[HUL]

Assumption Sheet
[INR Cr.]
2018 2019
Total Net Revenue 7%
Cost of material consumed 6%
Purchased of stock in trade 23%
Changes in inventories -83%
Employee benefits expenses 1%
Other expenses 7%

Financial Cost
Depreciation and Amortization 13.85%
Profit before exceptional items and taxes 591%
2020 2021 2022 2023 2024 2025
2% 17% 9% 9% 9% 9%
-13% 29% 7% 7% 7% 7%
34% 11% 23% 23% 23% 23%
800% 275% 48% 48% 48% 48%
-3% 30% 9% 9% 9% 9%
-2% 11% 5% 5% 5% 5%

23.90% 17.56% 17.65% 17.65% 17.65% 17.65%

-12% 20% 16% -2% -9% -4%
[HUL]
Profit and Loss (P&L) Statement
[INR Cr.]
2018 2019 2020 2021 2022 2023 2024
Revenue from operations 36,238 39,310 39,783 47,028
Other income 384 500 632 410
Excise duty 693 - - -
Total Net Revenue 37,315 39,810 40,415 47,438 51,483.4 55,873.8 60,638.5
Cost of material consumed 12,927 13,707 11,976 15,432 16,577.2 17,807.4 19,128.9
Purchased of stock in trade 3,875 4,755 6,391 7,121 8,747.9 10,746.4 13,201.5
Changes in inventories 72 12 108 405 599.1 886.1 1,310.7
Employee benefits expenses 1,860 1,875 1,820 2,358 2,573.6 2,809.0 3,065.8
Other expenses 9,456 10,081 9,843 10,896 11,438.9 12,008.8 12,607.1
Total Expenses 28,190.0 30,430.0 30,138.0 36,212.0 39,936.6 44,257.7 49,314.0
EBITDA 9,125.0 9,380.0 10,277.0 11,226.0 11,546.8 11,616.1 11,324.5
Depreciation and Amortization 520 565 1,002 1,074 917 780 663
EBIT 8,605.0 8,815.0 9,275.0 10,152.0 10,629.4 10,836.4 10,661.7
Financial Cost 26 33 118 117
Profit before exceptional items and taxes 8,579.0 8,782.0 9,157.0 10,035.0 10,629.4 10,836.4 10,661.7
Exceptional loss 33 228 200 239 277.0 272.0 247.9
Earnings Before Taxes 8,546.0 8,554.0 8,957.0 9,796.0 10,352.4 10,564.4 10,413.8
Tax expense 2,353.0 2,676.0 2,409.0 2,606.0 - - -
Current tax 2,216.0 2,610.0 2,243.0 2,520.0
Deferrred tax 137 66 166.0 86.0
Net Earnings 6,193.0 5,878.0 6,548.0 7,190.0 10,352.4 10,564.4 10,413.8
2025

65,809.6
20,548.4
16,217.5
1,938.8
3,346.2
13,235.2
55,286.1
10,523.5
563
9,960.2

9,960.2
239.2
9,721.0
-

9,721.0
[HUL]
Balance Sheet
[INR Cr.]
2018 2019E 2020E 2021E
NON CURRENT ASSETS
Property , plant & equipment 4,080 4,192 4,960 6,116
Capital work in progress 461 406 597 745
Goodwill - 36 36 17,316
Other intangible assets 367 406 402 27,930
Goodwill on consolidation 81 81 81 81

Financial assets
Investment 2 2 2 2
Loans 184 215 238 251
Other financial assets 6 11 3 617
Non - current tax assets(net) 635 835 1,083 1,246
Deferred tax assets (net) 302 373 284 17
Other non- current asstes 84 158 146 219
Total Non Current Assets 6,202 6,715 7,832 54,540
Current assets
Inventories 2,513 2,574 2,767 3,579
Financial assets
Investment 2,871 2,714 1,253 2,707
Loans 4 4 - -
Trade receivables 1,310 1,816 1,149 1,758
Cash and Cash equivalents 649 621 3,216 1,842
Bank balance other than cash & cash equivalent 2,836 3,136 1,897 2,629
Other financial assets 805 577 1,420 1,188
Other current assets 656 468 601 497
Assets held for sale 16 4 18 17
Total Current Assets 11,660 11,914 12,321 14,217
TOTAL ASSETS 17,862 18,629 20,153 68,757
EQUITY AND LIABILITIES
EQUITY
Equity share capital 216 216 216 235
Other equity 7,065 7,651 8,013 47,439
Non controlling interests 20 18 17 20

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities 119 394 939 1,027
Other financial liabilities 800 1,082 1,227 1,578
Provisions 558 601 424 1,367
Non-current tax liabilities (net) 197 - - -
Other non-current liabilities - - - 5,988
Total Non Current Liabilities 8975 9962 10836 57654
CURRENT LIABILITIES
Financial liabilities
Borrowings 0 99 0 0
Trade payables
total outsanding dues of micro enterprise and small enterprise - - - 67
total outsanding dues of creditors other than small enterprise 7,170 7,206 7,535 8,735
Other financial liabilities 214 492 932 1,206
Other current liabilities 815 347 428 588
Provisions 688 523 422 507
Total Current Liabilities 8887 8667 9317 11103
Total Liabilities 17862 18629 20153 68757

Check 0 0 0 0
2022E 2023E 2024E 2025E

5,198 4419 3756 3192

745 745 745 745
17,316 17,316 17,316 17,316
27,930 27,930 27,930 27,930
81 81 81 81

2 2 2 2
251 251 251 251
617 617 617 617
1,246 1,246 1,246 1,246
17 17 17 17
219 219 219 219
53,622 52,843 52,180 51,616

3,579 3,579 3,579 3,579

2,707 2,707 2,707 2,707

- - - -
1,758 1,758 1,758 1,758
13,389 25,005 36,329 46,853
2,629 2,629 2,629 2,629
1,188 1,188 1,188 1,188
497 497 497 497
17 17 17 17
25,747 37,363 48,687 59,211
79,369 90,206 100,867 110,827

10,587 21,152 31,566 41,287

47,439 47,439 47,439 47,439
20 20 20 20

1,027 1,027 1,027 1,027

1,578 1,578 1,578 1,578
1,367 1,367 1,367 1,367
- - - -
5,988 5,988 5,988 5,988
68006 78571 88985 98706
 0 0 0 0

67 67 67 67
8,735 8,735 8,735 8,735
1,206 1,206 1,206 1,206
588 588 588 588
507 507 507 507
11103 11103 11103 11103
79109 89674 100088 109809

260 532 780 1019

 2021 2022F 2023F 2024F 2025F
Property, Plant & Equipment
Opening Balance 4,960 6,116 5,198 4,419 3,756
Add: Purchases 2,235 - - - -
Less: Sales, if any 0
Less: Depreciation 1,079 917 780 663 563
Closing Balance 6,116 5,198.4 4,419 3,756 3,192
Dep rate % 15%
Capex 2,235
[HUL]
Cash Flow Statement
[INR Cr.]
2018 2019
CASH FLOW FROM OPERATING ACTIVITES

Profit before tax 7,304 8,604

Adjustment for :
Depreciation and amortistion expenses 520 565
(Profit)/loss on sale of property, plant , equipment 30 39
Government grant accrued (net) -172 -66
Contingent consideration trye up for business combination 48 57
Finance income -260 -307
Divident income - -1
Fair value (gain)/loss on investment -122 -168
Interest expense 26 33
Profit on disposal of surplus properties -13 -
Profit on disposal of joint venture -72 -
Provision for expenses on employee stock options 11 10
Impairment of non current investment - -
Inventory written off net of provision 173 134
Bad debt 13 -2
Mark to market -1 11

CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES 7,485 8,909
Adjustment for :
Increase / decrease in non current assets -39 -66
Increase / decrease in current assets -657 -13
Increase / decrease in inventories -146 -195
Increase/ decrease in non current liabilities 250 278
Increase/ decrease in current liabilities 1,428 -346
CASH GENERATED FROM OPERATIONS 8,321 8,567
Taxes apid (net of refunds ) -2,264 -2,767
Profit from discounted operations 2 -
Net cash (used in)/ generated from operating activites -(A) 6,059 5,800

CASH FLOW FROM INVESTING ACTIVITES

Purchase of propert, plant and equipment -888 -695
Sales proceeds of property,plant and equipment 17 13
Purchase of intangible assets -7 -72
Contingent consideration paid on business combination - -13
Sales proceeds of non current investment 4 -
Purchase of current investment -51,855 -74,365
Sale processed of current investment 52,893 74,691
Investment in bank deposits (having original maturity of more than 3 months) -2,812 -4,343
Stamp duty on issue of Equity Share - -
Redemption/maturity of bank deposits 1,200 4,056
Investment in non current deposits with bank - -
Interest received 297 289
Consideration received on disposal of surplus properties 15 -
Consideration received on disposal of joint venture 73 -
Divident received from others - 1
NET CASH(USED IN) / GENERATED FROM INVESTING ACTIVITES-(B) -1,063 -438
CASH FLOW FROM FINANCING ACTIVITES:
Divident paid -3,911 -4,554
Divident distribution tax paid -781 -928
Amount(repaid)/taken for short term purpose -277 99
Amount Repaid for short Term purpose - -
Principal Payment of lease libilities - -
Interest Paid on lease liabilities - -
Interest paid other than lease liabilities -6 -7
Processed from share allotment under employee stock option - -
NET CASH (USED IN)/ GENERATED FINANCING ACTVITES -(C) -4,975 -5,390

NET INCREASE/ DECREASE IN CASH AND CASH EQUIVALENT- {A+B+C} 21 -28

ADD : CASH & CASH EQUIVALENT AT THE BEGINNING OF THE YEAR 628 649
CASH & CASH EQUIVALENT AT THE END OF THE YEAR 0 0
CASH & CASH EQUIVALENT AT THE END OF THE YEAR 649 621
 2020 2021 2022 2023 2024 2025

9,173 10,606 10,629 10,836 10,662 9,960

1,002 1,134 917 780 663 563

53 -57
-104 13
-26 -22
-492 -346
-1 -1
-139 -63
118 117 - - - -
- -
- -
2 -1
- -
138 201
11 77
-12 14

9,723 11,672 11,547 11,616 11,325 10,524

-19 -4
471 -412
-331 -543
56 28
234 830
10,134 11,571 11,547 11,616 11,325 10,524
-2,505 -2,407 0 0 0 0
-6 -1
7,623 9,163 11,547 11,616 11,325 10,524

-850 -741 - - - -
52 97
-12 -3,422
-30 -33
- -
-36,090 -39,876
37,690 38,486
-4,979 -2,874
- -44
5,658 6,601
- -
 351 277
- -
- -
1 1
1,791 -1,528 - - - -

-5,196 -8,811
-1,061 -
- 188
-99 -188
-373 -406
-80 -86
-10 -6
- -
-6,819 -9,309 - - - -

2,595 -1,674 11,547 11,616 11,325 10,524

621 3,216 1,842 13,389 25,005 36,329
0 300
3,216 1,842 13,389 25,005 36,329 46,853