A

PROJECT ON

“EQUITY RESEARCH ANALYSIS ON FMCG SECTOR”

AT

‘ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED’

Submitted to

Savitribai Phule Pune University

In Partial Fulfillment of the Requirement for Award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

By

Ms. JIGYASA RAJESH KHANDELWAL

Under the Guidance of

PROF. PATIL MANGALGOURI

SINHGAD INSTITUTE OF MANAGEMENT

(2017-2019 Batch)
 DECLARATION

I, JIGYASA RAJESH KHANDELWAL hereby declare that this project titled, “A STUDY OF
EQUITY RESEARCH ON FMCG SECTOR: A COMPARATIVE STUDY OF HUL AND
ITC LIMITED” is based on the original project study conducted by me under the guidance of
PROF.PATIL MANGALGOURI, except the topics on organizational profile and the
conclusion drawn therein are based on the material collected by myself.

JIGYASA RAJESH KHANDELWAL

MBA (2017-2019)

PLACE: Pune

DATE:
 ACKNOWLEDGEMENT

The toughest of endeavors in the world is not possible without the support of a hand which
guides and motivates a person to take on my challenge head on. Inputs from such helping hands
are always like very essential because more often or not certain mistakes which go unnoticed
from our eyes.

I am thankful to Dr. Parag Kalkar, Director at Sinhgad Institute of Management, who had
provided all the required facilities to carry out the project work and nurturing my skills to
execute the requirements.

I am heartily thankful to my guide Prof. Patil Mangalgouri whose encouragement, guidance

and support from the initial to the final level enabled me to develop an understanding of the
subject. I am grateful to all my Professors who supported me in every respect during the
completion of the dissertation project.

I also extend my sincere appreciation to my company guides Mr. Jitendra Bapna, Senior
Business Mentor – Aditya Birla Group, Mr. Kumaresh Boral and Mr. Rajat Gupta who
provided his valuable suggestions and precious time in accomplishing my project report.

Last but not the least, I thank my dear parents and friends who have been a source of support,
strength, inspiration and encouragement for whatever I am today.

JIGYASA RAJESH KHANDELWAL

MBA (2017 - 2019)

PLACE: Pune

DATE:
 INDEX

SR NO. CHAPTERS PAGE NO.

EXECUTIVE SUMMARY 1

1. INTRODUCTION TO STUDY 2

2. ORGANISATION PROFILE AND INSIGHT OF THE 11

BUSINESS ENVIRONMENT

3. REVIEW OF LITERATURE 36

4. RESEARCH METHODOLOGY 38

5. DATA ANALYSIS AND INTERPRETATION 42

6. OBSERVATIONS, FINDINGS, SUGGESTIONS AND 52

CONCLUSIONS

7. LEARNING AND CONTRIBUTION TO THE 55

ORGANIZATION

REFERNCES, ANNEXURES 57
 EXECUTIVE SUMMARY

The project title ‘A PROJECT OF EQUITY RESEARCH ANALYSIS ON FMCG

SECTOR’ was a study conducted during my two months internship with ADITYA BIRLA
SUNLIFE INSURANCE COMPANY LIMITED. The main aim of the project is to do equity
research of FMCG sector and to find out opportunities of investment in this sector where returns
can be minimized. And to know what are the recent scenario of FMCG sector and knowing about
the future.

This report starts with a brief introduction of FMCG market along with industry Overview. It
further state why FMCG sector is analyzed and why India. in this report two FMCG company
“HUL and ITC” is analyzed their history their shareholding pattern with their product is being
discussed and equity research analysis is done. The company’s analysis is shown in the report.
The companies are analyzed in different perspective by using different qualitative and
quantitative techniques. Ratio analysis is also been done.

The research methodology adopted during the making of the project was exploratory which was
based on the secondary data i.e. the data which was available like Annual reports, financials
statement and from various websites. The report also includes the distinguish feature of FMCG
as compared to another sector and a well-defined conclusion. Different opportunities have been
noted down in the report and the future scenario of the FMCG sector have been analyzed.

The conclusion states that the Indian FMCG market is expected to exhibit a positive growth
trend in the coming years and will provide a boom to the economy of the country.

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 CHAPTER 1
INTRODUCTION TO STUDY

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 1.1 INTRODUCTION TO FMCG SECTOR

AN OVERVIEW

Products which have a quick turnover, and relatively low cost are known as Fast Moving
Consumer Goods (FMCG). FMCG products are those that get replaced within a year. Examples
of FMCG generally include a wide range of frequently purchased consumer products such as
toiletries, soap, cosmetics, tooth cleaning products, shaving products and detergents, as well as
other non-durables such as glassware, bulbs, batteries, paper
productsandplasticgoods.FMCGmay also include pharmaceuticals, consumer electronics,
packaged food products, soft drinks, tissue paper, and chocolate bars.

Subsets of FMCGs are Fast Moving Consumer Electronics which include innovative electronic
products such as mobile phones, MP3 players, digital cameras, GPS Systems and Laptops. These
are replaced more frequently than other electronic products.
White goods in FMCG refer to household electronic items such as Refrigerators, T.Vs, Music
Systems, etc.
1.2 INDIAN FMCG SECTOR

FMCG is the 4th largest sector in the Indian economy. There are three main segments in the
sector – food and beverages which accounts for 19 per cent of the sector, healthcare which
accounts for 31 per cent and household and personal care which accounts for the remaining 50
per cent.
Growing awareness, easier access and changing lifestyles have been the key growth drivers for
the sector. The number of online users in India is likely to cross 850 million by 2025.Retail
market in India is estimated to reach US$ 1.1 trillion by 2020 from US$ 672 billion in 2016, with
modern trade expected to grow at 20 per cent - 25 per cent per annum, which is likely to boost
revenues of FMCG companies.

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People are gracefully embracing Ayurveda products, which has resulted in growth of FMCG
major, Patanjali Ayurveda, with a revenue of US$ 1.57 billion in FY17. The company aims to
expand globally in the next 5 to 10 years.
Accounting for a revenue share of around 45 per cent, rural segment is a large contributor to the
overall revenue generated by the FMCG sector in India. Demand for quality goods and services
have been going up in rural areas of India, on the back of improved distribution channels of
manufacturing and FMCG companies. Urban segment accounted for a revenue share of 55 per
cent in the overall revenues recorded by FMCG sector in India.

1.3 MARKET SIZE

The Retail market in India is estimated to reach US$ 1.1 trillion by 2020 from US$ 840 billion in
2017, with modern trade expected to grow at 20 per cent - 25 per cent per annum, which is likely
to boost revenues of FMCG companies. Revenues of FMCG sector reached Rs 3.4 lakh crore
(US$ 52.75 billion) in FY18 and are estimated to reach US$ 103.7 billion in 2020.

1.4 INVESTMENTS

The government has allowed 100 per cent Foreign Direct Investment (FDI) in food processing
and single-brand retail and 51 per cent in multi-brand retail. This would bolster employment and
supply chains, and also provide high visibility for FMCG brands in organized retail markets,
bolstering consumer spending and encouraging more product launches. The sector witnessed
healthy FDI inflows of US$ 13.63 billion, during April 2000 to June 2018. Some of the recent
developments in the FMCG sector are as follows:

➢ Patanjali will spend US$743.72 million in various food parks in Maharashtra, Madhya
Pradesh, Assam, Andhra Pradesh and Uttar Pradesh.

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 ➢ Dabur is planning to invest Rs 250-300 crore (US$ 38.79-46.55 million) in FY19 for
capacity expansion and is also planning to make acquisitions in the domestic market.
➢ In May 2018, RP-Sanjiv Goenka Group created a Rs 1 billion (US$ 14.92 million)
venture capital fund to invest in FMCG start-ups.
➢ In August 2018, Fonterra announced a joint venture with Future Consumer Ltd which
will produce a range of consumer and foodservice dairy products.

1.5 GOVERNMENT INITIATIVES

Some of the major initiatives taken by the government to promote the FMCG sector in India are
as follows:

➢ The Government of India has approved 100 per cent Foreign Direct Investment (FDI) in
the cash and carry segment and in single-brand retail along with 51 per cent FDI in multi-
brand retail.

➢ The Government of India has drafted a new Consumer Protection Bill with special
emphasis on setting up an extensive mechanism to ensure simple, speedy, accessible,
affordable and timely delivery of justice to consumers.

➢ The Goods and Services Tax (GST) is beneficial for the FMCG industry as many of the
FMCG products such as Soap, Toothpaste and Hair oil now come under 18 per cent tax
bracket against the previous 23-24 per cent rate.

➢ The GST is expected to transform logistics in the FMCG sector into a modern and
efficient model as all major corporations are remodeling their operations into larger
logistics and warehousing.

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1.6 ROAD AHEAD

Rural consumption has increased, led by a combination of increasing incomes and higher
aspiration levels; there is an increased demand for branded products in rural India. The rural
FMCG market in India is expected to grow to US$ 220 billion by 2025 from US$ 23.6 billion in
FY18. In FY18, FMCG’s rural segment contributed an estimated 10 per cent of the total income
and it is forecasted to contribute 15-16 per cent in FY 19.
On the other hand, with the share of unorganized market in the FMCG sector falling, the
organized sector growth is expected to rise with increased level of brand consciousness, also
augmented by the growth in modern retail.
Another major factor propelling the demand for food services in India is the growing youth
population, primarily in the country’s urban regions. India has a large base of young consumers
who form the majority of the workforce and, due to time constraints, barely get time for cooking.
Online portals are expected to play a key role for companies trying to enter the hinterlands. The
Internet has contributed in a big way, facilitating a cheaper and more convenient means to
increase a company’s reach. It is estimated that 40 per cent of all FMCG consumption in India
will be online by 2020. The online FMCG market is forecasted to reach US$ 45 billion in 2020
from US$ 20 billion in 2017.
It is estimated that India will gain US$ 15 billion a year by implementing the Goods and Services
Tax. GST and demonetization are expected to drive demand, both in the rural and urban areas,
and economic growth in a structured manner in the long term and improve performance of
companies within the sector.

1.7 EQUITY RESEARCH

Financial markets sustain on information. The desire for information availability
and consumption spurned a whole new industry, popularly known as Equity
Research. Equity research is the study of equities or stocks for the purpose of
investments. Equity research is what an equity research analyst does. In simpler
terms, equity research is the act of gathering information:

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(1) Information that helps investors to decide where to put in their money;

(2) Information that traders require to understand whether to enter or exit a

market position;

(3) Information that financiers (bankers and firms) need to evaluate companies.

Equities or common stock comprises a big chunk in any company’s capital and
shareholders need to know whether to stay invested in the company or sell the
shares and come out. Both the buy-side and the sell-side companies invest in
maintaining an equity research division. This research may also include bonds and
commodities. The function of the equity researcher is to present a detailed analysis
of a company, enabling investors to make an informed decision. The research
report is used by investment banks and private equity firms to evaluate the
company for IPO, LBO, mergers and others.

For an investment bank, the equity research segment produces revenue as buy-side
firms pay the equity research team to delve into its records and analyse
information.

As an individual, it is time consuming to do equity research, that is, to study the

company, its financial statements, products, management and take a decision about
investment. Exactly for the same reason, there are people working in research
companies whose job is to do equity research and recommend companies for
investment.

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1.8 PURPOSE OF EQUITY RESEARCH

The purpose of equity research is to study companies, analyse financials and look
at quantitative and qualitative aspects, helping investors of varying degrees to
make an informed decision. As the name suggests, ‘research’ plays the most
important role here.

Over the years, research methods have changed but the sole intention of research
remains the same. The number of investors is booming and so is the need for
exploring the nature of investments. Investors wish to take calculated and informed
decisions, and this is where the role of equity research begins.The purpose of
equity research and the researcher is manifold .To begin with, one gathers and
analyses industry data and financial models of a specific company or an industry .It
also involves understanding current market trends, both from the perspectives of
macro economy and micro economy, and report findings. Since the equity research
targets a specific audience, it is necessary to tailor the findings to the audience
demand.

Further, adequate stress is laid on the accuracy of information. If investors take

actions based on any kind of misinformation or misrepresentation, losses are
tremendous and harmful to both the investor and the company. Therefore, equity
analysts spend a considerable amount of time analysing stocks and valuating
estimates.

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1.9 EQUITY RESEARCH PROCESS

1. Economic Analysis: It is a systematic practice undertaken to determine the

usability of available resources, comparison between two or more resources,
accounting opportunity costs and measuring the scope or viability of an
investment.

2. Industry Analysis: It is a tool used for assessing current markets and

understanding its complexities. Political, economic and market factors are
reviewed to understand its influence over the development of the industry.

3. Company Analysis: It is a series of activities undertaken to analyse the

operations of a business, focusing on the cause and effect of decisions and how
they are likely to benefit (or not) future investors.

4. Financial Statement Analysis: The accounts of a company are evaluated to

determine the financial soundness (or otherwise) of the company. Profit and loss
statements and managerial practices are overseen to prepare an accurate financial
statement.

5. Financial and Valuation Modelling: This is the process of valuing the

company and its assets.

6. Report Writing: All the above processes culminate into the report writing stage
where the equity analyst prepares an in-depth report accessible to relevant
shareholders.

7. Presentation or Recommendation: Based on the report, recommendations are

made for the benefit of the company and its shareholders.

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1.10 OBJECTIVE OF THE STUDY

➢ To know about the FCMG industry and how it is contributing towards Indian economy.
➢ To study the FMCG sector since last 5 years.
➢ To find out how the judgment is taken by the analyst on the basis of fundamental analysis
of the company.
➢ To analyze the ratios of selected company to find out financial condition of selected
companies.

1.11 LIMITATIONS

➢ The project is limited up to FMCG sector and 2 companies.

➢ Ratio analysis is used only to analyze the financial performance of the companies.

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 CHAPTER 2
ORGANISATION PROFILE AND INSIGHT OF
THE BUSINESS ENVIRONMENT

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 COMPANY OVERVIEW
2.1 ABOUT ADITYA BIRLA GROUP
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Worli, Mumbai,
India. The group was founded by Seth Shiv Narayan Birla in 1857. Aditya Birla Group is in the
League of Fortune 500. Anchored by an extraordinary force of over 120,000 employees,
belonging to 42 nationalities. Over 50 per cent of its revenues flow from its overseas operations
spanning 35 countries.

Aditya Birla Group is in many sectors such as:

➢ AGRI-BUSINESS: Indo Gulf Fertilizers

➢ BRANDED APPAREL: Aditya Birla Fashion and Retail Limited
➢ CARBON BLACK: Columbian Carbon Spain, SKI Carbon Black (India) Private
Limited etc
➢ CEMENT – GREY AND WHITE: UltraTech Cement
➢ CHEMICALS: Aditya Birla Chemicals (India), Thai Peroxideetc

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 ➢ FINANCIAL SERVICES: Aditya Birla Capital
➢ INSULATORS: Aditya Birla Insulators
➢ METALS: Hindalco Industries Ltd., Novelis Inc., Hindalco Almex Aerospace Ltd, Utkal
Alumina International Ltd, Cameroon Alumina Limited,
➢ MINING: Essel Mining & Industries Ltd., Bhubaneshwari Coal Mining, Rajmahal Coal
Mining Ltd., Mahan Coal Limited
➢ RENEWABLE ENERGY: Essel Mining and Industries Limited,
➢ RETAIL: Aditya Birla Retail Ltd
➢ TELECOMMUNICATIONS: Idea Cellular Limited
➢ TEXTILE (PULP, FIBRE, YARN, FABRIC): Thai Rayon, Birla Lao Pulp and
Plantations etc
➢ TRADING: Swiss Singapore Overseas Enterprises Pte Ltd.

Vision − Aditya Birla Group

To be a premium global conglomerate, with a clear focus on each of the businesses.

Mission − Aditya Birla Group

To deliver superior value to our customers, shareholders, employees and society at large.

Values − Aditya Birla Group

➢ Integrity: Acting and taking decisions in a manner that is fair and honest. Following
the highest standards of professionalism and being recognized for doing so. Integrity for
us means not only financial and intellectual integrity, but encompasses all other forms as
are generally understood.

➢ Commitment: On the foundation of Integrity, doing all that is needed to deliver value
to all stakeholders. In the process, being accountable for our own actions and decisions,
those of our team and those on the part of the organization for which we are responsible.

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➢ Passion: An energetic, intuitive zeal that arises from emotional engagement with the
organization that makes work joyful and inspires each one to give his or her best. A
voluntary, spontaneous and relentless pursuit of goals and objectives with the highest
level of energy and enthusiasm.

➢ Seamlessness: Thinking and working together across functional groups, hierarchies,

businesses and geographies. Leveraging diverse competencies and perspectives to garner
the benefits of synergy while promoting organizational unity through sharing and
collaborative efforts.

➢ Speed: Responding to internal and external customers with a sense of urgency.

Continuously striving to finish before deadlines and choosing the best rhythm to optimize
organizational efficiencies.

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2.2 ABOUT ADITYA BIRLA CAPITAL

Aditya Birla Capital Limited (ABCL) is one of the largest financial services players in India.

Formerly known as Aditya Birla Financial Services Limited, ABCL is the holding company of
all the financial services businesses of the Aditya Birla Group. ABCL is committed to serving
the end-to-end financial needs of its retail and corporate customers under a unified brand —
Aditya Birla Capital.

Delivering a wide range of money solutions for protecting, investing and financing its customers,
Aditya Birla Capital serves millions of Indians through over 1,300 points of presence and more
than 150,000 agents and channel partners. With a strong presence across the life insurance, asset
management, private equity, corporate lending, structured finance, project finance, general
insurance broking, wealth management, equity, currency and commodity broking, online
personal finance management, housing finance, pension fund management and health insurance
business, ABCL is anchored by more than 14,500 employees.

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Aditya Birla Capital manages, through its subsidiaries and joint ventures, aggregate assets worth
Rs. 2,813 billion and has a lending book of Rs.447 billion as of 30 September 2017, placing it
among the top five private diversified NBFCs in India (Source: CRISIL), the 4th largest assets
management company.

Aditya Birla Capital is holding company of:

➢ Aditya Birla Finance Limited

➢ Aditya Birla Health Insurance Limited
➢ Aditya Birla Housing Finance Limited
➢ Aditya Birla Insurance Brokers Limited
➢ Aditya Birla Money
➢ Aditya Birla Myuniverse Limited
➢ Aditya Birla PE Advisors Limited
➢ Aditya Birla Sun Life Asset Management Company
➢ Aditya Birla Sun Life Insurance
➢ Aditya Birla Sun Life Mutual Fund
➢ Aditya Birla Sun Life Pension Management Limited
➢ Aditya Birla Asset Reconstruction Company Limited

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 2.3 ABOUT ADITYA BIRLA SUNLIFE INSURANCE COMPANY
LIMITED

Birla Sun Life Insurance is one of the leading insurance companies in India, which is backed by
the prestigious Aditya Birla Group.
The company was formed in the year 2000 as a joint venture between Aditya Birla Group which
is a globally known and trusted multinational company and Sun Life Financial Inc which is one
of the top financial services company from Canada. The company has its headquarters in
Mumbai.
It is one of the seven companies that represent Aditya Birla Financial Services Group which is
the financial arm of Aditya Birla Group. With a huge customer base of more than 2.5 million,
Birla Sun Life Insurance is ranked as one of the most innovative companies and had set
benchmarks in the industry. It was the pioneer in launching the Unit Linked Life Insurance
Plans.
Birla Sun Life Insurance offers various products offering children future solutions, wealth with
protection, retirement as well as health and wellness. Some of the best-known plans are Vision
Star, Protector Plus, Wealth Max and Fortune Elite which are offered by the company.

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BSLI has its reach in over 500 cities with more than 600 branches, 10500 advisors and around
150 partnerships with brokers, banks and corporate agents.
BLSI has plans for employees that increase their brand productivity and loyalty and has been
recognized for being the third most trusted Life Insurance in most trusted brands conducted by
AC Nielsen in 2013.

The Aditya Birla Group

The Aditya Birla Group is an Indian multinational conglomerate named after Aditya Vikram
Birla, headquartered in the Aditya Birla Centre in Worli, Mumbai, India. It operates in 40
countries with more than 120000 employees worldwide. The group was founded by Seth Shiv
Narayan Birla in 1857.
The group interests in sectors such as viscose staple fibre, metals, cement (largest in India),
viscose filament yarn, branded apparel, carbon black, chemicals, fertilizers, insulators, financial
services, telecom (third largest in India), BPO and IT services.

Aditya Birla Financial Services Group (ABFSG) is the umbrella brand for all the financial
services business of The Aditya Birla Group. They have a strong presence across the life
insurance, asset
management, lending (excluding Housing), housing finance, equity and commodity broking,
wealth management and distribution, online money management portal—Aditya Birla Money
My Universe, general insurance advisory and private equity and health insurance businesses.
ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate
customers.

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VISION, MISSION, VALUES OF BIRLA SUN LIFE INSURANCE

VISION
To be a leader and role model in a broad based and integrated financial services business.

MISSION
To help people mitigate risks of life, accident, health, and money at all stages and under all
circumstances.

Enhance the financial future of our customers including enterprises.

VALUES
➢ Integrity
➢ Commitment
➢ Passion
➢ Seamlessness

2.4 PERFORMACE OF BIRLA SUN LIFE INSURANCE

BSLI ranks 5th in India among the private life insurers in terms of annual premium equivalent, with a
market share of 7.1% for FY17.

During 2016-17, it recorded a gross premium income of Rs. 5,724 Crore, registering a growth of 3%
and posted a net profit of Rs. 123 Crore. Its assets under Management at Rs. 34, 523 Crore as on FY
17. BSLI has a nation-wide distribution presence through 409 branches, 6 banc assurance partners,
over 73,000 direct selling agents and more than 150 corporate agents and brokers.

BSLI is meeting its growth capital and solvency requirements through internal accruals and has not
required any capital infusion during past five years. The company offers a complete range of
protection solutions, children's future solutions, wealth with protection solutions, health and wellness
solutions, retirement solutions and savings with protection solutions.

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2.5 COMPANY STRUCTURE OF ADITYA BIRLA SUN LIFE INSURANCE
(ABSLI)First Level of Sales

CEO

(PANKAJ RAZDAN)

CDO

(PARAG RAJA)

HEAD OF SALES

ZONAL MANAGER

REGIONAL MANAGER

BRANCH HEADS BRANCH MANAGER MANAGING

PARTNERS
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 Second Level of Sales

MANAGING
PARTNER

BUSINESS
PARTNER

ASSOCIATE
PARTNER

BUSINESS SENIOR AGENCY ASSOCIATE

DEVELOPMENT AGENCY MANAGER AGENCY
MANAGER MANAGER MANAGER

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2.6 PRODUCTS BY BIRLA SUN LIFE

There are many products and solutions offered by BSLI such as Individual Solutions, Group
Solutions, Rural Solutions and NRI Solutions. I have done my research on Individual Solutions
some of which are as follows:

1) Saving with Protection:

I. Vision Life Income:

➢ 5% of sum Assured guaranteed plus bonus every year after premium paying term.
➢ Comprehensive financial protection for customer’s family with whole life cover till age
of 100.
➢ Premium rebates on high sum assured, annual & semi-Annual modes of Payment and
ECS method of Payment

II. Vision Life Secure:

➢ Enhance saving by regular bonuses throughout the policy term starting from the first
policy year.
➢ Comprehensive financial protection to customers and his Family up to age 100.

III. Vision Endowment Plus:

➢ Growth in your saving: Augment customers saving with accrued regular bonuses starting
from the first policy year.

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 ➢ Safety of your loved ones: Comprehensive financial protection of your family which can
be enhanced by choosing death benefit Options.

➢ Sum assured on death is maximum of 100% of sum assured or maturity sum assured (1)
or 10 time the annual premium payable.
➢ Sum Assured on death is maximum of 150% of sum assured or maturity sum assured (1)
or 10 times the annual premium payable
➢ Bonuses: Regular bonuses and terminal bonuses.

IV. Income Assured Plus:

➢ Assured Income: 8% of Sum Assured per annum payable monthly in arrear starting after
the premium paying term till the maturity date.
➢ Safety for your loved ones: Comprehensive financial protection of your family with life
cover.

V. Vision Money Back Plus:

➢ Regular Payouts as a pre-specified percentage of sum assured at the end of every fourth
or fifth policy year throughout the policy term.
➢ Comprehensive financial protection of customer’s family depending on the choice of
Sum Assured.

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VI. Guaranteed Milestone Plan:
➢ Fully guaranteed benefits on death or maturity
➢ Guaranteed Addition that boost customer’s corpus year on year
➢ Flexibility to also cover your spouse by choosing Joint life protection.
➢ Flexibility to choose the policy term

VII. Secure Plus:

➢ Flexibility to choose the amount you wish to pay every year.
➢ Flexibility to choose the Income Benefits
➢ If customer want to receive Income Benefit equal to 100% to 600% of annual premium
for 6 years
➢ If customer want to receive Income Benefit equal to 200% of Annual premium for 12
years.

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2) Protection Solution:

I. Income Shield Plan:

➢ Life cover at affordable cost.
➢ Option to increase income by 5% every year
➢ EVA Benefit-a benefit exclusive for females.
➢ Option for waiver of premium in case of critical illness or total permanent disability.

II. Life Shield Plan:

➢ Multiple option to suit your different protection needs
➢ Option to enhance coverage at key milestones of your life
➢ Option to cover your spouse under the same policy

3) Wealth with Protection:

I. Wealth Secure Plan:

➢ Pay premiums for a limited term and get life cover for whole life.
➢ Flexibility to choose from 3 investment option to suit your investment needs.
➢ Flexibility to add top-ups
➢ Flexibility of partial withdrawals to meet any emergency fund requirements.
➢

II. Wealth Aspire Plan:

➢ Flexibility to choose from 2 plan option to suit your aspirations.
➢ Flexibility to choose from a wide range of policy terms.
➢ Flexibility to choose from a wide range of premium paying terms.
➢ Flexibility to choose from 4 Investment option to suit your investment needs.
➢ Flexibility to add top-ups
➢ Flexibility of partial withdrawals to meet any emergency fund requirements.

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 Unit Linked Insurance Plans (ULIPs)

Unit Linked Insurance Plans (ULIPs) have succeeded in bringing together two important aspects
of your life—insurance and investment—and merge them in one single solution. That way,
instead of monitoring and managing different products for different requirements, you can meet
all your requirements with one single solution.

ULIPs are insurance plans that come with a market linked investment component. In this type of
plan, a part of your premium is used for providing life cover. The rest of the amount is invested
in market linked options like mutual funds, which give you returns.

Equity Research is done by Aditya Birla Capital to support the company for investing the Clients
Money that is put in ULIP Plans.

Aditya Birla sun life has three ULIP plans:

1) Wealth Secure Plan:

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2) Wealth Aspire Plan:

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3) Wealth Assure:

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 2.7 INTRODUCTION ABOUT TWO MAJOR PLAYERS OF FMCG
SECTOR
ABOUT HUL (HINDUSTAN UNILEVER LIMITED)

HINDUSTAN UNILEVER LIMITED (HUL)

Hindustan Unilever Limited (HUL) is a consumer goods company established in 1933 based
in Mumbai, Maharashtra. It is a subsidiary of Unilever, a British-Dutch company. HUL's
products include foods, beverages, cleaning agents, personal care products and water purifiers.

HUL was established in 1933 as Lever Brothers and, in 1956, became known as Hindustan Lever
Limited, as a result of a merger among Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and
United Traders Ltd. It employs over 16,000 workers, while it also indirectly helping to facilitate
the employment of over 65,000 people. The company was renamed in June 2007 as "Hindustan
Unilever Limited".

The company with its exhaustive product range and wide distribution network aims to provide
products fulfilling the needs and demands of all the segments of the society across the country.
The company has always focused on innovative product offerings and adapting itself to the
market changes, which has helped it maintain its market leadership.

Page | 29
Hindustan Unilever Foundation is a CSR initiative of the company aimed at community
development related to water management. The other sustainability initiatives of HUL focus on
health and hygiene, enhancing livelihoods, sustainable sourcing, greenhouse emissions, etc. Its
rural initiative Shiksha, aims to empower under privileged rural women. Given its scale of
operations and line filling strategy, HUL has been able to keep competition at bay and maintain
clear leadership in the market for a long time. Today, HUL faces tough competition from
Patanjali given the growing demand for the latter’s products and a demand for natural and
ayurvedic products.

Revenue Rs (Cr): 30782

BRANDS AND PRODUCTS

HUL is the market leader in Indian consumer products with presence in over 20 consumer
categories such as soaps, tea, detergents and shampoos amongst others with over 700 million
Indian consumers using its products. Sixteen of HUL's brands featured in
the ACNielsen Brand Equity list of 100 Most Trusted Brands Annual Survey (2014), carried
out by Brand Equity, a supplement of The Economic Times.

VISION
Our vision is to grow our business, while decoupling ourenvironmental footprint from our
growth and increasing our positive social impact.

Page | 30
ABOUT ITC LIMITED

ITC Limited is an Indian company[6] headquartered in Kolkata, West Bengal. Its diversified
business includes five segments: Fast-Moving Consumer Goods (comprising Foods, Personal
Care, Cigarettes and Cigars, Apparel, Education and Stationery Products, Incense Sticks and
Safety Matches), Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business and
Information Technology. Though, cigarette business contributes more than 80% of the profits of
the company, 80% of the capital is invested in the non-tobacco businesses.

Established in 1910 as the 'Imperial Tobacco Company of India Limited', the company was
renamed as the 'India Tobacco Company Limited' in 1970 and later to 'I.T.C. Limited' in
1974. The dots in the name were removed in September 2001 for the company to be renamed
as 'ITC Limited' where 'ITC' would no longer be an acronym. The company completed 100
years in 2010 and as of 2012-13, had an annual turnover of US$8.31 billion and a market
capitalization of US$ 50 billion. It employs over 30,000 people at more than 60 locations across
India and is part of Forbes 2000 list.

Page | 31
PRODUCTS AND BRANDS

Cigarettes

ITC Ltd sells 81% of the cigarettes in India, where 275 million people use tobacco products and
the total cigarette market is worth close to $11 billion (around Rs. 757399.4[9] million)

ITC's major cigarette brands include Wills Navy Cut, Gold Flake Kings, Gold Flake Premium
lights, Gold Flake Super Star, Insignia, India Kings, Classic (Verve, Menthol, Menthol Rush,
Regular, Citric Twist, Ice Burst, Mild & Ultra Mild), 555, Silk Cut, Scissors, Capstan, Berkeley,
Bristol, Lucky Strike, Players, Flake and Duke & Royal.

Other businesses

➢ Foods: ITC's major food brands include Kitchens of India; Aashirvaad, B natural,
Sunfeast, Candyman, Bingo! and Yippee!. ITC is India's largest seller of branded foods
with of over Rs. 4,600 crore in 2012-13. It is present across 6 categories in the food
business including, snack foods, ready-to-eat meals, fruit juices, dairy products and
confectionary.
➢ Personal care products include perfumes, haircare and skincare categories. Major brands
are Fiama Di Wills, Vivel, Essenza Di Wills, Superia and Engage.
➢ Stationery: Brands include Classmate, PaperKraft and Colour Crew. Launched in 2003,
Classmate went on to become India's largest notebook brand in 2007.
➢ Safety Matches and Agarbattis: Ship, i Know and Aim brands of safety matches and the
Mangal deep brand of agarbattis (Incense Sticks).
➢ Hotels: ITC's Hotels division (under brands including WelcomHotel) is India's second
largest hotel chain with over 90 hotels throughout India. ITC is also the
exclusive franchisee in India of two brands owned by Sheraton International Inc. Brands
in the hospitality sector owned and operated by its subsidiaries include Fortune Park
Hotels and WelcomHeritage Hotels.

Page | 32
 ➢ Paperboard: Products such as specialty paper, graphic and other paper are sold under the
ITC brand by the ITC Paperboards and Specialty Papers Division like Classmate product
of ITC well known for their quality.
➢ Packaging and Printing: ITC's Packaging and Printing division operates manufacturing
facilities at Haridwar and Chennai and services domestic and export markets.
➢ Information Technology: ITC operates through its fully owned subsidiary ITC Infotech
India Limited.

VISION

Sustain ITC's position as one of India's most valuable corporations through world class
performance, creating growing value for the Indian economy and the Company's stakeholders.

MISSION

To enhance the wealth generating capability of the enterprise in a globalizing environment,

delivering superior and sustainable stakeholder value.

Page | 33
 2.8 STRONG GROWTH IN INDIAN FMCG SECTOR

➢ The FMCG sector in India generated revenues worth US$ 49 billion in 2016.
➢ By 2020, the revenues of the sector are forecasted to reach US$ 104 billion.
➢ In the long run, with the system becoming more transparent and easily compliable,
demonetization is expected to benefit organized players in the FMCG industry.
➢ The growth in sales of major FMCG companies like Dabur, HUL, Marico, in the June-
September 2017 quarter, is signaling the revival of consumer demand in India.
➢ Direct selling sector in India is expected to reach Rs 159.3 billion (US$ 2.5 billion) by
2021, if provided with a conducive environment through reforms and regulation.
➢ Edible oil market in India grew by 25.6 per cent in 2017 to cross Rs 1.3 trillion (US$
20.08 billion).
➢ The focus on agriculture, MSMEs, education, healthcare, infrastructure and employment
under the Union Budget 2018-19 is expected to directly impact the FMCG sector. These
initiatives are expected to increase the disposable income in the hands of the common
people, especially in the rural area, which will be beneficial for the sector.

Page | 34
2.9 SWOT ANALYSIS OF FMCG SECTOR

Page | 35
 CHAPTER 3

REVIEW OF LITERATURE

Page | 36
3.1 LITERATURE REVIEW

Review of literature helps the researcher to understand the concept of the topic. It also provides
the guideline to carry on research work in the right direction. This is the reason why the
researcher made an attempt to review the available literature on the subject in the following
manner:

➢ Richard A. Cohn and John J.Pringle (October,1971),in their ”Some Implications of

Imperfections In International Financial Market” concluded that if restrictions on
international capital flows were to be removed, returns on internationally diversified
portfolios would decline toward the risk-free rate of interest.
➢ A.P.Budd and H.M.Treasury (November, 1971),observed that the relevant measure of
riskiness for an investment is its non-diversifiable standard deviation.
➢ William S. Comanor and Thomas A. Wilson (November 1971) suggested that advertising
depends on technological factors and prices, which determine the variability of total cost
with output in the short run.
➢ Amitesh Kapoor (2012), observed that fast moving consumer goods (BSE-FMCG),
consumer durable(BSE-CD), health care (BSE-HC), and automobile (BSEAUTO) sectors
have outperformed the benchmark aswell as other sectors and have provided positive
alpha.
➢ Doron Nissim and Stephen H. Penman (2001), this research work envisages on Financial
Statement analysis and identifies that this analysis has traditionally been seen as part of
the Fundamental analysis required for equity valuation. This project outlines a financial
statement analysis for use in equity valuation.
➢ Business analysis is the evaluation of a company’s prospects and risk for business
decisions. Financial statements are the most comprehensive source of information about a
company. As a result, financial statement analysis is an integral part of business analysis.

Page | 37
 CHAPTER 4

RESEARCH METHODOLOGY

Page | 38
Research is of a great importance to find out the nature, extent and cause of the research issue
under study. Research methodology is the processes in which various steps are generally adopted
by a research are outlined.

This study aims to delineate the methodology, employed to undertaken this study .research is a
common parlance, which refers to a search for knowledge.

4.1 RESEARCH DESIGN

Research design provides a framework for collection and analysis of data. Research design is a
plan for collecting and utilizing data so that the desired information can be obtained with
sufficient precision. It is a plan structure and strategy of investigation so conceived as to obtain
answer to formulated research questions or problems.

4.2 TYPE OF STUDY

The research has been based on secondary data analysis. The study has been
exploratory as it aims at examining the secondary data for analyzing the previous
researches that have been done in the area of technical and fundamental analysis of
stocks. The knowledge thus gained from this preliminary study f o r m s t h e b a s i s
f o r t h e f u r t h e r d e t a i l e d D e s c r i p t i v e r e s e a r c h . I n t h e e x p l o r a t o r y s t u d y, t h e
v a r i o u s technical indicators that are important for analyzing stock were actually
identified and important ones shortlisted

Research is divided in two broad categories:

1. Qualitative research
2. Quantitative research

Page | 39
Qualitative research
Qualitative research can be construed as research strategies that usually emphasize words rather
than quantification in the collection and analysis of data and that:
Predominantly emphasizes and inductive approach to the relationship between theory and
research, in which the emphasis is placed on the generation of theories.
It has rejected the practices and norms of the natural scientific model and of positivism in
particular in preference for an emphasis on the way in which individuals interpret their social
world

Quantitative research
Quantitative research can be construed as a research strategy that emphasizes quantification in
the collection and analysis of data and that:
Entails a deductive approach to the relationship between theory and research, in which the accent
is placed on the texting of theories.
It has incorporated the practices and norms of the natural scientific models and positivism in
particular.
Embodies a view of social reality as an external objective reality ( Bryman, ET.AL,2008)

Methods of Data Collection

The study under reference is based on secondary data that is annual report as well as primary
data obtained through discussion with concerned executives and staff members of the company.
The data I have collected for making this project is combination of both primary and secondary
data.

Page | 40
Primary Data
This data has been collected through meetings and discussions with the various managers and
employees.

Secondary Data
1) Annual Reports.
2) Balance Sheet
3) Profit and loss Statement
4) Cash flow statement
6) Financial web sites.

Analysis of Ratios & Financial Statements

Financial statement analysis involves application of analytical tools and techniques to financial
data to get that information that is useful in decision making.

Page | 41
 CHAPTER 5
DATA ANALYSIS AND INTERPRETATIONS

Page | 42
5.1 VALUATION OF RATIO

Ratio Analysis is a form of Financial Statement Analysis that is used to obtain a quick indication
of a firm's financial performance in several key areas. The ratios are categorized as Short-term
Solvency Ratios, Debt Management Ratios, Asset Management Ratios, Profitability Ratios, and
Market Value Ratios.

Ratio Analysis as a tool possesses several important features. The data, which are provided by
financial statements, are readily available. The computation of ratios facilitates the comparison
of firms which differ in size. Ratios can be used to compare a firm's financial performance with
industry averages. In addition, ratios can be used in a form of trend analysis to identify areas
where performance has improved or deteriorated over time.

Because Ratio Analysis is based upon Accounting information, its effectiveness is limited by the
distortions which arise in financial statements due to such things as Historical Cost Accounting
and inflation. Therefore, Ratio Analysis should only be used as a first step in financial analysis,
to obtain a quick indication of a firm's performance and to identify areas which need to be
investigated further.

A ratio analysis is a quantitative analysis of information contained in a company’s financial

statements. Ratio analysis is used to evaluate various aspects of a company’s operating and
financial performance such as its efficiency, liquidity, profitability and solvency.
The data analysis has been done with the following ratios to analyse the equity performance in
automobile sector.
1) Return on Equity (ROE)
2) Earnings Per Share (EPS)
3) Return on Investment (ROI)
4) Enterprise value (EV)
5) Earnings Yield (EBIT / EV)
6) Current Ratio

Page | 43
1. Return on Equity (ROE)
Return on equity (ROE) is the amount of net income returned as a percentage of
shareholders' equity. Return on equity (also known as "return on net worth" [RONW]) which
measures a corporation's profitability by revealing how much profit a company generates with
the money shareholders have invested.

ROE is expressed as a percentage and calculated as:

Return on Equity = Net Income/Shareholder's Equity

Net income is for the full fiscal year (before dividends paid to common stockholders but
after dividends to preferred stock.) Shareholders' equity does not include preferred shares.

Return On Equity (ROE)

Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 118.04 115.87 65.88 69.18 74.02
ITC Limited 33.51 31.31 29.94 22.49 21.83

HUL ITC Limited

118.04

115.87

74.02
69.18
65.88
33.51

31.31

29.94

22.49

21.83

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Return On Equity (ROE)

INTERPRETATION
Higher the ROI the better. It has been observed that HUL has higher Return on Equity than that
of ITC Limited. That means HUL is rising which states that the company is increasing its ability
to generate profit without needing as much capital.

Page | 44
2. Earnings Per Share (EPS)
Earnings per share (EPS) are the portion of a company's profit allocated to each outstanding
share of common stock. Earnings per share serves as an indicator of a company's profitability.
EPS is calculated as:

EPS = (Net Income - Dividends on Preferred Stock) / Average Outstanding Shares

To calculate the EPS of a company, the balance sheet and income statement should be used to
find the total number of shares outstanding, dividends on preferred stock and the net income or
profit value. When calculating, it is more accurate to use a weighted average number of shares
outstanding over the reporting term, because the number of shares outstanding can change over
time. Any stock dividends or splits that occur must be reflected in the calculation of the weighted
average number of shares outstanding. However, data sources sometimes simplify the calculation
by using the number of shares outstanding at the end of a period.

Earnings Per Share

Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 19.09 21.27 20.64 22.62 26.46
ITC Limited 12.18 13.19 13.52 9.25 10.13

HUL ITC Limited

26.46
22.62
21.27

20.64
19.09

13.52
13.19
12.18

10.13
9.25

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Earnings Per Share

Page | 45
INTERPRETATION
The more earnings are available with HUL hence, Earning Per Share increases throughout the
years. Whereas, The EPS of ITC Limited is showing fluctuations throughout the years i.e. its
increasing as well as decreasing. So, it states that more profit is available for equity share holder
of HUL as issues of more equity capital.

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3. Return on Investment (ROI)
Return on Investment (ROI) is a performance measure, used to evaluate the efficiency of an
investment or compare the efficiency of a number of different investments. ROI measures the
amount of return on an investment, relative to the investment’s cost. To calculate ROI, the
benefit (or return) of an investment is divided by the cost of the investment. The result is
expressed as a percentage or a ratio.
The return on investment formula:
ROI = (Gain from Investment - Cost of Investment) / Cost of Investment

Return On Investment
Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 88.00 88.95 56.92 81.82 86.53
ITC Limited 31.68 29.54 28.18 21.52 20.96

HUL ITC Limited

88.95

86.53
81.82
88

56.92
31.68

29.54

28.18

21.52

20.96

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Return On Investment

INTERPREATION
As it is seen from the above graph that the ROI of HUL is increasing throughout the year
2017,2018 and that of ITC Limited is decreasing continuously, which means that ITC
Limited is ineffectively utilizing the investments and producing a loss. On the other hand,
HUL has increasing ROI which states that the HUL is successful at using the investment to
generate high return.

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 4.Enterprise value (EV)
The purpose of Enterprise Value (EV) is two; First, to calculate what it would cost to purchase the
entire company or business. Secondly, to provide a capital neutral valuation with which to compare
with other companies.
Enterprise Value (EV) = Market Capitalization + Total Debt – Cash
In order to calculate the total value of a business a buyer would take market capitalization (of shares x
stock price) plus all debt (preferred shares, minority interest, etc.), and subtract cash. In other words,
EV is in theory, the total price of buying a company.

Enterprise Value (EV)

Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 128,330.42 186,314.36 185,053.00 194,835.00 285,181.40
ITC Limited 277,469.96 253,314.55 257,453.88 337,944.56 309,724.29

3,37,944.56
HUL ITC Limited

3,09,724.29
2,85,181.40
2,77,469.96

2,57,453.88
2,53,314.55

1,94,835.00
1,86,314.36

1,85,053.00
1,28,330.42

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Enterprise Value( EV)

INTERPRETATION
It is been observed that the enterprise value of ITC limited is been increasing throughout the
years. Which means the company is growing.

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5.Earnings Yield (EBIT / EV)

When comparing similar companies, a higher earnings yield would indicate a better value or
bargain than a lower yield.

Earnings Yield (EBIT / EV) = Earnings Before Interest & Taxes / Enterprise Value

Earnings Yield
Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 0.03 0.02 0.02 0.02 0.02
ITC Limited 0.03 0.04 0.04 0.03 0.04

HUL ITC Limited

0.04

0.04

0.04
0.03
0.03

0.03
0.02

0.02

0.02

0.02

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Earnings Yield

INTERPRETATION

From the above figure it is observed that ITC limited has a higher earnings yield that
indicates a better value or bargain than a lower yield.

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6.Current Ratio
Current Ratio establishes the relationship between current Assets and current Liabilities. It
attempts to measure the ability of a firm to meet its current obligations. The two basic
components of this ratio are current assets and current liabilities. Current asset normally means
assets which can be easily converted in to cash within a year's time. On the other hand, Current
liabilities represent those liabilities which are payable within a year.
Current Ratio = Current Assets/ Current Liabilities

Current Ratio
Year Mar 14 Mar 15 Mar 16 Mar 17 Mar 18
HUL 1.06 1.08 1.46 1.31 1.31
ITC Limited 1.00 2.10 3.73 3.68 2.85

HUL ITC Limited

3.73

3.68

2.85
2.1

1.46

1.31

1.31
1.08
1.06

14-Mar 15-Mar 16-Mar 17-Mar Mar 18

Current Ratio

INTERPRETATION

The current ratio from year 2014-2018 is considerably very high than the current ratio 2:1 which
is considered to be satisfactory i.e. current assets twice current liability. This shows high
liquidity position of the firm. It is highest in year 2016,2017 and 2018 for HUL and for ITC
limited it is highest in the year 2016 and 2017.

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 CHAPTER 6
OBSERVATIONS, FINDINGS, SUGGESTIONS
AND CONCLUSIONS

Page | 51
6.1 OBSERVATIONS

➢ It has been observed that as the return on equity of HUL is higher than that of ITC
Limited since last 5 years HUL is generating more profit and doing well in the sector than
the other company.

➢ The Earning per ratio states the profitability of a company. HUL is having higher EPS.
The higher the EPS is, the more money your shares of stock will be worth because
investors are willing to pay more for higher profits. So ITC Limited has comparatively
low.

➢ The enterprise value of ITC limited is been increasing throughout the years. Which
means the company is growing.

➢ ITC limited has a higher earnings yield that indicates a better value.

6.2 FINDINGS

GROWTH OPPORTUNITIES IN THE INDIAN FMCG INDUSTRY

RURAL MARKET

➢ Leading players of consumer products have a strong distribution network in rural India;
they also stand to gain from the contribution of technological advances like internet and
e-commerce to better logistics. Godrej is focusing on rural market for household
insecticides segment. At present, Godrej accounts for 25 per cent of the household
insecticides sales from rural areas

➢ Rural FMCG market size is expected to touch US$ 220 billion by 2025.

Page | 52
INNOVATIVE PRODUCTS

➢ Indian consumers are highly adaptable to new and innovative products. For instance there
has been an easy acceptance of men’s fairness creams, flavoured yoghurt, cuppa mania
noodles, gel based facial bleach, drinking yogurt, sugar free Chyawanprash.

PREMIUM PRODUCTS

➢ With the rise in disposable incomes, mid and high-income consumers in urban areas have
shifted their purchase trend from essential to premium products

➢ Premium brands are manufacturing smaller packs of premium products. Example: Dove
soap is available in 50g packaging

SOURCING BASE

➢ Indian and multinational FMCG players can leverage India as a strategic sourcing hub
for cost-competitive product development and manufacturing to cater to international
markets

PENETRATION
➢ Low penetration levels offer room for growth across consumption categories
➢ Major players are focusing on rural markets to increase their penetration in those areas

Page | 53
6.3 CONCLUSIONS

Indian FMCG market is expected to exhibit a positive growth trend in the coming years. Positive
economic environment, low inflation rates and development initiatives led by the new
government mainly are instrumental in the uptick of the market.
The FMCG industry fared well in India in the recent years with consumer food services, soft
drinks, household and personal care segments experiencing a tremendous growth with the
increasing disposable income and the growing economy. The alcoholic drinks, tobacco had
witnessed low growth given the stricter government policies and the increasing health awareness
among the consumers.
The industry has become increasingly competitive, with both private and own label products
competing for consumer attention on supermarket shelves. Within this environment, packaging
has become increasingly significant: further driven by consumers’ need for convenience, rising
expectations, and environmental concerns. This has resulted in an increasing emphasis on
packaging, particularly with regard to design and marketing communications. It is clear that
packaging development and technology provide the opportunity for firms to increase their
competitiveness and provide new customer benefits.

Page | 54
 CHAPTER 7
LEARNING AND CONTRIBUTION TO
ORGANIZATION

Page | 55
7.1 CONTRIBUTION TO ORGANIZTION

Equity research done on FMCG sector i.e. comparing the two companies HUL and ITC Limited
is used by the Fund Managers at Aditya Birla Sunlife Insurance. A fund manager is responsible
for implementing a fund's investing strategy and managing its portfolio trading activities.
A fund can be managed by one person, by two people as co-managers, or by a team of three or
more people. These funds will be used by the investors of the company to manage their funds
properly. Unit linked investment plan cn be used for investment.

Page | 56
 REFERENCES

WEBSITES
➢ https://www.ibef.org/industry/fmcg.aspx
➢ https://www.adityabirlacapital.com/
➢ https://lifeinsurance.adityabirlacapital.com
➢ https://www.hul.co.in/
➢ https://www.itcportal.com/
➢ https://www.moneycontrol.com/financials/hindustanunilever/balance-
sheet
➢ https://www.moneycontrol.com/financials/itc/balance-sheet
➢ Wikipedia

BOOKS
➢ Financial modelling for equity research, John Moschella Cfa Cpa
➢ Equity Research Analyst, Gillian.D.Elcock

Page | 57
ANNEXURES

Page | 58