets. Interest on lease liabilities is ₹84 crores for the year ended
Fixtures and Office equipment. The Group assesses whether a contract is or contains a lease, at the inception of a
31st March, 2023 (31st March, 2022: ₹79 crores).
contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for
a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an (b) The Group's leases mainly comprise of land and buildings, plant, equipment, furniture and fixtures and office
identified asset, the Group assesses whether: equipments. The Group leases land and buildings for manufacturing and warehouse facilities.
(i) the contract involves the use of an identified asset (c) Lease commitments and Lease liability : Refer Note 26 B and Note 20 respectively.
(ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (d) The Group has not revalued any of its right-of-use assets.
(iii) the Group has the right to direct the use of the asset.
290 291
Notes
C
Capital work-in-progress Ageing of CWIP as on 31st March, 2022
Capital work-in-progress comprises of property, plant and equipment that are not ready for their intended use at the Amount in CWIP for a period of
end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly CWIP Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
attributable costs and borrowing costs.
Projects in Progress 852 311 58 29 1,250
Temporarily suspended projects do not include those projects where temporary suspension is a necessary part of Projects temporarily suspended 6 14 38 5 63
the process of getting an asset ready for its intended use. Total 858 325 96 34 1,313
Opening Balance as at 1st April 2021 745

Amount
Additions 1,305
Projects which have exceeded their original timeline 473
Capitalisations (737)
Projects which have exceeded their original budget 2
Opening balance as at 1st April 2022 1,313
Additions 1,213
Details of capital-work-in progress whose completion is overdue as compared to its original plan as at 31st March, 2022
Capitalisations (1,394)
Balance as at 31st March 2023 1,132 To be completed in
Budget Overrun Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Ageing of CWIP as on 31st March, 2023 Under Progress (A) 398 21 1 2 422
Amount in CWIP for a period of Project at Kolkata Factory 71 - - - 71
CWIP Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total Project at Assam Factory 47 - - - 47
Projects in Progress 704 291 51 37 1,083 Project at Kandla Factory 29 - - - 29
Projects temporarily suspended 0 4 10 35 49 Project at Rajahmundry Factory 24 - - - 24
Total 704 295 61 72 1,132 Project at Khamgaon Factory 20 - - - 20

Others* 207 21 1 2 231
Amount Temporarily Suspended (B) 49 2 - - 51
Projects which have exceeded their original timeline 359 Project at Gandhidham Factory 40 - - - 40
Projects which have exceeded their original budget 21 Others* 9 2 - - 11
Total (A+B) 447 23 1 2 473
Details of capital-work-in progress whose completion is overdue as compared to its original plan as at 31st March, 2023 *Others comprise of various projects with individually immaterial values.
To be completed in Details of capital-work-in progress which has exceeded its cost compared to its original plan as at 31st March, 2022
Budget Overrun Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total There were no material projects which have exceeded their original plan cost as at 31 March, 2022.
Under Progress (A) 312 1 2 - 315
For contractual commitment with respect to property, plant and equipment refer Note 26 B(ii).
Nutrition technology advancement project 44 - - - 44
Project at Rajahmundry Factory 21 - - - 21 NOTE 4 INTANGIBLE ASSETS
Project at Assam Factory 20 - - - 20 A. GOODWILL AND OTHER INTANGIBLE ASSETS
Others* 227 1 2 - 230 Intangible assets purchased are initially measured at cost. The cost of an intangible asset comprises its purchase price
Temporarily Suspended (B) 40 4 - - 44 including duties and taxes and any costs directly attributable to making the asset ready for their intended use. Separately
Project at Gandhidham Factory 40 - - - 40 purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition.
Others* 0 4 - - 4
Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Subsequently,
Total (A+B) 352 5 2 - 359 intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
*Others comprise of various projects with individually immaterial values.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset

Details of capital-work-in progress which has exceeded its cost compared to its original plan as at 31st March, 2023 to which it relates. All other expenditure is recognised in consolidated statement of profit or loss as incurred.
There were no material projects which have exceeded their original plan cost as at 31 March, 2023. The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortised
on a straight-line basis over the period of their estimated useful lives. Estimated useful lives by major class of finite-life
intangible assets are as follows:
Design and Know-how - 10 years


Computer software - 5 years
Trademarks - 5 years
Distribution network - 15 years
292 293
Notes
The amortisation period and the amortisation method for finite-life intangible assets is reviewed at each financial year Goodwill on
end and adjusted prospectively, if appropriate. Indefinite-life intangible assets comprises of trademarks and brands, consolidation
for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These Gross Block
are considered to have an indefinite life, given the strength and durability of the brands and the level of marketing Balance as at 31st March, 2021 81
support. For indefinite life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it Additions -
continues, if not, it is impaired or changed prospectively basis revised estimates.
Disposals -
Goodwill is initially recognised based on the accounting policy for business combinations and is tested for Balance as at 31st March, 2022 81
impairment annually. Additions through business combination (Refer note 44) 69
Other intangible assets Additions -

Indefinite life Disposals -
intangible Balance as at 31st March, 2023 150
assets Finite Life Intangible assets
Accumulated Impairment
Brands/ Brands/ Knowhow Computer
Goodwill Trademarks Trademarks and Design Software Others* Total Balance as at 31st March, 2021 -
Gross Block Additions -
Opening balance as at 1st April, 2021 17,316 27,782 18 65 48 107 28,020 Disposals -
Additions - - - - 3 - 3 Balance as at 31st March, 2022 -
Disposals - - - - (6) - (6) Additions -
Opening balance as at 1st April, 2022 17,316 27,782 18 65 45 107 28,017 Disposals -
Additions through business combination - 361 0 - 1 - 362 Balance as at 31st March, 2023 -
(Refer note 44) Net Block
Additions - - - - 18 - 18 Balance as at 31st March, 2022 81
Disposals - - - - (0) - (0) Balance as at 31st March, 2023 150
Accumulated Amortisation and Impairment
Impairment
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that a non-financial
Opening balance as at 1st April, 2021 - - 12 33 31 14 90
asset may be impaired. Indefinite life intangible assets and goodwill are subject to a review for impairment annually or
Additions - - 3 7 7 9 26 more frequently if events or circumstances indicate that it is necessary. For the purpose of assessing impairment, the
Disposals - - - - (6) - (6) smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the
Opening balance as at 1st April, 2022 - - 15 40 32 23 110 cash inflows from other assets or groups of assets is considered as a cash generating unit. Goodwill acquired in a business
Additions - - 3 7 5 9 24 combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected
to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are
Disposals - - - - (0) - (0)
assigned to those units.
Balance as at 31st March, 2023 - - 18 47 37 32 134
Net Block If any indication of impairment exists, an estimate of the recoverable amount of the individual asset/cash generating
unit is made. Asset/cash generating unit whose carrying value exceeds their recoverable amount are written down to the
recoverable amount by recognising the impairment loss as an expense in the Consolidated Statement of Profit and Loss.
The impairment loss is allocated first to reduce the carrying amount of goodwill (if any) allocated to the cash generating
* Other Intangible assets include Customer Relationship, Distribution Network etc.
unit and then to the other assets of the unit, pro rata based on the carrying amount of each asset in the unit. Recoverable
The Group has not revalued any of its intangible assets. amount is higher of an asset's or cash generating unit's value in use and its fair value less cost of disposal. Value in use
is estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and from
B. Goodwill on consolidation its disposal at the end of its useful life discounted to their present value using a post-tax discount rate that reflects
Pursuant to the merger of Aquagel Chemicals Private Limited (ACPL) with Lakme Lever Private Limited in the FY 2014-15, current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
the excess of cost to the Group of its investment in ACPL over the Group’s portion of equity in ACPL, amounting to ₹81 crores costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate
has been treated as 'Goodwill on consolidation' and forms part of Beauty & Personal Care cash generating unit. The valuation model is used.
goodwill on consolidation is tested for impairment annually. No impairment charges were recognised for FY 2022-23 Assessment is also done at each Balance Sheet date as to whether there is any indication that an impairment loss
(FY 2021-22: NIL). recognised for an asset in prior accounting periods may no longer exist or may have decreased. Basis the assessment
Pursuant to acquisition of stake in Zywie Ventures Private Limited on 10th January, 2023, the excess of cost of investment a reversal of an impairment loss for an asset other than goodwill is recognised in the consolidated statement of
profit and loss.

over the Group's portion of equity, amounting to ₹69 crores has been treated as 'Goodwill on consolidation' and forms
part of Beauty & Personal Care cash generating unit. The goodwill on consolidation is tested for impairment annually. No No impairment was identified in FY 2022-23 (FY 2021-22: Nil).
impairment charges were recognised for FY 2022-23.
294 295
Notes
Significant Cash Generating Units (CGUS) (A)

Summarised financial information of the joint venture, based on its unaudited Ind AS financial statements, and
The Group has identified its reportable segments, i.e. Home Care, Beauty & Personal Care, Foods & Refreshment and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below:
Others as the CGUs. The goodwill and indefinite-life intangible assets acquired through business combinations have been Summarised unaudited balance sheet of Nutritionalab Private limited as at 31st March, 2023
allocated to CGU ‘Beauty & Personal Care’ and ‘Foods & Refreshment’. The carrying amount of goodwill and indefinite-life
Amount
intangible assets is as under:
Non-current assets 149
As at 31st March, 2023 As at 31st March, 2022 Cash and Cash equivalents 1
Beauty & Foods & Beauty & Foods & Other Current assets 76
Personal Care Refreshment Personal Care Refreshment
Total assets (A) 226
Goodwill 165 17,301 96 17,301
Non-current liabilities
Indefinite life intangible assets 933 27,210 572 27,210
Financial liabilities (excluding trade payable and provisions) 5
Total 1,098 44,511 668 44,511
Other liabilities 0
The recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of Current liabilities
projected future cash flows. Financial liabilities (excluding trade payable and provisions) 1
Following key assumptions were considered while performing Impairment testing: Other liabilities 11
Total liabilities (B) 17
Net assets (A-B) 209
Beauty & Foods & Beauty & Personal Foods &
Personal Care Refreshment Care Refreshment Group’s share of holding 21.51%
Average Annual Growth rate for 5 years 8.0% 9.5% 8.0% 9.5% Group’s share of Net assets 45
Terminal Growth Rate* 5.0% 5.0% 5.0% 5.0% Goodwill 24
Weighted Average Cost of Capital % (WACC) post tax 10.9% 10.9% 9.1% 9.1% Group’s carrying amount of interest in Joint Venture 69
(Discount rate)
Segmental margins 25.6% 17.9% 27.5% 18.6% Summarised statement of unaudited profit and loss of Nutritionalab Private Limited for the period 4th January,
* linearly declining terminal growth rate for the first ten years and at 5% thereafter. 2023 to 31st March, 2023
Amount
The projections cover a period of five years, as the Group believes this to be the most appropriate timescale over which to
review and consider annual performances before applying a fixed terminal value multiple to the final year cash flows. The Revenue 11
growth rates and segmental margins used to estimate cash flows for the first five years are based on past performance, Interest income 0
and on the Group’s five-year strategic plan. Other Income 1
Weighted Average Cost of Capital % (WACC) for the Group = Risk free return + ( Market risk premium x Beta). Depreciation and amortisation expense 0
Interest expense 0
The Group has performed sensitivity analysis around the base assumptions and has concluded that there are no
reasonably possible changes to key assumptions that would cause the carrying amount of a CGU to exceed its Expenses other than above 19
recoverable amount. Income tax expenses -
Profit/(Loss) for the year (continuing operations) (7)
NOTE 5 INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD Other comprehensive income 0
The investment in joint ventures is accounted for using the equity method. Under the equity method, the investment in Total comprehensive income for the year (continuing operations) (7)
joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the
Group’s share of profit/ (loss) for the year (1)
Holding Company’s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint venture is
included in the carrying amount of the investment and is not tested for impairment individually.
Reconciliation of carrying amounts as at 31st March 2023
As at As at
31st March, 2023 31st March, 2022 Amount
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Initial carrying amount 70
7,256 equity shares of ₹10 each and 36,480 compulsorily convertible preference shares of 69 - Group’s share of profit/(loss) for the year (1)
₹100 [31st March, 2022: nil] each held in Investment in Nutritionalab Private Limited Group’s carrying amount of interest in Joint Venture 69
Total non current investments accounted for using the Equity Method 69 -
Aggregate amount of unquoted investments 69 - (B) Contingent liabilities
There are no contingent liabilities as on 4th January, 2023 pertaining to NLPL.
Interests in Joint Venture:

On 4th January, 2023, the Holding Company acquired 21.51% stake (19.8% on a fully diluted basis) in Nutritionalab Private
Limited (“NLPL”), a unlisted company incorporated in India and engaged in the business of health and wellbeing products
under the brand name of “Wellbeing Nutrition”.
The investment is in line with the Holding Company’s strategy to enter into fast evolving growth space of Health and
Wellbeing. As part of the Shareholders Agreement (“SHA”), the Company has acquired substantive rights to jointly decide
on relevant activities of the business and hence the arrangement has been treated as a ‘Joint Venture’. Accordingly, the
investment has been accounted for using the equity method in the consolidated financial statements.
296 297
Notes
NOTE 6 INVESTMENTS NOTE 7 LOANS

Refer Note 40 for accounting policy on financial instruments (Unsecured, considered good unless otherwise stated)
As at As at Refer note 40 for accounting policy on financial instruments

As at As at
NON-CURRENT INVESTMENTS 31st March, 2023 31st March, 2022
A. Equity instruments Non-Current
Fair value through profit and loss Others (including employee loans) 98 115
Quoted 0 0 Total (A) 98 115
Unquoted 1 1 Current
Total (A) 1 1 Others (including employee loans) 36 35
B. Other instruments Total (B) 36 35
Amortised cost Total (A+B) 134 150
Unquoted Sub-classification of Loans:
Investment in debentures and bonds 0 0 Loans Receivables considered good – Secured 6 4
Investment in National Savings Certificates 0 0 Loans Receivables considered good – Unsecured 128 146
Fair value through profit and loss Loans Receivables which have significant increase in Credit Risk - -
Unquoted Loans Receivables – credit impaired - -
Investment in preference shares 1 1
Refer Note 41 for information about credit risk and market risk for loans.
Total (B) 1 1
Total Non-Current Investments (A+B) 2 2 1. In line with Circular No. 04/2015 issued by Ministry of Corporate Affairs dated 10th March, 2015, loans given to
Refer Note 43 for details on non-current investments. employees as per the Group’s policy are not considered for the purposes of disclosure under Section 186(4) of the
Companies Act, 2013.
CURRENT INVESTMENTS
C. Other instruments 2. There are no loans or advances in the nature of loans are granted to promoters, Directors, KMPs and their related
Fair value through other comprehensive income parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are:
Quoted (a) repayable on demand; or

Investments in treasury bills 1,014 2,023
(b) without specifying any terms or period of repayment
Fair value through profit or loss
3. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
Quoted
other sources or kind of funds) by the Group to or in any other person(s) or entity(ies), including foreign entities
Investments in mutual funds 1,797 1,496
(“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
Total Current Investments (C) 2,811 3,519 lend or invest in party identified by or on behalf of the Group (Ultimate Beneficiaries). The Group has not received
Total (A+B+C) 2,813 3,521 any fund from any party(s) (Funding Party) with the understanding that the Group shall whether, directly or indirectly
Aggregate amount of quoted investments 2,811 3,519 lend or invest in other persons or entities identified by or on behalf of the Group (“Ultimate Beneficiaries”) or provide
Aggregate Market value of quoted investments 2,811 3,519 any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Aggregate amount of unquoted investments 2 2
Aggregate amount of impairment in value of investments 0 0
Refer Note 40 for information about fair value measurement and Note 41 for credit risk and market risk of investments.

298 299
Notes
NOTE 8 OTHER FINANCIAL ASSETS Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised
(Unsecured, considered good unless otherwise stated) amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax
liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities; and
Indemnification Asset the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority.
Initial recognition: Uncertain Tax position:
Indemnification asset is recognised at fair value at the time when the seller contractually agrees to indemnify, in whole
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
or in part, for a particular uncertainty. It is initially measured on the same basis as defined in the agreement, subject to
regulations are subject to interpretation and establishes provisions where appropriate. The provision is estimated based
collectability.
on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible
outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of
Subsequent measurement:
the uncertainty.
As at each reporting period, the Group re-assesses the indemnification asset that was recognised initially on the same
basis as defined in the contract subject to collectability of such asset. The Group derecognises the indemnification asset A. Components of Income Tax Expense
only when it collects the asset, sells it or otherwise loses the right to it.
I. Tax expense recognised in Profit and Loss
Refer note 40 for accounting policy on financial instruments.
From Continuing Operations From Discontinued Operations
As at As at Year ended Year ended Year ended Year ended

31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
NON-CURRENT Current Tax

Considered good Current year 3,294 2,955 - -
Security deposits 107 103 Adjustments/(credits) related to previous years - (net) (293) (115) - (2)
Investments in term deposits (with remaining maturity of more than twelve months) 1 1 Total (A) 3,001 2,840 - (2)
Indemnification Asset 608 608 Deferred Tax Charge
Other assets (includes other receivables etc.) 9 17 Origination and reversal of temporary differences 195 147 - -
Total (A) 725 729 Adjustments/(credits) related to previous years - (net) 5 - - -
Current Total (B) 200 147 - -
Security deposits 63 52 Total (A+B) 3,201 2,987 - (2)
Receivable from group companies 152 135
Fair Value of Derivatives 19 54 II. Tax expense recognised in Other Comprehensive Income
Duty drawback receivable 5 2 From Continuing Operations From Discontinued Operations
Export benefits receivable 5 10 Year ended Year ended Year ended Year ended
Consignment Receivables 278 226
Deferred Tax
Other assets (includes Government grants, other receivables etc.) 864 610
(Gain)/loss on remeasurement of net defined (4) 10 - -
Total (B) 1,386 1,089
benefit plans
Total (A+B) 2,111 1,818
(Gain)/loss on debt instruments through other (0) (0) - -
comprehensive income
Refer Note 46 for information about receivables from related party.
(Gain)/loss on cash flow hedges through other (9) 0 - -
Refer Note 41 for information about credit risk and market risk for other financial assets. comprehensive income
(13) 10 - -
NOTE 9 INCOME TAXES
Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the Consolidated Statement
III. Tax expense recognised in Equity
of Profit and Loss except to the extent it relates to a business combination or to an item which is recognised directly in
equity or in other comprehensive income. From Continuing Operations From Discontinued Operations
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
for the relevant period, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any,
Current tax
related to income tax are included in finance cost and other expenses respectively. Interest Income, if any, related to
income tax is included in other income. Stamp Duty on issue of equity shares on account of - - - -
business combination
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for Deferred Tax

financial reporting purposes and the corresponding amounts used for taxation purposes.
Stamp Duty on issue of equity shares on account of 2 2 - -
A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount business combination
of assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred Total 2 2 - -
tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which
the asset can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
300 301
Notes
B. Reconciliation of Effective Tax Rate E. Tax Assets and Liabilities

The reconciliation between the statutory income tax rate applicable to the Group and the effective income tax rate As at As at
of the Group is as follows: 31st March, 2023 31st March, 2022
Year ended Year ended Non-current tax assets (net of tax provision) 1,164 1,158
Non-current tax liabilities (net of tax assets) 1,086 1,331
Statutory income tax rate 25.2% 25.2%
Differences due to: F. Disclosure in Relation to Undisclosed Income
Expenses not deductible for tax purposes 1.0% 1.0% During the year, the Group has not surrendered or disclosed any income in the tax assessments under the Income Tax
Income exempt from income tax - - Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly, there
Others* -2.3% -1.0% are no transaction which are not recorded in the books of accounts.
Effective tax rate 23.9% 25.2%
* Others include prior period tax refunds and tax on exceptional items. NOTE 10 OTHER NON-CURRENT ASSETS
As at As at
C. Deferred Tax Assets and Liabilities 31st March, 2023 31st March, 2022
Year ended Year ended Capital advances 31 51
Advances other than Capital advances
Deferred tax assets 10 11
Deposit with Government Authorities (Customs, GST, etc.) 173 139
Deferred tax liabilities 6,421 6,141
Other advances (includes advances for materials) 15 13
Net deferred tax liability 6,411 6,130
Less: Allowance for bad and doubtful advances (9) (9)
D. Movement in Deferred Tax Assets and Liabilities Deferred lease rent 1 0

Total 211 194
Credit/
(charge) on Credit/ The movement in allowance for bad and doubtful advances is as follows:
account of (charge) Balance as at beginning of the year 9 17
As at business Credit/ in Other As at
31st combination (charge) in Other Compre- Credit/ 31st Change in allowance for bad and doubtful assets during the year - (7)
March, (Refer note Profit and Adjust- -hensive (charge) March,
Written off during the year (0) (1)
Movements during the year ended 31st March, 2023 2022 44) Loss -ments Income in Equity 2023
Balance as at the end of the year 9 9
Provision for post retirement benefits and other 48 2 10 - 0 0 60 The Group has not given any advances to Directors or other Officers of the Group or any of them either severally or jointly
employee benefits with any other persons or advances to firms or private companies respectively in which any Director is a Partner or a
Provision for doubtful debts and advances 34 0 (7) - - - 27 Director or a Member.
Expenses allowable for tax purposes when paid 172 - (42) - 4 - 134
Property, plant and equipment and (6,786) (91) (136) - - - (7,013)
NOTE 11 INVENTORIES
Intangible assets Inventories are valued at the lower of cost and net realisable value. Cost is computed on a weighted average basis.
Fair value gain/(loss) (18) - (4) - 9 - (13) Cost of raw materials and stores and spares includes cost of purchase and other costs incurred in bringing the inventories
Impact of Right of Use Asset and Lease Liabilities 8 0 (16) - - - (8) to their present location and condition. The aforesaid items are valued at net realisable value if the finished products in
MAT credit 6 - - (2) - - 4 which they are to be incorporated are expected to be sold at a loss.
Other temporary differences 406 - (5) - - (2) 399
Cost of finished goods and work-in-progress include all costs of purchases, conversion costs and other costs incurred in
Total (6,130) (89) (200) (2) 13 (2) (6,410) bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in
the ordinary course of business less the estimated costs of completion and estimated costs necessary to make the sale.
Credit/ Credit/(charge)
As at (charge) in the in Other Credit/ As at As at As at
31st March, Statement of Comprehensive (charge) in 31st March, 31st March, 2023 31st March, 2022
Movements during the year ended 31st March, 2022 2021 Profit and Loss Income Equity 2022
Raw materials [includes in transit: ₹3 crores (31st March, 2022: ₹74 crores)] 1,829 1,781
Packing materials [includes in transit: ₹1 crore (31st March, 2022: ₹1 crore)] 140 127
Provision for post retirement benefits and other 39 19 (10) - 48
Work-in-progress 399 421
employee benefits
Finished goods [includes in transit: ₹76 crores (31st March, 2022: ₹60 crores)] 1,747 1,650
Provision for doubtful debts and advances 38 (4) - - 34
(Refer note (a) below)
Expenses allowable for tax purposes when paid 189 (15) - (2) 172
Stores and spares 136 117

Property, plant and equipment and Intangible assets (6,631) (155) - - (6,786)
Total 4,251 4,096
Fair value gain/(loss) (20) 2 0 - (18)
Impact of Right of Use Asset and Lease Liabilities 4 4 - - 8 (a) Finished goods includes good purchased for re-sale, as both are stocked together.
MAT credit 3 3 - - 6 (b) During FY 2022-23, an amount of ₹184 crores (31st March, 2022: ₹156 crores) was charged to the consolidated
Other temporary differences 407 (1) - - 406 statement of profit and loss on account of damaged and slow moving inventory. The reversal on account of above
Total (5,971) (147) (10) (2) (6,130) during the year amounted to Nil (31st March, 2022: ₹0 crore).
302 303
Notes
NOTE 12 TRADE RECEIVABLES NOTE 13 CASH AND CASH EQUIVALENTS

(Unsecured unless otherwise stated) Cash and cash equivalents are cash, balances with bank and short-term (three months or less from the date of
placement), highly liquid investments that are readily convertible into cash and which are subject to an insignificant risk
Trade receivables are initially recognised at transaction price as they do not contain a significant financing component.
of changes in value.
This implies that the effective interest rate for these receivables is zero. Subsequently, the Group applies lifetime excepted
credit loss (ECL) model for measurement of trade receivables. As at As at
As at As at
31st March, 2023 31st March, 2022 Cash on hand 0 0
Trade Receivables considered good – Secured - - Balances with Banks
Trade Receivables considered good – Unsecured 3,116 2,264 In current accounts 95 136
Less: Allowance for expected credit loss (37) (28)
Term deposits with original maturity of less than three months 493 775
Trade Receivables which have significant increase in credit risk - -
Other
Trade Receivables – credit impaired 39 75
Treasury bills with original maturity of less than three months - 50
Less: Allowance for credit impairment (39) (75)
Total 3,079 2,236 Overnight Mutual Funds 126 186
The movement in change in allowance for expected credit loss and credit impairment: Total 714 1,147
Balance as at beginning of the year 103 111
Change in allowance for expected credit loss and credit impairment during the year (27) (8) NOTE 14 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
Trade receivables written off during the year 0 0 As at As at
Balance as at the end of the year 76 103 31st March, 2023 31st March, 2022
Earmarked balances with banks

Refer note 41 for information about credit risk and market risk of trade receivables.
Unpaid dividend 224 219
Refer Note 46 for information about receivables from related party.
Others - 4
Ageing for trade receivables from the due date of payment for each of the category as at 31st March, 2023 is as follows: Investments in term deposits (with original maturity of more than three months but less than 3,740 2,476
Outstanding for following periods from due date of payment twelve months)
Less than 6 months - More than Total 3,964 2,699
Not due 6 months 1 year 1-2 years 2-3 years 3 years Total
* The above term deposits includes deposits of ₹86 crores (2021-22 - ₹ Nil) held as lien by banks against bank overdrafts.
Undisputed Trade Receivables – Considered good 2,466 280 162 171 21 16 3,116
Undisputed Trade Receivables – Which have - - - - - - - NOTE 15 OTHER CURRENT ASSETS
(Unsecured, considered good unless otherwise stated)
Undisputed Trade Receivables – Credit impaired 0 2 0 2 7 2 13
Disputed Trade Receivables – Considered good - - - - - - - As at As at
Disputed Trade Receivables – Which have significant - - - - - - - 31st March, 2023 31st March, 2022
increase in credit risk Advances other than Capital advances

Disputed Trade Receivables – Credit impaired - 0 1 0 9 16 26 Input taxes (GST, etc.) 310 257
TOTAL (A) 2,466 282 163 173 37 34 3,155 Other advances (includes prepaid expenses etc.) 435 431
Total 745 688
TOTAL (B) 76 There are no advances to Directors or other officers of the Group or any of them either severally or jointly with any other
TOTAL [(A)- (B)] 3,079 persons or advances to firms or private companies respectively in which any Director is a Partner or a Director or a Member.
Ageing for trade receivables from the due date of payment for each of the category as at 31st March, 2022 is as follows: The Group is entitled to receive incentive as per the “Post-COVID-19 Accelerated Investment Promotion Policy for
Outstanding for following periods from due date of payment Economically Backward Regions of the State-2020”. Pursuant to filing the application, a Letter of Comfort (‘LOC’) has been
Less than 6 months - More than issued to the Group by the UP government assuring availability of incentives (subject to meeting prescribed conditions)
Not due 6 months 1 year 1-2 years 2-3 years 3 years Total under the 2020 Policy. During the year, the Group has recognised nil incentives as it has excess input tax credit.
Undisputed Trade Receivables – Considered good 1,916 224 63 43 9 9 2,264
Undisputed Trade Receivables – Which have - - - - - - - NOTE 16 ASSETS HELD FOR SALE
Non-current assets or disposal groups comprising of assets and liabilities are classified as ‘held for sale’ when all the
Undisputed Trade Receivables – Credit impaired 0 2 1 41 0 14 58
following criteria are met: (i) decision has been made to sell, (ii) the assets are available for immediate sale in its present
Disputed Trade Receivables – Considered good - - - - - - -
condition, (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within
Disputed Trade Receivables – Which have significant - - - - - - -
12 months of the Balance Sheet date.
increase in credit risk

Disputed Trade Receivables – Credit impaired 0 0 1 9 0 7 17 Subsequently, such non-current assets and disposal groups classified as ‘held for sale’ are measured at the lower of its
TOTAL (A) 1,916 226 65 93 9 30 2,339 carrying value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised.
As at As at
Allowance for credit impairment 75 31st March, 2023 31st March, 2022
TOTAL (B) 103
Group of assets held for sale
TOTAL [(A)- (B)] 2,236
Land 2 2
There are no unbilled receivables as at 31st March, 2023 and 31st March, 2022. Buildings 10 11
There are no debts due by Directors or other Officers of the Group or any of them either severally or jointly with any other Furniture and fixtures 0 0
person or debts due by firms or private companies respectively in which any Director is a Partner or a Director or a Member. Total 12 13
304 305
Notes
NOTE 17 EQUITY SHARE CAPITAL As at 31st March, 2022 As at 31st March, 2021
As at As at S. Number of % of total Number of % of total % Change

31st March, 2023 31st March, 2022 no Promoter Name shares shares shares shares in the year
Authorised 1 UNILEVER PLC 1,114,370,148 47.4% 1,114,370,148 47.4% -

2,85,00,00,000 (31st March, 2022: 2,85,00,00,000) equity shares of ₹1 each 285 285 2 BROOKE BOND GROUP LIMITED* 106,739,460 4.5% 106,739,460 4.5% -
Issued, subscribed and fully paid up 3 UNILEVER OVERSEAS HOLDINGS AG 68,784,320 2.9% 68,784,320 2.9% -
2,34,95,91,262 (31st March, 2022: 2,34,95,91,262) equity shares of ₹1 each 235 235 4 UNILEVER UK&CN HOLDINGS LIMITED 60,086,250 2.6% 60,086,250 2.6% -
235 235 5 BROOKE BOND SOUTH INDIA ESTATES LIMITED* 52,747,200 2.2% 52,747,200 2.2% -
6 BROOKE BOND ASSAM ESTATES LIMITED* 32,820,480 1.4% 32,820,480 1.4% -
a) Reconciliation of the number of shares 7 UNILEVER OVERSEAS HOLDINGS B V 18,865,000 0.8% 18,865,000 0.8% -
As at 31st March, 2023 As at 31st March, 2022 Total Promoters shares outstanding 1,454,412,858 61.9% 1,454,412,858 61.9% -
Number of shares Amount Number of shares Amount Total HUL shares outstanding 2,349,591,262 2,349,567,819
Equity Shares *As intimated to Stock Exchanges vide our letters dated 27th June, 2022 and 4th July, 2022 the names of three of our promoter entities have been changed.
Balance as at the beginning of the year 2,349,591,262 235 2,349,567,819 235

f) Shares reserved for issue under options
Add: ESOP shares issued during the year - - 23,443 0
(Refer note 43) As at 31st March, 2023 As at 31st March, 2022
Balance as at the end of the year 2,349,591,262 235 2,349,591,262 235 Number of shares Amount Number of shares Amount
Under 2012 HUL Performance Share Scheme: equity - - - -

b) Rights, preferences and restrictions attached to shares shares of ₹1 each, at an exercise price of ₹1 per share
(refer note 43)
E quity shares: The Holding Company has one class of equity shares having a par value of ₹1 per share. Each

shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to - - - -
receive the remaining assets of the Holding Company after distribution of all preferential amounts, in the proportion For terms and other details Refer note 43.
to their shareholding. The dividend proposed by the Board of Directors is subject to the approval of the shareholders *Shares outstanding as on 1st April 2021 have been fully issued/settled as on 31st March 2022.
in the ensuing Annual General Meeting, except in case of interim dividend.
g) Aggregate value of Issued, Subscribed and Paid-up Share Capital as on the Balance Sheet
c) Shares held by Parent Company and Subsidiaries of Parent Company in aggregate date for the period of preceding five years includes:
As at As at i. Aggregate of 18,46,23,812 (31st March 2022: 18,46,23,812) Equity shares of ₹1 each allotted as fully paid-up
31st March, 2023 31st March, 2022 pursuant to HUL-GSKCH merger without payment being received in cash (Refer Note 42).
Equity Shares of ₹1 each
ii. 438,673 (31st March 2022: 6,17,811) Equity shares allotted under the Employee stock option plan/performance
1,11,43,70,148 shares (31st March, 2022: 1,11,43,70,148) held by Unilever PLC, UK, the 111 111 share schemes as consideration for services rendered by employees for which only exercise price has been
Parent Company
received in cash.
3,40,042,710 shares (31st March, 2022: 3,40,042,710) held by subsidiaries of the Parent 34 34
Company NOTE 18 OTHER EQUITY
Refer Consolidated Statement of Changes in Equity for detailed movement in Other Equity balance.
d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares
in the Holding Company A. Summary of Other Equity balance
Unilever PLC, UK, the Parent Company Capital Reserve 4 4

Number of shares 1,114,370,148 1,114,370,148 Capital Redemption Reserve 6 6
% of holding 47.4% 47.4% Securities Premium 40,350 40,352
General Reserve 114 114
e) Details of shareholdings by the Promoter's of the Holding Company Retained Earnings 9,544 8,271
As at 31st March, 2023 As at 31st March, 2022 Other Reserves 9 9
S. Number of % of total Number of % of total % Change Retirement benefit scheme reserve 49 50

no Promoter Name shares shares shares shares in the year Export profit reserves 0 0
1 UNILEVER PLC 1,114,370,148 47.4% 1,114,370,148 47.4% - Items of Other Comprehensive Income

2 UNILEVER GROUP LIMITED* 106,739,460 4.5% 106,739,460 4.5% - – Fair Value of Cash flow hedges through OCI (6) 20
3 UNILEVER OVERSEAS HOLDINGS AG 68,784,320 2.9% 68,784,320 2.9% - – Fair value of Debt instruments through OCI (1) (0)
4 UNILEVER UK&CN HOLDINGS LIMITED 60,086,250 2.6% 60,086,250 2.6% - Total Attributable to owners of the Company 50,069 48,826
5 UNILEVER SOUTH INDIA ESTATES LIMITED* 52,747,200 2.2% 52,747,200 2.2% - Attributable to Non-controlling Interest (Refer Note 19) 218 26
6 UNILEVER ASSAM ESTATES LIMITED* 32,820,480 1.4% 32,820,480 1.4% - Total equity 50,287 48,852
7 UNILEVER OVERSEAS HOLDINGS B V 18,865,000 0.8% 18,865,000 0.8% -
Total Promoters shares outstanding 1,454,412,858 61.9% 1,454,412,858 61.9% -
Total HUL shares outstanding 2,349,591,262 2,349,591,262
306 307
Notes
B. Nature and purpose of reserves (f) Retained Earnings: Retained earnings are the profits that the Group has earned till date, less any transfers to
(a) Capital Reserve: During amalgamation, the excess of net assets acquired, over the cost of consideration paid is general reserve, dividends or other distributions paid to shareholders.
treated as capital reserve. Remeasurements of Net Defined Benefit Plans: Differences between the interest income on plan assets and the

return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or
As at As at
31st March, 2023 31st March, 2022 experience adjustments within the plans, are recognised in other comprehensive income and are adjusted to retained
Balance at the beginning of the year 4 4
earnings.
Add: Additions during the year - - As at As at

Less: Utilisation during the year - -
Balance at the end of the year 4 4
Add: Additions through business combination (Refer note 44) (375) -
(b) Capital Redemption Reserve: The Group has recognised Capital Redemption Reserve on the buyback of equity Add: Profit for the year 10,120 8,879
shares from its retained earnings. The amount in the Capital Redemption Reserve is equal to the nominal amount of Add: Other comprehensive income for the year (Remeasurements of Net Defined (13) 31
the equity shares bought back. Benefit Plans)*
Less: Dividend on equity shares during the year (8,459) (7,519)
As at As at
31st March, 2023 31st March, 2022 Balance at the end of the year 9,544 8,271
Balance at the beginning of the year 6 6 *Movement in Remeasurement of Net Defined Benefit Plans.
Add: Additions during the year - -

As at As at
Less: Utilisation during the year - - 31st March, 2023 31st March, 2022
Balance at the end of the year 6 6 Balance at the beginning of the year - -
Add: Gain/(loss) on remeasurement of net defined benefit plans, net of tax (13) 31
(c) Securities Premium: The amount received in excess of face value of the equity shares is recognised in Securities Less: Transfer to retained earnings 13 (31)
Premium. In case of equity-settled share based payment transactions, the difference between fair value on grant Balance at the end of the year - -
date and nominal value of share is accounted as securities premium. In case of business combinations, the difference
between fair value and nominal value of shares issued on the acquisition date is accounted as securities premium.
(g) Other Reserves: The Group has recognised Other Reserves on amalgamation of Brooke Bond Lipton India Limited
As at As at as per statutory requirements. This reserve is not available for capitalisation/declaration of dividend/ share buy-back.
Further, it also includes capital subsidy.
As at As at
Add: Deferred Tax on Stamp duty (2) (2) 31st March, 2023 31st March, 2022
Add: Issue of equity shares on exercise of employee stock options - 4 Balance at the beginning of the year 9 9
Balance at the end of the year 40,350 40,352 Add: Additions during the year - -
Less: Utilisation during the year - -
(d) Employee Stock Options Outstanding Account: The fair value of the equity-settled share based payment Balance at the end of the year 9 9
transactions is recognised in consolidated statement of profit and loss with corresponding credit to Employee Stock
Options Outstanding Account.
(h) Employee’s Housing Reserve and Retirement Benefit Scheme Reserve: As per legal clarifications to the Labour
As at As at Rules 2075 received from the Government of Nepal, the housing reserve created for providing housing to the employees
may be used for general and post retirement benefits. Accordingly the reserves were moved from Employee’s Housing
Balance at the beginning of the year - 5 Reserve to Retirement Benefit Scheme reserve for accurate representation.
Less: Issue of equity shares on exercise of employee stock options - (4)
As at As at
Less: Equity settled share based payment credit - (1) Employee’s Housing Reserve 31st March, 2023 31st March, 2022
Balance at the end of the year - - Balance at the beginning of the year - 50
Add: Additions during the year - -
(e) General Reserve: The Group had transferred a portion of the net profit of the Group before declaring dividend to Less: Transferred to Retirement Benefit Scheme Reserve - (50)
general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is
Balance at the end of the year - -
not required under the Companies Act, 2013.
31st March, 2023 31st March, 2022 Retirement Benefit Scheme Reserve 31st March, 2023 31st March, 2022
Balance at the beginning of the year 114 114 Balance at the beginning of the year 50 -

Add: Additions during the year - - Add: Transferred from Employee’s Housing Reserve - 50
Less: Utilisation during the year - - Less: Payment from Retirement Benefit Scheme Reserve (1) -
Balance at the end of the year 114 114 Balance at the end of the year 49 50
308 309
Notes
(i) Export profit reserves: Export Profit Reserve was created to protect, from any losses due to volatility in business. For the year ended For the year ended
(j) Items of Other Comprehensive Income: Revenue from operations 535 441
i) Fair value of cash flow hedges through Other Comprehensive Income: The effective portion of the fair value Profit for the year 131 67
change of the cash flow hedges measured at fair value through other comprehensive income is recognised in Other comprehensive income for the year 0 0
Cash flow hedges through Other Comprehensive Income. Upon derecognition, if the hedged cash flow relates
Total comprehensive income for the year 131 67
to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value
Attributable to non-controlling interests (20%):
of that asset. For other cash flow hedges, amounts accumulated in other comprehensive income are taken to
the consolidated statement of profit and loss at the same time as the related cash flow. Profit for the year 26 13
Other comprehensive income for the year 0 0
ii) Debt Instruments through Other Comprehensive Income: The fair value change of the debt instruments
Cash flows from:
measured at fair value through other comprehensive income is recognised in Debt instruments through Other
Comprehensive Income. Upon derecognition, the cumulative fair value changes on the said instruments are Operating activities 98 64
reclassified to the consolidated statement of profit and loss. Investing activities (50) 14
Financing activities (68) (39)
C. Other Comprehensive Income accumulated in Other Equity, net of tax Net increase/(decrease) in cash and cash equivalents (20) 39
The disaggregation of changes in other comprehensive income by each type of reserve in equity is shown below: Dividend paid to non-controlling interests 14 7
Cash flow hedges Debt instruments

through Other through Other B.
The following table summarises the financial information relating to Zywie Ventures Private Limited that has non-controlling
Comprehensive Comprehensive interests (46.66%).
Income Income Total
As at
As at 1st April, 2021 20 1 21 31st March, 2023
Fair value of debt instruments through other comprehensive income - (1) (1)
Non-current assets 367
Fair Value of cash flow hedges in other comprehensive income 85 - 85
Current assets 132
Hedging loss/(gain) transferred to non-financial asset (net) (85) - (85)
Non-current liabilities (92)
Tax on above (0) 0 (0)
Current liabilities (37)
As at 1st April, 2022 20 (0) 20
Net assets 370
Fair value of debt instruments through other comprehensive income - (1) (1)
Carrying amount of non-controlling interests 180
Fair Value of cash flow hedges in other comprehensive income (21) - (21)
Hedging loss/(gain) transferred to non-financial asset (net) (14) - (14) Summarised statement of profit and loss for the period 10th January, 2023 to 31st March, 2023:
Tax on above 9 0 9
For the period 10
As at 31st March, 2023 (6) (1) (7) January, 2023 to
31 March 2023
D. Capital Management Revenue from operations 21
Equity share capital and other equity are considered for the purpose of Group's capital management. Profit/(Loss) for the year (7)
Other comprehensive income for the year 0
The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns
Total comprehensive income for the year (7)
to shareholders. The capital structure of the Group is based on management’s judgement of its strategic and
day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence. Attributable to non-controlling interests (46.66%):
Profit/(Loss) for the year (3)
The management and the Board of Directors of the Holding Company monitor the return on capital as well as the
Other comprehensive income for the year 0
level of dividends to shareholders. The Group may take appropriate steps in order to maintain, or if necessary adjust,
its capital structure. Cash flows from:
Operating activities (12)
NOTE 19 NON-CONTROLLING INTERESTS Investing activities (0)
A.
The following table summarises the financial information relating to Unilever Nepal Limited that has non-controlling Financing activities (91)
interests (20%). Net increase/(decrease) in cash and cash equivalents (103)
As at As at Dividend paid to non-controlling interests -
Non-current assets 119 107


Current assets 261 223
Non-current liabilities (16) (16)
Current liabilities (127) (137)
Net assets 237 177
Carrying amount of non-controlling interests 38 26
310 311
Notes
NOTE 20 LEASE LIABILITIES NOTE 22 PROVISIONS

Lease liability is initially measured at the present value of future lease payments. Lease payments are discounted using Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event,
the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liability it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability and reducing the a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the
carrying amount to reflect the lease payments made. expenditure required to settle the present obligation at the Balance Sheet date.
A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current
index or rate used to determine lease payments. The remeasurement normally also adjusts the leased assets. pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the obligation.
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
As at As at
31st March, 2023 31st March, 2022 As at As at
NON-CURRENT 31st March, 2023 31st March, 2022
Lease liabilities payable beyond 12 months 807 741 NON-CURRENT

Provision for employee benefits (pension, provident fund, post medical retirement benefits, 347 352
CURRENT
etc.) [Refer Note 42]
Lease liabilities payable within 12 months 314 302
Other provisions (including for statutory levies) – net [Refer (a) below] 1,016 1,228
Total 1,121 1,043 Total (A) 1,363 1,580
The movement in Lease liabilities (Non-current and Current) is as follows: CURRENT
Balance as at beginning of the year 1,043 1,009 Provision for employee benefits (gratuity and compensated absences, etc.) [Refer Note 42] 44 43
Add: Additions through business combination (Refer note 44) 3 - Other provisions (including restructuring) [Refer (a) below] 345 303
Add: Addition 568 470 Total (B) 389 346
Add: Accretion of interest 84 80 Total (A+B) 1,752 1,926
Less: Payments (551) (487)

a) Movement in Other provisions (Non-current and Current)
Less: Others (including foreclosure) (26) (29)
Indirect Tax Legal and
Balance as at end of the year 1,121 1,043 related Other Matters # Total

NOTE 21 OTHER FINANCIAL LIABILITIES Add: Provision/reclassified during the year 16 77 93
Refer note 40 for accounting policy on financial instruments Less: Amount utilised/reversed/reclassified during the year (91) (243) (334)
As at As at
31st March, 2023 31st March, 2022 Add: Provision/reclassified during the year 18 101 119
Less: Amount utilised/reversed/reclassified during the year (200) (89) (289)
NON-CURRENT
Security deposits 30 29
#
including restructuring provisions, etc.
Employee and ex-employee related liabilities 433 322
Financial liability on acquisition (Refer note 44) 375 - Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer
Contingent consideration payable on business combination - 6 probable that the outflow of resources would be required to settle the obligation, the provision is reversed.
Other payables and advances 22 - The provisions for indirect taxes and legal matters comprises of numerous separate cases that arise in the ordinary
Total (A) 860 357 course of business. These provisions have not been discounted as it is not practicable for the Group to estimate the
CURRENT timing of the provision utilisation and cash outflows, if any, pending resolution.
Unpaid dividends [Refer (a) below] 224 220 The Group does not expect any reimbursements in respect of the above provisions.
Salaries, wages, bonus and other employee payables 287 282
Fair Value of Derivatives 8 5 NOTE 23 BORROWINGS
Contingent consideration payable on business combination 4 40 (Unsecured unless otherwise stated)
Consignment payables 285 259 Refer note 40 for accounting policy on financial instruments
Other payables (including trade deposits, retention money for purchase of property, plant & 81 93
As at As at
equipment, etc.) [Refer (b) below] 31st March, 2023 31st March, 2022
Total (B) 889 899 Secured, Bank overdrafts 13 -
Total (A+B) 1,749 1,256 Unsecured loan from banks 85 -
Total 98 -

Refer note 41 for information about liquidity risk of other financial liability.
a) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Refer note 41 for information about liquidity risk and market risk of borrowings.
Companies Act, 2013 as 31st March, 2023 (31st March, 2022: Nil). Secured, Bank overdrafts of ₹15 crores as at 31st March, 2023 (31st March, 2022: ₹Nil). The loan was utilised for the purpose
b) Includes ₹7 crores of Corporate Social Responsibility (CSR) expense related to ongoing projects as at 31st March, it was taken for. This loan was used for working capital requirement. It is repayable on demand and carries an interest
2023 (31st March, 2022: ₹28 crores). The same was transferred to a special account designated as “Unspent Corporate ranging between 5.15% to 7.30%. The bank overdrafts are secured against the term deposits.
Social Responsibility Account for the Financial Year 22-23” (“UCSRA – FY 2022-23”) of the Company within 30 days Unsecured loan taken from banks for export packing credit requirement amounting to ₹85 crores as at 31st March, 2023
from end of financial year. Refer note 33 for more information about Corporate Social Responsibility expense. (31st March, 2022: ₹ Nil). The loan was utilised for the purpose it was taken for. This loan was used for working capital
requirement. It is repayable within a period of 3 months of obtaining the loan and carries a range of interest rate between
4.14% - 4.97% p.a. in FY 2022-23 (FY 2021-22 0.94% p.a.).
312 313
Notes
NOTE 24 TRADE PAYABLES NOTE 26 CONTINGENT LIABILITIES AND COMMITMENTS

Refer note 40 for accounting policy on financial instruments Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
As at As at
control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
Total outstanding dues of micro enterprises and small enterprises [Refer (a) below] 100 60
Total outstanding dues of creditors other than micro enterprises and small enterprises A CONTINGENT LIABILITIES
Acceptances 96 118
As at As at
Trade payables 9,379 8,890 31st March, 2023 31st March, 2022
Total 9,575 9,068 Claims against the Group not acknowledged as debts
Refer Note 41 for information about liquidity risk and market risk of trade payables. Income tax matters 2,057 1,702
Indirect tax matters 744 823
a) Disclosure as required by Micro, Small and Medium Enterprises Development Act, 2006 Legal and Other matters 281 283
As at As at
(i) It is not practicable for the Group to estimate the timings of cash outflows, if any, in respect of the above pending
resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending
A(i). Principal amount remaining unpaid 100 60
with various forums/authorities.
A(ii). Interest amount remaining unpaid 0 -
(ii) The Group does not expect any reimbursements in respect of the above contingent liabilities.
B. Interest paid by the Group in terms of Section 16 of the Micro, Small and Medium 0 0
Enterprises Development Act, 2006, along with the amount of the payment made (iii) The Group’s pending litigations comprise of claims against the Group by employees and pertaining to
to the supplier beyond the appointed day proceedings pending with various direct tax, indirect tax and other authorities. The Group has reviewed
C. Interest due and payable for the period of delay in making payment (which have 0 - all its pending litigations and proceedings and has adequately provided for where provisions are required
been paid but beyond the appointed day during the period) but without adding or disclosed as contingent liabilities where applicable, in its consolidated financial statements. The Group
interest specified under the Micro, Small and Medium Enterprises Act, 2006
does not expect the outcome of these proceedings to have a materially adverse effect on its consolidated
D. Interest accrued and remaining unpaid 0 - financial statements.
E. Interest remaining due and payable even in the succeeding years, until such date - -
when the interest dues as above are actually paid to the small enterprises B COMMITMENTS
Note: Identification of micro and small enterprises is basis intimation received from vendors. i) Lease commitments
Lease commitments are the future cash out flows from the lease contracts which are not recorded in the
Ageing for trade payables from the due date of payment for each of the category as at 31st March, measurement of lease liabilities. These include potential future payments related to leases of low value assets
2023 is as follows: and leases with term less than twelve months.
As at As at
Less than More than 31st March, 2023 31st March, 2022
Not due 1 year 1-2 years 2-3 years 3 years Total
Not later than one year 72 70
Undisputed dues – MSME 97 3 0 - - 100
Later than one year and not later than five years 60 73
Undisputed dues – Others 9,204 267 2 2 - 9,475
Later than five years 1 2
Disputed dues – MSME - - - - - -
Disputed – Others - - - - - - ii) Capital commitments
Total 9,301 270 2 2 - 9,575
As at As at
Ageing for trade payables from the due date of payment for each of the category as at 31st March, Estimated value of contracts in capital account remaining to be executed and not 480 422
2022 is as follows: provided for (net of capital advances)
Less than More than ii) Other commitments

Not due 1 year 1-2 years 2-3 years 3 years Total
As at As at
Undisputed dues – MSME 60 - - - - 60 31st March, 2023 31st March, 2022
Undisputed dues – Others 8,787 209 7 3 2 9,008 Unexpired Letter of credit and acceptances 12 0
Disputed dues – MSME - - - - - -
NOTE 27 REVENUE FROM OPERATIONS

Disputed – Others - - - - - -
Total 8,847 209 7 3 2 9,068 Sale of products:
Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer and
NOTE 25 OTHER CURRENT LIABILITIES when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are fulfilled at the
As at As at time of dispatch, delivery or upon formal customer acceptance depending on terms with customers.
Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any
Statutory dues (including provident fund, tax deducted at source and others) 666 546
taxes or duties collected on behalf of the Government such as Goods and Services Tax, etc. Accumulated experience is
Others (including advance from customers, etc) 98 119 used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly
Total 764 665 probable a significant reversal will not occur.
314 315
Notes
Our customers have the contractual right to return goods only when authorised by the Group. An estimate is made of goods Year ended Year ended
that will be returned and a liability is recognised for this amount using a best estimate based on accumulated experience. 31st March, 2023 31st March, 2022
Home Care 21,223 16,570

Sale of services: Beauty & Personal Care 22,022 19,567
Income from Group owned salon is recognised when services are rendered. Display income is recorded as per the term Foods & Refreshment 14,876 14,105
of the contract entered with the respective franchisee/parties. Revenue from services are measured at fair value of the Others (includes Exports, Consignment, etc.) 2,459 2,204
consideration received or receivable, after deduction of any sort of discounts and any taxes or duties collected on behalf
Total 60,580 52,446
of the government such as goods and services tax.
NOTE 28 OTHER INCOME

Income from services rendered:
Interest income is recognised using the effective interest rate (EIR) method. Dividend income on investments is recognised
Income from services rendered is recognised based on agreements/arrangements with the customers as the service is
when the right to receive dividend is established. Refer Note 40 on financial instruments for policy on measurement at fair
performed and there are no unfulfilled obligations.
value through profit or loss.
Commission income on consignment sales: Year ended Year ended

Commission income on consignment sales (Consignment selling agency fees) is charged for rendering of services and for
the use of the Group's sales and distribution network. Such revenue is recognised in the accounting period in which the Interest income on
services are rendered in accordance with the agreement with the parties. Bank deposits 171 102
Current investments 126 80
Government grants: Others (including interest on Income tax refunds) 114 16
The Group is entitled to ’Scheme of budgetary support’ under Goods and Service Tax Regime in respect of eligible Dividend income from
manufacturing units located in specified regions. Such grants are measured as amount receivable from the Government
Non-current investments 2 1
and are recognised as other operating revenue when there is a reasonable assurance that the Group will comply with all
Fair value gain/(loss)
necessary conditions attached to that.
Investments measured at fair value through profit or loss* 99 59
The Group has received approval under the Production Linked Incentive Scheme of the Government of India for specific
Total 512 258
product categories. Incentive under the scheme is subject to meeting certain committed investments and defined
*Includes realised gain on sale of investment of ₹92 crores (31st March, 2022 : ₹52 crores).
incremental sales threshold. Such grants are recognised as other operating revenue when there is a reasonable assurance
that the Group will comply with all necessary conditions attached to the grant. Income from such grants is recognised on NOTE 29 COST OF MATERIALS CONSUMED
a systematic basis over the periods to which they relate. Refer note 11 for accounting policy on Inventories
Grants are measured at amount receivable from the Government and are recognised as other operating revenue when
there is a reasonable assurance that the Group will comply with all necessary conditions attached to that. Income from 31st March, 2023 31st March, 2022
such grants is recognised on a systematic basis over the periods to which they relate. Raw materials consumed 16,848 13,560
Income from such grants is recognised on a systematic basis over the periods to which they relate. Packing materials consumed 3,364 2,886
Total 20,212 16,446
Sale of products 59,443 51,472 NOTE 30 PURCHASES OF STOCK-IN-TRADE

Sale of services 106 76 Refer note 11 for accounting policy on Inventories
Other operating revenue*
Income from services rendered 370 294 31st March, 2023 31st March, 2022
Purchases of stock-in-trade 11,579 9,311
Total 11,579 9,311
Others (including scrap sales, rentals, etc) 149 149
Total 60,580 52,446
NOTE 31 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-
PROGRESS
Reconciliation of Revenue from sale of products & services with the contracted price
Refer note 11 for accounting policy on Inventories
31st March, 2023 31st March, 2022 Year ended Year ended
Contracted Price 66,728 57,340 31st March, 2023 31st March, 2022
Less: Trade discounts, volume rebates, etc (7,179) (5,792) Opening inventories

Sale of products and Services 59,549 51,548 Finished goods 1,650 1,607
* There is no material adjustment made to contract price for revenue recognised as other operating revenue. Work-in-progress 421 442
Segment-wise Revenue from operations Closing inventories
Finished goods (1,747) (1,650)
The Group has following major segments:-
Work-in-progress (399) (421)
(a) Home Care includes Fabric Solutions, Home and Hygiene, etc
Total (75) (22)
(b) Beauty & Personal Care includes Skin Cleansing, Skin Care, Hair Care, etc
(c) Foods & Refreshment includes Tea, Health Food Drinks, Coffee, etc
(d) Others includes Exports, Consignment, etc.
316 317
Notes
NOTE 32 EMPLOYEE BENEFITS EXPENSE Year ended Year ended

Short Term Employee Benefits
Salaries and wages 2,308 2,016
Short term employee benefits including salaries and performance incentives, are charged to consolidated statement of
Contribution to provident and other funds 161 169
profit and loss on an undiscounted, accrual basis during the period of employment.
Defined benefit plan expense (Refer Note 42) 42 91
Defined contribution plans Share based payments to employees (Refer Note 43) 157 101
Contributions to defined contribution schemes such as employees' state insurance, labour welfare fund, superannuation Staff welfare expenses 186 168
scheme, employee pension scheme etc. are charged as an expense based on the amount of contribution required to be Total 2,854 2,545
made as and when services are rendered by the employees. Group's provident fund contribution, in respect of certain
employees, is made to a Government administered fund and charged as an expense to the Consolidated Statement of NOTE 33 FINANCE COSTS
Profit and Loss. The above benefits are classified as Defined Contribution Schemes as the Group has no further defined
Finance costs includes costs in relation to pensions and similar obligations, interest on lease liabilities which represents
obligations beyond the monthly contributions.
the unwind of the discount rate applied to lease liabilities and also include interest costs in relation to financial liabilities.
Defined benefit plans Year ended Year ended

In respect of certain employees, provident fund contributions are made to trusts administered by the Holding Company.
The interest rate payable to the members of the trust shall not be lower than the statutory rate of interest declared by the Interest expense on bank overdraft, security deposit and others 4 2
Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, Net interest on the net defined benefit liability (Refer Note 42) 16 15
shall be made good by the Group. The liability in respect of the shortfall of interest earnings of the Fund is determined on Unwinding of discount on provisions and liabilities 2 3
the basis of an actuarial valuation. The Holding Company also provides for retirement/post-retirement benefits in the Unwinding of discount on employee and ex-employee related liabilities 8 4
form of gratuity, pensions (in respect of certain employees), compensated absences (in respect of certain employees) and
Interest on Lease Liabilities 84 80
medical benefits (in respect of certain employees) including to the employees of group companies.
Others (including interest on taxes) 0 2
For defined benefit plans, the amount recognised as ‘Employee benefit expenses’ in the consolidated statement of Total 114 106
profit and loss is the cost of defined benefit obligation resulting from employee service in the current period (‘current
service cost’) and the costs of individual events such as changes in past service benefits and settlements (such events
NOTE 34 DEPRECIATION AND AMORTISATION EXPENSES
are recognised immediately in the statement of profit and loss). The amount of net interest expense calculated by
applying the liability discount rate to the net defined benefit liability or asset is charged or credited to 'Finance costs' in Refer note 3 and 4 for accounting policy on depreciation and amortisation cost
the consolidated statement of profit and loss. Any differences between the expected interest income on plan assets and
the return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or 31st March, 2023 31st March, 2022
experience adjustments within the plans, are recognised immediately in 'Other comprehensive income' and subsequently Depreciation on property, plant and equipment (owned assets)* 677 637
not reclassified to the consolidated statement of profit and loss.
Depreciation on property, plant and equipment (leased assets) 437 428
The defined benefit plan surplus or deficit on the Balance Sheet date comprises fair value of plan assets less the present Amortisation on intangible assets 24 26
value of the defined benefit liabilities using a discount rate by reference to market yields on Government bonds at the end Total 1,138 1,091
of the reporting period.
* In addition to the above, ₹15 crores (31st March, 2022: ₹15 crores) of accelerated depreciation has been charged to exceptional items under a
All defined benefit plans obligations are determined based on valuations, as at the Balance Sheet date, made by restructuring project.
independent actuary using the projected unit credit method. The classification of the Holding Company's net obligation
into current and non-current is as per the actuarial valuation report. NOTE 35 OTHER EXPENSES
Termination benefits 31st March, 2023 31st March, 2022
Termination benefits, in the nature of voluntary retirement benefits or termination benefits arising from restructuring, are Advertising and promotion 4,907 4,744
recognised in the consolidated statement of profit and loss. The Group recognises termination benefits at the earlier of Carriage and freight 1,972 1,874
the following dates: Royalty
(a) when the Group can no longer withdraw the offer of those benefits; or - Technology 766 658
- Brand 237 1,003 194 852
(b) when the Group recognises costs for a restructuring that is within the scope of Ind AS 37: Provisions, Contingent
Fees for central services from Parent Company 575 500
Liabilities and Contingent Assets and involves the payment of termination benefits.
Processing charges 204 259
Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Power, fuel, light and water 384 318
Rent 79 82
Share-Based Payments
Travelling and motor car expenses 249 112

Employees of the Group receive remuneration in the form of share-based payments in consideration of the services
rendered. Under the equity settled share based payment, the fair value on the grant date of the awards given to Repairs 223 209
employees is recognised as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. Corporate social responsibility expense [Refer note (a) below] 213 190
The fair value of the options at the grant date is calculated by an independent valuer basis Black Scholes model. At the end Miscellaneous expenses 2,052 2,169
of each reporting period, apart from the non-market vesting condition, the expense is reviewed and adjusted to reflect Total 11,861 11,309
changes to the level of options expected to vest. When the options are exercised, the Group issues fresh equity shares.
For cash-settled share-based payments, the fair value of the amount payable to employees is recognised as ‘employee
benefit expenses’ with a corresponding increase in liabilities, over the period of non-market vesting conditions getting
fulfilled. The liability is remeasured at each reporting period up to, and including the settlement date, with changes in fair
value recognised in employee benefits expenses. Refer Note 43 for details.
318 319
Notes
(a) The details of Corporate Social Responsibility as prescribed under section 135 of the Companies B. Net Cash (used in)/generated from discontinued operations
Act, 2013 is as follows: Year ended Year ended
I. Unspent CSR amount for FY 2021-22: ₹28 crores (utilised: ₹28 crores, balance to be utilised ₹0 crores). 31st March, 2023 31st March, 2022
Net cash (used in)/generated from operating activities (0) 4

31st March, 2023 31st March, 2022 Net cash (used in)/generated from investing activities 0 0
Net cash used in financing activities - -
II. Amount required to be spent by the Group during the year 209 188
Net cash flows for the year (0) 4
III. Amount spent during the year on:
i) Construction/ acquisition of any asset - -
NOTE 38 EARNINGS PER EQUITY SHARE
ii) For purposes other than (i) above 213 190
Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of
IV. Shortfall at the end of the year - -
the Holding Company by the weighted average number of equity shares outstanding during the period. The weighted
V. Total of previous years shortfall - - average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such
VI. Reason for shortfall Not Applicable Not Applicable as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares
outstanding, without a corresponding change in resources.
VII. Nature of CSR activities include promoting education, including special education and employment enhancing
vocation skills, ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders
welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water, rural and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive
development projects and disaster management, including relief, rehabilitation and reconstruction activities. potential equity shares.
VIII. Above includes ₹7 crores of Corporate Social Responsibility (CSR) expense related to ongoing projects as at
A. From Continuing operations
31st March, 2023 (31st March, 2022: ₹28 crore). The same was transferred to a special account designated as
“Unspent Corporate Social Responsibility Account for the Financial Year 22-23” (“UCSRA – FY 2022-23”) of the Year ended Year ended
Group within 30 days from end of financial year.
Earnings Per Share has been computed as under:
IX. The Group does not wish to carry forward any excess amount spent during the year.
Profit for the year attributable to the owners of the Holding Company 10,121 8,874
X. The Group does not carry any provisions for Corporate social responsibility expenses for current year Weighted average number of equity shares outstanding during the year 2,349,591,262 2,349,587,637
and previous year. Earnings Per Share (₹) - Basic (Face value of ₹1 per share) ₹43.07 ₹37.77
Add: Weighted average number of potential equity shares on account of employee stock - 3,625
NOTE 36 EXCEPTIONAL ITEMS (NET) options/performance share schemes *
Year ended Year ended Weighted average number of Equity shares (including dilutive shares) outstanding during 2,349,591,262 2,349,591,262
31st March, 2023 31st March, 2022 the year
i) Profit on disposal of surplus properties 113 140 Earnings Per Share (₹) - Diluted (Face value of ₹1 per share) ₹43.07 ₹37.77
ii) Fair valuation of contingent consideration payable (refer Note 44) 2 9 * Pertains to ESOP shares vested during the year, no outstanding share options as at 31st March, 2023 and 31st March 2022.
iii) Profit on sale of brand rights 60 29 B. From Discontinued operations

Total exceptional income (A) 175 178 Year ended Year ended
i) Acquisition and disposal related costs (117) (86) 31st March, 2023 31st March, 2022
ii) Restructuring and other costs (122) (136) Earnings Per Share has been computed as under:
Total exceptional expenditure (B) (239) (222) Profit/(Loss) for the year attributable to the owners of the Holding Company (1) 5
Exceptional items (net) (A+B) (64) (44) Weighted average number of equity shares outstanding during the year 2,349,591,262 2,349,587,637
Earnings Per Share (₹) - Basic (Face value of ₹1 per share) (₹0.00) ₹0.02
NOTE 37 DISCONTINUED OPERATIONS Add: Weighted average number of potential equity shares on account of employee stock - 3,625
options/performance share schemes *
Pond’s Exports Limited (PEL) had closed down its existing operation in line with the Group’s strategy of exiting
Weighted average number of Equity shares (including dilutive shares) 2,349,591,262 2,349,591,262
non core business.
outstanding during the year
Earnings Per Share (₹) - Diluted (Face value of ₹1 per share) (₹0.00) ₹0.02
A. Results of discontinued operation
* Pertains to ESOP shares vested during the year, no outstanding share options as at 31st March, 2023 and 31st March 2022.
31st March, 2023 31st March, 2022 NOTE 39 DIVIDEND ON EQUITY SHARE
Income 0 4 Year ended Year ended
Expenses (1) (1) 31st March, 2023 31st March, 2022

Results from discontinued operations before tax (1) 3 Dividend on equity shares declared and paid during the year
Tax Expense Final dividend of ₹19.00 per share for FY 2021-22 (2020-21: ₹17.00 per share) 4,464 3,994
Adjustments related to previous years - 2 Interim dividend of ₹17.00 per share for FY 2022-23 (2021-22: ₹15.00 per share) 3,995 3,525
Deferred tax credit/(charge) - - 8,459 7,519

Proposed dividend on equity shares not recognised as liability
Results from discontinued operations after tax (1) 5
Final dividend of ₹22.00 per share for FY 2022-23 (2021-22: ₹19.00 per share) 5,169 4,464
The loss from discontinued operations of ₹1 crore (2021-22 profit ₹5 crores) is attributable entirely to the owners of the 5,169 4,464
Holding Company. Payout ratio # 91% 90%
Proposed dividend on equity shares is subject to the approval of the shareholders of the Holding Company at the Annual
General Meeting and not recognised as liability as at the Balance Sheet date.
320 321
Notes
NOTE 40 FINANCIAL INSTRUMENTS (c) Derivative Financial Instruments:

I. Financial Assets: The Group uses derivative financial instruments to hedge its foreign currency and commodity risks. Derivatives
Financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in
On initial recognition, a financial asset is recognised at fair value. The subsequent measurement of a financial fair value depends on their use as explained below:
asset depends on the classification of the asset on the basis of business model for managing such assets and the
contractual cash flow characteristics of such asset. These classifications are: (i) Cash flow hedges:
– amortised cost Derivatives are held to hedge the uncertainty in timing or amount of future forecast cash flows. Such
derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and
– fair value through profit and loss (FVTPL)
losses from changes in the fair value of derivatives are recognised in other comprehensive income. Any
– fair value through other comprehensive income (FVOCI). ineffective elements of the hedge are recognised in the consolidated statement of profit and loss.
Financial assets are not reclassified subsequent to their recognition, except during the period the Group changes its If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently
business model for managing financial assets. included within the carrying value of that asset. For other cash flow hedges, amounts accumulated in other
comprehensive income are taken to the consolidated statement of profit and loss at the same time as the
In case of financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction cost is
related cash flow.
recognised in the consolidated statement of profit and loss. In other cases, the transaction cost is attributed to the
acquisition value of the financial asset. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity
until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to
(a) Debt Instruments: the consolidated statement of profit and loss. If the hedged cash flow is no longer expected to occur, the
(i) Measured at amortised cost: cumulative gain or loss is taken to the consolidated statement of profit and loss immediately.
Financial assets that give rise to cash flows on specified dates that are solely the payments of principal
(ii) Derivatives for which hedge accounting is not applied
and interest; and the financial asset is held within a business model whose objective is solely to collect
those cash flows, then the financial asset is classified and measured at amortised cost. Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity
exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with
These are measured by applying the effective interest rate method. The effective interest rate method changes being recognised in the statement of profit and loss.
allocates interest income over the relevant period by applying the effective interest rate (that is the interest
rate that exactly discounts expected future cash flows to the gross carrying amount of the asset). Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial
(ii) Measured at fair value through other comprehensive income (FVOCI):
asset expire, or it transfers the contractual rights to receive the cash flows from the asset or has assumed
Financial assets that are held within a business model whose objective is achieved by both, selling an obligation to pay the received cash flows to one or more recipient.
financial assets and collecting contractual cash flows that are solely payments of principal and interest,
are subsequently measured at fair value through other comprehensive income. Fair value movements are Where the entity has transferred an asset, the Group evaluates whether it has transferred substantially
recognised in the other comprehensive income (OCI). Interest income measured using the EIR method and all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised.
impairment losses, if any are recognised in the consolidated statement of profit and loss. On derecognition, Where the entity has not transferred substantially all risks and rewards of ownership of the financial
cumulative gain or loss previously recognised in OCI is reclassified from the equity to ‘other income’ in the asset, the financial asset is not derecognised. Where the entity has neither transferred a financial asset
consolidated statement of profit and loss. nor retained substantially all risks and rewards of ownership of the financial asset, the financial asset is
derecognised if the Group has not retained control of the financial asset. Where the Group retains control
(iii) Measured at fair value through profit or loss (FVTPL): of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the
financial asset.
A financial asset not classified as either amortised cost or FVOCI, is classified as FVTPL. Such financial
assets are measured at fair value with all changes in fair value, including interest income and dividend
Offsetting financial instruments
income if any, recognised in ‘other income’ in the consolidated statement of profit and loss.
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet, if
(b) Equity Instruments: there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle them on a net basis or to realise the assets and settle the liabilities simultaneously.
All investments in equity instruments classified under financial assets are initially measured at fair value, the
Group may, on initial recognition, irrevocably elect to measure the same either at FVOCI or FVTPL.
Impairment of Financial Asset
The Group makes such election on an instrument-by-instrument basis. Fair value changes on an equity The Group applies expected credit loss (ECL) model for measurement and recognition of loss allowance
instrument is recognised in ‘other income’ in the consolidated statement of profit and loss unless the Group has on the following:
elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument
measured at FVOCI are recognised in OCI. Amounts recognised in OCI are not subsequently reclassified to i. Trade receivables
the consolidated statement of profit and loss. Dividend income on the investments in equity instruments are ii. Financial assets measured at amortised cost (other than trade receivables)

recognised as ‘other income’ in the consolidated statement of profit and loss.
In case of trade receivables, the Group follows a simplified approach wherein an amount equal to lifetime
ECL is measured and recognised as loss allowance.
322 323
Notes
Financial assets classified as amortised cost (listed as ii above), subsequent to initial recognition, are Carrying value/Fair value
assessed for evidence of impairment at end of each reporting period basis monitoring of whether there As at As at
has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, Note 31st March, 2023 31st March, 2022
the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of FINANCIAL LIABILITIES
default as at the date of initial recognition. It considers available reasonable and supportive forwarding- Financial Liabilities measured at fair value
looking information.
Fair Value of Derivatives 21 8 5
If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is Contingent consideration payable on business combination 21 4 46
measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount Financial liability on acquisition 21 375 -
equal to lifetime ECL is measured and recognised as loss allowance.
Financial liabilities measured at amortised cost
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant Lease Liabilities 20 1,121 1,043
increase in credit risk since initial recognition, the Group reverts to recognising impairment loss allowance Security deposits 21 30 29
based on 12-month ECL.
Employee Liabilities 21 720 604
ECL allowance recognised (or reversed) during the period is recognised as expense (or income) in the Borrowings 23 98 -
consolidated statement of profit and loss under the head ‘Other expenses’. Other payables 21 103 93
2,459 1,820
Write - off
The gross carrying amount of a financial asset is written off when the Group has no reasonable The Group has disclosed financial instruments such as cash and cash equivalents, other bank balances, trade
expectations of recovering the financial asset in its entirety or a portion thereof. A write-off constitutes a receivables, receivables from group companies, consignment receivables, trade payables, consignment
derecognition event. payables and unpaid dividends at carrying value because their carrying amounts are a reasonable
approximation of the fair values due to their short term nature.
II Financial Liabilities:
B Income, Expenses, Gains or Losses on Financial Instruments
Initial recognition and measurement
Interest income and expenses, gains or losses recognised on financial assets and liabilities in the consolidated
Financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
statement of profit and loss are as follows:
Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are classified as fair
value through profit and loss. In case of trade payables, they are initially recognised at fair value and subsequently, Year ended Year ended
these liabilities are held at amortised cost, using the effective interest rate method. Note 31st March, 2023 31st March, 2022

Subsequent measurement Interest income 28 285 106
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities Allowance for expected credit loss and credit impairment 12 (27) (8)
carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in the Financial assets measured at fair value through other comprehensive
consolidated statement of profit and loss. income
Investment in debt instruments
Derecognition
Interest income 28 126 80
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
Fair value gain/(loss) recognised in other comprehensive income 18C (1) (1)
The difference between the carrying value of the financial liability and the consideration paid is recognised in the
Financial assets measured at fair value through profit or loss
consolidated statement of profit and loss.
Fair value gain/(loss) on investment in debt instruments 28 99 59
A Accounting Classifications and Fair Values Dividend income on non current investments 28 2 1
The carrying amounts and fair values of financial instruments by class are as follows: Financial liabilities measured at amortised cost
Interest expense 33 4 2
Carrying value/Fair value
Interest on lease liabilities 33 84 80
As at As at
Note 31st March, 2023 31st March, 2022 Interest expense other than on lease liabilities 33 10 7
FINANCIAL ASSETS Financial liabilities measured at fair value through profit or loss
Financial assets measured at fair value Fair valuation of contingent consideration payable 36 2 9
Investments measured at Derivatives - foreign exchange forward contracts and cash flow hedges
i. Fair value through other comprehensive income 6 1,014 2,023 Fair value gain/(loss) 29, 35 49 76
ii. Fair value through profit and loss 6 1,799 1,498

C Fair Value Hierarchy

Fair Value of Derivatives 8 19 54
The fair value of financial instruments as referred to in note (A) above have been classified into three categories
depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted
Investments 6 0 0 prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to
Loans 7 134 150 unobservable inputs (Level 3 measurements).
Security deposits 8 170 155
The categories used are as follows:
Investments in term deposits 8, 14 3,741 2,477
Indemnification Asset 8 608 608 • Level 1: Quoted prices for identical instruments in an active market;
Other assets 8 883 637 • Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
8,368 7,602 • Level 3: Inputs which are not based on observable market data.
324 325
Notes
For assets and liabilities which are measured at fair value as at Balance Sheet date, the classification of fair Significant unobservable inputs used in level 2 and level 3 fair values
value calculations by category is summarised below: As at 31st March, 2023
Level 1 Level 2 Level 3 Total Valuation Significant Sensitivity of input to fair value
techniques unobservable inputs measurement
Assets at fair value (a) Fair Value of Forward pricing: Not applicable A 10% increase in prices of open trades
Investments measured at: The fair value is determined using
quoted forward exchange rates
i. Fair Value through OCI 1,014 - - 1,014 prices would have led to an equal but
and the commodity derivative
ii. Fair Value through Profit or Loss 1,797 - 2 1,799 opposite effect.
prices at the reporting date.
Fair Value of Derivatives - 19 - 19 (b) Contingent Discounted cash flows: Forecast revenue 10% increase in forecasted revenue
Liabilities at fair value consideration per year will have additional liability
The valuation model considers
Fair Value of Derivatives - 8 - 8 the present value of the expected
have led to an equal but opposite
Contingent consideration payable on business - - 4 4 future payments, discounted
effect.
combination using a risk-adjusted discount
rate. Discount rate: 7.8% 1% increase in Discount rate will have
Financial liability on acquisition - - 375 375 reduction in liability of ₹0 crore and
As at 31st March, 2022 1% decrease would have led to an
Assets at fair value equal but opposite effect.
Investments measured at: (c) Financial liability Monte Carlo simulation: Forecast revenue 5% increase in forecasted revenue
on acquisition would have led to an additional
i. Fair Value through OCI 2,023 - - 2,023 The fair value is determined using
liability of approximately ₹19 crores
forecasted revenue, volatility and
ii. Fair Value through Profit or Loss 1,496 - 2 1,498 and 5% decrease would have led to
the internal rate of return of the
Fair Value of Derivatives - 54 - 54 an equal but opposite effect.
project.
Liabilities at fair value
Fair Value of Derivatives - 5 - 5 As at 31st March, 2022
Contingent consideration payable on business - - 46 46 Valuation Significant Sensitivity of input to fair value
combination techniques unobservable inputs measurement
(a) Fair Value of Forward pricing: Not applicable A 10% increase in prices of open trades
Calculation of Fair Values Derivatives would have led to approximately ₹13
The fair value is determined using
The fair values of the financial assets and liabilities are defined as the price that would be received on sale of an quoted forward exchange rates
prices would have led to an equal but
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement and the commodity derivative
opposite effect.
date. Methods and assumptions used to estimate the fair values are consistent with those used for the year prices at the reporting date.
ended 31st March, 2022. (b) Contingent Discounted cash flows: Forecast revenue 10% increase in forecasted revenue
consideration per year will have additional liability
Financial assets and liabilities measured at fair value as at Balance Sheet date: The valuation model considers
the present value of the expected
1. The fair values of investment in treasury bills and quoted investment in equity shares is based on the bid have led to an equal but opposite
future payments, discounted using
effect.
price of respective investment as at the Balance Sheet date. a risk-adjusted discount rate.
2. The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the reduction in liability of ₹0 crore and
issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents 1% decrease would have led to an
the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem equal but opposite effect.
such units from the investors.
Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below:
3. The fair values of the derivative financial instruments has been determined using valuation techniques
with market observable inputs. The models incorporate various inputs including the credit quality of
Reconciliation of movements in Level 3 valuations 31st March, 2023 31st March, 2022
counter-parties, foreign exchange forward rates and commodity prices.
Opening 48 94
Other financial assets and liabilities Additions through business combination (Refer note 44) 375 -
Cash and cash equivalents, trade receivables, investments in term deposits, other financial assets (except Additions during the year - -
derivative financial instruments), consignment receivable, trade payables, consignment payable and other Interest unwinding 0 4
financial liabilities (except derivative financial instruments) have fair values that approximate to their carrying Payments during the year (40) (41)
amounts due to their short-term nature.

Gain recognised in profit and loss on fair value adjustment (2) (9)
Closing 381 48
326 327
Notes
NOTE 41 FINANCIAL RISK MANAGEMENT Undiscounted Amount
The Group’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risk, credit risk Carrying Within More than
Note amount 1 year 1 year Total
and commodity risk. The Group's senior management has the overall responsibility for establishing and governing the
Group risk management framework. The Group has constituted a Risk Management Committee, which is responsible for As at 31st March, 2022
developing and monitoring the Group's risk management policies. The Group's risk management policies are established Financial assets
to identify and analyse the risks faced by the Group, to set and monitor appropriate risk limits and controls, periodically Non-derivative assets
review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating Investments 6 3,521 3,519 2 3,521
actions are also placed before the Audit Committee of the Group.
Loans 7 150 35 115 150
A Management of Liquidity Risk Trade Receivables 12 2,236 2,236 - 2,236

Cash and Cash Equivalents 13 1,147 1,147 - 1,147
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The
Group’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due Bank Balance other than cash and cash equivalents 14 2,699 2,699 - 2,699
without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. Security deposits 8 155 52 103 155
Consignment Receivable 8 226 226 - 226
The Group maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended
31st March, 2023 and 31st March, 2022. Cash flow from operating activities provides the funds to service the financial Other financial asset 8 930 809 121 930
liabilities on a day-to-day basis. Derivative assets
The Group regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short-term surplus cash generated, over and above the amount required for working capital Financial liabilities
management and other operational requirements, is retained as cash and cash equivalents (to the extent required) Non-derivative liabilities
and any excess is invested in interest bearing term deposits and other highly marketable debt investments with Lease Liabilities 20 1,043 302 898 1,200
appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet Trade payables (including acceptances) 24 9,068 9,068 - 9,068
its liabilities. Security deposits 21 29 - 29 29
The following table shows the maturity analysis of the Group’s financial assets and financial liabilities based on Employee liabilities 21 604 282 346 628
contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date. Unpaid dividend 21 220 220 - 220
Undiscounted Amount
Contingent consideration 21 259 259 - 259
Carrying Within More than Consignment Payable 21 93 93 - 93

Note amount 1 year 1 year Total Other Payables 21 46 40 6 46
As at 31st March, 2023 Derivative liabilities
Financial assets Fair Value of Derivatives 21 5 5 - 5
Non-derivative assets
Investments 6 2,813 2,811 2 2,813 B Management of Market Risk
Loans 7 134 36 98 134
The Group size and operations result in it being exposed to the following market risks that arise from its use of
Trade Receivables 12 3,079 3,079 - 3,079
financial instruments:
Cash and cash equivalents 13 714 714 - 714
Bank Balances other cash and cash equivalents 14 3,964 3,964 - 3,964 • currency risk;
Security deposits 8 170 63 107 170 • interest rate risk; and
Consignment Receivable 8 278 278 - 278 • commodity risk
Other financial asset 8 1,036 1,026 10 1,036
Derivative assets The above risks may affect the Group’s income and expenses, or the value of its financial instruments. The Group
Fair Value of Derivatives 8 19 19 - 19 exposure to and management of these risks are explained below.
Financial liabilities
Non-derivative liabilities
Borrowings 23 98 98 - 98
Lease Liabilities 20 1,121 314 1,000 1,314
Trade payables (including acceptances) 24 9,575 9,575 - 9,575
Security deposits 21 30 - 30 30
Unpaid dividend 21 224 224 - 224
Employee liabilities 21 720 287 437 724

Contingent consideration 21 4 4 - 4
Consignment Payable 21 285 285 - 285
Financial liability on acquition 21 375 - 462 462
Other Payables 21 103 81 22 103
Derivative liabilities
328 329
Notes
1. Currency Risk 3. Commodity Risk
Potential Impact of Risk Management Policy Sensitivity to Risk Potential Impact of Risk Management Policy Sensitivity to Risk
The Group is subject to the risk that The Group is exposed to foreign A 5% strengthening of the INR The Group is exposed to the risk Commodities form a major part A 1 0 % i n c rea se i n p r i ce s of
changes in foreign currency values exchange risk arising from various against key currencies to which the of changes in commodity prices in of the raw materials required for open trades would have led to
impact the Group’s exports revenue currency exposures, primarily with Group is exposed (net of hedge) relation to its purchase of certain raw Group products portfolio and approximately ₹12 crores gain in
and imports of raw material and respect to US Dollar and Euro. would have led to approximately materials. hence commodity price risk is one OCI (2021-22 ₹13 crores gain). A 10%
property, plant and equipment. an additional ₹3 crores gain in the of the important market risk for the decrease in prices would have led to
The Group manages currency At 31st March, 2023, the Group
consolidated statement of profit and Group. The commodities are priced an equal but opposite effect.
As at 31st March, 2023, the unhedged exposures through use of forward had hedged its exposure to future
loss (2021-22: ₹4 crores gain). A 5% using pricing benchmarks and
exposure to the Group on financial exc h a n g e co n t ra c t s . F o re i g n commodity purchases with commodity
weakening of the INR against these commodity derivatives are priced
assets (trade receivables) and exchange transactions are covered derivatives valued at ₹29 crores (31st
currencies would have led to an using exchange-traded pricing
liabilities (trade payables) other with strict limits placed on the March, 2022: ₹106 crores).
equal but opposite effect. benchmarks. The Group has a
than in their functional currency amount of uncovered exposure, if
H e d g e s of f u t u r e co m m o d i t y robust framework and governance
amounted to ₹65 crores payable (net) any, at any point in time.
purchases resulted in cumulative mechanism in place to ensure that
[31st March, 2022: ₹85 crores payable
The aim of the Group’s approach to profits of ₹14 crores (31st March, the organisation is adequately
(net)].
management of currency risk is to 2022: ₹85 crores cumulative profits) protected from the market volatility
leave the Group with no material being reclassified to the consolidated in terms of price and availability.
As at As at
Payable/ 31st March, 31st March, residual risk. statement of profit and loss as an The Group uses commodity swaps
(Receivable) 2023 2022 adjustment to inventory purchase. and option contracts to hedge
against components of commodities
SEK 20 12
where it is not possible to hedge the
SGD 14 22 commodity in full.
EUR 4 30
NZD 8 7 C Management of Credit Risk
GBP 7 (7) Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual
USD 0 19 obligations.
Others 12 2
65 85
Trade receivables
Concentrations of credit risk with respect to trade receivables are limited, due to the Group’s customer base being
2. Interest Rate Risk large and diverse. All trade receivables are reviewed and assessed for default on a quarterly basis.
Potential Impact of Risk Management Policy Sensitivity to Risk Our historical experience of collecting receivables indicate low credit risk. Hence, trade receivables are considered to
The Group is mainly exposed to the The Group has laid policies and A 0.25% decrease in interest rates be a single class of financial assets. Refer note 12 for accounting policy on Financial Instruments - trade receivables.
interest rate risk due to its investment guidelines including tenure of would have led to approximately
in treasury bills and debt mutual investment made to minimise impact ₹2 crore gain in the Consolidated Other financial assets
funds. The interest rate risk arises of interest rate risk. Statement of Prof it and Loss
Credit risk related to the use of treasury instruments arises from transactions with financial institutions involving
due to uncertainties about the (2021-22: ₹6 crore). A 0.25% increase
future market interest rate on these in interest rates would have led to an cash and cash equivalents, term deposits with banks, investments in treasury bills, Government securities, money
investments. equal but opposite effect. market liquid mutual funds, overnight mutual funds and derivative instrument. The maximum exposure to credit
risk at the reporting date is the carrying value of each class of financial assets as at 31st March, 2023 and 31st March
In addition to treasury bills and
2022. To reduce this risk, the Group has concentrated its main activities with a limited number of counter-parties
debt mutual funds, the Group
invests in term deposits. Considering which have secure credit ratings. Individual risk limits are set for each counter-party based on financial position,
the short-term nature, there is credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group’s
no significant interest rate risk Treasury department.
pertaining to these deposits.
A s a t 3 1 s t M a rc h 2 0 2 3 , t h e NOTE 42 EMPLOYEE BENEFIT PLANS

investments in treasury bill amounts I Defined Contribution Plans
to ₹1,014 crores (31st March, 2022:
Refer note 32 for accounting policy on Employee Benefits.
₹2,073 crores) and the investments
in debt mutual funds amounts to Refer Note 32 for the Group’s contribution to the defined contribution plans with respect to employee benefit funds.
₹1,892 crores (31st March, 2022:
₹1,652 crores).
II DEFINED BENEFIT PLANS
Refer note 32 for accounting policy on Employee Benefits.

Description of Plans
Retirement Benefit Plans of the Group include Gratuity, Management Pension, Officer's Pension and Provident Fund.
Other post-employment benefit plans includes post retirement medical benefits.
Gratuity is funded through investments with an insurance service provider & the Holding Company administered
trust. Pension (Management Pension and Officer's Pension) is managed through a Holding Company administered
trust and in some instances invested with an insurance service provider. Provident Funds for certain employees
are managed through the Holding Company administered trust. Post-retirement medical benefits are managed
through the Holding Company administered trust and through insurance policy.
330 331
Notes
Governance B. Movements in Present Value of Obligation and Fair Value of Plan Assets
The trustees of Gratuity, Pension, Post Retirement Medical Benefit and Provident Funds are responsible for the overall Retirement Benefit Plans Other Post-Employment Benefit Plans
governance of the plan and to act in accordance with the provisions of the trust deed and rules in the best interests Plan Plan
of the plan participants. They are tasked with periodic reviews of the solvency of the fund and play a role in the Plan Assets Obligation Total Plan Assets Obligation Total
long-term investment, risk management and funding strategy. As at 31st March, 2021 3,821 3,880 59 66 255 189
Current service cost - 148 148 - 0 0
Investment Strategy
Past service cost - 52 52 - - -
The Group’s investment strategy in respect of its funded plans is implemented within the framework of the applicable
Change in asset ceiling (62) - 62 - - -
statutory requirements. The plans expose the Group to a number of actuarial risks such as investment risk, interest
rate risk, longevity risk and inflation risk. The Group has developed policy guidelines for the allocation of assets to
different classes with the objective of controlling risk and maintaining the right balance between risk and long-term Interest cost - 257 257 - 16 16
returns. To achieve this, investments are well diversified, such that the failure of any single investment would not Interest income 254 - (254) 4 - (4)
have a material impact on the overall level of assets. Actuarial (gain)/loss arising from 159 25 (134) 0 (6) (5)
A. Balance Sheet Actuarial (gain)/loss arising from - 18 18 - 12 12
I The assets, liabilities and (surplus)/deficit position of the defined benefit plans at the Balance Sheet date were: experience adjustments
Employer contributions 149 - (149) 10 - (10)
Retirement Benefit Plans Other Post-Employment Benefit Plans
Assets acquired/ (settled) (69) (69) - (8) (9) (1)
Present Value of Obligation 4,132 4,089 253 252
As at 31st March, 2022 4,030 4,089 59 56 252 196
Fair Value of Plan Assets (4,019) (4,030) (40) (56)
(Asset)/Liability recognised in the Balance 113 59 213 196
Sheet
Plan Plan
Of which in respect of:
Plan Assets Obligation Total Plan Assets Obligation Total
Funded plans in surplus:
As at 31st March, 2022 4,030 4,089 59 56 252 196
Present Value of Obligation # 1,054 3,779 - -
Current service cost - 146 146 - 0 0
Fair Value of Plan Assets # (1,085) (3,901) - -
Past service cost - - - - - -
(Asset)/Liability recognised in the Balance -* -* - -
Change in asset ceiling 90 - (90) - - -
Sheet *
Employee contributions 230 230 - - -
(* The excess of assets over liabilities in respect of
Gratuity Plan & Provident Fund Plan II have not been Interest cost - 271 271 - 17 17
recognised on account of asset ceiling) Interest income 274 - (274) 4 - (4)
Funded plans in deficit: Actuarial (gain)/loss arising from (0) 38 38 (2) (16) (14)
Present Value of Obligation # 3,078 310 192 199 changes in financial assumptions
Fair Value of Plan Assets # (2,965) (251) (40) (56) Actuarial (gain)/loss arising from - 69 69 - 20 20
(Asset)/Liability recognised in the Balance 113 59 152 143 experience adjustments
Sheet Employer contributions 106 - (106) 2 - (2)
(During the year Provident Fund Plan I and Officer’s Employee contributions 230 - (230) - - -
Pension have moved from funded plans in surplus to
Assets acquired/(settled) (158) (160) - - - -
funded plans in deficit.)
Unfunded plans in deficit:
As at 31st March, 2023 4,019 4,132 113 40 253 213
Present Value of Obligation - - 61 53
Fair Value of Plan Assets - - - -
(Asset)/Liability recognised in the Balance - - 61 53
Sheet
II Employee provisions include other provisions not in the nature of retirement and post employment benefit
plans amounting to ₹21 crores as at 31st March, 2023 (₹98 crores as at 31st March, 2022).

332 333
Notes
C. Consolidated Statement of Profit and Loss E. Assumptions

The charge to the consolidated statement of profit and loss comprises: With the objective of presenting the plan assets and plan obligations of the defined benefits plans at their fair
value on the Holding Company’s Balance Sheet, assumptions under Ind AS 19 are set by reference to market
conditions at the valuation date.
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022 Retirement Benefit Plans Other Post-Employment Benefit Plans
Employee Benefit Expenses *: Year ended Year ended Year ended Year ended
Financial Assumptions 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Current service cost 42 39 0 0
Past service cost - 52 - - Discount rate (per annum) 7.5% 6.9% 7.5% 6.9%
Finance costs * : Salary Escalation Rate (per annum)
Interest cost 57 56 17 16 Management employees – for first 5 years 8.0% 8.0% - -
Interest income (55) (53) (3) (4) Management employees – after 5 years 8.0% 8.0% - -
Net impact on profit (before tax) 44 94 14 12 Non-management Employees 8.0% 8.0% - -
Remeasurement of the net defined benefit Pension Increase Rate (per annum)* 2.0% 2.0% - -
plans: Annual increase in healthcare costs - - 9.0% 9.0%
Actuarial (gains)/losses arising from (32) (26) (14) (6) (per annum)
changes in financial assumptions *For management pension only
Actuarial (gains)/losses arising from 18 (14) 19 12 The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation,
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Change in asset ceiling (gains)/losses 26 (7) - -
Net impact on other comprehensive 12 (47) 5 6 Demographic Assumptions
income (before tax)
Mortality in Service: Indian Assured Lives Mortality (2012-14) Ultimate table.
* Service cost and Finance cost excludes charges towards Officer's Pension and Provident Fund.
M ortality in Retirement: LIC Buy-out Annuity Rates & Published rates under S1PA Mortality table adjusted

D. Assets
for Indian Lives.
The fair value of plan assets at the Balance Sheet date for our defined benefit plans for each category
are as follows: F. Sensitivity Analysis
Retirement Benefit Plans Other Post-Employment Benefit Plans The sensitivity of the overall plan obligations to changes in the weighted key assumptions are:
Other Post-Employment Benefit
Retirement Benefit Plans Plans
Quoted Change in Change in plan Change in Change in plan
Government Debt Instruments 1,663 1,703 - - assumption (%) obligation (%) assumption (%) obligation (%)
Other Debt Instruments 1,067 1,146 40 56 Discount rate (per annum) Increase 0.5% -1.9% 0.5% -4.7%
Equity 342 280 - - Decrease 0.5% 2.0% 0.5% 5.1%
Total (A) 3,072 3,129 40 56 Salary escalation rate (per annum) Increase 0.3% 1.3% - -
Unquoted Decrease 0.3% -1.3% - -
Other Debt Instruments 228 233 - - EPFO Guaranteed rate of return (per annum) Increase 0.5% 1.8% - -
Others 750 790 - - Decrease 0.5% -1.8% - -
Total (B) 978 1,023 - - Pension rate Increase 0.3% 5.4% - -
Total (A+B) 4,050 4,152 40 56 Decrease 0.3% -5.4% - -
Life expectancy Increase 1 year 3.4% 1 year 4.9%
Note: Assets to the extent of ₹11 crores for Provident Fund (FY 2021-22 : ₹76 crores), ₹21 crores for Gratuity Fund
Decrease 1 year -3.5% 1 year -4.8%
(FY 2021-22: ₹46 crores) and ₹ Nil crores for Officer’s Pension Fund (FY 2021-22 : ₹0 crores) not recognised on
account of asset ceiling Annual increase in healthcare costs Increase - - 1.0% 10.4%
(per annum) Decrease - - 1.0% -8.9%
None of the plans invest directly in any property occupied by the Group or any financial securities
issued by the Group. The sensitivity analysis above have been determined based on reasonably possible changes of the respective
assumptions occurring at the end of the year and may not be representative of the actual change. It is based on
a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity

to the assumption, the same method used to calculate the liability recognised in the Balance Sheet has been
applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change
compared with the previous year.
334 335
Notes
G. Weighted average duration and expected employers contribution for the next year for each of the defined The 2006 scheme was further amended and revised vide ‘2012 HUL Performance Share Scheme’ at the Annual General
benefit plan Meeting held on 23rd July, 2012. This scheme provided for conditional grant of Performance Shares at nominal value
to eligible management employees as determined by the Nomination and Remuneration Committee of the Board of
Weighted average duration (years) Expected
Employers Directors from time to time, at the end of 3-year performance period. The performance measures under this scheme
Year ended Year ended contribution for include group underlying sales growth, underlying operating margin, and cumulative operating cash flow.
31st March, 2023 31st March, 2022 the next year
Gratuity Plan I 6.9 7.1 - The number of shares allocated for allotment under the 2006 and 2012 Performance Share Schemes is 2,00,00,000
(two crores) equity shares of ₹1/- each. The schemes are monitored and supervised by the Nomination and Remuneration
Management Pension 7.1 6.6 0.2
Committee of the Board of Directors in compliance with the provisions of Securities and Exchange Board of India (Share
Officer's Pension 2.4 2.4 0.1
Based Employee Benefits) Regulations, 2014 and amendments thereof from time to time.
Provident Fund Plan I 7.7 8.7 100.4
The Employee Stock Option Plan includes employees of the Holding Company (Hindustan Unilever Limited), its subsidiaries
Provident Fund Plan II 7.7 8.7 13.5
and a subsidiary of parent Company.
Post-retirement medical benefits Plan I 9.1 9.5 -
Post-retirement medical benefits Plan II 13.0 13.6 - Weighted
Numbers Average
Plan I refers to existing employee benefit plans of the Group. Scheme Grant of options Exercise Price Exercise Price
Scheme Year Date of Grant granted Vesting Conditions Exercise Period (₹) per share (₹) per share
Plan II refers to employee benefit plans added pursuant to HUL-GSKCH merger.
2001 HLL Stock 2005 27-May-05 1,547,700 Vested after three 7 years from 132.05 132.05
Compensated absences Option Plan years from date of date of vesting
Employee Benefit expenses for the year include ₹8 crores (FY 2021-22 : ₹7 crores) towards compensated absences. grant
2006 HLL 2012 17-Feb-12 420,080 Vested after three 3 months from 1.00 1.00
Provision for compensated absences as on 31st March, 2023 is ₹44 crores (31st March, 2022: ₹43 crores). Performance years from date of date of vesting
Interim 2012 30-Jul-12 51,385 1.00 1.00
Share Scheme grant
NOTE 43 SHARE BASED PAYMENTS 2013 18-Mar-13 3,68,023 1.00 1.00
Refer note 32 for accounting policy on Share Based Payments. Interim 2013 29-Jul-13 25,418 1.00 1.00
2014 14-Feb-14 262,155 1.00 1.00
A. Holding Company
Interim 2014 28-Jul-14 16,805 1.00 1.00
Cash Settled Share Based Payments
2015 13-Feb-15 142,038 1.00 1.00
The employees of the Group are eligible for Unilever PLC (the ‘Parent Company’) share awards namely, the Management 2012 HUL Vested after three
Interim 2015 27-Jul-15 12,322 3 months from 1.00 1.00
Co-Investment Plan (MCIP), the Performance Share Plan (PSP) and the SHARES Plan. Performance years from date of
2016 11-Feb-16 157,193 date of vesting 1.00 1.00
Share Scheme grant
The MCIP allowed eligible employees to invest up to 100% of their annual bonus in the shares of the Parent Company and to Interim 2016 25-Jul-16 11,834 1.00 1.00
receive a corresponding award of performance-related shares. The performance measures for MCIP are underlying sales
2017 13-Feb-17 123,887 1.00 1.00
growth, underlying EPS growth, underlying return on invested capital and sustainability progress index for the Group. The
Interim 2017 21-Jul-17 6,846 1.00 1.00
awards under MCIP plans will vest after 4 years between 0% and 200% of grant level, depending on the achievement of the
performance metrics. 2018 16-Feb-18 63,421 1.00 1.00
Interim 2018 27-Jul-18 4,650 1.00 1.00
Under PSP, eligible employees receive annual awards of the Parent Company's shares. The performance measures for PSP
are competitiveness, cumulative free cash flow, underlying return on invested capital and sustainability progress index
Number of Share Options
for the Group. The awards under PSP plans will vest after 3 years between 0% and 200% of grant level, depending on the
Outstanding at Forfeited/ Outstanding at
achievement of the performance metrics. Scheme Grant the beginning Granted during Expired during Exercised the end of the
Scheme Year Financial Year of the year the year the year during the year year
Under the SHARES Plan, eligible employees can invest upto ₹17,246 per month in the shares of the Parent Company and
after three years one share is granted free of cost to the employees for every three shares invested, provided they hold the 2012 HUL 2018 2022-23 - - - - -
Performance Share 2021-22 21,019 - - 21,019 -
shares bought for three years. The Parent Company charges the Group for the grant of shares to the Group's employees at
Scheme
the end of the 3/4 years based on the market value of the shares on the exercise date. The Group recognises the fair value Interim 2018 2022-23 - - - - -
of the liability and expense for these plans over the vesting period based on the management’s estimate of the vesting 2021-22 4,030 - 1,606 2,424 -
and forfeiture conditions.
Weighted average equity share price at the date of exercise of options during the year 2021-22 was ₹2,406.
Equity Settled Share Based Payments Weighted average remaining contractual life of options as at 31st March, 2022 was 0 year.
The members of the Holding Company had approved ‘2001 HLL Stock Option Plan’ at the Annual General Meeting held on
22nd June, 2001. The plan envisaged grant of share options to eligible employees at market price as defined in Securities B. Subsidiary
and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. Cash Settled Share Based Payments

This plan was amended and revised vide ‘2006 HLL Performance Share Scheme’ at the Annual General Meeting held Zywie Ventures Private Limited (“ZVPL”) introduced graded vesting Employee Stock Option Plan on 09th July, 2021, where
on 29th May, 2006. This scheme provided for conditional grant of Performance Shares at nominal value to eligible ESOP pool available for grant to the employees was 12,636. Pursuant to the Share Subscription and Share Purchase
management employees as determined by the Compensation Committee of the Board of Directors from time to time, Agreement amongst the Holding Company, ZVPL and other parties, 1,200 ESOPs were cancelled from the pool.
at the end of 3-year performance period. The performance measures under this scheme include group underlying sales
Total granted options as on 31 March 2023 are 4,133. In accordance with IND AS 103, the fair value of the options was
growth and free cash flow. The scheme also provided for ‘Par’ Awards for the managers at different work levels.
calculated by an independent valuer as per Black Scholes method. The Group has recorded post acquisition expense of
₹1 crore on account of unvested options.
336 337
Notes
C. Effect of share based payment transactions on the Consolidated Balance Sheet: The scheme of merger (“scheme”) submitted by the Holding Company was approved by Hon'ble National Company
Law Tribunal by its order dated 24th September, 2019 (Mumbai bench) and 12th March, 2020 (Chandigarh bench).
As at As at
31st March, 2023 31st March, 2022 The Board of Directors approved the scheme between the Holding Company and GSKCH, on 1st April, 2020. The
Other non-current financial liabilities 243 160
scheme was filed with Registrar of Companies on the same date. Accordingly, 1st April, 2020 was considered as the
acquisition date, i.e. the date at which control is transferred to the Holding Company.
Other current financial liabilities 80 64
Total carrying amount of liabilities 323 224 The merger had been accounted for using the acquisition accounting method under Ind AS 103 – Business
Combinations. All identified assets acquired, and liabilities assumed on the date of merger were recorded at
D. Effect of share based payment transactions on the Consolidated Statement of Profit and their fair value.
Loss:
(A) Purchase consideration transferred:
As at As at
31st March, 2023 31st March, 2022 The total consideration paid was ₹40,242 crores which comprised of shares of the Holding Company, valued
Cash settled share based payments 157 103
based on the share price of the Holding Company on the completion date. Refer to the details below:
Equity settled share based payments - (2) As per the scheme, the Holding Company issued its shares in favour of existing shareholders of GSKCH such that
Total expense on share based payments 157 101 4.39 of Holding Company’s shares were allotted for every share of GSKCH as below.
Total number of GSKCH shares outstanding 42,055,538

NOTE 44 BUSINESS COMBINATION
Total number of Holding Company’s shares issued to GSKCH shareholders i.e., 4.39 of Company’s 184,623,812
Business combinations are accounted for using the acquisition accounting method as at the date of the acquisition, shares per share of GSK CH
which is the date at which control is transferred to the Group. The consideration transferred in the acquisition and the
Value of the Holding Company share (closing price of the Company share on NSE as on 1st April, 2020) 2,179.65
identifiable assets acquired and liabilities assumed are recognised at fair values on their acquisition date. Goodwill is
Total consideration paid to acquire GSKCH (₹ Crores) 40,242
initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities (a) Total costs relating to the issuance of shares amounting to ₹44 crores was recognised against equity.
assumed. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis
either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets. (b) Transaction cost of ₹146 crores that were not directly attributable to the issue of shares was included under
Consideration transferred does not include amounts related to settlement of pre-existing relationships. Such amounts exceptional items in the consolidated statement of profit and loss.
are recognised in the consolidated statement of profit and loss.
(B) Assets acquired, and liabilities assumed is as under:
Transaction costs are expensed in the consolidated statement of profit and loss as incurred, other than those incurred in
Amount
relation to the issue of debt or equity securities which are directly adjusted in other equity. Any contingent consideration
payable is measured at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration Total identifiable assets (A) 31,445
are recognised in the consolidated statement of profit and loss. Total identifiable liabilities (B) 8,468
Goodwill (C) 17,265
I Acquisition of VWash Brand Total Net Assets [(A) - (B) + (C)] 40,242
On 25th June, 2020, the Holding Company completed the acquisition of the brand ‘VWash’ from Glenmark
Pharmaceuticals Limited. The deal comprised the acquisition of the brand ‘VWash’, along with other trademarks, The main assets acquired were Right to use Horlicks and Boost brand which were valued using the income
copyrights, know-how and designs associated with the brand (‘VWash Business’) and certain packing/product moulds approach model by estimating future cashflows generated by these assets and discounting them to present
for a cash consideration of ₹286 crores including a holdback consideration of ₹10 crores; plus a deferred contingent value using rates in line with a market participant expectation.
consideration of 5% of net turnover payable annually for a 3 year period commencing financial year 2021-22. In addition, as applicable, Property plant & equipment have been valued using the market comparison
technique and replacement cost method.
Deferred contingent consideration
Basis the projection of the domestic turnover of the brand, the contingent consideration is subject to revision on a (C) Acquisition of Horlicks Brand:
yearly basis. As at 31st March 2022, the fair value of the contingent consideration was ₹10 crores which was classified The Holding Company also acquired the Horlicks Intellectual Property Rights (IPR), being the legal rights to the
as other financial liability. Horlicks brand for India from GlaxoSmithKline Plc for a consideration of ₹3,045 crores. The transaction has been
Based on actual performance in financial year 2022-23, contingent consideration paid and current view of future accounted as an asset acquisition in line with Ind AS 38 (Intangible asset).
projections for the brand, the Company has reviewed and fair valued the deferred contingent consideration so The Holding Company incurred transaction cost of ₹91 crores for the above asset acquisition which was
payable. As at 31st March 2023, the fair value of the contingent consideration is ₹4 crores which is classified as other capitalised along with Horlicks IPR. Total value of ₹3,136 crores is recognised under Intangible assets in the
financial liability. consolidated financial statements.
The determination of the fair value as at Balance Sheet date is based on discounted cash flow method. The
key input used in determining the fair value of deferred contingent consideration were domestic turnover III Acquisition of Zywie Ventures Private Limited
projection of the brand. On 10th January 2023, the Holding Company acquired 53.34% stake (51.00% on a fully diluted basis) in Zywie Ventures

Private Limited (“ZVPL”), a unlisted company incorporated in India and engaged in the business of Health and Wellbeing
II Amalgamation of GlaxoSmithKline Consumer Healthcare Limited products under the brand name of “OZiva”.
On 1st April, 2020, the Holding Company completed the merger of GlaxoSmithKline Consumer Healthcare Limited The investment is in line with the Holding Company’s strategy to enter into fast evolving growth space of Health and
[‘GSKCH’] via an all-equity merger under which 4.39 shares of HUL (the Holding Company) were allotted for every Wellbeing. As part of the Shareholders Agreement (“SHA”), Holding Company has acquired substantive rights which
share of GSKCH. With this merger the Holding Company acquired the business of GSKCH including the Right to gives control over relevant activities of the business and right to variable returns through inter alia composition of Board,
Use asset of brand Horlicks and Intellectual Property Rights of brands like Boost, Maltova and Viva. The Holding decision making rights, management control, and hence ZVPL is treated as a subsidiary.
Company also acquired the Horlicks intellectual property rights, being the legal rights to the Horlicks brand for India
from GlaxoSmithKline Plc.
338 339
Notes
(A) Purchase consideration transferred (G) Analysis on cash flows of acquisition

The amount of consideration transferred on acquisition is ₹264 crores in cash. Amount
Cash paid on acquisition of controlling stake 264

(B) Financial liability on acquisition
Cash and cash equivalent acquired from ZVPL (0)
On acquisition date, the Holding Company acquired stake in ZVPL through equity shares and compulsorily
Net cash paid 264
convertible preference shares (“CCPS”), and forward rights on the non-controlling interests ("NCI") by way of
Share Subscription and Share Purchase Agreement (“SSSPA”). In respect of this, the Group has recognised a Acquisition cost of ZVPL of ₹264 crores and related transaction costs of ₹2 crores are included under Cash flow
financial liability for the forward rights on the non-controlling interests at its estimated present value. The said from investing activities.
financial liability has been recognised through a corresponding impact to Other Equity of ₹375 crores. This
liability will be subsequently measured at Fair value through Profit and Loss. (H) Impact of acquisition on results
During the year, the acquired company ZVPL contributed ₹21 crores towards Revenue from operations and
(C) Assets acquired, and liabilities assumed is as under: made a loss of ₹7 crores.
Amount
If the business combination had taken place at the beginning of the year i.e. on 1st April, 2022, ZVPL would have
Specified Tangible Assets contributed ₹100 crores towards Revenue from operations and would have made a loss of ₹36 crores.
Property, Plant and Equipment
Owned Asset 2 NOTE 45 DISCLOSURES PURSUANT TO REGULATION 34 (3) OF SECURITIES AND EXCHANGE BOARD
Leased Assets 3
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND
SECTION 186 OF THE COMPANIES ACT, 2013
Specified Intangible Assets
As at As at
OZiva Brand 361
Other Intangibles 1
(a) Loans to others
Other assets
Balance as at the beginning of the year 4 -
Trade and other receivables 13
Loans given 2 4
Inventories 15
Loans repaid 0 -
Cash and cash equivalents 103
Balance as at the end of the year 6 4
Bank balances other than cash and cash equivalents 85
Maximum amount outstanding at any time during the year 6 4
Other assets 22
(b) Details of Non-current Investments made by the Group
Total identifiable assets (A) 605
A. Equity Instruments
Specified liabilities
(a) Quoted equity instruments
Trade payables 31
10,000 equity shares [31st March, 2022: 10,000] of ₹10 each held in Scooters India 0 0
Lease liabilities 3 Limited
Other liabilities 101 (b) Unquoted equity instruments
Provision for employee benefits 1 1,00,000 equity shares [31st March, 2022: 100,000] of ₹10 each held in Biotech 0 0
Deferred tax liability 89 Consortium India Limited
Total identifiable liabilities (B) 225 8,284 equity shares [31st March, 2022: 8,284] of ₹10 each held in Assam Bengal 0 0
Cereals Limited
Total identifiable net assets acquired (A)-(B) (Before Adjustment of Non Controlling Interest) 380
200 equity shares [31st March, 2022: 200] of ₹100 each held in 0 0
The gross contractual value and fair value of trade and other receivables as at the date of acquisition amounted The Nilgiri Co-operative Enterprises Limited
to ₹13 crores which is expected to be fully recoverable. 1,000 equity shares [31st March, 2022: 1,000] of ₹10 each held in 0 0
Saraswat Co-operative Bank Limited
(D) Acquisition of Brand OZiva 96,125 equity shares [31st March, 2022: 96,125] of ₹10 each held in 0 0
The Holding Company also acquired the OZiva brand, as part of the acquisition deal. The brand has been Hindustan Field Services Private Limited
valued at ₹361 crores using multi period excess earnings method. 1 equity share [31st March, 2022: 1] of ₹10,000 each held in 0 0
Coffee Futures India Exchange Limited
(E) Goodwill 50 equity shares [31st March, 2022: 50] of ₹100 each held in 0 0
Dugdha Sahakari Kraya-Vikraya Samiti Limited
Amount
Upfront cash consideration transferred 264 Annamallais Ropeway company Limited

Non-controlling interest on date of acquisition 185 1,000 equity shares [31st March, 2022: 1,000] of ₹10 each held in 0 0
Less: Total identifiable net assets acquired (380) Super Bazar Co-op. Stores Limited
Goodwill 69 2,40,000 equity shares [31st March, 2022: 2,40,000] of ₹10 each held in - -
Comfund Consulting Limited (formerly known as Comfund Financial Services India
Goodwill of ₹69 crores is recognised on account of synergies expected from acquisition of ZVPL. Limited) [Net of impairment: ₹0 crore (31st March, 2022: ₹0 crore)]
(F) Contingent liabilities Aquagel Chemicals Bhavanagar Private Limited
There are no contingent liabilities as on 10th January, 2023 pertaining to ZVPL. Total (A) 1 1
340 341
Notes
As at As at The Hindlever Pension Fund

Hindlever Limited Superannuation Fund
B. Other Instruments GlaxoSmithKline Consumer Healthcare Limited Provident Fund
(a) Unquoted investment in debentures and bonds (with effect from 1st April, 2020)
14 6 1/2% Non-redeemable Registered Debentures [31st March, 2022: 14] face 0 0 GlaxoSmithKline Consumer Healthcare Limited Indian Sr. Exe Superannuation
value of ₹1,000 each held in The Bengal Chamber of Commerce & Industry SCH (with effect from 1st April, 2020)
44 1/2% Debentures [31st March, 2022: 44] face value of ₹100 each held in 0 0
Woodlands Hospital and Medical Research Centre Limited Disclosure of transactions between the Group and Related Parties and the status of outstanding
1 5% Non-redeemable Registered Debenture stock [31st March, 2022: 1] face value 0 0 balances
of ₹100 each held in Woodlands Hospital and Medical Research Centre Limited
56 5% Debentures [31st March, 2022: 56] face value of ₹100 each held in Shillong 0 0 31st March, 2023 31st March, 2022
Club Limited Parent Company : Dividend paid 4,012 3,566
(b) Unquoted investment in National Savings Certificates Royalty expense 799 829
7 Year National Savings Certificates - II Issue 0 0 Fees for central services 478 499
(c) Unquoted investment in preference shares Income from services rendered 276 272
1,04,000 9% Cumulative Redeemable Preference Shares [31st March, 2022: 1 1 Expenses for other services received 422 500
1,04,000] of ₹100 each held in Aquagel Chemicals Bhavanagar Private Limited Reimbursements paid 73 48
Total (B) 1 1 Outstanding as at the year end :
Total (A + B) 2 2 – Trade payables 363 639

– Trade receivables 60 105
(d) Refer note 5 for details of Investments in joint venture. Fellow : Sale of finished goods/raw materials etc 1,062 997
Subsidiaries/Trust Purchase of finished goods/raw materials etc 772 771
(e) The Group has not provided any security covered under Section 186 and accordingly, the disclosure requirements
to that extent does not apply to the Group. Rent income 11 7
Sale of Property, Plant & Equipment - 0
NOTE 46 RELATED PARTY DISCLOSURES Sale of brand rights - 29
A. Enterprises exercising control
Expenses for services received 17 24
(i) Parent Company : Unilever Plc Marketing Development Cost 61 -
B. Enterprises where control exists Dividend paid 1,224 1,088
(i) Trust : Hindustan Unilever Limited Securitisation of Retirement Benefit Trust Royalty expense 204 23
(Extent of holding) (100% control) Fees for central services 97
C. Other Related Parties with whom the Group had transactions during the year Purchase of export licenses - 0
(i) Key Management Personnel Expenses shared by fellow subsidiaries 4 4
(a) Executive Directors & Sr. : Sanjiv Mehta Maintenance and support costs for licenses and software 90 49
Management Ritesh Tiwari (with effect from 1st May, 2021) Gains/Losses on Commodity Hedge 152 91
Contribution to foundation 3 1
Srinivas Phatak (up to 30th April, 2021)
Reimbursement received/receivable towards pension and medical benefits 52 27
Yogesh Mishra (with effect from 1st September, 2022)
Reimbursements paid 71 53
Wilhelmus Uijen (up to 31st August, 2022)
Reimbursements received 68 103
Dev Bajpai Outstanding as at the year end:
Anuradha Razdan – Trade receivables 289 322
Madhusudhan Rao (with effect from 1st April, 2022) – Trade payables 531 250
Priya Nair (up to 31st March, 2022) Key Management : Remuneration :
Deepak Subramanian (with effect from 1st July, 2022) Personnel – Short-term employee benefits 91 62
(Executive – Post-employment benefits* 1 2
Prabha Narasimhan (up to 30th April, 2022) Directors &
– Other long-term benefits* - -
Srinandan Sundaram Sr. Management)
– Share-based payments 10 20
Sudhir Sitapati (up to 30th June, 2021)
Dividend paid 0 1
Kedar Lele (with effect from 1st July, 2021)
Key Management : Dividend paid 0 0
Vibhav Sanzgiri Personnel

(b) Non-Executive Directors Nitin Paranjpe (with effect from 31st March, 2022) (Non-Executive Commission paid 1 1
Directors)
Kalpana Morparia
Employees’ : Contributions during the year (Employer’s contribution only) 160 125
Sanjiv Misra Benefit Plans Outstanding as at the year end :
O. P. Bhatt where there – Advances recoverable in cash or kind or for value to be received 8 9
Leo Puri is significant
influence
Ashish Gupta
*Note: As the liabilities for defined benefit plans and compensated absences are provided on actuarial basis for the Holding Company as a whole,
Ashu Suyash (with effect from 12th November, 2021) the amounts pertaining to Key Management Personnel are not included.
(iii) Employees’ Benefit Plans where : The Union Provident Fund
there is significant influence Hindustan Lever Gratuity Fund
342 343
Notes
Terms and conditions of transactions with related parties Segment revenue relating to each of the above domestic business segments includes Income from Services provided to
group companies, where applicable. Segment results relate to profit from continuing operations before other income,
All Related Party Transactions entered during the year were in ordinary course of the business and on arm’s length basis.
finance costs, exceptional items and tax.
Outstanding balances at the year-end are unsecured and settlement occurs in cash.
Year ended 31st March, 2023 Year ended 31st March, 2022
There have been no guarantees provided or received for any related party receivables or payables. For the year ended
31st March, 2023, the Group has not recorded any impairment of receivables relating to amounts owed by related parties External Intersegment Total External Intersegment Total
(2021-22: ₹ Nil). This assessment is undertaken each financial year through examining the financial position of the related REVENUE
party and the market in which the related party operates. Home care 21,223 - 21,223 16,570 - 16,570
Beauty & Personal care 22,022 - 22,022 19,567 - 19,567
Disclosure of transactions with Related Parties during the year which are more than 1% of Revenue Foods & Refreshment 14,876 - 14,876 14,105 - 14,105
Year ended Year ended Others (includes Exports, Consignment, etc.) 2,459 - 2,459 2,204 - 2,204
Total Revenue 60,580 - 60,580 52,446 - 52,446
Parent Company : Royalty expense RESULT
Unilever Plc. 799 831 Home care 3,913 - 3,913 3,183 - 3,183
Dividend Paid Beauty & Personal care 5,647 - 5,647 5,392 - 5,392
Unilever Plc. 4,012 3,566 Foods & Refreshment 2,662 - 2,662 2,623 - 2,623
Fellow Subsidiaries : Purchase of finished goods/raw materials etc. Others (includes Exports, Consignment, etc.) 790 - 790 568 - 568
PT Unilever Oleochemical Indonesia 704 688 Total Segment Results 13,012 - 13,012 11,766 - 11,766
Sale of Finished Goods Finance costs (114) (106)
Unilever Asia Private Limited 659 558 Other Income 512 258
Profit from continuing operations before 13,410 11,918
NOTE 47 exceptional items and tax
Share of net profit/(loss) of investments accounted for (1) -
The Group has a process whereby periodically all long term contracts (including derivative contracts) are assessed for
using equity method (net of income tax)
material foreseeable losses. At the year end, the Group has reviewed and there are no long term contracts for which
Exceptional items - income/(expenditure) (64) (44)
there are any material foreseeable losses. The Group has ensured that adequate provision as required under any law/
Profit before tax from continuing operations 13,345 11,874
accounting standards for material foreseeable losses on derivative contracts has been made in the books of accounts.
Tax expense
NOTE 48 SEGMENT INFORMATION Current tax (3,001) (2,840)
Deferred tax charge/(credit) (200) (147)
The Operating Segment is the level at which discrete financial information is available. Business segments are
identified considering: Profit for the year from Continuing Operations (A) 10,144 8,887
Profit for the year from Discontinued Operations (B) (1) 5
(a) the nature of products and services
Profit For the Year (A+B) 10,143 8,892
(b) the differing risks and returns Less: Non Controlling Interest (23) (13)
Profit for the Year 10,120 8,879
(c) the internal organisation and management structure, and
(d) the internal financial reporting systems. Other Information

Revenue and expenses directly attributable to segments are reported under each reportable segment. Exceptional items Segment Assets Segment Liabilities
and other expenses which are not attributable or allocable to segments are disclosed separately. Assets and liabilities As at As at As at As at
that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and 31st March , 2023 31st March , 2022 31st March , 2023 31st March , 2022
liabilities are disclosed as unallocable assets and liabilities. Home care 4,785 3,999 4,075 3,755
Beauty & Personal care 7,140 6,239 6,117 5,670
Business Segments Foods and Refreshment 50,299 49,669 3,131 3,140
The Group has determined following reporting segments based on the information reviewed by the Group’s Chief Others (includes Exports, Consignment, etc.) 1,435 1,413 722 682
Operating Decision Maker (‘CODM’).
Total 63,659 61,320 14,045 13,247
(a) Home Care include detergent bars, detergent powders, detergent liquids, scourers, water business, purifiers Unallocated Corporate Assets/(Liabilities) 9,428 9,197 8,520 8,183
business, etc. Total Assets/(Liabilities) 73,087 70,517 22,565 21,430
(b) Beauty & Personal Care include products in the categories of oral care, skin care, soaps, hair care, deodorants,
Year ended 31st March, 2023 Year ended 31st March, 2022
talcum powder, colour cosmetics, salon services etc.

Non-cash Non-cash
(c) Foods and Refreshment include culinary products (tomato based products, fruit based products, soups, etc.), tea, expenses expenses
Capital Depreciation/ other than Capital Depreciation/ other than
coffee, health food drinks, ice-cream and frozen desserts.
expenditure Amortisation* depreciation expenditure Amortisation * depreciation
(d) Others include exports, consignment etc. Home care 625 240 49 280 213 38
The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been Beauty & Personal care 644 539 50 512 544 44
identified as the Management Committee. Foods & Refreshment 579 309 33 361 300 34
Others (includes Exports, 96 49 18 59 34 12
Consignment, etc.)
* In addition to the above, ₹15 crores (2021-22: ₹15 crores) of accelerated depreciation has been charged to exceptional items under a
344 345
Notes
Additional Information by Geographies NOTE 51

Although the Group's operations are managed by product area, we provide additional information based on geographies. A. No transactions to report against the following disclosure requirements as notified by MCA pursuant to
amended Schedule III:
31st March, 2023 31st March, 2022 (a) Crypto Currency or Virtual Currency
Revenue by Geographical Market
(b) Benami Property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
India 58,172 50,327
(c) Registration of charges or satisfaction with Registrar of Companies
Outside India 2,408 2,119
60,580 52,446 (d) Relating to borrowed funds:
Carrying Amount of Segment Assets i. Wilful defaulter
India 63,117 60,771
ii. Utilisation of borrowed funds & share premium
Outside India 542 549
63,659 61,320 iii. Borrowings obtained on the basis of security of current assets
iv. Discrepancy in utilisation of borrowings

Revenue from major customers
v. Current maturity of long term borrowings
The Group is not reliant on revenues from transactions with any single external customer and does not receive 10% or
more of its revenues from transactions with any single external customer. B. Following disclosures are not applicable for consolidated financial statements as per Schedule III:
Notes (a) Title deeds of immoveable properties
(a) Revenue comprises: (b) Accounting ratios

Sale of products 59,443 51,472 As per our report of even date attached For and on behalf of Board of Directors
Sale of services 106 76 For B S R & Co. LLP Sanjiv Mehta Ritesh Tiwari
Income from services rendered 370 294 Chartered Accountants Managing Director Executive Director, Finance & IT and Chief
[DIN: 06699923] [DIN: 05349994]
Others (including scrap sales, rentals, etc) 149 149 Aniruddha Godbole Kalpana Morparia Dev Bajpai
Total 60,580 52,446 Partner Chairperson - Audit Committee Executive Director, Legal & Corporate
NOTE 49 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS [DIN: 00050516]
During the FY 2020-2021, the Group completed the merger of GSK CH via an all equity merger. The merger was accounted Ravishankar A.
for in accordance with the scheme using the acquisition accounting method under Ind AS 103 – Business Combinations. Group Controller
All identified assets acquired, and liabilities assumed on the date of merger were recorded at their fair value.
NOTE 50 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES

The Group did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013
or section 560 of Companies Act, 1956 during the financial year.

346
Form AOC-1
Statement containing salient features of the consolidated financial statements of subsidiaries/Joint ventures
PART A: SUBSIDIARIES
Unilever
Unilever Nepal Zywie
Nepal Limited - Ventures
Bhavishya
Limited - Nepalese Private
Unilever Lakme Jamnagar Daverashola Alliance Levers
Indian ₹ Rupees Limited
India Pond's Lever Unilever Properties Estates Hindustan Child Hindlever Levindra Associated
Sr. Name of the Exports Exports Private India (note iv, v Private Private Unilever Nutrition Trust Trust Trust
No. subsidiary Limited Limited (note i, ii and iii) Limited Limited and vi) Limited Limited Foundation Initiatives Limited Limited Limited
1 The date since 26-06-1963 15-10-1998 22-06-1992 19-12-2008 07-06-2020 10-01-2023 16-10-2006 16-03-2005 19-12-2012 12-03-2015 01-04-1958 11-12-1946 11-12-1946

when subsidiary
was acquired
2 Reporting period 31-03-2023 31-03-2023 15/07/2022 (Ashaad, 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023
31, 2079)
3 Share capital 3 2 6 9 36 360 0 5 0 0 0 0 0 0
4 Reserves & surplus 318 (9) 232 371 200 21 96 (5) (1) 1 (0) (0) (0) (0)
5 Total assets 656 5 380 608 553 584 139 - - 2 - 0 0 0
6 Total Liabilities 335 12 142 228 317 203 43 - 0 0 - - - -
7 Investments 0 - - - - - - - - - - - - -
8 Turnover 1,268 - 531 850 328 449 21 - - 33 - - - -
9 Profit/(loss) before 158 (1) 159 255 38 30 (10) - - (0) - (0) (0) (0)
taxation
10 Provision for (39) - (28) (45) (11) (6) (0) - - - - - - -
taxation
11 Profit/(loss) after 119 (1) 131 210 27 24 (10) - - (0) - (0) (0) (0)
taxation
12 Proposed Dividend - - - - - - - - - - - - - -
13 % of shareholding 100% 90% 80% 100% 100% 53.34% 100% 100% 76% 100% 100% 100% 100%
Notes:
(i) Converted into Indian Rupees at the Exchange rate ₹1 = 1.6 Nepalese Rupees
(ii) The financial statements have been audited by a firm of Chartered Accountants other than B S R & Co. LLP.
(iii) The financial statements are as on 31st March, 2023.
(iv) The financial statements are unaudited and based on management accounts drawn up as on 31st March, 2023.
(v) HUL has acquired 53.34% stake (51% on a fully diluted basis).
(vi) The financial statements reflect standalone balances for Zywie Ventures Private Limited from 10th January, 2023 to 31st March, 2023 and do not include any purchase price allocation adjustments made
for consolidation in the Holding Company.
2
1
4
3
6
5
Sr.
(ii)
No.
Notes:
Value
Creation
Sanjiv Mehta
Ravishankar A.
[DIN: 00046081]
[DIN: 06699923]
Group Controller
Managing Director
Kalpana Morparia
Extent of Holding %
Mumbai: 27th April, 2023

No. of equity shares
and Chief Executive Officer

Profit/Loss for the year
Name of the Joint Venture
Chairperson - Audit Committee

PART B: JOINT VENTURE
Overview
Corporate
i. Considered in Consolidation
For and on behalf of Board of Directors

Latest audited Balance Sheet Date
ii. Not Considered in Consolidation

Amount of Investment in Joint Venture
Description of how there is significant influence

Reason why the joint venture is not consolidated
No. of compulsorily convertible preference shares
Overview
Performance
HUL has acquired 21.51% stake (19.8% on a fully diluted basis).

Shares of Joint Ventures held by the company on the year end
Dev Bajpai
Ritesh Tiwari
Financial Officer
[DIN: 00050516]
[DIN: 05349994]
Networth attributable to Shareholding as per latest audited Balance Sheet
Overview

Governance
Affairs and Company Secretary

Executive Director, Legal & Corporate
Executive Director, Finance & IT and Chief
Reports
(i) The financial statements are unaudited and based on management accounts drawn up as on 31st March, 2023.
Statutory
(iii) The financial statements reflect standalone balances for Nutritionalab Private Limited from 4th January, 2023 to 31st March, 2023.
Financial
2022-03-31
(Note i, ii and iii)
Nutritionalab Private Limited
Shareholders’ agreement
21.51%
70
36,480
7,256
Refer note iv
Not applicable
Statements
(iv) Latest audited Balance sheet date is 31st March, 2022. HUL had no stake as on that date hence networth is not attributable to Shareholding.
(6)
(1)


347
Notice of Annual
348 349
General Meeting
Notice of Annual General Meeting
( in c lu d in g a ny s t at u t o r y m o d if i c at i o n (s) o r Disclosure Requirements) Regulations, 2015 (Listing

re-enactment thereof for the time being in force), Regulations), read with Section 188 of the Companies
the provisions of the Articles of Association of the Act, 2013 (the Act) and other applicable provisions,
Company and based on the recommendations of if any along with the Rules made thereunder and
the Nomination and Remuneration Committee and other applicable laws including any amendments,
Registered Office: Unilever House, B.D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400 099. the Board of Directors of the Company, approval m o d i f i c a t i o n s , va r i a t i o n s o r r e - e n a c t m e n t s
CIN: L15140MH1933PLC002030, Website: www.hul.co.in, of the Members be and is hereby accorded for thereof and the Company’s Policy on Related Party
E-mail: levercare.shareholder@unilever.com, Tel: +91 22 5043 2791/ 5043 2792 appointment of Mr. Rohit Jawa (DIN: 10063590) as Transactions and based on the recommendation/
a Whole-time Director of the Company, not liable to approval of the Audit Committee and the Board of
retire by rotation, to hold office from 1st April, 2023 Directors of the Company, approval of the Members
NOTICE is hereby given that the 90th Annual General of an Independent Director) of the Company by the to 26th June, 2023, subject to approval of the Central be and is hereby accorded to the Company for
Meeting of Hindustan Unilever Limited will be held on Board of Directors with effect from 1st April, 2023, and Government, on the terms and conditions including entering into and /or continuing with Material Related
Monday, 26th June, 2023 at 2:00 P.M. (IST) through Video who has submitted a declaration that he meets the those relating to remuneration as set out under the Par ty Transactions/contract(s)/ arrangement(s)/
Conferencing/Other Audio-Visual Means (‘ VC/OAVM’), criteria of independence under Section 149(6) of the Explanatory Statement annexed to this Notice. agreements or modification(s) thereto, as detailed
to transact the following business. The venue of the Act and Regulation 16(1)(b) of the Listing Regulations
in the Explanatory Statement annexed to this Notice,
meeting shall be deemed to be the Registered Office of the and is eligible for appointment under the provisions RESOLVED FURTHER THAT the Board or any duly
with Unilever Europe Business Centre BV (UEBC), a
Company at Unilever House, B. D. Sawant Marg, Chakala, of the Act, the Rules made thereunder and the Listing constituted Committee of the Board, be and is hereby
authorised to do all acts, deeds, matters and things Related Party within the meaning of Section 2(76)
Andheri (East), Mumbai – 400 099. Regulations, and in respect of whom the Company
as may be deemed necessary and/or expedient in of the Act and Regulation 2(1)(zb) of the Listing
has received a notice in writing under Section 160(1)
connection therewith or incidental thereto, to give Regulations for provision of central services, for a
ORDINARY BUSINESS of the Act proposing his candidature for the office of
period of five years commencing from Financial Year
an Independent Director, as an Independent Director, effect to the foregoing resolution.”
1. To receive, consider and adopt the audited financial 2023-24 to Financial Year 2027-28, individually and/
statements (including audited consolidated financial not liable to retire by rotation, to hold office for a term 8. Appointment of Mr. Rohit Jawa (DIN: 10063590) or in the aggregate upto an amount not exceeding
statements) for the Financial Year ended 31st March, of five consecutive years i.e., from 1st April, 2023 upto as a Managing Director & Chief Executive Officer ₹2,000 crores (Rupees Two Thousand Crores Only)
2023 and the Reports of the Board of Directors and 31st March, 2028. of the Company: in a Financial Year, provided however, that the
Auditors' thereon. RESOLVED FURTHER THAT the Board or any duly said contracts/arrangements/ transactions shall
To consider and, if thought fit, to pass the following
2. To confirm the payment of Interim Dividend of ₹17 per constituted Committee of the Board, be and is hereby resolution as an Ordinary Resolution: be carried out on an arm’s length basis and in the
equity share of ₹1/- each and to declare Final Dividend authorised to do all acts, deeds, matters and things ordinary course of business of the Company.
as may be deemed necessary and/or expedient in “RESOLVED THAT pursuant to the provisions of Section
of ₹22 per equity share of ₹1/- each for the Financial RESOLVED FURTHER THAT the Board of Directors of the
connection therewith or incidental thereto, to give 196,197 and 198 read with Schedule V and all other
Year ended 31st March, 2023. Company, be and is hereby authorised to delegate all
effect to the foregoing resolution.” applicable provisions of the Companies Act, 2013,
3. To appoint a Director in place of Mr. Nitin Paranjpe (the Act) and the Rules made thereunder and the or any of the powers conferred on it to any Committee
(DIN: 00045204), who retires by rotation and being 7. Appointment of Mr. Rohit Jawa (DIN: 10063590) as a applicable provisions of SEBI (Listing Obligations and of Directors and/or Managing/Whole-time Director(s)
eligible, offers his candidature for re-appointment. Whole-time Director of the Company: Disclosure Requirements) Regulations, 2015 (Listing of the Company and to do all such acts and take
Regulations) (including any statutory modification(s) all such steps as may be considered necessary or
4. To appoint a Director in place of Mr. Dev Bajpai To consider and, if thought fit, to pass the following
or re-enactment thereof for the time being in force), expedient to give effect to the aforesaid resolution.
(DIN: 00050516), who retires by rotation and being resolution as an Ordinary Resolution:
the provisions of the Articles of Association of the RESOLVED FURTHER THAT all actions taken by the
eligible, offers his candidature for re-appointment. “RESOLVED THAT pursuant to the provisions of Section Company and based on the recommendations of the Board or any duly constituted Committee thereof
5. To appoint a Director in place of Mr. Ritesh Tiwari 152 and other applicable provisions, if any, of the Nomination and Remuneration Committee and the in connection with any matter referred to or
(DIN: 05349994), who retires by rotation and being Companies Act, 2013 (the Act) and the Rules made Board of Directors of the Company, approval of the contemplated in this resolution, be and are hereby
eligible, offers his candidature for re-appointment. thereunder and the applicable provisions of SEBI Members be and is hereby accorded for appointment approved, ratified and confirmed in all respects.”
(Listing Obligations and Disclosure Requirements) of Mr. Rohit Jawa (DIN: 10063590) as Managing Director
SPECIAL BUSINESS Regulations, 2015 (Listing Regulations) (including any & Chief Executive Officer (MD & CEO) of the Company, 10. Ratification of remuneration to Cost Auditors:
statutory modification(s) or re-enactment thereof not liable to retire by rotation, to hold office for a period
6. Appointment of Mr. Ranjay Gulati (DIN: 10053369) as To consider and, if thought fit, to pass the following
for the time being in force), the provisions of the of five consecutive years i.e., from 27th June, 2023 to
an Independent Director: resolution as an Ordinary Resolution:
Articles of Association of the Company and based 26th June, 2028, subject to approval of the Central
To consider and, if thought fit, to pass the following on the recommendations of the Nomination and Government, on the terms and conditions including “RESOLVED THAT pursuant to the provisions of Section
resolution as a Special Resolution: Remuneration Committee and the Board of Directors those relating to remuneration as set out under the 148(3) and other applicable provisions, if any, of the
of the Company, approval of the Members be and is Explanatory Statement annexed to this Notice. Companies Act, 2013 read with the Companies (Audit
“RESOLVED THAT pursuant to the provisions of
hereby accorded for appointment of Mr. Rohit Jawa and Auditors) Rules, 2014, (including any statutory
Section 149, 150 and 152, Schedule IV and other RESOLVED FURTHER THAT the Board or any duly
(DIN: 10063590), who was appointed as an Additional modification(s) or re-enactment thereof for the
applicable provisions, if any, of the Companies Act, constituted Committee of the Board, be and is hereby
Director of the Company by the Board of Directors with time being in force), the remuneration payable to
2013 (the Act) and the Rules made thereunder and the authorised to do all acts, deeds, matters and things
effect from 1st April, 2023 and who holds office upto M/s. RA & Co., Cost Accountants (Firm Registration

applicable provisions of SEBI (Listing Obligations and as may be deemed necessary and/or expedient in
the date of the ensuing Annual General Meeting and No. 000242), appointed by the Board of Directors
Disclosure Requirements) Regulations, 2015 (Listing connection therewith or incidental thereto, to give
in respect of whom the Company has received a notice on the recommendation of the Audit Committee,
Regulations) (including any statutory modification(s) effect to the foregoing resolution.”
in writing under Section 160(1) of the Act proposing his as Cost Auditors of the Company to conduct the
or re-enactment thereof for the time being in force),
candidature for the office of a Director, as a Director of 9. Approval for Material Related Party Transaction: audit of the cost records of the Company for the
the provisions of the Articles of Association of the
the Company, not liable to retire by rotation. Financial Year ending 31st March, 2024, amounting
Company and based on the recommendations of the To consider and, if thought fit, to pass the following
Nomination and Remuneration Committee and the R E S O LV E D F U R T H E R T H AT p u r s u a n t t o t h e to ₹14 lakhs (Rupees Fourteen Lakhs Only) plus
resolution as an Ordinary Resolution:
Board of Directors of the Company, approval of the provisions of Section 196,197 and 198 read with applicable taxes and reimbursement of out of pocket
Members be and is hereby accorded for appointment Schedule V and all other applicable provisions of
“ RESOLVED THAT pursuant to the provisions of expenses incurred in connection with the aforesaid
of Mr. Ranjay Gulati (DIN: 10053369), who was the Act and the Rules made thereunder and the Regulation 23(4) of the SEBI (Listing Obligations and audit, be and is hereby ratified.”
appointed as an Additional Director (in the capacity applicable provisions of the Listing Regulations
Notice of Annual
350 351
General Meeting
NOTES: Participants (DPs). Physical copy of the Notice of the system shall also be made available during the access the remote e-voting facility provided by
90th AGM along with Integrated Annual Report for AGM. Members attending the AGM who have not the Company through NSDL e-voting system at
1. An Explanator y Statement pursuant to Section
the Financial Year (FY) 2022-23 shall be sent to those cast their vote by remote e-voting shall be eligible https://www.evoting.nsdl.com/.
102 of the Companies Act, 2013 (‘the Act’) relating
Members who request for the same. to cast their vote through e-voting during the AGM.
to the Special Business, i.e. Item Nos. 6 to 10, to be 12. The detailed instructions and the process for accessing
Members who have voted through remote e-voting
transacted at the Annual General Meeting (‘AGM’) is 7.
M e m b e r s h o l d i n g s h a r e s i n p hy s i c a l f o r m and participating in the 90th AGM through VC/OAVM
shall be eligible to attend the AGM, however, they
annexed hereto. and who have not updated their e - mail ids facility and voting through electronic means including
shall not be eligible to vote at the meeting. Members
with the Company are requested to update remote e-voting are explained herein below:
2. The Ministry of Corporate Affairs (‘MCA’), vide its holding shares in physical form are requested to
their e-mail ids by writing to the Company at
General Circular No. 20/2020 dated 5th May, 2020 read
levercare.shareholder@unilever.com along with
with General Circular Nos. 14/2020 dated 8th April, Step 1: Access to NSDL e-voting system:
the copy of the signed request letter mentioning the
2020, 17/2020 dated 13th April, 2020, 02/2021 dated Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 9th December, 2020 on ‘e-voting facility provided
name and address of the Member, self-attested
13th January, 2021, 19/2021 dated 8th December, by Listed Companies’, e-voting process has been enabled for all the individual demat account holders, through their
copy of the Permanent Account Number (PAN) card,
2021, 21/2021 dated 14th December, 2021 and 10/2022 demat account maintained with DPs. Members are advised to update their mobile number and email id in their demat
and self-attested copy of any document (eg.: Driving
dated 28th December, 2022 (‘MCA Circulars’), has accounts in order to access e-voting facility. Individual demat account holders would be able to cast their vote without
License, Voter Identity card, Passport, Aadhaar card)
allowed the Companies to conduct the AGM through having to register again with the E-voting Service Provider (ESP) thereby not only facilitating seamless authentication but
in support of the address of the Member. Members
Video Conferencing or Other Audio-Visual Means also ease and convenience of participating in e-voting process.
holding shares in dematerialised (demat) mode are
(‘VC/OAVM’) till 30th September, 2023. In accordance
requested to register/update their e-mail id with
with the said MCA Circulars and applicable provisions the relevant DPs. In case of any queries/difficulties (a) Login method for e-voting and joining virtual AGM for Individual Members holding securities in demat
of the Act, the 90th AGM of the Company shall be in registering the e-mail id, Members may write to mode is given below:
conducted through VC/OAVM. National Securities levercare.shareholder@unilever.com. Type of Individual Members Login Method
Depositories Limited (‘NSDL’) will be providing
facilities in respect of: 8. The Notice of 90th AGM along with the Integrated Securities held in demat mode A. Users registered for NSDL IDeAS facility:
Annual Report for the FY 2022-23, is available on with NSDL.
1. Open web browser by typing the following URL: https://eservices.nsdl.com/ either on a
(a) voting through remote e-voting; the website of the Company at www.hul.co.in, on Personal Computer or on a mobile. Once the home page of e-Services is launched, click
(b) participation in the AGM through VC/OAVM the website of Stock Exchanges i.e., BSE Limited and on the ‘Beneficial Owner’ icon under ‘Login’ which is available under ‘IDeAS’ section.
facility; National Stock Exchange of India Limited and on the
2. A new screen will open. Enter your User ID and Password. After successful authentication,
website of NSDL at www.evoting.nsdl.com. you will be able to see e-voting services. Click on ‘Access to e-voting’ under e-voting
(c) e-voting during the AGM.
services and you will be able to see e-voting page.
The procedure for participating in the meeting PROCEDURE FOR REMOTE E-VOTING AND E-VOTING
3. Click on options available against Company name or ESP - NSDL and you will be
through VC/OAVM is explained at Note No. 13 below DURING THE AGM: re-directed to NSDL e-voting website for casting your vote during the remote e-voting
and is also available on the website of the Company 9. Pursuant to the provisions of Section 108 of the Act period or joining virtual meeting & voting during the meeting.
at www.hul.co.in. read with Rule 20 of the Companies (Management
B. Users not registered for IDeAS e-Services:
and Administration) Rules, 2014 (as amended),
3. As the AGM shall be conducted through VC/OAVM, the Option to register is available at https://eservices.nsdl.com. Select ‘Register Online for
Regulation 44 of the Listing Regulations (as amended)
facility for appointment of Proxy by the Members is not IDeAS’ Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
and applicable circulars, the Company is pleased to
available for this AGM and hence the Proxy Form and
provide the facility to Members to exercise their right C. Visit the e-voting website of NSDL
Attendance Slip including Route Map are not annexed
to vote on the resolutions proposed to be passed
to this Notice. 1. After successfully registering on IDeAS, visit the e-voting website of NSDL. Open web
at AGM by electronic means. For this purpose, the browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal
4.
However, Institutional/Corporate Members are Company has entered into an agreement with Computer or on a mobile. Once the home page of e-voting system is launched, click on
entitled to appoint authorised representatives to National Securities Depositor y Limited (NSDL), the icon ‘Login’ which is available under ‘Shareholder/Member’ section.
attend the AGM through VC/OAVM and participate as the authorised agency for facilitating voting
2. A new screen will open. Enter your User ID (i.e. your sixteen digit demat account number
there at and cast their votes through e-voting. through electronic means. The facility of casting held with NSDL), Password/OTP and a Verification Code as shown on the screen. After
Institutional/Corporate Members are requested to votes by a Member using remote e-voting system successful authentication, you will be redirected to NSDL Depository site wherein you
send a scanned copy (PDF/JPEG format) of the Board as well as e-voting on the date of the AGM will be can see e-voting page.
Resolution authorising its representatives to attend provided by NSDL.
3. Click on options available against Company name or ESP - NSDL and you will be
and vote at the AGM, pursuant to Section 113 of the redirected to e-voting website of NSDL for casting your vote during the remote e-voting
10. The Members, whose names appear in the Register
Act, to Scrutiniser at scrutinizer@snaco.net and to period or joining virtual meeting & voting during the meeting.
of Members/list of Beneficial Owners as on Monday,
evoting@nsdl.co.in.
19th June, 2023 i.e., a day prior to commencement of 4. Members can also download NSDL Mobile App ‘NSDL Speede’ facility by scanning the
5. The Register of Members and Share Transfer Books book closure date, being the cut-off date, are entitled QR code mentioned below for seamless voting experience.
of the Company will remain closed from Tuesday, to vote on the Resolutions set forth in this Notice. The NSDL Mobile App is available on
20th June, 2023 to Monday, 26th June, 2023 (both voting right of Members shall be in proportion to

days inclusive). their share in the paid-up equity share capital of the
Company as on the cut-off date. A person who is not a
ELECTRONIC DISPATCH OF ANNUAL REPORT AND Member as on the cut-off date should treat this Notice
PROCESS FOR REGISTRATION OF E-MAIL ID AND of AGM for information purpose only.
FOR OBTAINING COPY OF ANNUAL REPORT: 11.
Members may cast their votes on electronic
6. In accordance with the circulars issued by MCA voting system from any place (remote e-voting).
and SEBI, the Notice of the 90th AGM along with The remote e -voting period will commence at
the Integrated Annual Report 2022-23 is being sent 9.00 A.M. (IST) on Wednesday, 21st June, 2023 and
by electronic mode to Members whose e-mail id will end at 5.00 P.M. (IST) on Sunday, 25th June, 2023.
is registered with the Company or the Depository In addition, the facility for voting through e-voting
Notice of Annual
352 353
General Meeting
Type of Individual Members Login Method e. Your password details are given below: STEP 2: CAST YOUR VOTE ELECTRONICALLY AND JOIN
Securities held in demat A. Users who have opted for Easi / Easiest: GENERAL MEETING ON NSDL E-VOTING SYSTEM.
i. If you are already registered for e-voting,
mode with Central Depository
1. Members can login through their User ID and password. Option will be made available then you can use your existing password to How to cast your vote electronically and join AGM
Services (India) Limited
to reach e-voting page without any further authentication. The URL for users to login to login and cast your vote. on NSDL e-voting system?
Easi/Easiest is www.cdslindia.com and click on New System Myeasi. a. After successful login at Step 1, you will be able to see
ii. If you are using NSDL e-voting system for
2. After successful login of Easi/Easiest, the user will be able to see the e-voting Menu. The all the companies ‘EVEN’ in which you are holding
the first time, you will need to retrieve the
Menu will have links of ESP i.e. NSDL. Click on NSDL to cast your vote. shares and whose voting cycle and General Meeting is
‘initial password’ which was communicated
in active status.
B. Users who have not opted for Easi/Easiest: to you. Once you retrieve your ‘initial
password’, you need to enter the ‘initial b. Select ‘EVEN’ of Company for which you wish to
Option to register for Easi/Easiest is available at www.cdslindia.com
password’ and the system will force you to cast your vote during the remote e-voting period
C. Visit the e-voting website of NSDL change your password. and during the General Meeting. For joining virtual
1. Alternatively, the user can directly access e-voting page by providing Demat Account meeting, you need to click on ‘VC/OAVM’ link placed
iii. How to retrieve your ‘initial password’?
Number and PAN from a link on https://evoting.cdslindia.com/Evoting/EvotingLogin under ‘Join General Meeting’.
home page. The system will authenticate the user by sending OTP on registered Mobile & If your email id is registered in your demat
e-mail id as recorded in the Demat Account. c.
Now you are ready for e -voting as the
account or with the Company, your ‘initial
voting page opens.
2. After successful authentication, user will be provided links for the respective ESP where password’ is communicated to you on your
the e-voting is in progress. email id. Trace the email sent to you from d. Cast your vote by selecting appropriate options i.e.,
Securities held in demat mode 1. Members can also login using the login credentials of their Demat Account through their NSDL from your mailbox. Open the email assent or dissent, verify/modify the number of shares
- login through Depository Depository Participant registered with NSDL/CDSL for e-voting facility. After logging, you and open the attachment i.e., a .pdf file. for which you wish to cast your vote and click on
Participants will be able to see e-voting option. Open the .pdf file. The password to open ‘Submit’ and also ‘Confirm’ when prompted.
2. Once you click on e-voting option, you will be redirected to NSDL/CDSL Depository site
the .pdf file is your 8 digit client ID for NSDL
e.
Upon conf irmation, the message ‘ Vote ca st
after successful authentication, wherein you can see e-voting feature. account, last 8 digits of client ID for CDSL
successfully’ will be displayed.
account or Folio Number for shares held
3. Click on options available against Company name or ESP and you will be redirected
in physical form. The .pdf file contains your f. You can also take the printout of the votes cast
to e-voting website of NSDL for casting your vote during the remote e-voting period or
joining virtual meeting & voting during the meeting.
‘User ID’ and your ‘initial password’. by you by clicking on the print option on the
confirmation page.
Important Note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option f. If you are unable to retrieve or have not
available at abovementioned website. r e cei ve d th e ‘ initial p a ss wo r d ’ o r h a ve g. Once you confirm your vote on the resolution, you will
forgotten your password: not be allowed to modify your vote.
For Technical Assistance: IDeAS login. Once you log-in to NSDL e-services
Members facing any technical issues related to login may using your log-in credentials, click on e-voting i. Click on ‘Forgot User Details/Password?’
Process for those Members whose email ids are
reach out to the respective depositories’ helpdesk by and you can proceed to Step 2 i.e. Cast your vote - If you are holding shares in your demat
not registered with the DPs for procuring User ID
sending a request on the email ids or contact on the phone electronically. account with N S D L or CDS L , option
and Password and registration of email ids for
nos. provided below: fo r r e set p a ss wo r d is a va ila b le o n
d. Your User ID details are given below: e-voting for the resolutions set out in this Notice:
www.evoting.nsdl.com.
NSDL CDSL a. Members whose shares are held in physical mode are
Manner of holding shares
ii.
Click on Physical User Reset Password? - If requested to provide Folio No., Name of Shareholder,
Email: evoting@nsdl.co.in Email : helpdesk.evoting@ i.e., Demat (NSDL or CDSL)
or Physical Your User ID is: you are holding shares in physical mode, scanned copy of the Share Certificate (front and back),
cdslindia.com
Phone No.: 022 - 4886 7000 / option for reset password is available on PAN (self attested scanned copy of PAN card), Aadhaar
(a) For Members who 8 Character DP ID followed
022 - 2499 7000 Toll Free No.: 1800 22 55 33 www.evoting.nsdl.com.
hold shares in by 8 Digit Client ID (self attested scanned copy of Aadhaar Card) by email
demat account to levercare.shareholder@unilever.com.
For example: iii. If you are still unable to get the password
(b) Login Method for e-voting and joining virtual with NSDL.
by aforesaid two options, you can send a b. Members whose shares are held in demat mode
AGM for Members other than Individual if your DP ID is IN300***
request at evoting@nsdl.co.in mentioning are requested to provide DPID+CLID (16 digit DPID +
Members holding securities in demat mode and Client ID is 12******
y o u r d e m a t a c c o u n t n u m b e r/ f o l i o CLID or 16 digit beneficiary ID), Name, client master
and Members holding securities in physical then your User ID is
IN300***12******. number, your PAN, your name and your or copy of Consolidated Account statement, PAN
mode.
(b) For Members who 16 Digit Beneficiary ID registered address. (self attested scanned copy of PAN card), Aadhaar
How to Log-in to NSDL e-voting website?
hold shares in iv.
Members can also use the OTP based (self attested scanned copy of Aadhaar Card) to
For example:

a.
Visit the e -voting website of NSDL . demat account levercare.shareholder@unilever.com. If you are
login for casting the votes on the e-voting
O p e n we b b r owse r by t y p in g t h e U R L : with CDSL. if your Beneficiary ID is an Individual Member holding securities in demat
system of NSDL.
https://www.evoting.nsdl.com/. 12************** then your mode, you are requested to refer to the login method
User ID is 12************** g. After entering your password, tick on Agree explained at step 1 (A) i.e. Login method for e-voting
b. Once the home page of e-voting system is to ‘ Te r ms a n d Co n ditio ns ’ by se le c tin g

(c) For Members EVEN Number followed by and joining virtual meeting for Individual Members
launched, click on the icon ‘Login’ which is on the check box.
holding shares in Folio Number registered holding securities in demat mode.
available under ‘Shareholders/Members’ section.
Physical Form. with the Company h. Now, you will have to click on ‘Login’ button. c. Alternatively, Members may send a request to
c. A new screen will open. You will have to enter your For example:
i. After you click on the ‘Login’ button, Home page evoting@nsdl.co.in for procuring user id and password
User ID, your Password and a Verification Code as
if Folio Number is 001*** of e-voting will open. for e-voting by providing above mentioned documents.
shown on the screen.
and EVEN is 123456
Alternatively, if you are registered for NSDL then your User ID is
e -ser vices i.e., IDeA S, you can log - in at 123456001***
https://eservices.nsdl.com/ with your existing
Notice of Annual
354 355
General Meeting
d. In terms of SEBI circular dated 9th December, 2020 17. Institutional Members are encouraged to attend hours (9:00 A.M. to 5:00 P.M. IST) on all working days (a) For Resident Members: Tax at source shall be
on e-voting facility provided by Listed Companies, and vote at the AGM through VC/OAVM. Institutional except Saturday, from Thursday, 15th June, 2023 to deducted under Section 194 of the Income Tax
Individual Members holding securities in demat mode Members can write to levercare.shareholder@ Friday, 23rd June, 2023. Act @ 10% on the amount of dividend declared
are allowed to vote through their demat account unilever.com in case of any issues faced by them for and paid by the Company during FY 2023-24,
25. During the AGM, the Register of Directors and Key
maintained with DPs. Members are required to update participating in the AGM. subject to PAN details registered/updated
Managerial Personnel and their Shareholding
their mobile number and email id correctly in their by the Member.
18.
Members, who need assistance before or maintained under Section 170 of the Act and the
demat account in order to access e-voting facility.
during the AGM, may: Register of Contracts or Arrangements in which If PAN is not registered/updated in the demat
Directors are interested under Section 189 of the Act account/folio as on the cut-off date, tax at source
The instructions for Members for e-voting on the
• Send a request at evoting@nsdl.co.in or use Toll free shall be available for inspection upon login at NSDL would be deducted @ 20% as per Section 206AA
day of the AGM are as under:
no.: 022 - 4886 7000 / 022 - 2499 7000; or e-voting system at https://www.evoting.nsdl.com. of the Income Tax Act.
a. The procedure for e-voting on the day of the AGM
• Contact Mr. Amit Vishal, Assistant Vice-President, No tax at source is required to be deducted, if
is same as the instructions mentioned above for
NSDL at the designated email id: AmitV@nsdl.co.in; DIVIDEND RELATED INFORMATION: aggregate dividend paid or likely to be paid
remote e-voting.
or 26.
Final Dividend as recommended by the Board during the Financial Year to an individual
b. Only those Members, who will be present in the AGM • Contact Ms. Pallavi Mhatre, Senior Manager, NSDL of Directors for the FY ended 31st March, 2023, if Member does not exceed ₹5,000/- (Rupees Five
through VC/OAVM facility and have not casted their at the designated email id: pallavid@nsdl.co.in. approved at the AGM, will be paid to those Members Thousand Only).
vote on the Resolutions through remote e-voting of the Company who hold shares:
and are otherwise not barred from doing so, shall be Further, in cases where the Member provides
PROCEDURE TO RAISE QUESTIONS/SEEK CLARIFICATIONS (i) In demat mode, based on the list of beneficial
eligible to vote through e-voting system in the AGM. Form 15G (applicable to any person other than a
WITH RESPECT TO ANNUAL REPORT:
owners to be received from NSDL and CDSL as at Company or a Firm) / Form 15H (applicable to an
c. Members who have voted through remote e-voting 19. Members who would like to express their views or the close of business hours on Monday, 19th June, Individual above the age of 60 years), provided
will be eligible to attend the AGM. However, they will ask questions may register themselves as a speaker 2023, being the cut-off date; that the eligibility conditions are being met, no
not be eligible to vote at the AGM. by sending the request along with their queries in tax shall be deducted.
advance mentioning their name, demat account (ii) In physical mode, if the names appear in the
d. In case of any queries, you may refer the Frequently Company’s Register of Members as on Monday, Notwithstanding the above, in case PAN of any
number/folio number, email id and mobile number
Asked Questions (FAQs) and e-voting user manual 19th June, 2023, being the cut-off date. Member falls under the category of ‘Specified
at levercare.shareholder@unilever.com. Only those
for Shareholders available at the download section Person’, the Company shall deduct tax at source
speaker registration requests received till 5.00 p.m. The Final Dividend will be paid on or after Thursday,
of www.evoting.nsdl.com or call on Toll free no.: 022 @ 20% as per Section 206AB of the Income Tax Act.
(IST) on Monday, 19th June, 2023 will be considered 29th June, 2023.
- 4886 7000 / 022 - 2499 7000 or send a request to
and responded to during the AGM. In case of Resident Member having Order under
Mr. Amit Vishal, Assistant Vice-President, NSDL at 27. Members holding shares in demat form are hereby
evoting@nsdl.co.in. 20. The Company reserves the right to restrict the number Section 197 of the Income Tax Act, TDS will be
informed that bank par ticulars registered with
of questions and number of speakers, as appropriate deducted at the rate mentioned in the Order
their respective DPs, with whom they maintain their
PROCEDURE FOR JOINING THE AGM THROUGH for smooth conduct of the AGM. provided the Member submits a copy of the Order
demat accounts, will be used by the Company for
VC/OAVM obtained from the Income-Tax authorities.
the payment of dividend. Members holding shares
13. Member will be provided with a facility to attend the GENERAL INFORMATION: in demat form are requested to intimate any change (b) For Non-Resident Members: Taxes are required
AGM through VC/OAVM through the NSDL e-voting 21. It is strongly recommended that the Members take in their address and/or bank mandate to their DPs to be withheld in accordance with the provisions
system. Members may access by following the steps utmost care to keep their password confidential and only, as the Company or its Registrar and Share of Section 195 of the Income Tax Act at the rates
mentioned above for access to NSDL e-voting system. not to share their password with any other person. Transfer Agent cannot act on any request received in force. As per the relevant provisions of the
After successful login, you can see link of ‘VC/OAVM Login to the e-voting system shall be disabled upon directly on the same. Income Tax Act, the withholding tax shall be at
link’ placed under ‘Join General Meeting’ menu against five unsuccessful attempts to key in the correct the rate of 20% (plus applicable surcharge and
the Company name. You are requested to click on VC/ password. In such an event, the Members are advised 28.
Members holding shares in physical form are cess) on the amount of dividend payable to Non-
OAVM link placed under Join General Meeting menu. to use the ‘Forgot User Details/Password’ or ‘Physical requested to intimate any change of address and/or Resident Members.
The link for VC/OAVM will be available in Shareholder/ User Reset Password’ option available on www. bank mandate to KFin Technologies Limited, Registrar
and Share Transfer Agent of the Company by sending Further, in case of Foreign Institutional Investors
Member login where the EVEN of Company will be evoting.nsdl.com to reset the password.
a request in Form ISR-1 at Selenium Building, Tower-B, and Foreign Portfolio Investors, TDS @20% (plus
displayed. Please note that the Members who do not
22.
The Company has appointed Plot No. 31 & 32, Financial District, Nanakramguda, applicable surcharge and cess) under Section
have the User ID and Password for e-voting or have
Mr. S. N. Ananthasubramanian, Practicing Company Hyderabad 500 032 or by email to einward.ris@ 196D of the Income Tax Act.
forgotten the User ID and Password may retrieve the
Secretary (FCS: 4206 and COP No. 1774), or failing kfintech.com from their registered email id. In case the
same by following the remote e-voting instructions In case of Non-Resident Member having Order
him Mr. S.N. Vishwanathan (ACS 61955 and COP No. Company is unable to pay the dividend to any Member
mentioned in the Notice. under Section 197 of the Income Tax Act, tax at
24335), to act as the Scrutiniser, to scrutinise the entire by the electronic mode, due to non-availability of bank source shall be deducted at the rate mentioned
14. Members are encouraged to join the Meeting through e-voting process in a fair and transparent manner. mandate, the Company shall dispatch the dividend in the Order, provided the Member submits a
laptops for better experience. warrant to such Member by post in due course.
23. The results of the e-voting shall be declared to the Stock copy of the order obtained from the Income-
15. Please note that participants connecting from mobile Exchanges within the timeframe prescribed under the Tax authorities.

29. Members may note that as per the Income Tax Act,
devices or tablets or through laptop connecting via Act and Listing Regulations. The results along with
1961, as amended by the Finance Act, 2020, (the As per Section 90 of the Income Tax Act, Non-
mobile hotspot may experience Audio/Video loss due the Scrutiniser’s Report, shall also be placed on the
Income Tax Act), dividend income is taxable in the Resident Members may be entitled to avail lower
to fluctuation in their respective network. It is therefore website of the Company at www.hul.co.in.
hands of the Members and the Company is required TDS rate as per Double Taxation Avoidance
recommended to use stable Wi-Fi or LAN connection
to deduct tax at source (‘TDS’) at the time of making Agreement (DTA A). To avail the Tax Treaty
to mitigate any kind of aforesaid glitches. PROCEDURE FOR INSPECTION OF DOCUMENTS: payment of dividend at rates prescribed in the benefits, the Non-Resident Member will have to
16. For convenience of the Members and proper conduct 24. Documents referred to in the accompanying Notice Income Tax Act. In order to enable the Company to provide the following:
of AGM, Members can login and join at least 30 (thirty) of the 90th AGM and the Explanatory Statement shall determine the appropriate TDS rate as applicable,
minutes before the time scheduled for the AGM and be available at the Registered Office of the Company Members are requested to submit the documents in • Self-attested copy of Tax Residency Certificate
shall be kept open throughout the proceedings of AGM. for inspection without any fee during normal business accordance with the provisions of the Income Tax Act (TRC) obtained from the tax authorities of the
and Rules thereto. country of which the Member is resident.
Notice of Annual
356 357
General Meeting
•
S elf- declaration in Form 10 F if all the furnish the requisite documents for claiming any Company with effect from 31st March, 2022 and with the Company as on 23rd June, 2022 (date of last
detail s re quire d in this for m are not applicable beneficial tax rate. the terms and conditions of his appointment are AGM) are available on the website of the Company
mentioned in the TRC. governed by resolution dated 16th April, 2022 passed at https://www.hul.co.in/investor-relations/ and on
Apart from the above, since the TDS/ Withholding
• Self-attested copy of the PAN Card allotted by through Postal Ballot. MCA’s website. Members are requested to encash/
rates are different for Resident and Non-Resident
the Indian Income Tax authorities, if any. claim their respective dividends. The details of
Members, Members are requested to update Mr. Dev Bajpai was initially appointed as a
unpaid and unclaimed amounts lying with the
• Self-declaration in the format, certifying the their residential status with the Registrar & Whole-time Director of the Company with effect from
Company as on 31st March, 2023 shall be updated in
following: Share Transfer Agent/Depository Participant 23rd January, 2017 and re-appointed with effect from
due course. The Member(s) whose dividend/ shares
for the FY 2022-23, which will be considered for 23rd January, 2022. Mr. Ritesh Tiwari was appointed
− Member is and will continue to remain a are transferred to the IEPF Authority can now claim
determining tax rates as per the provisions for as a Whole-time Director of the Company with effect
tax resident of the country of its residence their shares from the IEPF Authority by following the
Income Tax Act. from 1st May, 2021. They have been appointed as
during the FY 2023-24; refund procedure as detailed on the IEPF website
Whole-time Directors, as per the provisions of the
− Member has no reason to believe that his/ 30. In order to enable the Company to determine the http://iepf.gov.in/IEPF/refund.html.
Act and shall serve in accordance with the terms
her claim for the benefits of the DTAA is appropriate TDS/withholding tax rate applicable,
of contract of employment with the Company. The 39. Members are requested to contact KFin Technologies
impaired in any manner; Members are requested to provide the aforesaid
terms and conditions including the remuneration of Limited/Investor Service Department of the Company
details and documents on or before Saturday, 10th
− Member is the ultimate beneficial owner of Mr. Dev Bajpai and Mr. Ritesh Tiwari as Whole-time for encashing the unclaimed dividends standing to
June, 2023 at https://ris.kfintech.com/form15/default.
his/her shareholding in the Company and Directors are being governed within the overall limits the credit of their account. The detailed dividend
aspx or send the same to the Company or the Registrar
dividend receivable from the Company; and of remuneration approved by the Members by means history and due dates for transfer to IEPF are available
and Share Transfer Agent. No communication on the
− Member does not have a taxable presence of resolution passed through Postal Ballot dated on ‘Investor Relations’ page on the website of the
tax determination/deduction or residential status
or a permanent establishment in India 29th April, 2021. The remuneration payable to them Company at https://www.hul.co.in/investor-relations/
shall be entertained post Saturday, 10th June, 2023.
during the FY 2023-24. for the FY 2023-24 shall be decided by the Nomination unclaimed-and-unpaid-dividend/.
31. The Resident Non-Individual Members i.e. Insurance and Remuneration Committee of the Company which
40. SEBI vide its Circular dated 3rd November, 2021 and
The Company is not obligated to apply the Companies, Mutual Funds and Alternative Investment shall be within the aforesaid limits approved by the
subsequent notifications, has mandated registration
benef icial DTA A rates at the time of ta x Funds (AIF) established in India and Non-Resident Members. The details of remuneration paid and
of PAN, KYC details and Nomination/ Opt-out of
deduction/withholding on dividend amounts. Non-Individual Members i.e., Foreign Institutional number of meetings of the Board and its Committees
Nomination, by holders of physical securities. Members
Application of beneficial DTAA Rate shall depend Investors and Foreign Por tfolio Investors may attended during the FY 2022-23 forms part of Corporate
holding shares in physical form are requested to
upon the completeness and satisfactory review alternatively submit the relevant forms / declarations Governance Report of this Integrated Annual Report.
submit their PAN, KYC details and Nomination/ Opt-
by the Company, of the documents submitted by / documents through their respective custodian
36.
Members had approved the appointment of out of Nomination details by sending a duly filled
the Non-Resident Member. who is registered on NSDL platform, on or before the
M/s. B S R & Co. LLP, Chartered Accountants, as and signed Form ISR-1 to KFin Technologies Limited
aforesaid timelines.
Notwithstanding the above, in case PAN falls the Statutory Auditors at the Eighty Sixth AGM of at Selenium Building, Tower-B, Plot No. 31 & 32,
under the category of ‘Specified Person’, Member 32. Members may note that in case the tax on said the Company which is valid till Ninety First AGM Financial District, Nanakramguda, Serilingampally,
is mandatorily required to submit a declaration dividend is deducted at a higher rate due to non- of the Company. In accordance with the Act, the Hyderabad, Rangareddi, Telangana India – 500 032
providing status of Permanent Establishment receipt of the aforementioned details/documents, appointment of Statutory Auditors is not required to or by email to einward.ris@kfintech.com from their
in India for FY 2023-24. As per Section 206AB there would still be an option available to the Member be ratified at every AGM. registered email id.
of the Income Tax Act, if the said declaration is to file the return of income and claim an appropriate
37. Details as required in Regulation 36(3) of the Listing 41.
Regulation 4 0 of the Listing Regulations, as
not furnished, the Company shall deduct tax refund, if eligible
Regulations and Secretarial Standard on General amended, mandates that transfer, transmission and
at source at twice the applicable rate referred 33. In accordance with the provisions of the Income Tax Meetings issued by the Institute of Company transposition of securities of listed companies held in
above as per the provisions of Section 206AB of Act, TDS certificates can be made available to the Secretaries of India in respect of the Directors seeking physical form shall be effected only in demat mode.
the Income Tax Act. Members at their registered email id after filing of the re-appointment at the AGM are provided at pages Further, SEBI, vide its Circular dated 25th January, 2022,
(c)
F or all Members: In the event of any income quarterly TDS Returns of the Company, post payment 366 to 371 of this Integrated Annual Report. Requisite has clarified that listed companies, with immediate
tax demand (including interest, penalty, etc.) of the said Dividend. declarations have been received from the Directors effect, shall issue the securities only in demat mode
arising from any misrepresentation, inaccuracy seeking appointment/re-appointment. The Managing while processing investor service requests pertaining
34. The Company has already sent out a separate email
or omission of information provided/to be Director and Independent Directors of the Company to issuance of duplicate shares, exchange of shares,
communication informing the Members regarding the
provided by the Member(s), such Member(s) will are not eligible to retire by rotation. endorsement, sub-division/consolidation of share
relevant procedure to be adopted by the Members to
be responsible to indemnify the Company and certificates, etc. In view of this as also to eliminate all
avail the applicable tax rate as per the Income Tax Act. 38. The MCA had notified provisions relating to unpaid/
also, provide the Company with all information/ risks associated with physical shares and for ease of
unclaimed dividend under Sections 124 and 125 of
documents and co-operation in any proceedings. portfolio management, the Members holding shares
OTHER INFORMATION: the Act and Investor Education and Protection Fund
in physical form are requested to consider converting
Members holding shares under multiple accounts 35. Based on the terms of appointment, all Executive (Accounting, Audit, Transfer and Refund) Rules, 2016
their holdings to demat mode.
under different status/categor y and single Directors, except the Managing Director & Chief (IEPF Rules). As per IEPF Rules, dividends which are not
PAN, may note that, higher of the tax rates as Executive Of ficer, and the Non- Executive and encashed/claimed by the shareholder for a period of Registered Office: By Order of the Board
seven consecutive years or more shall be transferred

applicable to the status in which shares are held Non-Independent Chairman of the Company are
to the Investor Education and Protection Fund (IEPF). Unilever House, Dev Bajpai
under a PAN will be considered on their entire subject to retirement by rotation at ever y AGM.
The IEPF Rules mandate the companies to transfer B. D. Sawant Marg, Executive Director
holding in different accounts. Accordingly, the following directors are liable to retire
the shares of shareholders whose dividends remain Chakala, Andheri (East), Legal & Corporate Affairs
by rotation at the ensuing AGM:
In case of any discrepancy in documents unpaid/unclaimed for a period of seven consecutive Mumbai – 400 099 and Company Secretary
submitted by the Member, the Company will • Mr. Nitin Paranjpe (DIN: 00045204); years or more to the demat account of IEPF Authority. FCS No: 3354 / DIN: 00050516
deduct tax at higher rate as applicable, without • Mr. Dev Bajpai (DIN: 00050516); The details of the unpaid/unclaimed amounts lying Mumbai: 27th April, 2023
any further communication in this regard.
• Mr. Ritesh Tiwari (DIN: 05349994).
In case of joint Members, the Member named
first in the Register of Members is required to Mr. Nitin Paranjpe was appointed as a Non-Executive
Director and designated as Chairman of the
Notice of Annual
358 359
General Meeting
EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF (a) a Whole-time Director with effect from 1st April, 2023 - India, South East Asia, and North Asia. As Executive
THE COMPANIES ACT, 2013: to hold office upto 26th June, 2023; Vice-President for North Asia & Chairman for Unilever
China, he led a significant transformation of Unilever China
(b) the Managing Director & Chief Executive Officer (MD
Item No. 6 Economics in 1983, and Washington State University in the into a competitive, profitable, and consistent business, now
& CEO) for a term of five consecutive years with effect
The Board of Directors, on the recommendation of United States, where he earned a second Bachelor’s Degree Unilever’s 3rd biggest globally. As the Chairman of Unilever
from 27th June, 2023, succeeding Mr. Sanjiv Mehta.
Nomination and Remuneration Committee, appointed in Computer Science in 1985. He earned a Master’s Degree Philippines, he led the business to become one of the top 10
Mr. Ranjay Gulati (DIN: 10053369), as an Additional Director in Management from the MIT Sloan School of Management The Company has received notice under Section 160 of markets for Unilever globally.
(in the capacity of Independent Director) of the Company, in 1987, and a Ph.D. in Organisational Behavior from the Act from Mr. Rohit Jawa proposing his candidature
He had joined Unilever in India as a Management Trainee in
with effect from 1st April, 2023 under Section 149, 150 and Harvard University in 1993. as a Director of the Company. Mr. Rohit Jawa is neither
1988 after completing Bachelor’s degree from St. Stephen’s
152 of the Act and Article 145 of the Articles of Association disqualified from being appointed as a Director in terms
The key skills, expertise and competencies of Mr. Ranjay College, followed by an MBA from the Facult y of
of the Company. of Section 164(2) of the Act, nor debarred from holding the
Gulati are as below: Management Studies, both at the University of Delhi. He is
office of director by virtue of any SEBI order or any other
Mr. Ranjay Gulati is eligible to be appointed as an an alumnus of IMD Business School, having completed the
such authority and has given all the necessary declarations
Independent Director for a term upto five consecutive • E xperience in developing long -term strategies Breakthrough Program for Senior Executives in 2018, and
and confirmation including his consent to be appointed on
years. The Company has received notice under Section 160 to grow consumer/FMCG business, consistently, an alumnus of Harvard Business School, having completed
the Board of the Company.
of the Act from Mr. Ranjay Gulati signifying his candidature profitably, competitively and in a sustainable manner the Advanced Management Program in 2022.
as an Independent Director of the Company. The Company in diverse business environments and changing Brief profile of Mr. Rohit Jawa is as follows:
Since Mr. Rohit Jawa is a foreign national and has a non-
has also received a declaration of independence from economic conditions;
Mr. Rohit Jawa was, until recently, the Chief of residential status, his appointment as a Whole-time
Mr. Ranjay Gulati. In terms of Regulation 25(8) of the Listing • Experience of having managed organisations with Transformation for Unilever in London where since January Director and MD & CEO of the Company is subject to the
Regulations, he has also confirmed that he is not aware large consumer/customer interface in diverse business 2022, he had successfully orchestrated the once-in-a- approval of the Central Government in terms of Part I of
of any circumstance or situation which exists or may be environments and economic conditions which helps in decade, end-to-end transformation of Unilever. He has a Schedule V to the Act. The Company will be making requisite
reasonably anticipated that could impair or impact his leveraging consumer insights for business benefits. proven track record of sustained business results across application to the Central Government in this regard.
ability to discharge his duties as an Independent Director
without any external influence. Further, he is neither The requisite details and information pursuant to The brief details about the proposed appointment & remuneration of Mr. Rohit Jawa are given
disqualified from being appointed as a Director in terms Regulation 36(3) of the Listing Regulations, the Act and herein:
of Section 164(2) of the Act, not debarred from holding the Secretarial Standards, as on the date of Notice, are provided
Particulars Appointment Details
office of director by virtue of any SEBI order or any other at pages 370 and 371 of this Integrated Annual Report.
such authority and has successfully registered himself A copy of the draft Letter of Appointment for Independent Period of Appointment as Whole-time 1st April, 2023 to 26th June, 2023
in the Independent Director’s data bank maintained by Directors is available for inspection as per the procedure of Director
Indian Institute of Corporate Affairs. inspection details provided in point no. 24 of the Notice of Period of Appointment as MD & CEO 27th June, 2023 to 26th June, 2028
AGM. The remuneration payable to Mr. Ranjay Gulati shall Particulars Remuneration Details (Gross in ₹)
In the opinion of the Board, Mr. Ranjay Gulati fulfils the
be linked to the factors like chairmanship of committees, Basic Salary 3,65,00,000 per annum
conditions as set out in Section 149(6) and Schedule IV
membership of committees etc. and shall be governed by (Basic Salary shall not exceed the maximum limit of ₹500 lakhs per annum)
of the Act and SEBI (Listing Obligations and Disclosure
the Differential Remuneration Policy of the Company and Fixed Remuneration (inclusive of 7,14,37,284 per annum
Requirements) Regulations, 2015 (Listing Regulations)
the Members approval dated 23rd June, 2022. basic salary, allowances & retirals)
and is thereby eligible for appointment as an Independent
Director. Brief profile of Mr. Ranjay Gulati is as follows: Mr. Ranjay Gulati, being the appointee, is interested in the Bonus (at target) 7,14,37,284 per annum
resolution set out at Item No. 6 of the Notice. Further, his Perquisites – Shares grant 7,14,37,284 per annum
Mr. Ranjay Gulati is, presently, a Professor at Harvard
relatives are also deemed to be interested in the resolution, (at target)
Business School and an expert on leadership, strategy
to the extent of their shareholding in the Company, if any. Total 21,43,11,852 per annum
and organisational growth. Until recently, he chaired the
Save and except the above, none of the Directors, Key Perquisites – Others Not exceeding ₹3,00,00,000 per annum
Advanced Management Program, the school’s flagship
Managerial Personnel and their relatives are in any way, (including Company leased housing,
Senior Leader Executive Program. He has authored seven
concerned or interested, financially or otherwise, in the car, club facility)
books, including ‘Deep Purpose: The Heart and Soul of
proposed resolution. Mobility linked allowances – 4,83,15,227/-
High-Performance Companies’.
lumpsum payment in 2 tranches (50%
The Board firmly believes that Mr. Ranjay Gulati’s
Mr. Ranjay Gulati is the past-President of the Business Policy in April 2023 and 50% in April 2024)
knowledge coupled with deep understanding of cultivating
and Strategy Division at the Academy of Management Gratuity Pay As per Statutory Regulation
a winning mindset while keeping purpose at the heart,
and an elected fellow of the Strategic Management Severance Pay Mr. Jawa will be entitled to receive severance payment upon termination/separation of his
will surely help the Company steer further ahead in its
Society. He was ranked as one of the top ten most cited employment in certain circumstances in accordance with the policy for senior managers.
future-fit journey. The Board of Directors based on the
scholars in Economics and Business over a decade by ISI- Such payment shall not exceed annual Fixed Remuneration + Bonus (at target) that is drawn
recommendation of the Nomination and Remuneration by Mr. Jawa immediately before the termination/separation.
Incite. The Economist, Financial Times, and the Economist
Committee considers the appointment of Mr. Ranjay Gulati
Intelligence Unit have listed him as among the top handful Notice Period HUL has to furnish a notice period of twelve months to Mr. Jawa in case HUL decides to
as an Independent Director in the interest of the Company
terminate his current assignment. A payment in lieu of notice period of twelve months will

of business school scholars whose work is most relevant to
and recommends the Special Resolution as set out at Item be made to Mr. Jawa in the event such notice period is shorter than a twelve months period
management practice. He has been a Harvard MacArthur
No. 6 for approval of Members. & such payment would be made for the outstanding notice period. The amount that would
Fellow and a Sloan Foundation Fellow. His research has
be payable would be the amount of Mr. Jawa’s fixed pay for the unexpired notice period, less
been published in leading journals such as Administrative
Item Nos. 7 and 8 deductions required under law. In respect of the period up to the separation date, Mr. Jawa’s
Science Quarterly, Harvard Business Review, American entitlements under any annual bonus/variable pay, performance share plan or any other
Journal of Sociology, Strategic Management Journal, Sloan Based on the recommendation of the Nomination and
variable pay plan will be dealt with in accordance with the relevant plan rules. During such
Management Review, Academy of Management Journal, Remuneration Committee, the Board of Directors had, period, Mr. Jawa may be placed on gardening leave and the Unilever terms will apply.
and Organisation Science. at their meeting held on 10th March, 2023, approved the
appointment of Mr. Rohit Jawa (DIN:10063590) as an Mr. Rohit Jawa’s Euronet compensation will be converted to INR and grossed up for taxes at the time of delivery.
Mr. Gulati graduated from St. Stephen’s College at the Additional Director of the Company in the capacity of: Actual Fx rate and tax rates will apply.
University of Delhi, where he earned a Bachelor’s Degree in
Notice of Annual
360 361
General Meeting
Minimum Remuneration: Item No.9 The effective pay-out for this arrangement is c. 2.65% of paid by similar FMCG peers, (iii) the external consultant’s
In the absence, or, inadequacy of the profits in any As per the provisions of the Listing Regulations, prior HUL turnover (FY 22), comprising of report showing HUL rates are competitive within the
Financial Year, the remuneration including the perquisites approval of Shareholders of a listed entity is required, by benchmark range and (iv) approval and recommendation
(a) Trademark royalty of c. 0.4%
will be paid in accordance with the applicable provisions of means of Ordinary Resolution, for all Material Related Party of the Audit Committee, the new royalty and central
Schedule V of the Act. Transactions, even if such transactions are in the ordinary (b) Technology royalty of c. 1.3% and services arrangement effective from 1st February, 2023,
course of business and at arm’s length. An extract of the was duly approved by the Board at its meeting held on 19th
(c) Fees for central services of c. 1%.
Maximum Remuneration: relevant provisions of the Listing Regulations is reproduced January, 2023 and will be in force for a period of 5 years.
Except with the permission of the Members, the herein for reference: Review of the current arrangement: Overall, the contracts propose a staggered increase
remuneration paid shall not exceed the limits specified “Effective April 01, 2022, a transaction with a related party In view of the current agreement expiring with efflux of over a period of 3 years from c. 2.65% to c.3.45% of
under the provisions of Section 197 and other applicable shall be considered as material if the transaction(s) to be time, Unilever had requested for a review of the current Turnover to enable HUL to absorb the increase without
provisions of the Act read with Schedule V of the Act. entered into, either individually or taken together with arrangement vide their letter dated 26th July, 2022, a copy affecting investment:
Mr. Rohit Jawa shall not be entitled to sitting fees for previous transactions during the financial year, exceeds of which will be available for inspection by the Shareholders
Nature of Transaction FY22 2023 2024 2025
attending the meetings of the Board of Directors or ₹1,000 crores or 10% of the annual consolidated turnover of as per the procedure of inspection provided in Point No. 24
Trademark Royalty 0.4% 0.5% 0.7% 0.7%
Committees thereof. the Company as per the last audited financial statements of the Notice of AGM.
of the Company, whichever is lower. Technology Royalty 1.3% 1.3% 1.3% 1.3%
The remuneration mentioned above for Mr. Rohit Jawa is at • A detailed evaluation and due diligence led by Fees for Central Services 1.0% 1.3% 1.4% 1.5%
the time of his appointment in the Company and the actual Notwithstanding the above, transactions involving
senior HUL Management was undertaken. The Audit Total 2.65% 3.10% 3.35% 3.45%
figures may vary from time to time due to foreign exchange payments made to a related party with respect to brand
Committee was updated from time to time on the
fluctuations and applicable tax rates. The Board and/or the usage or royalty shall be considered material if the * The above estimates are shared basis assumptions of projected turnover
progress of the evaluation and due diligence exercise. mix and may be subject to minor variations basis actual performance.
Nomination and Remuneration Committee of the Company transaction(s) to be entered into individually or taken
The recommendations/suggestions of the Audit
is authorised to determine the increments, if any during the together with previous transactions during a financial year,
Committee were duly noted and acted upon by the Benefits received by HUL under the arrangement:
subsequent years and the increments, allowances, bonus exceed five percent of the annual consolidated turnover of
senior HUL Management during the course of the HUL has been receiving a steady stream of benefits from
and shares grant shall be linked to achievement of targets the listed entity as per the last audited financial statements
exercise. The Non-Executive Chairman and the CEO & Unilever in terms of faster innovations, superior products
set by the Company and the performance of the incumbent. of the listed entity.”
Managing Director of the Company recused themselves and technology, greater expertise, and enhanced services.
Any variation to the terms and conditions of his In line with the above requirements, approval of the from all discussions relating to these transactions as This helps HUL to continue to meet emerging consumer
appointment and remuneration, including basic salary, Shareholders is sought for material related par t y they are members of the Unilever Leadership Executive needs with agility and create value for all Stakeholders.
fixed remuneration, bonus, perquisites including shares transactions with Unilever Europe Business Centre BV and deemed to be interested in this matter.
(UEBC), a fellow subsidiary of the Company, towards Highlighting some of the key benefits received under the
grant and allowances, if any will be subject to review • Given the related party nature of the transactions, it
central ser vices. It is estimated that the cumulative arrangement with Unilever:
and approval of the Board and/or the Nomination is important to establish that these transactions are
and Remuneration Committee and the Shareholders transactions (payments and receipts) with UEBC will cross entered into on an arms’ length basis. Based on the (A) Trademark royalty: Grants us the right to use Unilever
(if applicable), in accordance with the applicable the ₹1,000 crores threshold during FY 2023-24. advice of the Audit Committee, your Company engaged owned brands. The royalty arrangement gives us
law, including the Companies Act, 2013 and SEBI The approval is sought for a period of 5 years commencing the services of M/s. Deloitte Haskins and Sells LLP for access to an extensive portfolio of purposeful and
(Listing Obligations and Disclosure Requirements) from 1st April, 2023 till 31st March, 2028. The upper limit of conducting an independent benchmarking exercise of on-trend global brands. We get constant support
Regulations, 2015. transactions in a year with UEBC towards service contracts the contract rate of trademark, technology, corporate in brand protection and brand development with
is estimated to be ₹2,000 crores at a gross level (receipts logo royalty and fees for central services in our industry access to global brand strategy, brand purpose
The requisite details and information pursuant to
and payments put together). The upper limit mentioned is between unrelated parties. The benchmarking was and effective communication platforms. This allows
Regulation 36(3) of the Listing Regulations, the Act and the
an enabling limit to help the business operate smoothly conducted at an element level i.e., individually for brands to remain contemporary and relevant to
Secretarial Standards, as on the date of Notice, are provided
without interruption. The Company shall ensure that the trademark royalty, corporate logo royalty, technology consumers of today.
at pages 366 and 367 of this Integrated Annual Report.
transactions with UEBC does not exceed ₹1,000 crores up royalty and central service fees by comparing like to
(B) Technology royalty: Gives us access to Unilever’s
Mr. Rohit Jawa, being the appointee, is interested in the to the date of the 90th Annual General Meeting i.e. Monday, like contract rates for each element. The benchmarking
cutting-edge technical know-how, world class R&D
resolutions set out at Item Nos. 7 and 8 of the Notice. 26th June, 2023. exercise showed that the current and proposed rates
and innovation capabilities which includes:
Further, his relatives are also deemed to be interested in are competitive (at or below median) within the range of
the resolutions, to the extent of their shareholding in the Royalty and Central Services arrangements with comparable benchmarks. A copy of the benchmarking
• 8 global R&D centres in 6 countries with 5,000+
Company, if any. Save and except the above, none of the Unilever: report will be available for inspection as per the details
professionals, including 2 centres in India at
Directors, Key Managerial Personnel and their relatives provided in the procedure of inspection of documents at
Background Mumbai and Bangalore.
are in any way, concerned or interested, financially or point no. 24 of the Notice of AGM.
otherwise, in the proposed resolutions. In 2013, the Company entered into a comprehensive • 20,000+ patents and patents applications
• Further, there was a study done to compare the proposed
Technology, Trademark license and Central Ser vices • Expertise in creating superior, consumer relevant
The Board firmly believes that Mr. Rohit Jawa’s deep rates against that of listed Indian FMCG peers, which
Agreement (License Agreement) with Unilever Group for a and sustainable pro duc t s that help drive
understanding of the South Asian market coupled again demonstrated that HUL’s royalty and central
period of 10 years. This agreement expired on 31st January, our ESG agenda.
with his ability to integrate the strength of traditional services rates are lower than the peer set as well.
2023 by efflux of time. The contract granted Hindustan

markets with digital technologies and future-fit business • Deep science and technology expertise in emerging
Unilever Limited (HUL) the right to use Unilever owned
models, positions him well to take the Company into its New Arrangement approved by the Audit Committee areas such as Renewable Ingredients, Nex t
technology, trademarks, corporate logo and gave access
next growth phase. The Board of Directors based on the and the Board: Generation Biology and Positive Nutrition.
to central services provided by Unilever Group.
recommendation of the Nomination and Remuneration After taking into account (i) business requirements
Committee considers the appointment of Mr. Rohit Jawa During the last contract tenure between 2013 and 2023, of the Company, benefits received by the Company, Many of these innovative technologies have
in the interest of the Company and recommends the HUL has more than doubled its turnover and improved detailed evaluation and due diligence led by senior HUL already been deployed in India and others will be
Ordinary Resolutions as set out at Item Nos. 7 and 8 for EBITDA margin by c.850 bps. Management, (ii) the royalty and central service fee rates introduced at an appropriate time as the innovations
approval of Members. continue to evolve.
Notice of Annual
362 363
General Meeting
In the absence of access to Unilever R&D capabilities, The below section aims to address the key queries Technology royalty is paid on the turnover of products As an organisation, we have a successful track record
HUL would be required to establish similar capabilities that our shareholders may have. where we obtain R&D support from Unilever. This of generating gross savings of c.6-7% of Turnover
in-house to ensure competitiveness. This would not 1. Rationale for increase in rates excludes products where HUL develops and owns and managing instances of higher cost headwinds
only entail additional costs but would also be sub-par the technology such as in the case of Health Food in our business.
Our guiding principle was that the Agreement must
given the smaller size and scale vis-a-vis doing it Drinks, Indulekha.
be on an arms’ length basis as it’s a related party The Royalty and Central services arrangement enables
globally at Unilever.
transaction and hence both parties must ensure that Service fees is paid on the entire turnover as it benefits HUL to optimise our cost of operations by leveraging
(C) Central service fees: Enables us to leverage Unilever’s the compensation is commensurate to the benefits. the whole business of HUL. Unilever’s scale and expertise. This is clearly visible in
expertise and functional services such as: The new contract terms were subject to a detailed our overheads cost (employee cost and other expenses
evaluation and due diligence led by senior HUL 3. Rationale for a 5-year contract tenure: put together which includes payments towards royalty
• Leveraging Unilever’s global scale gives us a
Management. The Audit Committee was updated The decision to keep the contract period at 5 years and central services) where we are at the lowest end of
significant competitive edge. For instance, Unilever
from time to time on the progress of the evaluation was in the interest of HUL and our Shareholders. industry benchmarks basis FY’22 numbers.
globally spends over Euro 20 billion in procuring
and due diligence exercise. The recommendations/ Considering the rapidly changing context, the
raw and packing materials. This scale gives HUL Best in class benchmarks for overheads
suggestions of the Audit Committee were duly noted Company believes it is a good governance practice to
an ability to unlock access to customised products
and acted upon by the senior HUL Management not contract for a longer period.
and services at globally competitive rates. This Employee cost and other expenses
during the course of the exercise. The Audit 40%
also makes HUL operations more resilient in the • 5 years is a reasonable time frame to forecast % Turnover
Committee took into consideration the findings of
face of supply chain disruptions that have become business conditions and allows the Company to
an external assessment and concluded that the
prevalent in the recent times. revisit benchmarks basis the evolving internal and
proposed arrangement continues to be competitive
• Cost efficiency due to centralised availability within the range when compared against relevant external context.
of better shipment terms globally and ability to 20%
comparable transactions as identified in the external • I n t h e b e n c h m a r k in g e xe r c is e, b a s e d o n
leverage learnings in the areas of distribution benchmark while approving and recommending the comparable agreement with unrelated parties,
through various channels. arrangement to the Board for its approval. Based a large part of the contracts were for a term of 5
• Unilever’s world class manufacturing techniques, on the recommendation of the Audit Committee years or lesser.
efficiency improvement programs, deeper planning and after due deliberation, the Board approved the • Given the contract rates are fixed as a percentage 0%
Hindustan
and forecasting capabilities gives us the agility and arrangement. The new arrangement will ensure that of turnover, 5 years is a reasonable time frame to Unilever Limited
ability to run our operations very efficiently. HUL continues to receive the technology, services, evaluate growth leverage benefits.
• The global product safet y, qualit y and risk and IP support from Unilever. India remains one of the
• It also provides an opportunity to the Shareholders, Approval sought from Shareholders:
assessment teams evaluate HUL’s formulations top three strategically prioritised markets for Unilever
in accordance with the prevailing regulations, Transactions relating to Royalty and Brand usage: HUL’s
to help us maintain high standards of safety and with dialed up access to innovations, investments,
to once again rev iew, consider and then royalty related payout is estimated to reach a maximum of
quality for our consumers. capabilities, and talent development.
approve any fresh proposal after a reasonable 1.95% of turnover during the 5 years tenure of the contract
• Net Revenue Management helped us in navigating Over the years, HUL continued to receive an increasing period of five years. and does not exceed the material related party transaction
the business during challenging situations like stream of benefits and services from Unilever. For threshold of 5% of turnover in respect of transactions
COVID and hyper-inflation. This science of pricing instance, expertise on Digital Marketing, Net Revenue 4. Confident of delivering 4G growth despite increase relating to Royalty and Brand usage. Hence, Shareholder
was developed by Unilever and successfully Management , ESG, Planning and forecasting in Royalty and Central Service fee rates: approval is not sought for this transaction. This is in line
deployed in India. capabilities have all evolved significantly in the last HUL remains confident of continuing to deliver with the SEBI Listing Regulations read with the circular
• Unilever globally has developed centralised toolkits few years. HUL has been able to leverage Unilever’s Consistent, Competitive, Profitable and Responsible issued by NSE - NSE/CML/2022/18 dated April 25, 2022.
and digital assets which we use to deploy digital capabilities in this space that enabled us to be ahead (4G) growth and stay committed to our mid to long
of the curve in the evolving external environment. Tra nsac t ion relat ing to Central ser vices : H U L’s
marketing initiatives across our portfolio. term guidance of double-digit EPS growth despite
ser vice-related transactions (gross of receipts and
• Access to the latest learning and capabilit y In the FMCG industry, continuous innovation, new the increase in rates without any impact on our ability
payments) with UEBC is estimated to exceed the
development tools like Degreed help enhance the product development and contemporising brand to invest in growing our business. The new contracts
₹1,0 0 0 crores limit in F Y 23 -24 and is, therefore,
knowledge base and expertise of our employees. attributes is critical to ensuring that our products ensure continued benefits that HUL has been
a material related par t y transaction. Approval is
remain relevant to consumers and for our long-term receiving from Unilever in terms of a steady stream
• Global Consumer and Market Insights (‘CMI’) sought from shareholders with respec t to these
success. Unilever’s continued support through brands faster innovations, superior products and technology,
team provides insights on the ongoing trends and service-related transactions.
and technology interventions is a vital enabler for HUL greater expertise, and enhanced services which will
updates on competitors.
to win in the marketplace. equip HUL to continue to win in the marketplace. The Company has in place a structured process for approval
of Material Related Party Transactions and on Dealing
All the above benefits are received on a continuous We have clearly seen HUL’s ability to deliver in terms
2. Eligible turnover on which HUL pays Royalty and with Related Parties. As per the process, necessary details
basis during the lifecycle of the products and services of both topline and bottom-line despite the previous
Central Service fees: for each of the Related Party Transaction, irrespective of
which helps us remain ahead of the curve and deliver increase in royalty and central service fees (HUL
the materiality threshold along with the justification, are
competitively. India, being the largest emerging Trademark royalty is paid on the turnover of brands more than doubled its turnover and improved EBITDA
provided to the Audit Committee of HUL which enables
market business for Unilever and second largest where the trademarks are registered in the name of margin by c.850 bps over the previous contract tenure).

them to arrive at the right decision.
worldwide, continues to be a ‘Priority market ’ in Unilever in India. This includes brands like TRESemmé,
Unilever’s Global Strategy. Unilever remains highly Comfort, Knorr and excludes HUL owned brands like
committed to enabling HUL’s continued success in Horlicks, Indulekha, Kissan.
the marketplace.
Notice of Annual
364 365
General Meeting
Details of Material Related Party Transactions The transaction shall also be reviewed/monitored on Item No. 10
an annual basis by the Audit Committee of the Company The Board of Direc tors of the Company, on the
Sr.
No. Particulars Details and shall remain within the proposed limits as placed recommendation of the Audit Committee, approved
before the Shareholders. Any subsequent ‘Material the appointment of M/s. R A & Co., Cost Accountants
1. Name of the Related Party Unilever Europe Business Centre BV
Modification’ in the proposed transaction, as defined by (Firm Registration No. 000242) as the Cost Auditors of
2. Nature of Relationship with the Company Fellow Subsidiary
the Audit Committee as a part of Company’s ‘Policy on the Company, to conduct the audit of the cost records
3. Type, material terms and particulars of the For FY’24, the gross value of service-related transactions is estimated Related Party Transactions’, shall be placed before the of the Company for the FY ending 31st March, 2024 at a
proposed transaction to be ₹1,200 crores while the net value is c. ₹600 crores. The split of
Shareholders for approval, in terms of Regulation 23(4) of remuneration of ₹14 lakhs (Rupees Fourteen Lakhs Only)
these transactions is as shared below:
the Listing Regulations. plus payment of applicable taxes and reimbursement of
• Outflow for Service charges for costs centrally incurred by Unilever
Mr. Nitin Paranjpe, Mr. Sanjiv Mehta and Mr. Rohit Jawa, out-of-pocket expenses incurred by the Cost Auditors in
(cost to HUL) – c. ₹900 crores
being members of Unilever Leadership Executive, are connection with the aforesaid audit.
• Inflow for recovery of costs incurred in India benefitting other
deemed to be interested in the matter. None of the other In terms of the provisions of Section 148(3) of the Companies
Unilever geographies as well (Income for HUL) c. ₹300 crores
Directors or other Key Managerial Personnel and their Act, 2013 read with Rule 14(a)(ii) of the Companies (Audit
Basis turnover growth and cost inflation assumptions, we have relatives, are concerned or interested (financially or and Auditors) Rules, 2014, Members of the Company are
factored an enabling upper limit of ₹2,000 crores per financial year for otherwise) in this Resolution. required to ratify the remuneration proposed to be paid to
approval for a 5 year period
The Members may note that as per the provisions of the Cost Auditors.
4. Tenure of the proposed transaction Recurring Transactions for a duration of five financial years
commencing from financial year 2023-24 to financial year 2027-28 the Listing Regulations, all related parties (whether None of the Directors or Key Managerial Personnel or
5. Value of the proposed transaction Not exceeding ₹2,000 Crores in each financial year. The upper limit such related party is a party to the above-mentioned their relatives, are concerned or interested, financially or
mentioned is an enabling limit to help the business operate smoothly transaction or not), shall not vote to approve the resolution otherwise, in this Resolution.
without interruption. set out at Item No. 9.
The Board recommends the Ordinary Resolution set out at
6. Percentage of the Company’s annual consolidated c.3.4% (basis the upper limit of ₹2,000 crores and using annual The Board recommends the Ordinary Resolution set out at
turnover for the immediately preceding financial consolidated turnover of FY’23)
Item No. 10 for the approval of Members.
Item No. 9 for the approval of Members.
year that is represented by the value of the proposed
c.2% (basis the estimate of ₹1,200 crores for FY’24 and using annual
transaction
consolidated turnover of FY’23) Registered Office: By Order of the Board
7. (a) Details of the source of funds in connection Not Applicable, as the transactions are not related to any loans, Unilever House, Dev Bajpai
with the proposed transaction inter-corporate deposits, advances or investment made or given by the
B. D. Sawant Marg, Executive Director
(b) where any financial indebtedness is incurred to Company or its subsidiary.
Chakala, Andheri (East), Legal & Corporate Affairs
make or give loans, inter-corporate deposits,
Mumbai – 400 099 and Company Secretary
advances or investments
FCS No: 3354 / DIN: 00050516
• nature of indebtedness; Mumbai: 27th April, 2023
• cost of funds; and
• tenure; Attention Members
(c) Applicable terms, including covenants, tenure, Manner of registering/ updating email
interest rate, repayment schedule, whether address Manner of joining the AGM TDS on Dividend
secured (nature of security) or unsecured Members holding shares in physical Facility to attend the AGM through Members may note that as per the Income
(d) Purpose for which funds will be utilised form and who have not updated their VC/ OAVM is available through Tax Act, dividend income is taxable in the
e-mail addresses with the Company the NSDL e-voting system at hands of the Members and the Company is
8. Justification as to why the RPT is in the interest of the The transactions relating to Central services are a necessary investment are requested to update their e-mail https://www.evoting.nsdl.com required to deduct tax at source (TDS) from
Company for our business to continue winning in the marketplace. Leveraging addresses by sending in duly filled and dividend paid to the Members at rates
Unilever’s global services gives us significant scale advantages and signed Form ISR-1 (Form for registering prescribed in the Income Tax Act.
a competitive edge. Our guiding principle was that the transactions PAN, KYC details or changes/updation
must be on an arms’ length basis and commensurate to the benefits Members are requested to submit the
thereof), to the Registrar and Share
received. documents in accordance with the
Transfer Agent of the Company – KFin
provisions of the Income Tax Act at https://
9. Details about valuation, arm’s length and ordinary An independent external benchmarking was conducted covering every Technologies Limited at Selenium
ris.kfintech.com/form15
course of business element of the proposed transactions individually. We ensured that Building, Tower-B, Plot No 31 & 32,
we remain competitive i.e. at or lower than the median of the range on Financial District, Nanakramguda,
fees for central services. The new contract rates comply with the arms’ Serilingampally, Hyderabad,
length standard. Rangareddi, Telangana, India - 500 032
10. Valuation or other external report, if any, relied External report by M/s Deloitte Haskins and Sells LLP was considered or by email to einward.ris@kfintech.com
upon by the listed entity in relation to the proposed besides detailed evaluation and due diligence led by senior HUL from their registered email id.
transaction management and guided by HUL’s Audit Committee and Board.

11. Any other information relevant or important for the All relevant information forms a part of this Explanatory statement
shareholders to take an informed decision setting out material facts.
The above-mentioned Related Party Transaction is in the ordinary course of business and on an arm’s length basis.
Profile of
366 367
Directors
Profile of Directors
NITIN PARANJPE Chairman and CEO of Unilever North Africa and Middle East He has a Bachelor’s Degree from St. Stephen’s College RITESH TIWARI
(DIN : 00045204) (NAME), leading a multi-country organisation spanning 20 and an MBA from the Faculty of Management Studies, (DIN : 05349994)
countries in the region. both at the University of Delhi, India. He is an alumnus of
Mr. Nitin Paranjpe (60) is the Non-Executive Chairman of IMD Business School, Lausanne, Switzerland, where he Mr. Ritesh Tiwari (47) is the Executive Director, Finance & IT
Hindustan Unilever Limited. Mr. Paranjpe is also the Chief During his tenure as the head of various Unilever and Chief Financial Officer of Hindustan Unilever Limited.
completed the Breakthrough Program for Senior Executives
Transformation and Chief People Officer at Unilever. He Companies, the business achieved significant success He is also the Vice President, Finance for Unilever, South
in 2018. He also completed the Advanced Management
has been a member of the Unilever Leadership Executive accelerating both growth and profitability. Importantly, he Asia. Mr. Tiwari joined Unilever as a Management Trainee
Program from Harvard Business School in 2022.
since October 2013. has been instrumental in building leadership talent and in 1999 after completing his certification as a Chartered
substantially strengthening organisational capabilities. Mr. Jawa has served as the founding Secretary for the Food Accountant and Cost and Management Accountant.
Prior to this, he was Unilever’s Chief Operating Officer Industry Asia, Singapore, in 2010 and Co-Chair of the ‘Grow
(COO). He was responsible for delivering in-year results Before joining Unilever, Mr. Mehta worked for Union Carbide Over the last 22 years, he has led teams both within India
Asia Philippines’ along with the Secretary of Agriculture,
(P&L) for Unilever globally, leveraging synergies, building India Limited. He is a Commerce Graduate and a Chartered and overseas at Unilever in core finance and as a business
Philippines in 2015-16; a World Economic Forum initiative
future capabilities, and accelerating the organisation’s Accountant . He has also completed an Advanced partner to front-end sales, categories and supply chain.
for inclusive business models in agriculture. In addition,
digitisation. Before becoming COO, he was President of Management Program from Harvard Business School. In his last role, he had been in the UK as the Vice President,
he served on the Consumer Goods Forum China board, a
Foods & Refreshment for Unilever. From 2013 to 2017, he was Mr. Mehta is Chairman of Risk Management Committee global, CEO-led collaboration for positive change. Finance, Global Performance Management for Unilever
President of Unilever’s Home Care Division. and a Member of the Stakeholders’ Relationship and CFO for Unilever International, where he was credited
Mr. Jawa does not hold any Directorship or Membership/ with bringing digital transformation, simplification and
Mr. Paranjpe joined Hindustan Lever Limited in 1987, where Committee, Corporate Social Responsibility Committee
Chairmanship of the Board Committees in other companies. leading projects with high business impact.
he held various roles in marketing and sales. In 2000, he and Environmental, Social and Governance Committee
moved to Unilever London and was involved in reviewing of the Company. Mr. Tiwari is driven by his purpose ‘Reimagine possibilities
DEV BAJPAI
the organisation’s structure. During 2001, he worked and bring value with values.’ He is a future-focussed, high
Directorship in other companies (DIN : 00050516)
as Executive Assistant to the Chairman and Unilever energy and results-oriented business leader.
Executive Committee. Name of the Company Designation Mr. Dev Bajpai (57) was appointed as the Executive Director
Mr. Tiwari is also Member of Corporate Social Responsibility
– Legal and Company Secretary and as a Member of the
On his return to India in 2002, Mr. Paranjpe held several Unlisted Committee, Stakeholders’ Relationship Committee and
Management Committee of the Company in 2010. He took
senior positions in laundry and household care, including Hindustan Unilever Foundation Director Risk Management Committee of the Company.
additional responsibility of Corporate Affairs function in
Vice President Home Care, India (2004) and Executive Breach Candy Hospital Trust Nominee Director the year 2012 and was appointed as an Executive Director
Director for Home & Personal Care, India (2006). In April
Bhavishya Alliance Child Nutrition Initiatives Director
Directorship in other companies
on the Board of the Company on 23rd January, 2017.
2008, he was appointed as Chief Executive Officer of
Indian School of Business Director
Hindustan Unilever Limited, India and Executive Vice Mr. Bajpai has 30 plus years of experience in the areas
President for Unilever, South Asia. Federation of Indian Chambers of Director of Legal, Compliance, Tax and Corporate Affairs across Name of the Company Designation
Commerce & Industry
diver se industries including Automobiles, FM CG , Unlisted
For his efforts in blazing a trail for diversity, he won the Air India Limited Independent Hospitality and Private Equity. Hindustan Unilever Foundation Director
GG2 Hammer Award in 2019. Previous winners were Mayor Director
of London, Sadiq Khan and Chancellor of the Exchequer, Prior to joining the Company, Mr. Bajpai has worked in Bhavishya Alliance Child Nutrition Initiatives Director
Sajid Javid. In 2020, he was given a Kindness Award by Membership/Chairmanship of Board Committees Maruti Udyog Limited, Marico Limited, The Indian Hotels Bombay Chambers of Commerce and Industry Director
the Women of the Future Network in recognition of his in other companies Company Limited and ICICI Venture Funds Management Unilever India Limited Director
leadership, guidance, and empathy. He is a member of Company Limited. He has also been a part of committees
Name of the Company Designation Open Network for Digital Commerce Independent
the Supervisory Board of Heineken NV, Chinmaya Mission of Apex Industry Organisations like Confederation of Director
Advisory Council and WeSchool Innovation Advisory Board. Unlisted Indian Industry and Federation of Indian Chambers of
Air India Limited Commerce & Industry. Mr. Tiwari does not hold any Membership/Chairmanship of
Mr. Paranjpe holds a Bachelor’s Degree in Mechanical
Audit Committee Member the Board Committees in other companies.
Engineering and an MBA in Marketing from Jamnalal Bajaj Mr. Bajpai is a Fellow Member of the Institute of Company
Institute of Management in Mumbai. Corporate Social Responsibility & Member Secretaries of India and holds a Law Degree from University
Sustainable Development Committee O. P. BHATT
of Delhi. He has also completed an Executive Programme
Mr. Paranjpe does not hold any Direc torship or (DIN : 00548091)
for Corporate Counsels conducted by Harvard Law School.
Membership/Chairmanship of the Board Committees in ROHIT JAWA
other companies. Mr. Bajpai is a Member of the Risk Management Committee Mr. O. P. Bhatt (72) is the former Chairman of State Bank of
(DIN : 10063590) India (SBI). In the 37 years that Mr. Bhatt served at SBI, he
and in his capacity as a Company Secretary is a Secretary
SANJIV MEHTA Mr. Rohit Jawa (56) is the President, Unilever, South Asia, to all Board Committees of the Company. worked on several important national and international
and a member of the Unilever Leadership Executive. assignments. Mr. Bhatt led SBI through challenging times
(DIN : 06699923)
Directorship in other companies by capitalising on the bank’s strengths. As Chairman of
Mr. Sanjiv Mehta (62) joined the Board of the Company in Mr. Jawa started his career with the Company as a SBI, he was heading the largest financial group in India,
October 2013 as the Chief Executive Officer and Managing Management Trainee in 1988. He has a proven track record Name of the Company Designation
comprising, in addition to SBI, seven associate banks,
Director. Mr. Mehta was appointed as the Chairman of the of sustained business results across India, South East Unlisted five international banking subsidiaries and nine financial

Company during the period 30th June, 2018 till 30th March, Asia, and North Asia. As EVP North Asia and Chairman Hindustan Unilever Foundation Director services companies in India. Under his leadership, SBI rose
2022. He has been appointed as President of Unilever, South Unilever China, he helped transform the business into on the Global List rankings of Fortune 500.
Bhavishya Alliance Child Nutrition Initiatives Director
Asia and member of the Unilever Leadership Executive Unilever’s third largest globally. He developed a distinct
Indian Beauty and Hygiene Association Director Mr. Bhatt was nominated as ‘Banker of the Year’ by
(ULE) effective May, 2019. strategic agenda for China, championed digitalisation and
premiumisation, and steered the business very capably Unilever India Limited Director Business Standard and CNN – IBN Indian of the Year for
Mr. Mehta joined Unilever in October 1992. He has led through the Covid crisis. As the Chairman of Unilever Business in 2007. Mr. Bhatt was Chairman of the Indian
several Unilever businesses across South Asia, South East Mr. Bajpai does not hold any Membership/Chairmanship of Banks’ Association. He has also been a part of India’s eco-
Philippines, he led the business to become one of the top
Asia and Middle East. He was appointed as Chairman the Board Committees in other companies. diplomacy as Member of the Indo – US, Indo – Russia and
10 markets for Unilever globally. He is deeply passionate
and Managing Director of Unilever Bangladesh in 2002. In about integrating the strength of traditional markets with Indo-French CEO’s Forum.
2007, he was appointed as Chairman and CEO of Unilever digital technologies and future-fit business models.
Philippines. In 2008, he took up his responsibilities as the
Profile of Profile of
368 369
Directors Directors
Mr. Bhatt holds a Graduate Degree in Physics and a Post Development Corporation and stints at senior levels in the Directorship in other companies Mr. Puri was appointed as an Independent Director on
Graduate Degree in English literature. Government of India in the Cabinet Office, the Ministry of the Board of the Company with effect from 12th October,
Name of the Company Designation
Petroleum, the Ministry of Health & Family Welfare and the 2018. He is a Member of the Corporate Social Responsibility
Mr. Bhatt was appointed as an Independent Director on Listed
Ministry of Finance. He served as a Secretary in the Ministry Committee and Stakeholders' Relationship Committee of
the Board of the Company with effect from 20th December, Dr. Reddy’s Laboratories Limited Independent
of Finance till his superannuation. the Board of the Company.
2011. He is the Chairperson of the Stakeholders’ Director
Relationship Commit tee and Corporate Social Dr. Misra has represented India in various international Delhivery Limited Independent Directorship in other companies
Responsibility Committee of the Company and a Member conferences, seminars and negotiations. Dr. Misra has been (ceased to be Director w.e.f. 11.02.2023) Director
of the Audit Committee, Nomination and Remuneration a Member of the Advisory Council of the Asian Development Name of the Company Designation
Unlisted
Committee and Environmental, Social and Governance Bank Institute, Tokyo. He was also a Member of the Listed
Generation India Foundation Director
Committee of the Company. Committee on Fiscal Consolidation (Kelkar Committee) set Dr. Reddy’s Laboratories Limited Independent
up by the Finance Minister in August, 2012 to chart out a Director
Directorship in other companies road map for fiscal consolidation for the Indian economy. Membership/Chairmanship of Board Committees
Unlisted
in other companies
Name of the Company Designation Dr. Misra graduated in Economics from St. Stephen’s Tata Sons Private Limited Independent
Listed College, Delhi. He has a Master’s degree in Economics from Name of the Committee Designation Director
Tata Consultancy Services Limited Independent the Delhi School of Economics, a Master’s degree in Public Listed J.P. Morgan Services India Private Limited Director
Director Administration from John F Kennedy School of Government, Dr. Reddy’s Laboratories Limited
Tata Steel Limited Independent Harvard University, USA and a Ph.D. from the Jawaharlal Stakeholders' Relationship Committee Chairperson Membership/Chairmanship of Board Committees
Director Nehru Universit y, New Delhi. In recognition of his Nomination, Governance and Chairperson in other companies
Tata Motors Limited Independent exceptional academic strengths and leadership qualities, Compensation Committee Name of the Committee Designation
Director Dr. Misra was designated as Lucius N Littauer Fellow of 1987 Audit Committee Member
at Harvard University. Listed
Unlisted Sustainability & Corporate Social Member
Dr. Reddy’s Laboratories Limited
Aadhar Housing Finance Limited Director and Dr. Misra was appointed as an Independent Director on Responsibility Committee
Non-Executive Risk Management Committee Member
the Board of the Company with effect from 8th April, 2013.
Chairman Science, Technology and Operations Member
He is the Chairman of the Nomination and Remuneration LEO PURI
Committee
Committee and a Member of the Audit Committee and (DIN : 01764813)
Membership/Chairmanship of Board Committees Corporate Social Responsibility Committee of the Company. Unlisted
in other companies Mr. Leo Puri (62) was the Managing Director of UTI Asset Tata Sons Private Limited
Dr. Misra does not hold any Directorship or Membership/ Management Company Limited from August, 2013 to
Name of the Committee Designation Audit Committee Member
Chairmanship of the Board Committees in other companies. August, 2018. He has assumed office of the Chairman of JP
Listed Group Risk Management Committee Member
Morgan Chase for South & South East Asia in early 2021.
Tata Consultancy Services Limited KALPANA MORPARIA
In his career of more than 30 years, Mr. Puri has previously ASHISH GUPTA
Audit Committee Member (DIN : 00046081)
worked as Director with Mckinsey & Company and as (DIN : 00521511)
Nomination and Remuneration Committee Chairman
Ms. Kalpana Morparia (73) was Chairman of J. P. Morgan, Managing Director with Warburg Pincus. Mr. Puri has
Corporate Social Responsibility Committee Member South and South East Asia and Member of J. P. Morgan’s Dr. Ashish Gupta (56) is an entrepreneur, advisor and
worked in the UK, USA and Asia and since 1994, he has been
Tata Steel Limited Asia Pacific Management Committee. strategic angel investor. He co-founded Helion Advisors in
based in India.
Audit Committee Member
2006 and presently represents Helion Advisors, manage a
Prior to joining J. P. Morgan India, Ms. Morparia served as At Mckinsey, he has advised leading financial institutions, corpus of US$600 million across three funds. He also serves
Nomination and Remuneration Committee Chairman Vice Chair on the Boards of ICICI Group Companies. She was conglomerates, and investment institutions in strategy and on the Boards of several firms including Infoedge, Workspot
Corporate Social Responsibility & Member a Joint Managing Director of ICICI Group from 2001 to 2007. and Urban Company.
operational issues. He has contributed to the development
Sustainability Committee She had been with the ICICI Group since 1975. of knowledge and public policy through advice to
Tata Motors Limited Prior to Helion, Dr. Gupta was a Venture Partner with
A Graduate in Law from Bombay University, Ms. Morparia regulators and Government officials. Woodside Fund and before that, had co-founded two
Corporate Social Responsibility Committee Chairman
has served on several committees constituted by the At Warburg Pincus, he was responsible for leading and companies – Tavant Technologies and Junglee.com, which
Nomination and Remuneration Committee Chairman Government of India. She has also been recognised by managing investments across industries in India. He was later acquired by Amazon. He has also worked at
Audit Committee Member several International & National media for her role as one Oracle Corporation and IBM. Some of his other investments
also contributed to the financial services investments
Unlisted of the leading women professionals. include redBus, Mu Sigma, Daksh (IBM), Upwork (UPWK),
in the international por tfolio as a Member of the
Aadhar Housing Finance Limited global partnership. MakeMyTrip and Flipkart.
Ms. Morparia serves as an Independent Director on the
Audit Committee Member Boards of Philip Morris International Inc. and HSBC Holding Dr. Gupta holds a Ph.D. in Computer Science from Stanford
Mr. Puri has a Master’s Degree in P.P.E. from University
PLC in addition to the Directorships mentioned below. University, and a Bachelor’s Degree from the Indian
of Ox ford and a M a s ter ’s D e gre e in L aw from
SANJIV MISRA She is also a Member of the Governing Board of Bharti Institute of Technology, Kanpur where he was awarded
University of Cambridge.

(DIN : 03075797) Foundation and Foundation for Audit Quality. the President ’s Gold medal and the Distinguished
Mr. Puri has held Non-Executive Board position at Infosys, Alumnus Award. He is the owner of several patents,
Dr. Sanjiv Misra (75) is a retired Indian Administrative Ms . Morparia was appointed as an Independent
Bennett Coleman & Co., Max New York Life and Max Bupa published in international journals and authored a book
Services (IAS) officer and a former Member of the 13th Director on the Board of the Company with effect from
Health Insurance. published by MIT Press.
Finance Commission, a constitutional position with the 9th October, 2014. She is Chairperson of the Audit
rank of a Minister of State. Prior to joining the Finance Committee and a Member of the Nomination and
Commission, Dr. Misra has served in a wide range of Remuneration Committee, Corporate Social Responsibility
key positions in the Federal and State Governments, Committee and Environmental, Social and Governance
including as Managing Director of the Gujarat Industrial Committee of the Company.
Profile of Profile of
370 371
Directors Directors
Dr. Gupta was appointed as an Independent Director on the Independent Director on the Board of Kotak Mahindra Bank Mr. Gulati holds a Master’s Degree in Management DIRECTORS’ INTEREST
Board of the Company with effect from 31st January, 2020. in January 2022. from the MIT Sloan School of Management and a Ph.D. None of the Directors of the Company is inter-se related
He is also a Member of Audit Committee, Risk Management in Organisational Behaviour from Harvard University. to each other. The Directors seeking approval for
Ms . Suyash is a Char tered Accountant from the
Committee and Environmental, Social and Governance He graduated in Economics from St. Stephen’s College, appointment/re-appointment may be deemed to be
Institute of Char tered Accountant s of India and
Committee of the Company. Delhi University and earned a second Bachelor’s Degree concerned or interested to the extent of shares held by
completed her Bachelor’s Degree in Commerce from the
in Computer Science from Washington State University in them in the Company as given in the table below:
Directorship in other companies University of Mumbai. the United States.
Ms. Suyash was appointed as an Independent Director on Name of the Director No. of Shares % Holding
Name of the Company Designation M r. G ul at i is t h e m e m b e r of A u dit Co m m it te e
the Board of the Company with effect from 12th November, Nitin Paranjpe 1,24,509 0.0053
Listed of the Company.
2021. She is the Chairperson of Environmental, Social and Sanjiv Mehta 1,410 0.0001
Info Edge (India) Limited Independent Mr. Gulati does not hold any Directorship or Membership/
Governance Committee and also the member of Audit Ritesh Tiwari 2,630 0.0001
Director Chairmanship of the Board Committees in other companies.
Committee, Nomination and Remuneration Committee Dev Bajpai 51,576 0.0022
Unlisted
and Risk Management Committee of the Company.
Whatfix Private Limited Director O.P. Bhatt 245 0.0000
Cyllid Technologies Private Limited Director Directorship in other companies Note: Shareholding as on Financial Year ended 31st March, 2023.
Urbanclap Technologies India Private Limited Director
Name of the Company Designation None of the other Directors except the ones mentioned
Indegene Limited Director ab ove hold any sh ares in the Comp any a s on
Listed
31st March, 2023.
Membership/Chairmanship of Board Committees Kotak Mahindra Bank Limited Independent
Director
in other companies
Name of the Committee Designation Membership/Chairmanship of Board Committees
Listed in other companies
Info Edge India Limited Name of the Committees Designation
Risk Management Committee Member
Listed
Nomination and Remuneration Committee Member
Kotak Mahindra Bank Limited
Stakeholders Relationship Committee Chairperson
ASHU SUYASH
Audit Committee Member
(DIN : 00494515)
Risk Management Committee Member
Ms. Ashu Suyash (56) has over 33 years of experience in the Credit Investment Committee Member
financial services and global information services sector.
As CEO, she led several Indian and Global businesses for RANJAY GULATI
over 17 years. She was, until recently, the Chief Executive
(DIN : 10053369)
Officer and Managing Director at Credit Rating Information
Services of India Limited (CRISIL) and a member of the Mr. Ranjay Gulati (61) comes with a rich understanding of
Operating Committee of S&P Global. She ser ves on Business Strategy and is presently, a Professor at Harvard
Advisory Boards and Committees of several institutions Business School and an expert on leadership, strategy
like the Insolvency and Bankruptcy Board of India, National and organisational growth. He has also chaired Advanced
Institute of Securities and Markets. Management Program - the school’s flagship Senior
Ms. Suyash played a pivotal role in enabling CRISIL regain Leader Executive Program. He has authored seven books,
its Ratings Leadership position and transform to become a including ‘Deep Purpose: The Heart and Soul of High-
global analytics company and solutions provider through Performance Companies’.
wide scale adoption of technology. She led CRISIL’s growth Mr. Gulati is the past-President of the Business Policy and
through product innovation and acquisitions in a very Strategy Division at the Academy of Management and
challenging environment. Prior to her role as CEO & MD at an elected fellow of the Strategic Management Society.
CRISIL, Ms. Suyash was the CEO of L&T Mutual Fund and the He was ranked as one of the top ten most cited scholars
MD and Country Head of Fidelity Mutual Fund. She also had in Economics and Business over a decade by ISI-Incite.
a long and successful career with Citibank.
The Economist, Financial Times, and the Economist
Ms. Suyash has recently founded Colossa Ventures LLP, an Intelligence Unit have listed him as among the top handful

innovative platform aimed at providing capital, capability of business school scholars whose work is most relevant to
and confidence building for women entrepreneurs and management practice. He has been a Harvard MacArthur
women-focussed businesses. She was appointed as an Fellow and a Sloan Foundation Fellow.
372
Corporate Information Notes
REGISTERED OFFICE Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400 099.
AUDITORS M/s. B S R & Co. LLP, Chartered Accountants, Mumbai; Firm’s Registration No.: 101248W/W-100022
BANKERS
Deutsché Bank Hongkong & Shanghai Banking Corporation Standard Chartered Bank
Bank of America ICICI Bank Union Bank of India
Citibank N.A. Punjab National Bank State Bank of India
HDFC Bank Kotak Mahindra Bank Axis Bank
JP Morgan
PLANT LOCATIONS
Branch Address Branch Address
Central Chhindwara South Cochin

5/6, KM Stone, Narsinghpur Road, Village Lehgadua, Ernakulam North P.O., Tatapuram, Cochin–682 018,
Post Khajari, District Chhindwara–480 002, Kerala
Madhya Pradesh Hosur
ETAH Plot No. 50 & 51, SIPCOT Industrial Complex,
Village Asrauli, G. T. Road, Etah–207 001, Hosur–635 126, Tamil Nadu
Uttar Pradesh Mysore
Orai Plot No. 424, Hebbal Industrial Area, Mysore–570 016,
A-1, UPSIDC Industrial Area, Orai, Karnataka
District Jalaun–285 001, Uttar Pradesh Pondicherry
Sumerpur Off NH 45A, Vadamangalam, Pondicherry–605 102
A-1, UPSIDC Industrial Area, Bharua, Sumerpur, Rajahmundry
Hamirpur–210 502, Uttar Pradesh Industrial Estate, Dowlaiswaram, Rajahmundry Rural,
East Haldia Andhra Pradesh–533 124
P. O. Durgachak, Haldia, District Purba Mangalore
Medinipur–721 602, West Bengal Sultan Battery Road, Boloor, Mangalore–575 003,
Kolkata Karnataka
1, Transport Depot Road, Kidderpore, West Chiplun
Kolkata–700 088, West Bengal B-7/17, Lote Parshuram MIDC Post Box Lote
Kolkata Khed taluka, District Ratanagiri–415 722, Chiplun
63, Garden Reach, Kolkata–700 024, West Bengal Khamgaon
Tinsukia C-9, MIDC, Khamgaon–444 303, Maharashtra
Dag No. 21 of 122 FS Grants, Mouza – Tingrai, Amli Factory
Off NH No. 37, Doom Dooma Industrial Estate, HPC FACTORY- PP AMIL Survey No. 907, Kilwani Road,
District Tinsukia–786 151, Assam Amil village, Near Gandhigram bus stop,
North Barotiwala Silvassa–396 230
Khasra No. 1350-1318, Village Bhatoli Kalan, Dadra & Nagar Haveli
Hill top industrial area, Jharmajri, Baddi, Silvassa Detergents Factory, Survey No 151/1/1,
District Solan–173 205, Himachal Pradesh Dapada Village, Khanvel Road, Silvassa–396 230
Haridwar Nashik Factory
Plot No. 1, Sector 1A, Integrated Industrial Estate, ICECREAM FACTORY, Plot No. A-8/9, MIDC, Malegaon,
Ranipur, Haridwar–249 403, Uttarakhand Sinnar–422 103, Nashik
Nabha Mumbai
Patiala Road, District Patiala, Nabha–147 201, Punjab Aarey Milk Colony, Goregaon, Mumbai–400 065,
Nalagarh Maharashtra
Hudbust No. 143, Khasra No. 182/183/187/1,
Village Kirpalpur, Near Nalagarh Fire Station,
Tehsil Nalagarh, District Solan–174 101,
Himachal Pradesh
Rajpura
A-5, Phase 2-B, Focal Point, Rajpura–140 401, Punjab
Sonipat
14 KM Stone, Sonipat-Meerut Road, Village Khewra,
P. 0. Bahalgarh, District Sonipat–131 021, Haryana

Notes
For further information on our Economic,
Environmental and Social Performance
please vist our website:
www.hul.co.in

Registered Office:
Unilever House,
B. D. Sawant Marg, Chakala,
Andheri (East), Mumbai-400 099
CIN: L15140MH1933PLC002030

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Purpose-led,

Integrated Annual Report 2022-23

Suppliers and Planet and

9/10 ~9 Mn >1,300 #1 >2.6 Tn litres L58,154 Cr

>75% 1.2 Mn >L31,000 Cr 40% 97% L9,962 Cr

19 30% >65 Bn One of the Best ~9 Mn L39

HINDUSTAN UNILEVER LIMITED

Our Compass business strategy integrates

HINDUSTAN UNILEVER LIMITED

The Company’s name

1990s was changed to

1970s Kolkata, Mumbai, and Chennai. make sustainable

HINDUSTAN UNILEVER LIMITED

Our Vision Underpinned by our values

Our Purpose Our vision is to deliver winning performance

Developing our portfolio

Build differentiated structures and capabilities

Improved Penetration Reduce plastic as part of Be a beacon for equity, diversity,

HINDUSTAN UNILEVER LIMITED

Win with our brands as a force for good,

Improve people's Improve people’s

Protect and Health and Equity, diversity Raise living

Respect human rights Our responsible business fundamentals

HINDUSTAN UNILEVER LIMITED

Product safety and quality Responsible taxpayer

Responsible innovation Committed to transparency

A belief that sustainable business drives superior

HINDUSTAN UNILEVER LIMITED

We aim to deliver consistent,

Beauty and Personal Care Home Care

Skin Cleansing Fabric Care

Skin Care & Colour Cosmetics

Foods and Refreshment

Health Food Drinks

Deodorant and Male Toiletries

HINDUSTAN UNILEVER LIMITED

9/10 households c.9 million >3,500

in India use one or more Retail outlets Distributors

INTEGR ATED ANNUAL REPORT 2022-23

HINDUSTAN UNILEVER LIMITED

service to our retailers. For example, in Chennai, we

HINDUSTAN UNILEVER LIMITED

Turnover 16% EBITDA 9% PAT 13%

EPS Cash from operations ROCE

Profit After Taxation (PAT) 9,962 8,818 7,954

Property, Plant and Equipment 7,209 6,714 6,409

Total Assets 71,825 69,737 68,116

HINDUSTAN UNILEVER LIMITED

Making people’s homes a

a better home Revenue Revenue Growth EBIT

K21,230 Cr 28% K3,875 Cr

At the heart of our Home Care growth strategy is

HINDUSTAN UNILEVER LIMITED

science, technology, and innovation, we are driving to reach this milestone

consistent and competitive growth by delivering

Put together, our Home Care

material for our laundry products using Carbon-

arising from factors including water

Building brands that

and healthy lifestyles Revenue Revenue Growth EBIT