INTERNSHIP REPORT

EQUITY RESEARCH ON FMCG SECTOR WITH REFERENCE TO

HINDUSTHAN UNILEVER LIMITED (HUL)

BY

MUHAMMED SAMIL MUSTHAFA

ORGANIZATION –HEDGE EQUITIES

DEPARTMENT- FINANCE

UNDER THE GUIDANCE OF

MR. SREEHARI

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 ACKNOWLEGEMENT

I sincerely thank Hedge Equities Ltd, Kochi, for providing me the corporate exposure in FMCG
industry and an opportunity to do my summer internship with this organization.

I would like to take this opportunity to express my profound gratitude and deep regards to
Rajinikanth Sir and Sreehari Sir for their exemplary guidance, monitoring and constant
encouragement throughout the course of the work.

I would also like to thank Mr. Benil Dani Alexander (Director, Hedge school of Applied
Economics) who extended his support and kept motivating us through his meaningful messages.

This internship at one of the prestigious finance organization has given me a background of
strong learning which would be of great help to me in future.

I also thank my fellow interns with whom I have worked and shared valuable inputs for
successful completion of this internship.

Sincerely,

Muhammed Samil Musthafa

Place : Malappuram

Date: 05/07/2019

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HEDGE EQUITIES LTD

Hedge Equities is one of the leading Financial Services Company in India, specialized in
offering a wide range of financial products, tailor made to suit individual needs. As a first step to
make their presence Global, Hedge Equities have initiated operations in Middle East to cater to
the vast Non Resident Indian (NRI) population in that region. Ever since our inception, Hedge
has spanned their presence all over India through their Meticulous Research, High Brand
Awareness, and Intellectual Management and Extensive Industry knowledge. Hedge believes in
creating a new breed of Investors who take judicious decisions through them. Hedge Equities
incorporated under the Companies Act 1956 as Hedge Equities Private Limited on 17th
December 2007 with registered office at B 302 Trade Square, Mehra Compound, Near DSK
Madhuban, SakinakaKurla Road, Andheri East, Mumbai – 400 072,Maharashtra. Later the
company is converted into public limited company on 17th February, 2009.

Team Hedge is a balanced mix of more than 15 years’ experience cutting across various
industries with a strong background in the financial markets. Founder & managing director of
HEDGE GROUP is Mr. Alex K Babu, Mr.Bhuvanendran is CEO of HEDGE EQUITIES, Bobby
J Arakunnel is COO of HEDGE EQUITIES ever since its inception. The Board members
comprises of veterans from six power houses in their respective fields: FedEx Securities, Baby
Marine Exports, Thakker Developers, Smart Financial, S.M.Hegde (CFO Videocon Industries)
and PadmashreeMohanlal.

 MISSION

To create an ethical and sustainable financial services platform for our customers and partner
them to build business, to provide employees with meaningful work, self- development and
progression, and to achieve a consistent and competitive growth in profit and earnings for our
shareholders and staff..

 VISION

Ever since its inception, Hedge Equities has been a household name among the masses owing
our success to timely Professional financial assistance to our clients. This aptly articulates our

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vision of 'Evolving into a financial supermarket which will be a one stop shop for all financial
solutions'.

ORGANIZATIONAL STRUCTURE

FUNCTIONAL DEPARTMENTS

1. Client relation Department

The client relation department assists the client or customer to open an account in Hedge
Equities. This department is also known as the front office. A client has to open two types of
Accounts to trade and own securities in the NSE & BSE.

Finance Department

Thus a department, to organize financial activities may be created under the direct control of the
Board of directors. Finance manager will decide the major financial policy methods. Lower
Levels can delegate the other routine activities.

Marketing Department

The major functions of marketing department are:

a) Business associate development: The Company takes up the marketing activities of the
various branches. It ensures an efficient marketing arena at its various branches. The company
encourages better relations in its branches and promotes for the development of various
marketing strategies.

b) Brand promotion: An important function of marketing department is to promote the name

of the company. Hedge equities do it through the different promotional activities. The name of
Hedge equities as a stock broking firm is made known to the outside world.

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c) Investment promotion: The main clients of Hedge equities were its investors. Hence the
marketing department tries to capture as many as possible to encourage them to invest.

d) Delivery promotion: Intraday trading is not always profitable and might involve a lot of
risk hence Hedge equities promotes for delivery where the shares are kept to be sold for a later
date after analyzing the profitability factors.

Systems Department

The systems department is playing a vital role in the day to day operations of the company. It is
through the systems department that the clients can avail the facilities of Internet trading. Optic
fiber cables and high bandwidth connections from the Hedge equities office to the ISP, a
dedicated server and back-up ISDN connections were maintained directly by the systems
department. For the purpose of trading they have made use of two software namely ODIN (Open
Dealers Integrated Network).

Human resource Department

Human resource is often considered as the back of an organization even in this age of advanced
automation & mechanization. Since virtual organizations are not very much popular in our part
of the world, it is very important to any organization to have a HR department. The presence of
an excellent HR department increases the efficiency of an organization considerably. Human
resource management is defined as asset of practices, policies and programs designed to
maximize both personal and organizational goals.

a) Training & Induction

The selected employees will undergo three days continuous induction. During this period, he will
undergo training with all the department of Hedge equities. There will also be classroom
induction also within three months.

b) Wages and Salary Administration

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The wages and salaries of the employees were fixed and granted by the HR department with
consent of the finance department

c) Performance appraisal

It was human resources department which gives the promotions to all employees, making
transfers and taking disciplinary actions if needed.

d) Grievance Handling

The grievances of the employees were received only through proper channels i.e., through the
particular department heads. The HR department will make as per the rules and regulations of the
company.

Trading Department

The department deals with the trading related activities of the company. The trading refers to the
buying & selling of shares. This department is the most important part of the Organization. There
are two types of trading. They are:

A) Online Trading

These are the trading terminal of the organization. The each computer of the department is
termed as trading terminal. The each terminal is assigned with NCFM certified dealers, who is in
Charge of each portal will do the trade according to the client request. The terminal is managed
by either NEAT (National Exchange for automated trading) software or ODIN (Open Dealers
Integrated Network) software. The client can also place his through written request or through
the telephone, in this the order will be placed by the dealer.

b) Internet Trading

The internet trading is a facility provides by the company in order to trade the securities from his
convenient place like his office, home etc, the order will be placed by the client itself, and he can
make changes before the trade is done for changing the price, cancellation of the order.

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Delivery & Depository Department

Delivery refers to the shares that bought on a particular day are not sold on that day itself and
holding of the shares for an appreciation in the value of the security and to trade it on a future
date. Deliver instruction slip: it is a slip the client should fill and gave to the dealer regarding the
purchase of the share. There are two procedures to move the shares namely,

A) Power of attorney

This is which the client signs at the time of opening a trading account and depository participant
account. If the client has given the power of attorney, HEDGE EQUITIES (P) LTD will have the
power to transact the clients stocks without pay-in slips.

b) Easiest

It is secured internet enabled service which means ‘Electronic Access to Securities information
and Execution of Secured Transaction’. This is facility where in the clients can give delivery
instructions via internet. Easiest is a facility provided by CDSL.

The activities related with the depository department.

• Depository Function

• Dematerialization

• Pledging

Equity Research Department

The function of the department is to study the details regarding the share or security and to make
predictions regarding the future performance of the company.

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SOCIAL RESPONSIBILITY

Being a Responsible Corporate Citizen, Hedge Equities has initiated a Non Profit movement
Hedge Yuva which focuses on educating the masses about Stock Market. The movement has
also formulated various scholarship programs for young and dynamic youth.

SERVICES OFFERED

• Online trading: Hedge Equities has a large network of branches with online terminals of
NSE and BSE in the Capital market and Derivative segments. The clients are assured of prompt
order execution through dedicated phones and expert dealers at our offices. Internet Trading:
Hedge Equities offers Internet trading through this site. You can trade through the internet from
the comforts of your office or home, anywhere in the world. The dedicated IT systems ensure
service up time and speed, making Internet broking through Hedge Equities hassle-free. Using
the 'easiest' facility provided by NDSL, our clients can transfer the shares sold by them online
without delivery instruction slips. Additionally, digitally signed contract notes can be sent to
clients through E-mail.

• Depository services: Hedge Equities is a member of the National Securities Depository

Limited (NSDL), offer depository services with minimum Annual Maintenance Charges and
transaction charges. Account holders can view their holding position through the Internet. We
also offer the “easiest” facility provided by NDSL (electronic access to securities information
and execution of secured transaction) through which clients are given delivery instructions via
internet.

• Derivative trading: Hedge offers trading in the futures and options segment of the
National Stock Exchange (NSE). Through the present derivative trading an investor can take a
short-term view on the market for up to a three months perspective by paying a small margin on
the futures segment and a small premium in the options segment. In the case of options, if the
trade goes in the opposite direction the maximum loss will be limited to the premium paid.

• Knowledge Centre: Knowledge Centre activities are intended to provide systematic and
structured services mainly to new investors and also to young aspirant aiming for a career in

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financial markets. The centre has three functional areas: the publication Division, the Training
centre, and wealth management advisory service which provides complete investment solutions
to investors through knowledge based personalized service.

• Equity Research: Hedge Equities constantly strive to deliver insightful research to enable
pro-active investment decisions. The Research Department is broadly divided into two divisions
- Fundamental Analysis Group (FAG) and Technical Analysis Group (TAG). The fundamental
analysts are continuously scanning the entire economy for discovering what they call the “hidden
gems” in stock market terminology and present it to our clients for profitable investments.
Technical Analysis Group has predicts the market movements well in advance using complex
Analytical methods including Elliot Wave Theory. We are equipped with cutting-edge
technologies for technical charting which assist our technical analysts to predict both upside and
downside movements.

• Portfolio Management Services: Hedge Equities is a SEBI-approved portfolio manager

offering discretionary and nondiscretionary schemes to its clients. Hedge Equities portfolio
management team keeps track of the markets on a daily basis and is exposed to a lot of
information and analytic tools which an investor would not normally have access to. Other
technicalities pertaining to shares like dividends, rights, bonus, buy-back, Mergers and
Acquisitions are also taken care of by us. Maximize your returns by opting for our PMS scheme.

• Commodity Trading: You can trade in commodity futures like gold, silver, crude oil,
rubber etc. and take advantage of the extended trading hours (10 am to 11 pm) in commodities
trading. Mutual Funds, Bonds etc. We also offer Mutual Funds and Bonds. You can select from a
wide range of Mutual Funds and Bonds available in the markets today.

• Currency Trading: Currency derivatives can be described as contracts between the sellers
and buyers, whose values are to be derived from the underlying assets, the currency amounts.
These are basically risk management tools in force and money markets used for hedging risks
and act as 29 insurance against unforeseen and unpredictable currency and interest rate
movements. Any individual or corporate expecting to receive or pay certain amounts in foreign
currencies at future date can use these products to opt for a fixed rate - at which the currencies
can be exchanged now itself. An upfront premium is payable for buying a derivative. Currency

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Futures will bring in more transparency and efficiency in price discovery, eliminate counterparty
credit risk, provide access to all types of market participants, offer standardized products and
provide transparent trading platform.

COMPETITORS

• Geojit BNP Paribas

• JRG Securities

• Religare

• Karvy Stock Brokers

• Muthoot Secur

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FUNDAMENTAL ANALYSIS

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MACRO ECONOMIC ANALYSIS

Macroeconomics is the study of the behaviour of the economy as a whole. Macro –economics
analysis try to forecast economic conditions to help consumer, firms and government make better
decisions. Following are the various factors included in the analysis.

1. GDP

GDP is a monetary measure of the market value of all the final goods and services produced in a
period of time. When a country releases its GDP data, its currency can appreciate or depreciate
as a result.

2. GDP Growth

It is the increase in the inflation adjusted market value of goods and tit services produced by an
economy over time, if conventional measured as the present rate of increase in real GDP.

3. Inflation

Inflation is a necessary evil, too much or too less of it is not good for an economy. The Indian
FMCG industry is mainly dependent on export market. FMCG industry in general comprises of
computer hardware, software, electronics, semi -conductors, interne, telecom equipment's, e-
commerce and computer services. But in Indian FMCG industry is more or less comprised of
software and FMCG services such as BP0s.

The nature of inflation in India is mainly cost push inflation, which leads to rise in factors such
as land, labour and capital. Since FMCG industry is more dependent on manpower the cost of
BR increases in the form of salaries. This rise in cost in the FMCG industry is compensated by
the depreciation in the value of rupee. Therefore Indian IT industry is largely unaffected by
inflation unless there is an external factor like global economic slowdown etc...

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4. Monetary policy

It is the process by which the monetary authority of a country typically the central bank or
currency board controls either the cost of every short term borrowing or the money supply.

Policy repo rate: 5.75 %

Reverse repo rate: 5.50%

Marginal standing facility rate: 6.00%

CRR: 4%

SLR: 19.00%

Bank rate: 6.00%

5. Fiscal policy

Fiscal policy is the use of government revenue collection and expenditure to monitor and
influence a nation's economy. When the government decreases taxes, disposable income
increases that leads to higher demand and increased productivity..

6. Unemployment rate

It is a jobless situation in which able bodied people who are looking for a job cannot find a job.
Unemployment rate is the share of the labour force that is jobless, expressed as percentage.

7. Political stability

Political stability means the government is stable or the terms and conditions of the state is
favourable to the public. If the company faces political instability in the economy they will face
so many difficulties while implementing their policies. So it will affect their company's
productivity also. If productivity decreases it will affect the economic growth of the country.

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8. CAD

A current account deficit occurs when a country's imports is more than the exports. If this
situation arises then it will affect the FMCG industry also.

9. BOP

BOP also known as balance of international payments. It records all economic transactions
between the residents of the country and the rest of the world in a particular period of time. Thus
if BOP is positive then it will leads to a rise in GDP and would be good sign for developing
countries and vice versa.

10. Trade war

As a major exporter to various markets as a price competent exporter, Indian goods are always
affected by the political conditions across the globe. The economic and political stability of these
areas have a say on the performance of the Indian export sectors as well.

11. Forex rate

A stronger rupee is good for the overall economy as it will bring down the cost for crude oil, this
leads to a fall in the cost of goods and leads to a fall in inflation and thus makes the government
to bring down the repo rate and this will lead to a flow of money supply into the economy.

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INDUSTRY ANALYSIS

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SWOT Analysis of FNCG Industry

Strengths

 Deep penetration in country

 Good value for money

Weakness

 Lacks innovation.

Opportunities

 Rural India has many possibilities.

 Increasing per capita income.
 Increasing consumption rate.

Threats

 Many players in the industry.

 High Bargaining power of customers.
 Short product life cycle.

PESTEL Analysis of FMCG Industry

Political Factors

 Tax exemption in sales and excise duty for small scale industries.
 Transportation and infrastructure development in rural areas helps in distribution
network.
 Restrictions in import policies.
 Help for agricultural sector.

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Economic Factors

 The GDP rate of Indian economy is increasing every year. It is expected in future it
would be better only in comparison with other countries.
 Inflation rate is increasing across the world and India is also no exception. The
government and Reserve Bank of India both are trying to control the inflation rate with
the help of different measures.
 Increase in disposable income has taken place due to higher GDP rate. The per capita
income is increasing so the customers are having more income to spend for various
reasons.
 Indian FMCG sector recorded 16% sales growth in last fiscal year and it is expected it
would further improve in the forthcoming years.
 The FMCG sector is a 4th largest sector of Indian economy with market size of more than
60000 crores. The Indian Territory is very large and number of customers is also very
high.

Social Factors

 Demographical analysis
 The Indian culture, social & life styles are changing drastically. The total population is
nearly115 crores and population includes rich, poor, middle class, male, female, located
in rural, urban and sub urban areas, different level of education etc.

Technology Factors

 Technology has been simplified and available in the industry. Where technology is not
available then it is brought from foreign countries to meet FMCG sector requirements.
 Foreign players help in high technological development. With research and development
facilities the new technologies are developed alone or with the help of foreign players

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Environmental Factors

 Ecological: The ecological and environment aspects such as weather, climate, & climate
changes, which may especially affect industry such as tourism, farming, & insurance. In
 Environmental issues: Global warming is one of the major issues now-a-days as external
factor is becoming a significant issue for firms to consider. Many remedies have been
taken to reduce Global warming.
 Environmental regulations: Various regulations have been declared by government to
safeguard the environment. For example-no company should through its waste in rivers.

Legal factors

 Employment law: Employment law provides equal opportunities to every citizen to work
& earn his livelihood. It provides equal opportunities to every citizen.
 Consumer protection: This law helps to protect the rights of consumers & he can file a
case against seller if he fined that he is cheated. Industry-specific regulations: These laws
are related to industry for example- no industry can establish in between cities i.e. it
should be outside the cities.

PORTER’S FIVE FORCE MODEL

To determine industry attractiveness and long-run industry profitability of the Indian FMCG
Industry, we chose to apply the Porter’s five forces in our analysis.

Porter’s five forces are: (1) Barriers to Entry and exit, (2) Threat of substitutes, (3) Buyer
bargaining power, (4) supplier bargaining power, and (5) Industry Competition.

1. Barriers to Entry and exit: The Indian FMCG Industry is characterized with modest entry
and exit barriers. Integrated business model and increasing capital requirement in the
industry restrict new entrants. Huge investments in setting up distribution networks and
promoting brands and competition from established companies.

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2. Threat of substitutes: Being an essential commodity the demand for consumer products is
elastic. Multiple brands positioned with narrow product differentiation. Companies entering a
category /trying to gain market share compete on pricing which increases products
substitution hence, threat of substitute is high in the industry.

3. Buyer bargaining power: High brand loyalty for some products, thereby discouraging
customers’ product shift. But low switching cost and aggressive marketing strategies under
intense competition within the FMCG companies, induce Customers to switch between
products, thereby driving value for money deals for consumers.

4. Supplier bargaining power: Prices are generally governed by international commodity

markets, making most FMCG companies price takers. Due to the long-term relationships
with suppliers etc., FMCG companies negotiate better rates during times of high input cost
inflation

5. Industry Competition: Competitiveness among the Indian FMCG players is high. With
more MNCs entering the country, the industry is highly fragmented. Advertising spends
continue to grow and marketing budgets as well as strategies are becoming more aggressive.
Private labels offered by retailers at a discount to mainframe brands act as competition to
undifferentiated and weak brands.

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COMPANY ANALYSIS

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Hindustan Unilever Ltd (HUL) is India's largest fast-moving consumer goods company.
HUL operates in seven business segments. Soaps and detergents include soaps, detergent
bars, detergent powders and scourers. Personal products include products in the categories of
oral care, skin care (excluding soaps), hair care, and talcum powder and color cosmetics.
Beverages include tea and coffee. Foods include staples (Atta, salt and bread) and culinary
products (tomato-based products, fruit-based products and soups). Ice creams include ice
creams and frozen desserts. Others include chemicals and water business.

Hindustan Unilever Ltd was incorporated in the year 1933 as Lever Brothers India Ltd. In
1956, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd merged with the company
and the name was changed from Lever Brothers Ltd to Hindustan Lever Ltd. The company
acquired Lipton in 1972, and in 1977 Lipton Tea (India) Ltd was incorporated. Brooke Bond
joined the Unilever fold in 1984 through an international acquisition. Pond's (India) Ltd
joined the Unilever fold through an international acquisition of Chesebrough Pond's USA in
1986.

Organization Heads

The company management includes:

 Sanjiv Mehta - Chairman & Managing Director,

 Pradeep Banerjee - Executive Director,
 DevBajpai - Executive Director,
 SrinivasPhatak - Executive Director & CFO,

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Vision

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

PRODUCTS:

Soaps: Lux, Liril, Lifebuoy, Pond’s, Pears, Rexona, Dove, Breeze

Haircare: Sunsilk, Dove, Clinic plus, Tresemme

Handwash&Bodywash: Lux, Dove, Lifebuoy, Axe (Soaps, Body wash and Deodorants),Pond’s

Cosmetics: Vaseline, Lakme, Fair and lovely, Denim (Shaving products)

Food: Annapurna Atta, Brooke Bond Tea (Red Label, yellow label, green label, TajMahal,

Taaza,Lipton),Kissan (Ketchup,Jam and Squashes), Bru coffee, Knorr soup, Kwality

Wall’sfrozen Dessert, Magnum Ice cream.

Home Care: Vim (Dishwash bar), Rin, Surf (detergent), Wheel, Cif, Domex (floor cleaner
anddisinfectant), comfort (fabric conditioner)

Oral Care: Closeup, Pepsodent

REVENUE:

Company’s major revenue comes from soaps and detergents segment. 49% of the company’s
total revenue comes from this product segment. Personal care and cosmetics segment is the
second biggest contributor for to the top line of the company. 29% of company’s revenue comes
from this segment. Third biggest contributor is the beverages segment which includes tea coffee,
sauce and jams.12% of company’s revenue is contributed by beverages segment HUL is a
market leader in FMCG segment, with a strong and efficient distribution network and smooth
supply chain that has helped HUL to reach the rural market of India where consumption of such

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products is growing at a faster rate than in urban India. This has helped company capture a larger
market share and consumer base, leading to better financial results.

Competitors

LOréal

Nirma Ltd

ITC Limited

Colgate-Palmolive

Procter and Gamble

Dabur India

Why HUL?

Company is a market leader in FMCG segment.

has a huge portfolio of consumer products spread over 20 categories.

Strong brand recognition, some of the brands are synonymous to the product itself (Surf, one
of the brands of the company is synonymously used as detergent).

Strong distribution network, and rural penetration, coupled with strong and efficient supply
chain.

High ROCE (Return on Capital Employed), shows efficient use of capital by the management.

excellent dividend history, company distributes major part (70% to 90%) of its net profit as
dividends.

Company launching new range of Ayurvedic products under brand Lever Ayush, to compete
product differentiators like Patanjali, ayurvedic consumer product manufacturer.

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 Launch of another range of organic skin care products targeting urban consumers under brand
Citra.

SWOT Analysis:

Strength:

 Brand visibility
 Market leader in consumer goods
 Innovative FMCG Company
 High Brand awareness

Weakness:

 Decreasing Market share

 Large number of brands in different product categories

Opportunities:

 Expanding market
 Awareness in usage rate of consumer goods
 Increasing Income levels
 Threats:
 Price of commodities

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FINDINGS AND CONCLUSION

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VALUATION OF PROFIT & LOSS ACCOUNT OF HUL

Mar-19 Mar-18 Mar-17 Mar-20

particulars

INCOME
Revenue From Operations [Gross] 37,660.00 34,619.00 33,895.00 40,966.58
Less: Excise/Sevice Tax/Other Levies 0 693 2,597.00 0
Revenue From Operations [Net] 37,660.00 33,926.00 31,298.00 40,966.58
Other Operating Revenues 564 599 592 531.288
Total Operating Revenues 38,224.00 34,525.00 31,890.00 41,497.87
Other Income 664 569 526 774.88
Total Revenue 38,888.00 35,094.00 32,416.00 42,272.75
EXPENSES
Cost Of Materials Consumed 13,240.00 12,491.00 11,363.00 14304.16
Purchase Of Stock-In Trade 4,708.00 3,812.00 4,166.00 4888.67
Changes In Inventories Of FG,WIP And Stock-In Trade 12 -71 156
Employee Benefit Expenses 1,747.00 1,745.00 1,620.00 1971.85
Finance Costs 28 20 22 30.45
Depreciation And Amortisation Expenses 524 478 396 570
Other Expenses 9,880.00 9,272.00 8,538.00 10677.25
Total Expenses 30,139.00 27,747.00 26,261.00 32442.38
Mar-19 Mar-18 Mar-17

Profit/Loss Before Exceptional, ExtraOrdinary Items

8,749.00 7,347.00 6,155.00 9,830.37
And Tax
Exceptional Items -227 -62 241 0
Profit/Loss Before Tax 8,522.00 7,285.00 6,396.00 9830.37
Tax Expenses-Continued Operations
Current Tax 2,565.00 2,148.00 1,865.00
Deferred Tax -79 -100 41
Tax For Earlier Years 0 0 0
Total Tax Expenses 2,486.00 2,048.00 1,906.00 2,867.67
EPS 32.16
PE 64.56
target 2076.24
Profit/Loss For The Period 6,036.00 5,237.00 4,490.00 6,962.70

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FINDINGS

After analyzing profit & loss a/c of HUL by taking data from 2017 to 2019 it shows that their net
operating income is increasing year by year. Income from other sources also increases. As their
income increases expenses and other employee cost also increased. Because of hiring more
people from different countries for doing consulting and outsourcing and other services they
have to pay more wages to them. This increased cost of labour led to increase their expenses

As profit increases HUL has to pay more interest and tax to the government but then also their
profit is increasing year by year. So EPS is also expected to be increase because of their
profitability and good performance.

CONCLUSION

The Company has about 18,000 employees and has sales of INR 37660 crores (financial year
2018-19). HUL is a subsidiary of Unilever, one of the world’s leading suppliers of Food, Home
Care, Personal Care and Refreshment products with sales in over 190 countries and an annual
sales turnover of €51 billion in 2018. Unilever has over 67% shareholding in HUL.

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