24th April, 2024

Stock Code- BSE: 500696

NSE: HINDUNILVR
ISIN: INE030A01027

BSE Limited, National Stock Exchange of India Ltd

Corporate Relationship Department, Exchange Plaza, 5th Floor,
2nd Floor, New Trading Wing, Plot No. C/1, G Block,
Rotunda Building, P.J. Towers, Bandra – Kurla Complex,
Dalal Street, Bandra (E),
Mumbai – 400 001 Mumbai – 400 051

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on 24th April, 2024

This is further to our letter dated 12th April, 2024, wherein we had intimated to the Exchange,
the date of Board Meeting for consideration of Audited Standalone and Consolidated Financial
Results for the quarter and financial year ended 31st March, 2024.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Listing Regulations), this is to inform you that the Board of Directors at their meeting held
today have:

1. Approved the annual accounts for the financial year ended 31st March, 2024:

− The Company’s turnover for the financial year ended 31st March, 2024 was
Rs. 59,579 crores as against turnover of Rs. 58,154 crores for the financial year ended
31st March, 2023.

− The Profit before tax was Rs. 13,675 crores as against Rs. 13,079 crores for the
corresponding year. Depreciation / amortization for the year was Rs. 1,097 crores as
against Rs. 1,030 crores in the corresponding year. Exceptional Items for the period
amounted to a loss of Rs. 89 crores as against loss of Rs. 62 crores in the
corresponding year.

− Provision for taxation (including deferred tax) is Rs. 3,561 crores (Last Year: Rs. 3,117
Crores). Profit after Tax and Net Profit increased to Rs. 10,114 crores (Last Year - Rs.
9,962 Crores).

− Recommended a final dividend of Rs. 24/- for the financial year ended 31st March,
2024 on Equity Shares of Re. 1/- each. The Company had earlier paid an interim

Sensitivity: Internal
 dividend of Rs. 18/- per share on 16th November, 2023. The total dividend for the said
period amounts to Rs. 42/- per Equity Share of face value of Re. 1/- each.

2. The Auditors of the Company, M/s. B S R & Co. LLP, Chartered Accountants, have issued
the Audit Reports for Standalone and Consolidated Financial Statements as prepared
under the Companies Act, 2013 and Standalone and Consolidated Financial Results as
prepared under Listing Regulations, 2015 for the financial year ended 31st March, 2024
with an unmodified opinion.

Please find enclosed herewith a copy of the Audited Standalone and Consolidated
Financial Results of the Company for the financial year ended 31st March, 2024 along
with the copy of the Auditor’s Report.

3. Approved the appointment of Mr. BP Biddappa (DIN: 06586886), presently Global Chief
Human Resource Officer, Home Care business, as Whole-time Director of the Company
with effect from 1st June, 2024 up to 31st May, 2029, subject to the approval of the
Shareholders at the ensuing Annual General Meeting (AGM). Mr. Biddappa will be
appointed as a Member of the Management Committee of the Company designated as
Executive Director, Human Resources and Chief People, Transformation and
Sustainability Officer with effect from 1st June, 2024, in succession to Ms. Anuradha
Razdan.

Ms. Anuradha Razdan, currently Executive Director, Human Resources will be appointed
as Chief Reward & Organization Development Officer for Unilever PLC and will cease to
be a Member of the Management Committee of the Company with effect from 1st June,
2024.

Press Release in respect of the above mentioned changes is enclosed herewith.

4. Considered and approved the proposal for entering into/continuation of Material Related
Party Transactions/contracts/arrangements/agreements with PT. Unilever
Oleochemical Indonesia, a wholly owned subsidiary of Unilever PLC and a fellow
subsidiary of the Company, for a period of 3 years commencing from F.Y. 2024-25 to F.Y.
2026-27, individually and/ or in the aggregate up to an amount not exceeding Rs. 3,000
crores in a financial year. The proposal is subject to approval of the Shareholders at the
ensuing AGM.

5. Approved the appointment of M/s. Walker Chandiok & Co., LLP (Firm Registration No.
001076N/ N500013) as the Statutory Auditors of the Company to hold office for a term of
5 consecutive years i.e. from the conclusion of 91st AGM to the conclusion of 96th AGM,
subject to approval of the Shareholders at the ensuing AGM.

6. Decided to hold the 91st AGM on Friday, 21st June, 2024.

Sensitivity: Internal
 Further, the Register of Members of the Company will remain closed from Saturday,
15th June, 2024 to Friday, 21st June, 2024 (both days inclusive) for the purpose of payment of
Final Dividend and AGM of the Company.

Further, in continuation to our letter dated 28th March, 2024, it is hereby informed that the
Board has approved the appointment of M/s. R. Nanabhoy & Co, Cost Accountants
(Firm Registration No. 000010), as the Cost Auditors of the Company for financial year 2023-
24 and financial year 2024-25.

The information in regard to the abovementioned appointments in terms of Regulation 30 of

Listing Regulations, 2015 read with SEBI Master Circular dated 11th July, 2023 is enclosed
herewith.

You are requested to take the above information on your record.

Thanking You.

Yours faithfully,
For Hindustan Unilever Limited
DEVOPAM Digitally signed by
DEVOPAM NARENDRA
NARENDRA BAJPAI
Date: 2024.04.24 16:06:39
BAJPAI +05'30'

Dev Bajpai
Executive Director, Legal & Corporate Affairs
and Company Secretary
DIN: 00050516 / FCS No.: 3354

Sensitivity: Internal
 14th Floor, Central B Wing and North C Wing
B S R & Co. LLP Nesco IT Park 4, Nesco Center
Western Express Highway
Chartered Accountants Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

Independent Auditor’s Report

To the Board of Directors of Hindustan Unilever Limited
Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Hindustan Unilever Limited
(hereinafter referred to as the “Holding Company”) and its subsidiaries (Holding Company and its
subsidiaries together referred to as “the Group”), and its joint venture for the year ended 31 March 2024,
attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation
33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to usand based
on the consideration of report of other auditors on separate financial statements of the subsidiary referred
to in paragraph (a) of "Other Matters" section below, the aforesaid consolidated annual financial results:
a. include the annual financial results of the following entities

Sr. No Name of the entity Relationship

1 Unilever India Exports Limited* Wholly owned subsidiary

2 Lakme Lever Private Limited Wholly owned subsidiary

3 Pond’s Exports Limited* Wholly owned subsidiary

4 Unilever India Limited Wholly owned subsidiary

5 Daverashola Estates Private Limited Wholly owned subsidiary

6 Jamnagar Properties Private Limited* Wholly owned subsidiary

7 Levindra Trust Limited Wholly owned subsidiary

8 Levers Associated Trust Limited Wholly owned subsidiary

9 Hindlever Trust Limited Wholly owned subsidiary

10 Hindustan Unilever Foundation Wholly owned subsidiary

11 Bhavishya Alliance Child Nutrition Initiatives Wholly owned subsidiary

(Liquidated w.e.f 27 December 2023)

12 Unilever Nepal Limited Subsidiary

13 Zywie Ventures Private Limited (including its Subsidiary

following subsidiary) (w.e.f. 10 January 2023)
Zenherb Labs Private Limited (w.e.f 10 January
2023)

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
14 Nutritionalab Private Limited (w.e.f. 04 January Joint Venture
2023)

*On 13 February 2024, Pond's Export Limited and Jamnagar Properties

Private Limited were merged with Unilever India Exports Limited.
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of consolidated net profit and other comprehensive income and other financial information of
the Group for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our
report. We are independent of the Groupand its joint venture, in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us along with the consideration of audit report of
the other auditors referred to in paragraph (a) of the “Other Matters” paragraph below, is sufficient and
appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management’s and Board of Directors Responsibilities for the Consolidated Annual Financial
Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual
financial statements.
The Holding Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated annual financial results that give a true and fair view of the consolidated
net profit/ loss and other comprehensive income and other financial information of the Group including its
joint venture in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective
Management and Board of Directors of the companies included in the Group and of its joint venture are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of each company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated annual financial
results that give a true and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated annual financial results by
the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of
Directors of the companies included in the Group and of its joint venture are responsible for assessing the
ability of each company to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of Directors either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its joint venture is
responsible for overseeing the financial reporting process of each company.

Page 2 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the consolidated annual financial results made by the
Management and Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the consolidated annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group and its joint venture to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated annual financial results,
including the disclosures, and whether the consolidated annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
– Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the
Group and its joint venture to express an opinion on the consolidated annual financial results. We are
responsible for the direction, supervision and performance of the audit of financial results of such
entities included in the consolidated annual financial results of which we are the independent auditors.
For the other entity included in the consolidated annual financial results, which has been audited by
other auditors, such other auditors remain responsible for the direction, supervision and performance
of the audit carried out by them. We remain solely responsible for our audit opinion. Our
responsibilities in this regard are further described in paragraph (a) of the “Other Matters” paragraph
in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated annual financial results of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.

Page 3 of 5
 B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the
Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.

Other Matters

a. The consolidated annual financial results include the audited financial statements of one subsidiary,
whose financial statements reflects total assets (before consolidation adjustments) of Rs 423 crores
as at 31 March 2024, total revenue (before consolidation adjustments) of Rs 523 crores and total net
profit after tax (before consolidation adjustments) of Rs 126 crores and net cash outflows of Rs 0.12
crore for the year ended on that date, as considered in the consolidated annual financial results, which
have been audited by its independent auditor's. The independent auditor’s report on financial
statements of this entity have been furnished to us by the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of this entity, is based solely on the report of such auditors and the
procedures performed by us are as stated in paragraph above.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to our reliance on the work done and the report of the other auditors.
b. The consolidated annual financial results include the Group's share of total net loss after tax of Rs 4
crores for the year ended 31 March 2024, as considered in the consolidated annual financial results,
in respect of a joint venture. These unaudited financial statements have been furnished to us by the
Board of Directors.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of a joint venture is based solely on such unaudited financial
statements. In our opinion and according to the information and explanations given to us by the Board
of Directors, these financial statements are not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to the financial statements certified by the Board of Directors.

c. The consolidated annual financial results include the results for the quarter ended 31 March 2024
being the balancing figure between the audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial year which

Page 4 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
were subject to limited review by us.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Digitally signed by
ANIRUDDHA ANIRUDDHA SHREEKANT
SHREEKANT GODBOLE
Date: 2024.04.24 15:53:13
GODBOLE +05'30'

Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
24 April 2024 UDIN:24105149BKEXCR9150

Page 5 of 5
 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2024
(Rs in Crores)
Audited Results for Unaudited Results for Audited Results for the
the quarter ended the quarter ended Particulars year ended
31st March 31st December 31st March
2024 2023 2023 2024 2023
Revenue from operations
15,013 14,926 15,259 Sale of products 60,852 59,443
28 27 35 Sale of services 114 106
169 262 273 Other operating revenue 930 1,031
231 160 214 Other income 811 512
15,441 15,375 15,781 TOTAL INCOME 62,707 61,092
EXPENSES
4,611 4,908 5,027 Cost of materials consumed 19,257 20,212
2,568 2,797 2,667 Purchases of stock-in-trade 10,514 11,579
78 42 (215) Changes in inventories of finished goods, work-in-progress and Stock-in-Trade (11) (75)
832 738 706 Employee benefits expense 3,009 2,854
105 29 91 Finance costs 334 114
320 291 313 Depreciation and amortisation expense 1,216 1,137
Other expenses
1,616 1,311 1,626 Advertising and promotion 6,489 4,907
1,970 1,846 2,090 Others 7,975 6,955
12,100 11,962 12,305 TOTAL EXPENSES 48,783 47,683

3,341 3,413 3,476 Profit before exceptional items and tax and before share of equity accounted investee 13,924 13,409
0 (1) (1) Share of loss of equity accounted investee, net of tax (4) (1)
3,341 3,412 3,475 Profit before exceptional items and tax 13,920 13,408
78 80 (30) Exceptional items [net credit/ (charge)] 6 (64)
3,419 3,492 3,445 Profit before tax 13,926 13,344
Tax expenses
(870) (832) (898) Current tax (3,521) (3,001)
12 (59) (39) Deferred tax credit/(charge) (123) (200)
2,561 2,601 2,508 PROFIT FOR THE PERIOD (A) 10,282 10,143

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss
15 (45) 2 Remeasurements of the net defined benefit plans 36 (17)
(4) 11 (0) Tax on above (9) 4

Items that will be reclassified subsequently to profit or loss

2 0 (1) Fair value of debt instruments through other comprehensive income 2 (1)
(0) 0 0 Tax on above (0) 0

4 (6) (9) Fair value of cash flow hedges through other comprehensive income (1) (21)
(2) 1 1 Tax on above (3) 9

15 (39) (7) OTHER COMPREHENSIVE INCOME FOR THE PERIOD (B) 25 (26)

2,576 2,562 2,501 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B) 10,307 10,117

Net Profit attributable to

2,558 2,600 2,509 a) Owners of the Holding Company 10,277 10,120
3 1 (1) b) Non-controlling interest 5 23

Other comprehensive income attributable to

15 (39) (7) a) Owners of the Holding Company 25 (26)
0 0 - b) Non-controlling interest 0 0

Total comprehensive income attributable to

2,573 2,561 2,502 a) Owners of the Holding Company 10,302 10,094
3 1 (1) b) Non-controlling interest 5 23

235 235 235 Paid up Equity Share Capital (Face value of Re. 1 per share) 235 235
50,983 Other Equity 50,983 50,069

Earnings per equity share (Face value of Re. 1 each)

10.89 11.06 10.68 Basic (in Rs.) 43.74 43.07
10.89 11.06 10.68 Diluted (in Rs.) 43.74 43.07

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

#
 CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

Audited Results for Unaudited Results Audited Results for the

the quarter ended for the quarter ended year ended
Particulars
31st March 31st December 31st March
2024 2023 2023 2024 2023

Segment Revenue (Sales and Other operating income)

5,709 5,637 5,444 - Home Care 21,882 21,223
5,125 5,257 5,782 - Beauty & Personal Care 22,448 22,022
3,910 3,794 3,733 - Foods & Refreshment 15,291 14,876
466 527 608 - Others (includes Exports, Consignment, etc.) 2,275 2,459
15,210 15,215 15,567 Total Segment Revenue 61,896 60,580

Segment Results
1,111 1,072 989 - Home Care 4,127 3,913
1,291 1,365 1,465 - Beauty & Personal Care 5,810 5,647
739 679 711 - Foods & Refreshment 2,851 2,662
74 167 188 - Others (includes Exports, Consignment, etc.) 659 790
3,215 3,283 3,353 Total Segment Results 13,447 13,012
- (1) (1) Add/(Less): Share of loss of equity accounted investee, net of tax (4) (1)
78 80 (30) Add/(Less): Exceptional Items [net credit/(charge)] 6 (64)
(105) (29) (91) Less: Finance Costs (334) (114)
231 160 214 Add: Other Income 811 512
3,419 3,493 3,445 Total Profit Before Tax 13,926 13,345

Segment Assets
5,016 4,785 4,809 - Home Care 5,016 4,785
7,514 7,140 7,282 - Beauty & Personal Care 7,514 7,140
50,666 50,299 50,032 - Foods & Refreshment 50,666 50,299
1,126 1,435 1,265 - Others (includes Exports, Consignment, etc.) 1,126 1,435
14,177 9,428 13,687 - Unallocable corporate assets 14,177 9,428
78,499 73,087 77,075 Total Assets 78,499 73,087

Segment Liabilities
5,203 4,075 4,808 - Home Care 5,203 4,075
5,833 6,117 6,831 - Beauty & Personal Care 5,833 6,117
3,734 3,131 3,772 - Foods & Refreshment 3,734 3,131
440 722 563 - Others (includes Exports, Consignment, etc.) 440 722
11,866 8,520 12,237 - Unallocable corporate liabilities 11,866 8,520
27,076 22,565 28,211 Total Liabilities 27,076 22,565

Notes:

1. Segment Revenue, Results, Assets and Liabilities represent amounts identifiable to each of the segments. Other Income mainly includes interest income,
dividend income and income from current investments (net).
Segment Assets and Segment Liabilities are as at 31st March 2024, 31st December 2023, and 31st March 2023. Unallocable corporate assets less
Unallocable corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

2. The figures of the last quarter in each of the years is the balancing figure between audited figures in respect of full financial year and the limited reviewed
published year to date figures up to the third quarter of the respective financial year.

Registered Office : Unilever House, B.D. Sawant Marg, Chakala, Andheri East, Mumbai 400 099.
CIN : L15140MH1933PLC002030. Tel : +91 (22) 5043 3000.
Email: [email protected]

#
 CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2024
(Rs in Crores)
Audited
Statement of Assets and Liabilities As at As at
31st March, 2024 31st March, 2023

A ASSETS

1 Non-current assets
Property, plant and equipment 8,031 6,949
Capital work-in-progress 1,025 1,132
Goodwill 17,466 17,466
Other intangible assets 28,247 28,263
Investments accounted for using the equity method 65 69
Financial assets
- Investments 2 2
- Loans 102 98
- Other financial assets 760 725
Deferred tax assets 10 10
Non-current tax assets (net) 1,175 1,164
Other non-current assets 292 211
Total Non-current assets 57,175 56,089

2 Current assets
Inventories 4,022 4,251
Financial assets
- Investments 4,558 2,811
- Trade receivables 2,997 3,079
- Cash and cash equivalents 825 714
- Bank balances other than cash and cash equivalents mentioned above 6,734 3,964
- Loans 38 36
- Other financial assets 1,425 1,386
Other current assets 713 745
Assets held for sale 12 12
Total - Current assets 21,324 16,998

TOTAL - ASSETS 78,499 73,087

B EQUITY AND LIABILITIES

1 EQUITY
Equity share capital 235 235
Other equity 50,983 50,069
Non-controlling interests 205 218
Total - Equity 51,423 50,522

2 LIABILITIES
Non-current liabilities
Financial liabilities
- Lease liabilities 1,106 807
- Other financial liabilities 718 860
Provisions 1,576 1,363
Deferred tax liabilities 6,557 6,421
Non-current tax liabilities (net) 4,243 1,086
Total - Non-current liabilities 14,200 10,537

Current liabilities
Financial liabilities
- Borrowings 13 98
- Lease liabilities 365 314
- Trade payables
total outstanding dues of micro enterprises and small enterprises 250 100
total outstanding dues of creditors other than micro enterprises and small enterprises 10,236 9,474
- Other financial liabilities 865 889
Other current liabilities 807 764
Provisions 340 389
Total - Current liabilities 12,876 12,028

TOTAL - EQUITY AND LIABILITIES 78,499 73,087

Note: During the year, with a view to refining the presentation of goodwill, the Group has combined presentation of ‘Goodwill on consolidation’ and ‘Goodwill’. In order to
enhance inter-period comparability of information, the Group has reclassified the comparative information on the same basis
 AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024
(Rs in Crores)
Year ended Year ended
31st March, 2024 31st March, 2023
A CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax 13,926 13,345
Adjustments for:
Depreciation and amortisation expenses 1,216 1,152
Loss / (Profit) on sale of property, plant and equipment 18 (100)
Contingent Consideration true up for business combination - (2)
Fair value gain on financial liability on acquisition (132) -
Finance income (546) (411)
Dividend income (3) (2)
Other non operating income - Fair value gain on investments (249) (99)
Interest expense 317 114
Movement in provision towards litigation (159) -
Provision for expenses on employee stock options - 1
Profit on sale of brand rights - (60)
Payment from Retirement Benefit Scheme Reserve (1) (1)
Share of loss of joint venture 4 1
Transaction cost from acquisition - 2
Inventory written off net of Provision/(write back) for Inventory 167 184
Bad debts/assets written off net of Provision/(write back) (11) (27)
Mark-to-market gain on derivative financial instruments (10) (8)
Cash Generated from operations before working capital changes 14,537 14,089

Adjustments for:
(Increase)/decrease in Non-Current assets (30) (14)
(Increase)/decrease in Current Assets 220 (1,111)
(Increase)/decrease in Inventories 74 (339)
Increase/(decrease) in Non-Current Liabilities 128 (116)
Increase/(decrease) in Current Liabilities 921 620
Cash flows generated from operations 15,850 13,129
Taxes paid, net of refunds (381) (3,138)
Net cash flows generated from operating activities - [A] 15,469 9,991

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (1,468) (1,174)
Sale proceeds of property, plant and equipment 20 121
Purchase of intangible assets (9) (18)
Sale proceeds of intangible assets (brand rights) - 60
Investment in subsidiary - (264)
Transaction cost on acquisition - (2)
Investment in joint venture - (70)
Contingent consideration paid on business combination (4) (40)
Purchase of current investments (21,337) (22,649)
Sale proceeds of current investments 19,846 23,462
Loans repaid by / (given to) others 1 (1)
Investment in term deposits (having original maturity of more than 3 months) (9,170) (3,668)
Redemption/maturity of term deposits (having original maturity of more than 3 months 6,369 2,488
Interest received 425 259
Dividend received from others 3 2
Net cash flows used in investing activities - [B] (5,324) (1,494)

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (9,416) (8,474)
Amount taken for short term purpose 0 286
Repayment of amount taken for short term purpose (85) (201)
Borrowings repaid - (7)
Principal payment of lease liabilities (423) (467)
Interest paid on lease liabilities (106) (84)
Interest paid other than on lease liabilities (4) (4)
Employee stock options paid - (2)
Proceeds from share allotment under employee stock options/ performance share -
Net cash flows used in financing activities - [C] (10,034) (8,953)

Net increase/ (decrease) in cash and cash equivalents - [A+B+C] 111 (456)
Add: Cash and cash equivalents at the beginning of the year 701 1,147
Add: Cash acquired under Business Combination - 10
Cash and cash equivalents at the end of the year 812 701

Components of cash and cash equivalents

Cash and cash equivalents as per Consolidated Balance Sheet 825 714
Less: Bank overdraft (13) (13)
Cash and cash equivalents for Consolidated Statement of Cash Flows 812 701

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

#
Notes to consolidated financial results:

 Total sales for MQ’24 at Rs. 15,041 crores was up by 1% vs MQ’23.

 Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter at Rs. 3,535 crores (MQ 23: Rs. 3,574 crores)
declined by 1%. EBITDA margin at 23.5% declined by 40 bps vs MQ’23.

 Exceptional items in MQ’24 include restructuring expenses of Rs. 53 crores (MQ’23: Rs. 27 crores), gain on fair valuation of financial
liability related to acquisition Rs. 132 crores (MQ’23: Nil), Acquisition and Disposal related cost Nil (MQ’23: Rs. 26 crores), net
proceeds from disposal of surplus assets Rs. 1 crore loss (MQ’23: Rs. 133 crore gain).

 Profit after tax for the quarter at Rs. 2,561 crores (MQ23: Rs. 2,601 crores) declined by 2%.

 During the FY 2023-24 total sales at Rs. 60,966 crores grew 2%. Earnings before interest, tax, depreciation and amortization
(EBITDA) grew 4%, Profit after tax grew 1%.

 The Board of Directors at their meeting held on Thursday, 24th April 2024 recommended a final dividend of Rs. /- per share, for
the financial year ended 31st March 2024. Together with the interim dividend of Rs.18 per share paid on 16th November 2023, the
total dividend for the financial year ended 31st March 2024 amounts to Rs. /- per share. Final dividend is subject to approval of
shareholders.

 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 24th
April 2024.

 The statutory auditors have issued an unmodified report on the above results.

 The text of the above statement was approved by the Board of Directors at their meeting held on 24th April 2024.

For more details on Results, visit Investor Relations section of our website at http://www.hul.co.in and Financial Results under
Corporates section of www.nseindia.com and www.bseindia.com.

By order of the Board of Directors

Digitally signed by
ROHIT ROHIT JAWA
Date: 2024.04.24
JAWA 15:43:14 +05'30'
Place: Mumbai Rohit Jawa
Date: 24th April 2024 Managing Director and Chief Executive Officer
[DIN: 10063590]
Digitally signed by
ANIRUDDHA ANIRUDDHA
SHREEKANT SHREEKANT GODBOLE
Date: 2024.04.24
GODBOLE 15:53:38 +05'30'
 14th Floor, Central B Wing and North C Wing
B S R & Co. LLP Nesco IT Park 4, Nesco Center
Western Express Highway
Chartered Accountants Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

Independent Auditor’s Report

To the Board of Directors of Hindustan Unilever Limited
Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Hindustan Unilever Limited
(hereinafter referred to as the “Company”) for the year ended 31 March 2024, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial information for the year
ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our
opinion on the standalone annual financial results.

Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial
Results

These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profit/
loss and other comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of
the Act and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 3
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
presentation of the standalone annual financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are
responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the standalone annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the standalone annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Page 2 of 3
 B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
Other Matters

a. The standalone annual financial results include the results for the quarter ended 31 March 2024 being
the balancing figure between the audited figures in respect of the full financial year and the published
unaudited year to date figures up to the third quarter of the current financial year which were subject
to limited review by us.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

Digitally signed by
ANIRUDDHA ANIRUDDHA SHREEKANT
SHREEKANT GODBOLE
Date: 2024.04.24 15:51:43
GODBOLE +05'30'

Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
24 April 2024 UDIN:24105149BKEXCP3039

Page 3 of 3
 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2024
(Rs in Crores)
Audited Results for the Unaudited Results for Audited Results for the
quarter ended the quarter ended Particulars year ended
31st March 31st December 31st March
2024 2023 2023 2024 2023
Revenue from operations
14,693 14,638 14,928 Sale of products 59,579 58,154
164 255 260 Other operating revenue 890 990
220 160 285 Other income 973 640
15,077 15,053 15,473 TOTAL INCOME 61,442 59,784
EXPENSES
4,308 4,546 4,600 Cost of materials consumed 17,791 19,229
2,864 3,010 2,944 Purchases of stock-in-trade 11,544 11,968
(21) 83 (177) Changes in inventories of finished goods, work-in-progress and Stock-in-Trade (8) (53)
774 683 649 Employee benefits expense 2,782 2,665
102 24 81 Finance costs 302 101
289 262 282 Depreciation and amortisation expense 1,097 1,030
Other expenses
1,586 1,290 1,593 Advertising and promotion 6,380 4,859
1,911 1,810 2,039 Others 7,790 6,844
11,813 11,708 12,011 TOTAL EXPENSES 47,678 46,643

3,264 3,345 3,462 Profit before exceptional items and tax 13,764 13,141
(17) 80 (30) Exceptional items [net credit/ (charge)] (89) (62)
3,247 3,425 3,432 Profit before tax 13,675 13,079
Tax expenses
(854) (814) (877) Current tax (3,446) (2,922)
13 (59) (36) Deferred tax credit/(charge) (115) (195)
2,406 2,552 2,519 PROFIT FOR THE PERIOD (A) 10,114 9,962

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss
15 (45) 2 Remeasurements of the net defined benefit plans 36 (17)
(4) 11 (0) Tax on above (9) 4

Items that will be reclassified subsequently to profit or loss

2 0 (1) Fair value of debt instruments through other comprehensive income 2 (1)
(0) 0 0 Tax on above (0) 0

4 (6) (9) Fair value of cash flow hedges through other comprehensive income (1) (21)
(2) 1 1 Tax on above (3) 9

15 (39) (7) OTHER COMPREHENSIVE INCOME FOR THE PERIOD (B) 25 (26)

2,421 2,513 2,512 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B) 10,139 9,936

235 235 235 Paid up Equity Share Capital (Face value of Re. 1 per share) 235 235
50,738 Other Equity 50,738 49,986

Earnings per equity share (Face value of Re. 1 each)

10.25 10.86 10.72 Basic (in Rs.) 43.05 42.40
10.25 10.86 10.72 Diluted (in Rs.) 43.05 42.40

#
 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

(Rs in Crores)
Audited Results for the Unaudited Results for Audited Results for the
quarter ended the quarter ended year ended
Particulars
31st March 31st December 31st March
2024 2023 2023 2024 2023

Segment Revenue (Sales and Other operating income)

5,715 5,638 5,448 - Home Care 21,900 21,230
5,050 5,188 5,705 - Beauty & Personal Care 22,165 21,831
3,911 3,794 3,733 - Foods & Refreshment 15,292 14,876
181 273 302 - Others (includes Exports, Consignment, etc.) 1,112 1,207
14,857 14,893 15,188 Total Segment Revenue 60,469 59,144

Segment Results
1,081 1,056 966 - Home Care 4,033 3,875
1,288 1,353 1,461 - Beauty & Personal Care 5,802 5,597
739 679 711 - Foods & Refreshment 2,851 2,662
38 121 120 - Others (includes Exports, Consignment, etc.) 407 468
3,146 3,209 3,258 Total Segment Results 13,093 12,602
(17) 80 (30) Add/(Less): Exceptional Items [net credit/ (charge)] (89) (62)
(102) (24) (81) Less: Finance Costs (302) (101)
220 160 285 Add: Other Income 973 640
3,247 3,425 3,432 Total Profit Before Tax 13,675 13,079

Segment Assets
4,518 4,349 4,378 - Home Care 4,518 4,349
6,557 6,224 6,288 - Beauty & Personal Care 6,557 6,224
50,666 50,299 50,032 - Foods & Refreshment 50,666 50,299
388 675 506 - Others (includes Exports, Consignment, etc.) 388 675
14,947 10,278 14,520 - Unallocable corporate assets 14,947 10,278
77,076 71,825 75,724 Total Assets 77,076 71,825

Segment Liabilities
5,068 4,086 4,794 - Home Care 5,068 4,086
5,679 5,978 6,667 - Beauty & Personal Care 5,679 5,978
3,734 3,131 3,772 - Foods & Refreshment 3,734 3,131
142 429 251 - Others (includes Exports, Consignment, etc.) 142 429
11,480 7,980 11,691 - Unallocable corporate liabilities 11,480 7,980
26,103 21,604 27,175 Total Liabilities 26,103 21,604

1. Segment Revenue, Results, Assets and Liabilities represent amounts identifiable to each of the segments. Other Income mainly includes interest
income, dividend income and income from current investments (net).

Segment Assets and Segment Liabilities are as at 31st March 2024, 31st December 2023 and 31st March 2023. Unallocable corporate assets less
Unallocable corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

2. The figures of the last quarter in each of the years is the balancing figure between audited figures in respect of full financial year and the limited
reviewed published year to date figures up to the third quarter of the respective financial year.

Registered Office : Unilever House, B.D. Sawant Marg, Chakala, Andheri East, Mumbai 400 099.
CIN: L15140MH1933PLC002030. Tel : +91 (22) 5043 3000.
Email: [email protected]

#
 STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2024
(Rs in Crores)
Audited
Statement of Assets and Liabilities As at As at
31st March, 2024 31st March, 2023

A ASSETS

1 Non-current assets
Property, plant and equipment 7,178 6,189
Capital work-in-progress 915 1,020
Goodwill 17,316 17,316
Other intangible assets 27,885 27,900
Financial assets
- Investments in subsidiaries, associates and joint venture 981 981
- Investments 2 2
- Loans 392 339
- Other financial assets 714 715
Non-current tax assets (net) 1,118 1,115
Other non-current assets 279 199
Total - Non-current assets 56,780 55,776

2 Current assets
Inventories 3,812 4,031
Financial assets
- Investments 4,510 2,811
- Trade receivables 2,690 2,735
- Cash and cash equivalents 609 586
- Bank balances other than cash and cash equivalents mentioned above 6,607 3,836
- Loans 37 35
- Other financial assets 1,416 1,391
Other current assets 603 612
Assets held for sale 12 12
Total - Current assets 20,296 16,049

TOTAL - ASSETS 77,076 71,825

B EQUITY AND LIABILITIES

1 EQUITY
Equity share capital 235 235
Other equity 50,738 49,986
Total - Equity 50,973 50,221

2 LIABILITIES
Non-current liabilities
Financial liabilities
- Lease liabilities 1,034 746
- Other financial liabilities 430 495
Provisions 1,551 1,335
Deferred tax liabilities (net) 6,454 6,325
Non-current tax liabilities (net) 4,231 1,076
Total - Non-current liabilities 13,700 9,977

Current liabilities
Financial liabilities
- Lease liabilities 340 293
- Trade payables
total outstanding dues of micro enterprises and small enterprises 222 89
total outstanding dues of creditors other than micro enterprises and small enterprises 9,926 9,302
- Other financial liabilities 797 829
Other current liabilities 789 735
Provisions 329 379
Total - Current liabilities 12,403 11,627

TOTAL - EQUITY AND LIABILITIES 77,076 71,825

#
 AUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2024

(Rs in Crores)
Year ended Year ended
31st March, 2024 31st March, 2023
A CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax 13,675 13,079
Adjustments for:
Depreciation and amortisation expenses 1,097 1,045
Loss / (Profit) on sale of property, plant and equipment 17 (102)
Contingent consideration true up for business combination - (2)
Fair value gain on financial liability on acquisition (37) -
Finance income (551) (425)
Dividend income (176) (118)
Other non operating income - Fair value gain on investments (246) (97)
Interest expense 285 101
Profit on sale of brand rights - (60)
Movement of provision towards litigation (159) -
Inventory written off net of Provision/ (write back) for Inventory 155 176
Bad debts/ assets written off net of Provision/ (write back) (9) (34)
Transaction cost on acquisition - 2
Mark-to-market gain on derivative financial instruments (8) (8)
Cash generated from operations before working capital changes 14,043 13,557

Adjustments for:
(Increase)/ decrease in Non-Current Assets (28) (13)
(Increase)/ decrease in Current Assets 170 (1,099)
(Increase)/ decrease in Inventories 77 (332)
Increase/ (decrease) in Non-Current Liabilities 144 (115)
Increase/ (decrease) in Current Liabilities 773 696
Cash flows generated from operations 15,179 12,694
Taxes paid (net of refunds) (295) (3,068)
Net cash flows generated from operating activities - [A] 14,884 9,626

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (1,309) (1,023)
Sale proceeds of property, plant and equipment 20 120
Purchase of Intangible assets (9) (18)
Sale proceeds of intangible assets (brand rights) - 60
Investment in subsidiary - (264)
Transaction cost on acquisition - (2)
Investment in Joint Venture - (70)
Contingent consideration paid on business combination (4) (40)
Purchase of current investments (21,198) (22,561)
Sale Proceeds of current investments 19,752 23,363
Loans given to subsidiaries (431) (493)
Loans repaid by subsidiaries 381 678
Loans repaid by / (given to) others 1 (1)
Investment in term deposits (having original maturity of more than 3 months) (9,080) (3,627)

Redemption/ maturity of term deposits (having original maturity of more than 3 months) 6,313 2,425

Interest received 417 273

Dividend received from subsidiaries 173 116
Dividend received from others 3 2
Net cash flows used in investing activities - [B] (4,971) (1,062)

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (9,398) (8,459)
Principal payment of lease liabilities (394) (431)
Interest paid on lease liabilities (98) (76)
Net cash flows used in financing activities - [C] (9,890) (8,966)

Net increase / (decrease) in cash and cash equivalents - [A+B+C] 23 (402)

Add: Cash and cash equivalents at the beginning of the year 586 988
Cash and cash equivalents at the end of the year 609 586

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'.

#
Notes to standalone financial results:

 Total sales for MQ’24 was Rs. 14,693 crores. On a comparable basis (adjusted for disposal in the base), this was 1% growth vs
MQ’23.

 Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter at Rs. 3,435 crores (MQ’23: Rs. 3,471 crores)
declined by 1%. EBITDA margin at 23.4% declined by 30 bps vs MQ’23.

 Profit after tax before exceptional items for the quarter at Rs. 2,396 crores (MQ’23: Rs. 2,471 crores) declined by 3%.

 Exceptional items in MQ’24 include restructuring expenses of Rs. 53 crores (MQ’23: Rs. 27 crores), gain on fair valuation of financial
liability related to acquisition Rs. 37 crores (MQ’23: Nil), Acquisition and Disposal related cost Nil (MQ’23: Rs. 26 crores), net
proceeds from disposal of surplus assets Rs. 1 crore loss (MQ’23: Rs. 133 crore gain).

 Profit after tax for the quarter at Rs. 2,406 crores (MQ’23: Rs. 2,552 crores) declined by 6%.

 During FY 2023-24, total sales was Rs. 59,579 crores. On a comparable basis (adjusted for disposal in the base), this was 3% growth
vs FY 2022-23. Earnings before interest, tax, depreciation and amortization (EBITDA) grew 4%, Profit after tax before exceptional
items grew 4%, Profit after tax grew 2%.

 The Board of Directors at their meeting held on Wednesday, 24th April 2024 recommended a final dividend of Rs. /- per share,
for the financial year ended 31st March 2024. Together with the interim dividend of Rs.18 per share paid on 16th November 2023,
the total dividend for the financial year ended 31st March 2024 amounts to Rs /- per share. Final dividend is subject to approval
of shareholders.

 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 24th
April 2024.

 The statutory auditors have issued an unmodified report on the above results.

 The text of the above statement was approved by the Board of Directors at their meeting held on 24th April 2024.

For more details on Results, visit Investor Relations section of our website at http://www.hul.co.in and Financial Results under
Corporates section of www.nseindia.com and www.bseindia.com.

By order of the Board of Directors

Digitally signed by ROHIT

ROHIT JAWA JAWA

Date: 2024.04.24 15:42:40
+05'30'

Place: Mumbai Rohit Jawa

Date: 24th April 2024 Managing Director and Chief Executive Officer
[DIN: 10063590]

Digitally signed by
ANIRUDDHA ANIRUDDHA SHREEKANT
SHREEKANT GODBOLE
Date: 2024.04.24 15:52:22
GODBOLE +05'30'
 ANNEXURE 1

Information as required under Regulation 30 - Part A of Para A of Schedule III of SEBI

(Listing Obligations and Disclosure Requirements) Regulations 2015

S. Particulars Description
No.
1. Reason for change Appointment of Mr. BP Biddappa (DIN: 06586886),
presently Global Chief Human Resource Officer,
Home Care business, as Whole-time Director of
the Company with effect from
1st June, 2024 up to 31st May, 2029, subject to the
approval of the Shareholders at the ensuing
Annual General Meeting.

Mr. Biddappa will succeed Ms. Anuradha Razdan

as a Member of the Management Committee of
the Company with effect from 1st June, 2024.
2. Date of appointment/cessation Please refer Response to Point (1) above.
& term of appointment
3. Brief Profile Brief Profile of Mr. Biddappa forms part of the
Press Release enclosed herewith.

4. Disclosure of relationships None of the Directors of the Company are inter-se

between directors related to Mr. Biddappa.
5. Information as required under Mr. Biddappa is not debarred from holding the
BSE circular Number office of Director pursuant to any SEBI Order or
LIST/COM/14/2018-19 and Order of any such authority.
NSE circular no.
NSE/CML/2018/24 dated June
20, 2018.

Sensitivity: Internal
 ANNEXURE 2

Information as required under Regulation 30 - Part A of Para A of Schedule III of SEBI

(Listing Obligations and Disclosure Requirements) Regulations 2015

S. Particulars Description
No.
1. Reason for change M/s. BSR & Co. LLP, will complete their two
consecutive terms as Statutory Auditors of the
Company on conclusion of the ensuing 91st AGM.

Therefore, the Board of Directors of the Company

considering the experience and expertise and
based on the recommendation of the Audit
Committee, has appointed M/s. Walker Chandiok
& Co., LLP (Firm Registration No. 001076N/
N500013) as the Statutory Auditors of the
Company to hold office for a term of
5 consecutive years i.e. from the conclusion of
91st Annual General Meeting to the conclusion
96th Annual General Meeting, subject to approval
of the Shareholders at the ensuing AGM.

2. Date of appointment/cessation Please refer Response to Point (1) above.

& term of appointment
3. Brief Profile M/s. Walker Chandiok & Co. LLP is a firm of
Chartered Accountants registered and
empanelled with the Institute of Chartered
Accountants of India. It was established in the year
1935 and is a Limited Liability Partnership Firm
incorporated in India. It has its registered office at
L-41, Connaught Circus, New Delhi - 110001 apart
from 15 other branch offices in various cities in
India. It is primarily engaged in providing audit and
assurance services to its clients. It is amongst the
largest and highly reputed audit firms in India and
are auditors for several large companies including
some of the Top 100 listed entities.

4. Disclosure of relationships Not Applicable

between directors

Sensitivity: Internal
 ANNEXURE 3

Information as required under Regulation 30 - Part A of Para A of Schedule III of SEBI

(Listing Obligations and Disclosure Requirements) Regulations 2015

S. Particulars Description
No.
1. Reason for change On 28th March, 2024, M/s. RA & Co., Cost
Accountants (Firm Registration No.: 000242), Cost
Auditors of the Company duly appointed for
financial year ending 31st March, 2024, vacated
their office with immediate effect on account of the
firm incurring a disqualification as per the
provisions of Section 141 read with Section 148 of
the Companies Act 2013.

In view of the above, the Board of Directors of the

Company based on recommendation of the Audit
Committee, has approved the appointment of M/s.
R. Nanabhoy & Co, Cost Accountants (Firm
Registration No. 000010), as the Cost Auditors of
the Company for financial year 2023-24 and
financial year 2024-25.

2. Date of appointment/cessation Please refer Response to Point (1) above.

& term of appointment
3. Brief Profile M/s. R. Nanabhoy & Co, Cost Accountants
registered and empanelled with the Institute of
Chartered Accountants of India. It was established
in the year 1948. It has its registered office at 1st
Floor, Sadhana Rayon House, 221, Dadabhai
Naoraji Road, Borabazar Precinct, Fort , Mumbai
– 400001. It is primarily engaged in providing wide
spectrum of services in the areas of Cost and
Management Accounting.

4. Disclosure of relationships Not Applicable

between directors

Sensitivity: Internal
 HUL announces key change to its Management Commitee

April 24th, 2024: Hindustan Unilever Limited (HUL), today announced a key change in its Management
Committee.

BP Biddappa will join the HUL Management Committee as Executive Director, Human Resources and
Chief People, Transformation and Sustainability Officer for South Asia. Biddappa will also join the HUL
Board as a Whole Time Director, subject to shareholder approval. In this role, he will lead the people
agenda for South Asia as well as drive the transformation interventions from a business, organization,
and sustainability perspective.
Anuradha Razdan, currently Execu�ve Director, Human Resources, HUL and Chief HR Officer, South
Asia will be appointed to a global role as Chief Reward & Organiza�on Development Officer for
Unilever. This change will be effec�ve June 1, 2024.

Biddappa is currently the Chief HR Officer for Global Home Care and Head, Global Employee Relations
for Unilever. He started his over three-decade-long career in Unilever with a factory stint in HUL and
then moved on to undertake a variety of roles, from leadership development to business partnering,
across several Unilever businesses and led HR for Unilever in Maghreb, Bangladesh, and India. During
his last stint in HUL, he was instrumental in setting up the Winning in Many Indias approach, creating
a more agile and focused business unit framework in South Asia and launching the Prabhat community
development program that has, till date, impacted over 10 million Indians. Over the last 5 years, he
has led two critical expertise functions for Unilever globally – Organization Development & People
Analytics and Global Employee Relations. He also helped set up and build the Health and Wellbeing
business for Unilever as well as the Unilever Professionals business.

Anuradha has been the Execu�ve Director, HR at HUL and CHRO for South Asia for the last five years.
During her tenure, she helped the business navigate the COVID pandemic. Under her leadership, the
Company completed the seamless people integra�on for the HUL-GSK CH merger. Being a strong
advocate for inclusion, she led the company towards its ambi�on of being a gender balanced
organisa�on – launching mul�-year programmes, like Ahilya and Samavesh, to improve gender balance
in tradi�onally male bas�ons such as Sales and the Factory shopfloor. During her tenure, HUL has
consistently been chosen as the Employer of Choice.

Welcoming Biddappa back to India, Rohit Jawa, CEO and Managing Director, HUL said, “An
accomplished HR leader with over three decades of experience, Biddappa comes with immense
knowledge of transforma�on and organisa�onal development. I am glad to welcome him to the HUL
Leadership and I am confident that his able guidance and leadership will help transform the business
to progress further on our future-fit agenda.”

Thanking Anuradha for her contribu�on to the business, Rohit said, “Anuradha is known for her ability
to shape and deliver a strategic business-focused people agenda. She has played a key role in the HUL
Leadership Team over the past five years. Her appointment to a senior leadership role for Unilever is
yet another tes�mony to the powerhouse of talent we have in India.”

Sensi�vity: Internal