COMPARATIVE ANALYSIS BETWEEN ITC AND HUL
AkashMajji
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Jan 19, 2021
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About This Presentation
Summer project report (18bvri10)
Slide Content
SUMMER TRAINING PROJECT
ON
“COMPARATIVE ANALYSIS OF ITC AND HINDUSTAN
UNILEVER.”
Submitted By
M. AKASH
B. Voc (Retail Management and Information Technology)
Regn. No: 18BVRI10
Under the Supervision of
Prof. S. Hanuman Kennedy
Central University of Andhra Pradesh
JNTU Road, Chinmaya Nagar, Ananthapuramu – 515002.
ON
“COMPARATIVE ANALYSIS OF ITC AND HINDUSTAN
UNILEVER.”
Submitted By
M. AKASH
B. Voc (Retail Management and Information Technology)
Regn. No: 18BVRI10
Under the Supervision of
Prof. S. Hanuman Kennedy
Central University of Andhra Pradesh
JNTU Road, Chinmaya Nagar, Ananthapuramu – 515002.
CERTIFICATE
This is to certify that AKASH MAJJI of Central University of Andhra Pradesh with Reg
No: 18BVRI10 worked under my supervision for the Summer Project titled
“Comparative Analysis between “ITC and HINDHUSTHAN UNILEVER“ during the
academic year 2020-2021 in partial fulfillment of the requirement for the award of
degree in B.Voc Retail Management and IT. The student has done original work to
the best of my knowledge.
This project work submitted is not submitted to any other university or Institution.
Signature of the student Signature of faculty Supervisor
(AKASH MAJJI ) (S.Hanuman Kennedy)
This is to certify that AKASH MAJJI of Central University of Andhra Pradesh with Reg
No: 18BVRI10 worked under my supervision for the Summer Project titled
“Comparative Analysis between “ITC and HINDHUSTHAN UNILEVER“ during the
academic year 2020-2021 in partial fulfillment of the requirement for the award of
degree in B.Voc Retail Management and IT. The student has done original work to
the best of my knowledge.
This project work submitted is not submitted to any other university or Institution.
Signature of the student Signature of faculty Supervisor
(AKASH MAJJI ) (S.Hanuman Kennedy)
DECLARATION
I, AKASH MAJJI(18BVRI10) hereby declare that the summer
project titled “Comparative analysis between “ITC and HINDHUSTHAN UNILEVER“ is
submitted in partial fulfillment of the requirement for the award of the degree of
B.Voc Retail Management and IT under the guidance of Prof.S Hanuman Kennedy. I
confirm that the data, findings and results are outcome of my own research. I
further confirm that this Summer Project has not been submitted at any other
education institution for the award of any other degree.
Signature of the student
(L.Hema Deepika)
Regn.No: 18BVRI09
I, AKASH MAJJI(18BVRI10) hereby declare that the summer
project titled “Comparative analysis between “ITC and HINDHUSTHAN UNILEVER“ is
submitted in partial fulfillment of the requirement for the award of the degree of
B.Voc Retail Management and IT under the guidance of Prof.S Hanuman Kennedy. I
confirm that the data, findings and results are outcome of my own research. I
further confirm that this Summer Project has not been submitted at any other
education institution for the award of any other degree.
Signature of the student
(L.Hema Deepika)
Regn.No: 18BVRI09
++
ACKNOWLEDGEMENT
My deep sense of gratitude to my parents for their support and cooperation which
has helped in completing this project successfully.
I would like to express my gratitude to Prof.S.Hanuman Kennedy for his patience in
giving valuable suggestions from time to time.
It is indeed a pleasant task and small effort to thank all the people especially
some of my friends who have contributed towards the successful completion of
this project work.
M.AKASH
B.Voc (Reatail Management & IT)
Regn.No:18BVRI10
ACKNOWLEDGEMENT
My deep sense of gratitude to my parents for their support and cooperation which
has helped in completing this project successfully.
I would like to express my gratitude to Prof.S.Hanuman Kennedy for his patience in
giving valuable suggestions from time to time.
It is indeed a pleasant task and small effort to thank all the people especially
some of my friends who have contributed towards the successful completion of
this project work.
M.AKASH
B.Voc (Reatail Management & IT)
Regn.No:18BVRI10
CONTENTS PAGES
Chapter - 1
Introduction 1-11
Chapter - 2
Industry Profile 12-15
Chapter - 3
1 Company profile 16-29
2. Promoters of HUL and ITC 30- 40
3. Board of Directors of HUL and ITC 41-51
4. Shared values of the Companies 52-55
5. Comparison of Financial Status 56-59
6. BALANCE SHEET 60-64
7. Product Range Offered by the 65-71
Companies
8. Sales Figures 72-78
9. Manpower Resources 79-82
Chapter - 4
Comparative Analysis & Interpretation of data 83-98
Chapter - 5
Findings & Suggestions 99-110
Overall learning experience 111-113
References 114-115
Chapter - 1
Introduction 1-11
Chapter - 2
Industry Profile 12-15
Chapter - 3
1 Company profile 16-29
2. Promoters of HUL and ITC 30- 40
3. Board of Directors of HUL and ITC 41-51
4. Shared values of the Companies 52-55
5. Comparison of Financial Status 56-59
6. BALANCE SHEET 60-64
7. Product Range Offered by the 65-71
Companies
8. Sales Figures 72-78
9. Manpower Resources 79-82
Chapter - 4
Comparative Analysis & Interpretation of data 83-98
Chapter - 5
Findings & Suggestions 99-110
Overall learning experience 111-113
References 114-115
1 | P a g e
CHAPTER 1
INRODUCTION OF COMPANIES
CHAPTER 1
INRODUCTION OF COMPANIES
Page | 2
HISTORY OF THE ITC
ITC was formed on August 24, 1910 under the name Imperial Tobacco Company of India Limited. Later the name
of the Company was changed from Imperial Tobacco Company of India Limited to India Tobacco Company
Limited in 1970 and then to I.T.C. Limited in 1974. ITC contains a wide range of businesses - Cigarettes &
Tobacco, Hotels, Information Technology, Packaging, Paperboards
& Specialty Papers, Agri-business, Foods, Lifestyle Retailing, Education & Stationery and Personal Care.
Finally the company changed its name to 'ITC Limited’ on September 2001.
The earlier decades of the Company's existence were mainly depending on growth and consolidation
of the Cigarettes and Leaf Tobacco businesses, In the Seventies it started to transform into a corporate. In
1975 the Company launched its Hotels business with the acquisition of a hotel in Chennai which was
rechristened 'ITC-Welcomgroup Hotel Chola'. The objective of ITC's entry into the hotels business was rooted
in the concept of creating value for the nation. In 1979, ITC entered the Paperboard business by promoting
ITC Bhadrachalam Paperboards Limited, which today has become the market leader in India.
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint venture. Since
inception, its shares have been held by ITC, British American Tobacco and various independent shareholders
in Nepal. In August 2002, Surya Tobacco became a subsidiary of ITC Limited and its name was changed to
Surya Nepal Private Limited (Surya Nepal). Also in 1990, leveraging its agri-sourcing competency, ITC set
up the Agri Business Division for export of agri-commodities. The Division is today one of India's largest
exporters. ITC's unique and now widely acknowledged e-Choupal initiative began in 2000 with soya farmers
in Madhya Pradesh. Now it extends to 10 states covering over 4 million farmers. ITC's first rural mall,
christened 'Choupal Saagar' was inaugurated in August 2004 at Sehore. On the rural retail front, 24 'Choupal
Saagars' are now operational in the 3 states of Madhya Pradesh, Maharashtra and Uttar Pradesh.
In 2000, ITC forayed into the Greeting, Gifting and Stationery products business with the launch of
Expressions range of greeting cards. A line of premium range of notebooks under brand “Paperkraft” was
launched in 2002. To augment its offering and to reach a wider student population, the popular range of notebooks
was launched under brand “Classmate” in 2003. “Classmate” over the years has grown to become India’s largest
notebook brand and has also increased its portfolio to occupy a greater share of the school bag. Years 2007- 2009
saw the launch of Children Books, Slam Books, Geometry Boxes, Pens and Pencils under the “Classmate” brand.
In 2008, ITC repositioned the business as the Education and Stationery Products Business and launched India's
first environment.
friendly premium business paper under the “Paperkraft” Brand. “Paperkraft” offers a diverse
portfolio in the premium executive stationery and office consumables segment. Paperkraft entered new
HISTORY OF THE ITC
ITC was formed on August 24, 1910 under the name Imperial Tobacco Company of India Limited. Later the name
of the Company was changed from Imperial Tobacco Company of India Limited to India Tobacco Company
Limited in 1970 and then to I.T.C. Limited in 1974. ITC contains a wide range of businesses - Cigarettes &
Tobacco, Hotels, Information Technology, Packaging, Paperboards
& Specialty Papers, Agri-business, Foods, Lifestyle Retailing, Education & Stationery and Personal Care.
Finally the company changed its name to 'ITC Limited’ on September 2001.
The earlier decades of the Company's existence were mainly depending on growth and consolidation
of the Cigarettes and Leaf Tobacco businesses, In the Seventies it started to transform into a corporate. In
1975 the Company launched its Hotels business with the acquisition of a hotel in Chennai which was
rechristened 'ITC-Welcomgroup Hotel Chola'. The objective of ITC's entry into the hotels business was rooted
in the concept of creating value for the nation. In 1979, ITC entered the Paperboard business by promoting
ITC Bhadrachalam Paperboards Limited, which today has become the market leader in India.
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint venture. Since
inception, its shares have been held by ITC, British American Tobacco and various independent shareholders
in Nepal. In August 2002, Surya Tobacco became a subsidiary of ITC Limited and its name was changed to
Surya Nepal Private Limited (Surya Nepal). Also in 1990, leveraging its agri-sourcing competency, ITC set
up the Agri Business Division for export of agri-commodities. The Division is today one of India's largest
exporters. ITC's unique and now widely acknowledged e-Choupal initiative began in 2000 with soya farmers
in Madhya Pradesh. Now it extends to 10 states covering over 4 million farmers. ITC's first rural mall,
christened 'Choupal Saagar' was inaugurated in August 2004 at Sehore. On the rural retail front, 24 'Choupal
Saagars' are now operational in the 3 states of Madhya Pradesh, Maharashtra and Uttar Pradesh.
In 2000, ITC forayed into the Greeting, Gifting and Stationery products business with the launch of
Expressions range of greeting cards. A line of premium range of notebooks under brand “Paperkraft” was
launched in 2002. To augment its offering and to reach a wider student population, the popular range of notebooks
was launched under brand “Classmate” in 2003. “Classmate” over the years has grown to become India’s largest
notebook brand and has also increased its portfolio to occupy a greater share of the school bag. Years 2007- 2009
saw the launch of Children Books, Slam Books, Geometry Boxes, Pens and Pencils under the “Classmate” brand.
In 2008, ITC repositioned the business as the Education and Stationery Products Business and launched India's
first environment.
friendly premium business paper under the “Paperkraft” Brand. “Paperkraft” offers a diverse
portfolio in the premium executive stationery and office consumables segment. Paperkraft entered new
Page | 3
categories in the office consumable segment with the launch of Textliners, Permanent Ink Markers and White
Board Markers in 2009.
ITC also entered the Lifestyle Retailing business with the Wills Sport range of international quality
relaxed wear for men and women in 2000. The Wills Lifestyle chain of exclusive stores later expanded its
range to include Wills Classic formal wear (2002) and Wills Clublife evening wear (2003).
In 2000, ITC spun off its information technology business into a wholly owned subsidiary, ITC
Infotech India Limited, to more aggressively pursue emerging opportunities in this area. Today ITC
Infotech is one of India’s fastest growing global IT and IT-enabled services companies and has established
itself as a key player in offshore outsourcing, providing outsourced IT solutions and services to leading
global customers across key focus verticals - Manufacturing, BFSI (Banking, Financial Services &
Insurance), CPG&R (Consumer Packaged Goods & Retail), THT (Travel, Hospitality and Transportation)
and Media & Entertainment.
ITC's foray into the Foods business is an outstanding example of successfully blending multiple
internal competencies to create a new driver of business growth. It began in August 2001 with the introduction
of 'Kitchens of India' ready-to-eat Indian gourmet dishes. In 2002, ITC entered the confectionery and staples
segments with the launch of the brands mint-o and Candyman confectionery and Aashirvaad atta (wheat
flour). 2003 witnessed the introduction of Sunfeast as the Company entered the biscuits segment. ITC's
entered the fast growing branded snacks category with Bingo! in 2007. In just over a decade, the Foods
business has grown to a significant size with over 200 differentiated products under six distinctive brands,
with an enviable distribution reach, a rapidly growing market share and a solid market standing.
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the entire value chain
found yet another expression in the Safety Matches initiative. ITC now markets popular safety matches
brands like iKno, Mangaldeep, Aim, Aim Mega and Aim Metro. ITC's foray into the marketing of
Agarbattis (incense sticks) in 2003 marked the manifestation of its partnership with the cottage sector. ITC's
popular agarbattis brands include Spriha and Mangaldeep across a range of fragrances like Rose, Jasmine,
Bouquet, Sandalwood, Madhur, Sambrani and Nagchampa.
ITC introduced Essenza Di Wills, an exclusive range of fine fragrances and bath & body care products
for men and women in July 2005. Continuing with its tradition of bringing world class products to Indian
consumers the Company launched 'Fiama Di Wills', a premium range of Shampoos, Shower Gels and Soaps
in September, October and December 2007 respectively. The Company also launched the 'Superia' range
of Soaps and Shampoos in the mass-market segment at select markets in October 2007 and Vivel De Wills
& Vivel range of soaps in February and Vivel range of shampoos in June 2008.
categories in the office consumable segment with the launch of Textliners, Permanent Ink Markers and White
Board Markers in 2009.
ITC also entered the Lifestyle Retailing business with the Wills Sport range of international quality
relaxed wear for men and women in 2000. The Wills Lifestyle chain of exclusive stores later expanded its
range to include Wills Classic formal wear (2002) and Wills Clublife evening wear (2003).
In 2000, ITC spun off its information technology business into a wholly owned subsidiary, ITC
Infotech India Limited, to more aggressively pursue emerging opportunities in this area. Today ITC
Infotech is one of India’s fastest growing global IT and IT-enabled services companies and has established
itself as a key player in offshore outsourcing, providing outsourced IT solutions and services to leading
global customers across key focus verticals - Manufacturing, BFSI (Banking, Financial Services &
Insurance), CPG&R (Consumer Packaged Goods & Retail), THT (Travel, Hospitality and Transportation)
and Media & Entertainment.
ITC's foray into the Foods business is an outstanding example of successfully blending multiple
internal competencies to create a new driver of business growth. It began in August 2001 with the introduction
of 'Kitchens of India' ready-to-eat Indian gourmet dishes. In 2002, ITC entered the confectionery and staples
segments with the launch of the brands mint-o and Candyman confectionery and Aashirvaad atta (wheat
flour). 2003 witnessed the introduction of Sunfeast as the Company entered the biscuits segment. ITC's
entered the fast growing branded snacks category with Bingo! in 2007. In just over a decade, the Foods
business has grown to a significant size with over 200 differentiated products under six distinctive brands,
with an enviable distribution reach, a rapidly growing market share and a solid market standing.
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the entire value chain
found yet another expression in the Safety Matches initiative. ITC now markets popular safety matches
brands like iKno, Mangaldeep, Aim, Aim Mega and Aim Metro. ITC's foray into the marketing of
Agarbattis (incense sticks) in 2003 marked the manifestation of its partnership with the cottage sector. ITC's
popular agarbattis brands include Spriha and Mangaldeep across a range of fragrances like Rose, Jasmine,
Bouquet, Sandalwood, Madhur, Sambrani and Nagchampa.
ITC introduced Essenza Di Wills, an exclusive range of fine fragrances and bath & body care products
for men and women in July 2005. Continuing with its tradition of bringing world class products to Indian
consumers the Company launched 'Fiama Di Wills', a premium range of Shampoos, Shower Gels and Soaps
in September, October and December 2007 respectively. The Company also launched the 'Superia' range
of Soaps and Shampoos in the mass-market segment at select markets in October 2007 and Vivel De Wills
& Vivel range of soaps in February and Vivel range of shampoos in June 2008.
Page | 4
Introduction to HUL
Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer
Goods Company, touching the lives of two out of three Indians with over 20
distinct categories in Home & Personal Care Products and Foods &
Beverages. The company’s Turnover is Rs. 20, 239 crores (for the 15 month
period – January 1, 2008 to March 31, 2009).
HUL is a subsidiary of Unilever, one of the world’s leading suppliers of fast moving
consumer goods with strong local roots in more than 100 countries across the globe with annual
sales of €40.5 billion in 2008. Unilever has about 52% shareholding in HUL.
Hindustan Unilever was recently rated among the top four companies globally in the list of
“Global Top Companies for Leaders” by a study sponsored by Hewitt Associates, in partnership
with Fortune magazine and the RBL Group. The company was ranked number one in the Asia-
Pacific region and in India.
The mission that inspires HUL's more than 15,000 employees, including over 1,400
managers, is to “add vitality to life". The company meets everyday needs for nutrition, hygiene,
and personal care, with brands that help people feel good, look good and get more out of life. It is
a mission HUL shares with its parent company, Unilever, which holds about 52 % of the equity.
Heritage
HUL’s heritage dates back to 1888, when the first Unilever product, Sunlight, was introduced in
India. Local manufacturing began in the 1930s with the establishment of subsidiary companies.
They merged in 1956 to form Hindustan Lever Limited (The company was renamed Hindustan
Unilever Limited on June 25, 2007). The company created history when it offered equity to Indian
shareholders, becoming the first foreign subsidiary company to do so. Today, the company has
more than three lakh resident shareholders.
HUL’s brands -- like Lifebuoy, Lux, Surf Excel, Rin, Wheel, Fair & Lovely, Sunsilk, Clinic,
Close- up, Pepsodent, Lakme, Brooke Bond, Kissan, Knorr, Annapurna, Kwality-Walls - are
household names across the country and span many categories - soaps, detergents, personal
products, tea, coffee, branded staples, ice cream and culinary products. They are manufactured in
over 35 factories, several of them in backward areas of the country. The operations involve over
2,000 suppliers and associates. HUL's distribution network covers 6.3 million retail outlets
including direct reach to over 1 million.
HUL has traditionally been a company, which incorporates latest technology in all its
operations. The Hindustan Lever Research Centre (now Hindustan Unilever Research Centre)
was set up in 1958.
Introduction to HUL
Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer
Goods Company, touching the lives of two out of three Indians with over 20
distinct categories in Home & Personal Care Products and Foods &
Beverages. The company’s Turnover is Rs. 20, 239 crores (for the 15 month
period – January 1, 2008 to March 31, 2009).
HUL is a subsidiary of Unilever, one of the world’s leading suppliers of fast moving
consumer goods with strong local roots in more than 100 countries across the globe with annual
sales of €40.5 billion in 2008. Unilever has about 52% shareholding in HUL.
Hindustan Unilever was recently rated among the top four companies globally in the list of
“Global Top Companies for Leaders” by a study sponsored by Hewitt Associates, in partnership
with Fortune magazine and the RBL Group. The company was ranked number one in the Asia-
Pacific region and in India.
The mission that inspires HUL's more than 15,000 employees, including over 1,400
managers, is to “add vitality to life". The company meets everyday needs for nutrition, hygiene,
and personal care, with brands that help people feel good, look good and get more out of life. It is
a mission HUL shares with its parent company, Unilever, which holds about 52 % of the equity.
Heritage
HUL’s heritage dates back to 1888, when the first Unilever product, Sunlight, was introduced in
India. Local manufacturing began in the 1930s with the establishment of subsidiary companies.
They merged in 1956 to form Hindustan Lever Limited (The company was renamed Hindustan
Unilever Limited on June 25, 2007). The company created history when it offered equity to Indian
shareholders, becoming the first foreign subsidiary company to do so. Today, the company has
more than three lakh resident shareholders.
HUL’s brands -- like Lifebuoy, Lux, Surf Excel, Rin, Wheel, Fair & Lovely, Sunsilk, Clinic,
Close- up, Pepsodent, Lakme, Brooke Bond, Kissan, Knorr, Annapurna, Kwality-Walls - are
household names across the country and span many categories - soaps, detergents, personal
products, tea, coffee, branded staples, ice cream and culinary products. They are manufactured in
over 35 factories, several of them in backward areas of the country. The operations involve over
2,000 suppliers and associates. HUL's distribution network covers 6.3 million retail outlets
including direct reach to over 1 million.
HUL has traditionally been a company, which incorporates latest technology in all its
operations. The Hindustan Lever Research Centre (now Hindustan Unilever Research Centre)
was set up in 1958.
Page | 5
Vision:
Unilever products touch the lives of over 2 billion people every day –
whether that's through feeling great because they've got shiny hair and a
brilliant smile, keeping their homes fresh and clean, or by enjoying a great
cup of tea, satisfying meal or healthy snack.
A clear direction:
The four pillars of our vision set out the long term direction for the company – where we want
to go and how we are going to get there:
We work to create a better future every day
We help people feel good, look good and get more out of life with brands and services that are
good for them and good for others.
We will inspire people to take small everyday actions that can add up to a big difference for the
world.
We will develop new ways of doing business that will allow us to double the size of our
company while reducing our environmental impact.
We've always believed in the power of our brands to improve the quality of people’s lives and
in doing the right thing. As our business grows, so do our responsibilities. We recognise that
global challenges such as climate change concern us all. Considering the wider impact of our
actions is embedded in our values and is a fundamental part of who we are.
Purpose & Principles:
Our corporate purpose states that to succeed requires "the highest
standards of corporate behaviour towards everyone we work with, the
communities we touch, and the environment on which we have an impact."
Always working with integrity
Positive impact
Continuous commitment
Setting out our aspirations
Working with others
Vision:
Unilever products touch the lives of over 2 billion people every day –
whether that's through feeling great because they've got shiny hair and a
brilliant smile, keeping their homes fresh and clean, or by enjoying a great
cup of tea, satisfying meal or healthy snack.
A clear direction:
The four pillars of our vision set out the long term direction for the company – where we want
to go and how we are going to get there:
We work to create a better future every day
We help people feel good, look good and get more out of life with brands and services that are
good for them and good for others.
We will inspire people to take small everyday actions that can add up to a big difference for the
world.
We will develop new ways of doing business that will allow us to double the size of our
company while reducing our environmental impact.
We've always believed in the power of our brands to improve the quality of people’s lives and
in doing the right thing. As our business grows, so do our responsibilities. We recognise that
global challenges such as climate change concern us all. Considering the wider impact of our
actions is embedded in our values and is a fundamental part of who we are.
Purpose & Principles:
Our corporate purpose states that to succeed requires "the highest
standards of corporate behaviour towards everyone we work with, the
communities we touch, and the environment on which we have an impact."
Always working with integrity
Positive impact
Continuous commitment
Setting out our aspirations
Working with others
Page | 6
History of HUL:
In the summer of 1888, visitors to the Kolkata harbour noticed crates full of
Sunlight soap bars, embossed with the words "Made in England by Lever
Brothers". With it, began an era of marketing branded Fast Moving
Consumer Goods(FMCG).
Soon after followed Lifebuoy in 1895 and other famous brands like Pears,
Lux and Vim. Vanaspati was launched in 1918 and the famous Dalda
brand came to the market in 1937.
In 1931, Unilever set up its first Indian subsidiary, Hindustan Vanaspati
Manufacturing Company, followed by Lever Brothers India Limited (1933)
and United Traders Limited (1935). These three companies merged to form HUL in November
1956; HUL offered 10% of its equity to the Indian public, being the first among the foreign
subsidiaries to do so. Unilever now holds 52.10% equity in the company. The rest of the
shareholding is distributed among about 360,675 individual shareholders and financial institutions.
The erstwhile Brooke Bond's presence in India dates back to 1900. By 1903, the company
had launched Red Label tea in the country. In 1912, Brooke Bond & Co. India Limited was formed.
Brooke Bond joined the Unilever fold in 1984 through an international acquisition. The erstwhile
Lipton's links with India were forged in 1898. Unilever acquired Lipton in 1972 and in 1977 Lipton
Tea (India) Limited was incorporated.
Pond's (India) Limited had been present in India since 1947. It joined the Unilever fold
through an international acquisition of Chesebrough Pond's USA in 1986.
Since the very early years, HUL has vigorously responded to the stimulus of economic
growth. The growth process has been accompanied by judicious diversification, always in line with
Indian opinions and aspirations.
The liberalisation of the Indian economy, started in 1991, clearly marked an inflexion in
HUL's and the Group's growth curve. Removal of the regulatory framework allowed the company
to explore every single product and opportunity segment, without any constraints on production
capacity.
Simultaneously, deregulation permitted alliances, acquisitions and mergers. In one of the
most visible and talked about events of India's corporate history, the erstwhile Tata Oil Mills
Company (TOMCO) merged with HUL, effective from April 1, 1993. In 1996, HUL and yet another
Tata company, Lakme Limited, formed a 50:50 joint venture, Lakme Unilever Limited, to market
Lakme's market-leading cosmetics and other appropriate products of both the companies.
Subsequently in 1998, Lakme Limited sold its brands to HUL and divested its 50% stake in the
joint venture to the company.
History of HUL:
In the summer of 1888, visitors to the Kolkata harbour noticed crates full of
Sunlight soap bars, embossed with the words "Made in England by Lever
Brothers". With it, began an era of marketing branded Fast Moving
Consumer Goods(FMCG).
Soon after followed Lifebuoy in 1895 and other famous brands like Pears,
Lux and Vim. Vanaspati was launched in 1918 and the famous Dalda
brand came to the market in 1937.
In 1931, Unilever set up its first Indian subsidiary, Hindustan Vanaspati
Manufacturing Company, followed by Lever Brothers India Limited (1933)
and United Traders Limited (1935). These three companies merged to form HUL in November
1956; HUL offered 10% of its equity to the Indian public, being the first among the foreign
subsidiaries to do so. Unilever now holds 52.10% equity in the company. The rest of the
shareholding is distributed among about 360,675 individual shareholders and financial institutions.
The erstwhile Brooke Bond's presence in India dates back to 1900. By 1903, the company
had launched Red Label tea in the country. In 1912, Brooke Bond & Co. India Limited was formed.
Brooke Bond joined the Unilever fold in 1984 through an international acquisition. The erstwhile
Lipton's links with India were forged in 1898. Unilever acquired Lipton in 1972 and in 1977 Lipton
Tea (India) Limited was incorporated.
Pond's (India) Limited had been present in India since 1947. It joined the Unilever fold
through an international acquisition of Chesebrough Pond's USA in 1986.
Since the very early years, HUL has vigorously responded to the stimulus of economic
growth. The growth process has been accompanied by judicious diversification, always in line with
Indian opinions and aspirations.
The liberalisation of the Indian economy, started in 1991, clearly marked an inflexion in
HUL's and the Group's growth curve. Removal of the regulatory framework allowed the company
to explore every single product and opportunity segment, without any constraints on production
capacity.
Simultaneously, deregulation permitted alliances, acquisitions and mergers. In one of the
most visible and talked about events of India's corporate history, the erstwhile Tata Oil Mills
Company (TOMCO) merged with HUL, effective from April 1, 1993. In 1996, HUL and yet another
Tata company, Lakme Limited, formed a 50:50 joint venture, Lakme Unilever Limited, to market
Lakme's market-leading cosmetics and other appropriate products of both the companies.
Subsequently in 1998, Lakme Limited sold its brands to HUL and divested its 50% stake in the
joint venture to the company.
Page | 7
HUL formed a 50-50 joint venture with the US-based Kimberly Clark Corporation in 1994,
Kimberly- Clark Lever Ltd, which markets Huggies Diapers and Kotex Sanitary Pads . HUL has
also set up a subsidiary in Nepal, Unilever Nepal Limited (UNL), and its factory represents the
largest manufacturing investment in the Himalayan kingdom. The UNL factory manufactures
HUL's products like Soaps, Detergents and Personal Products both for the domestic market and
exports to India.
The 1990s also witnessed a string of crucial mergers, acquisitions and alliances on the
Foods and Beverages front. In 1992, the erstwhile Brooke Bond acquired Kothari General Foods,
with significant interests in Instant Coffee. In 1993, it acquired the Kissan business from the UB
Group and the Dollops Ice -cream business from Cadbury India.
As a measure of backward integration, Tea Estates and Doom Dooma, two plantation
companies of Unilever, were merged with Brooke Bond. Then in 1994, Brooke Bond India and
Lipton India merged to form Brooke Bond Lipton India Limited (BBLIL), enabling greater focus and
ensuring synergy in the traditional Beverages business. 1994 witnessed BBLIL launching the
Wall's range of Frozen Desserts. By the end of the year, the company entered into a strategic
alliance with the Kwality Ice-cream Group families and in 1995 the Milk- food 100% Ice-cream
marketing and distribution rights too were acquired.
Finally, BBLIL merged with HUL, with effect from January 1, 1996. The internal
restructuring culminated in the merger of Pond's (India) Limited (PIL) with HUL in 1998. The two
companies had significant overlaps in Personal Products, Speciality Chemicals and Exports
businesses, besides a common distribution system since 1993 for Personal Products. The two
also had a common management pool and a technology base. The amalgamation was done to
ensure for the Group, benefits from scale economies both in domestic and export markets and
enable it to fund investments required for aggressively building new categories.
In January 2000, in a historic step, the government decided to award 74 per cent equity in
Modern Foods to HUL, thereby beginning the divestment of government equity in public sector
undertakings (PSU) to private sector partners. HUL's entry into Bread is a strategic extension of
the company's wheat business. In 2002, HUL acquired the government's remaining stake in
Modern Foods.
In 2003, HUL acquired the Cooked Shrimp and Pasteurised Crabmeat business of the
Amalgam Group of Companies, a leader in value added Marine Products exports.
HUL launched a slew of new business initiatives in the early part of 2000’s. Project Shakti
was started in 2001. It is a rural initiative that targets small villages populated by less than 5000
individuals. It is a unique win-win initiative that catalyses rural affluence even as it benefits
business. Currently, there are over 45,000 Shakti entrepreneurs covering over 100,000 villages
across 15 states and reaching to over 3 million homes.
In 2002, HUL made its foray into Ayurvedic health & beauty centre category with the
Ayush product range and Ayush Therapy Centres. Hindustan Unilever Network, Direct to home
business was launched in 2003 and this was followed by the launch of ‘Pure-it’ water purifier in
2004.
In 2007, the Company name was formally changed to Hindustan Unilever Limited after
receiving the approval of share holders during the 74th AGM on 18 May 2007. Brooke Bond and
Surf Excel breached the the Rs 1,000 crore sales mark the same year followed by Wheel which
crossed the Rs.2,000 crore sales milestone in 2008.On 17th October 2008, HUL completed 75
years of corporate existence in India.
HUL formed a 50-50 joint venture with the US-based Kimberly Clark Corporation in 1994,
Kimberly- Clark Lever Ltd, which markets Huggies Diapers and Kotex Sanitary Pads . HUL has
also set up a subsidiary in Nepal, Unilever Nepal Limited (UNL), and its factory represents the
largest manufacturing investment in the Himalayan kingdom. The UNL factory manufactures
HUL's products like Soaps, Detergents and Personal Products both for the domestic market and
exports to India.
The 1990s also witnessed a string of crucial mergers, acquisitions and alliances on the
Foods and Beverages front. In 1992, the erstwhile Brooke Bond acquired Kothari General Foods,
with significant interests in Instant Coffee. In 1993, it acquired the Kissan business from the UB
Group and the Dollops Ice -cream business from Cadbury India.
As a measure of backward integration, Tea Estates and Doom Dooma, two plantation
companies of Unilever, were merged with Brooke Bond. Then in 1994, Brooke Bond India and
Lipton India merged to form Brooke Bond Lipton India Limited (BBLIL), enabling greater focus and
ensuring synergy in the traditional Beverages business. 1994 witnessed BBLIL launching the
Wall's range of Frozen Desserts. By the end of the year, the company entered into a strategic
alliance with the Kwality Ice-cream Group families and in 1995 the Milk- food 100% Ice-cream
marketing and distribution rights too were acquired.
Finally, BBLIL merged with HUL, with effect from January 1, 1996. The internal
restructuring culminated in the merger of Pond's (India) Limited (PIL) with HUL in 1998. The two
companies had significant overlaps in Personal Products, Speciality Chemicals and Exports
businesses, besides a common distribution system since 1993 for Personal Products. The two
also had a common management pool and a technology base. The amalgamation was done to
ensure for the Group, benefits from scale economies both in domestic and export markets and
enable it to fund investments required for aggressively building new categories.
In January 2000, in a historic step, the government decided to award 74 per cent equity in
Modern Foods to HUL, thereby beginning the divestment of government equity in public sector
undertakings (PSU) to private sector partners. HUL's entry into Bread is a strategic extension of
the company's wheat business. In 2002, HUL acquired the government's remaining stake in
Modern Foods.
In 2003, HUL acquired the Cooked Shrimp and Pasteurised Crabmeat business of the
Amalgam Group of Companies, a leader in value added Marine Products exports.
HUL launched a slew of new business initiatives in the early part of 2000’s. Project Shakti
was started in 2001. It is a rural initiative that targets small villages populated by less than 5000
individuals. It is a unique win-win initiative that catalyses rural affluence even as it benefits
business. Currently, there are over 45,000 Shakti entrepreneurs covering over 100,000 villages
across 15 states and reaching to over 3 million homes.
In 2002, HUL made its foray into Ayurvedic health & beauty centre category with the
Ayush product range and Ayush Therapy Centres. Hindustan Unilever Network, Direct to home
business was launched in 2003 and this was followed by the launch of ‘Pure-it’ water purifier in
2004.
In 2007, the Company name was formally changed to Hindustan Unilever Limited after
receiving the approval of share holders during the 74th AGM on 18 May 2007. Brooke Bond and
Surf Excel breached the the Rs 1,000 crore sales mark the same year followed by Wheel which
crossed the Rs.2,000 crore sales milestone in 2008.On 17th October 2008, HUL completed 75
years of corporate existence in India.
Page | 8
MEANING OF THE NAME & HOW WAS IT
NAMED& EVOLUTION OF THE NAME :
HUL means Hindustan Uni lever Limited formally it is known as
Hindustan Lever Limited (HUL) through a merger of Lever Brothers,
Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. in 1956. The
company was renamed in late June 2007 to “Hindustan Unilever
Limited”.
EVOLUTION OF THE LOGO:
The previous logo represents the green and healthy scenario of the Indian economy. And
the current logo expresses “the vitality at the heart of our brands, our people and our
values. Each icon within our logo represents an aspect of our business, showing that we
add vitality in everything we do.”
(SUN): Our primary natural resource. All life begins with the sun – the ultimate symbol
of vitality. It evokes Unilever's origins in Port Sunlight and can represent a number of
our brands. Flora, Slim·Fast and Omo all use radiance to communicate their benefits.
(HAND & FLOWER): Hand is a symbol of sensitivity, care and need. It represents
both skins and touch. Flower represents fragrance. When seen with the hand, it represents
moisturizers or cream.
MEANING OF THE NAME & HOW WAS IT
NAMED& EVOLUTION OF THE NAME :
HUL means Hindustan Uni lever Limited formally it is known as
Hindustan Lever Limited (HUL) through a merger of Lever Brothers,
Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. in 1956. The
company was renamed in late June 2007 to “Hindustan Unilever
Limited”.
EVOLUTION OF THE LOGO:
The previous logo represents the green and healthy scenario of the Indian economy. And
the current logo expresses “the vitality at the heart of our brands, our people and our
values. Each icon within our logo represents an aspect of our business, showing that we
add vitality in everything we do.”
(SUN): Our primary natural resource. All life begins with the sun – the ultimate symbol
of vitality. It evokes Unilever's origins in Port Sunlight and can represent a number of
our brands. Flora, Slim·Fast and Omo all use radiance to communicate their benefits.
(HAND & FLOWER): Hand is a symbol of sensitivity, care and need. It represents
both skins and touch. Flower represents fragrance. When seen with the hand, it represents
moisturizers or cream.
Page | 9
(BEE): Represents creation, pollination, hard work and bio-diversity. Bees symbolize
both environmental challenges and opportunities.
(DNA): The double helix, the genetic blueprint of life and a symbol of bio-science. It
is the key to a healthy life. The sun is the biggest ingredient of life, and DNA the smallest
(HAIR): A symbol of beauty and looking good. Placed next to the flower it evokes
cleanliness and fragrance; placed near the hand it suggests softness.
(PALM TREE): A nurtured resource. It produces palm oil as well as many fruits
– coconuts and dates – and also symbolizes paradise.
(SAUCES & SPREADS): Represents mixing or stirring. It suggests blending in
flavors and adding taste.
(BOWL): A bowl of delicious-smelling food. It can also represent a ready meal, hot
drink or soup.
(BEE): Represents creation, pollination, hard work and bio-diversity. Bees symbolize
both environmental challenges and opportunities.
(DNA): The double helix, the genetic blueprint of life and a symbol of bio-science. It
is the key to a healthy life. The sun is the biggest ingredient of life, and DNA the smallest
(HAIR): A symbol of beauty and looking good. Placed next to the flower it evokes
cleanliness and fragrance; placed near the hand it suggests softness.
(PALM TREE): A nurtured resource. It produces palm oil as well as many fruits
– coconuts and dates – and also symbolizes paradise.
(SAUCES & SPREADS): Represents mixing or stirring. It suggests blending in
flavors and adding taste.
(BOWL): A bowl of delicious-smelling food. It can also represent a ready meal, hot
drink or soup.
Page | 10
(SPOON): A symbol of nutrition, tasting and cooking.
(SPICE & FLAVOURS): Represents chilli or fresh ingredients.
(FISH): Represents food, sea or fresh water
(SPARKLE): Clean, healthy and sparkling with energy.
(BIRD): A symbol of freedom. It suggests a relief from daily chores, and getting more
out of life.
(TEA): A plant or an extract of a plant, such as tea. Also a symbol of growing and
farming.
(LIPS): Represent beauty, looking good and taste.
(SPOON): A symbol of nutrition, tasting and cooking.
(SPICE & FLAVOURS): Represents chilli or fresh ingredients.
(FISH): Represents food, sea or fresh water
(SPARKLE): Clean, healthy and sparkling with energy.
(BIRD): A symbol of freedom. It suggests a relief from daily chores, and getting more
out of life.
(TEA): A plant or an extract of a plant, such as tea. Also a symbol of growing and
farming.
(LIPS): Represent beauty, looking good and taste.
Page | 11
(ICE CREAM): A treat, pleasure and enjoyment.
(RECYCLE): Part of our commitment to sustainability.
(PARTICLES): A reference to science, bubbles and fizz.
(FROZEN): The plant is a symbol of freshness, the snowflake represents freezing. A
transformational symbol.
(CONTAINER): Symbolizes packaging - a pot of cream associated with personal
care.
(HEART): A symbol of love, care and health.
(CLOTHES): Represent fresh laundry and looking good.
(WAVE & LIQUID): Wave symbolizes cleanliness, freshness and vigor.
Liquid a reference to clean water and purity.
(ICE CREAM): A treat, pleasure and enjoyment.
(RECYCLE): Part of our commitment to sustainability.
(PARTICLES): A reference to science, bubbles and fizz.
(FROZEN): The plant is a symbol of freshness, the snowflake represents freezing. A
transformational symbol.
(CONTAINER): Symbolizes packaging - a pot of cream associated with personal
care.
(HEART): A symbol of love, care and health.
(CLOTHES): Represent fresh laundry and looking good.
(WAVE & LIQUID): Wave symbolizes cleanliness, freshness and vigor.
Liquid a reference to clean water and purity.
Page | 12
CHAPTER 2
INDUSTRY PROFILE
CHAPTER 2
INDUSTRY PROFILE
Page | 13
INDUSTRY ANALYSIS
FMCG (Fast Moving Consumer Goods) Industry, also called as CPG (Consumer packaged
goods) industry primarily deals with the production, distribution and marketing of consumer
packaged goods. The FMCG products are those consumables which are normally consumed by the
consumers at a regular interval. They also tend to be the high volume, low cost items. This multi-
million dollar sector is made up of an enormous range of well-known brand names – the kind that
consumers use every single day. Some of the prime activities of FMCG industry are selling,
marketing, financing, purchasing, etc. The industry also engaged in operations, supply chain,
production and general management. It has a strong MNC presence and is characterised by a well-
established distribution network, intense competition between the organised and unorganised
segments and low operational cost. Availability of key raw materials, cheaper labour costs and
presence across the entire value chain gives India a competitive advantage. More and more
companies are entering this emerging sector with better products. Global consumer product groups
eyeing inorganic growth opportunities in emerging markets like India. Quite a number of people of
India are dependent on the FMCG products for their day to day operations. Its principal constituents
are Household Care, Personal Care and Food & Beverages. The best FMCG companies are
characterised by their capability to produce the items that are in highest demand by consumers and,
at the same time, develop loyalty and trust towards their brands.
FMCG Industry is one of the few industries which have showed a positive growth even in the
time of recession. The year 2016-17 is likely to be a very positive year for the FMCG industry as a
whole. Despite rising commodity prices, which will continue to put pressure on performance, we can
expect demand to continue to be robust especially from rural India which is seeing rising income
levels and greater propensity to spend. Some of the merits of this industry are low operational cost,
distribution networks, presence of renowned FMCG companies, and population growth.
FMCG Industry Economy
FMCG industry provides a wide range of consumables and accordingly the amount of
money circulated against FMCG products is also very high. The competition among FMCG
manufacturers is also growing and as a result of this, investment in FMCG industry is also
increasing, specifically in India, overall FMCG market is expected to increase at a compound
annual growth rate (CAGR) of 14.7 per cent to touch US$ 110.4 billion during 2012-2020, with the
rural FMCG market anticipated to increase at a CAGR of 17.7 per cent to reach US$ 100 billion
during 2012-2025. Penetration level as well as per capita consumption in most product categories
like jams, toothpaste, skin care, hair wash etc. in India is low indicating the untapped market
potential. Burgeoning Indian population, particularly the middle class and the rural segments,
presents an opportunity to makers of branded products to convert consumers to branded
products. Growth is also likely to come from consumer 'upgrading' in the matured product
categories. With 200 million people expected to shift to processed and packaged food by 2010,
India needs around US$ 28 billion of investment in the food-processing industry.
Common FMCG Products
Usually there are mainly four product categories of FMCG products as : home and personal
care, foods and beverages ,cigarettes and alcohol .Some common FMCG product categories
include food and dairy products, glassware, paper products, pharmaceuticals, consumer
electronics, packaged food products, plastic goods, printing and stationery, household products,
photography, drinks etc. and some of the examples of FMCG products are coffee, tea, dry cells,
greeting cards, gifts, detergents, tobacco and cigarettes, watches, soaps etc.
INDUSTRY ANALYSIS
FMCG (Fast Moving Consumer Goods) Industry, also called as CPG (Consumer packaged
goods) industry primarily deals with the production, distribution and marketing of consumer
packaged goods. The FMCG products are those consumables which are normally consumed by the
consumers at a regular interval. They also tend to be the high volume, low cost items. This multi-
million dollar sector is made up of an enormous range of well-known brand names – the kind that
consumers use every single day. Some of the prime activities of FMCG industry are selling,
marketing, financing, purchasing, etc. The industry also engaged in operations, supply chain,
production and general management. It has a strong MNC presence and is characterised by a well-
established distribution network, intense competition between the organised and unorganised
segments and low operational cost. Availability of key raw materials, cheaper labour costs and
presence across the entire value chain gives India a competitive advantage. More and more
companies are entering this emerging sector with better products. Global consumer product groups
eyeing inorganic growth opportunities in emerging markets like India. Quite a number of people of
India are dependent on the FMCG products for their day to day operations. Its principal constituents
are Household Care, Personal Care and Food & Beverages. The best FMCG companies are
characterised by their capability to produce the items that are in highest demand by consumers and,
at the same time, develop loyalty and trust towards their brands.
FMCG Industry is one of the few industries which have showed a positive growth even in the
time of recession. The year 2016-17 is likely to be a very positive year for the FMCG industry as a
whole. Despite rising commodity prices, which will continue to put pressure on performance, we can
expect demand to continue to be robust especially from rural India which is seeing rising income
levels and greater propensity to spend. Some of the merits of this industry are low operational cost,
distribution networks, presence of renowned FMCG companies, and population growth.
FMCG Industry Economy
FMCG industry provides a wide range of consumables and accordingly the amount of
money circulated against FMCG products is also very high. The competition among FMCG
manufacturers is also growing and as a result of this, investment in FMCG industry is also
increasing, specifically in India, overall FMCG market is expected to increase at a compound
annual growth rate (CAGR) of 14.7 per cent to touch US$ 110.4 billion during 2012-2020, with the
rural FMCG market anticipated to increase at a CAGR of 17.7 per cent to reach US$ 100 billion
during 2012-2025. Penetration level as well as per capita consumption in most product categories
like jams, toothpaste, skin care, hair wash etc. in India is low indicating the untapped market
potential. Burgeoning Indian population, particularly the middle class and the rural segments,
presents an opportunity to makers of branded products to convert consumers to branded
products. Growth is also likely to come from consumer 'upgrading' in the matured product
categories. With 200 million people expected to shift to processed and packaged food by 2010,
India needs around US$ 28 billion of investment in the food-processing industry.
Common FMCG Products
Usually there are mainly four product categories of FMCG products as : home and personal
care, foods and beverages ,cigarettes and alcohol .Some common FMCG product categories
include food and dairy products, glassware, paper products, pharmaceuticals, consumer
electronics, packaged food products, plastic goods, printing and stationery, household products,
photography, drinks etc. and some of the examples of FMCG products are coffee, tea, dry cells,
greeting cards, gifts, detergents, tobacco and cigarettes, watches, soaps etc.
Page | 14
Market potentiality of FMCG Industry
Some of the merits of FMCG industry, which made this industry as a potential one are low
operational cost, strong distribution networks, and presence of renowned FMCG companies.
Population growth is another factor which is responsible behind the success of this industry. The
Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess
of US$ 13.1 billion. It has a strong MNC presence and is characterised by a well-established
distribution network, intense competition between the organised and unorganised segments and
low operational cost. Availability of key raw materials, cheaper labour costs and presence across
the entire value chain gives India a competitive advantage. The FMCG market is set to treble from
US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015.In India is there are several untapped market
ND channels. Burgeoning Indian population, particularly the middle class and the rural segments,
presents an opportunity to makers of branded products to convert consumers to branded
products. Growth is also likely to come from consumer 'upgrading' in the matured product
categories. With 200 million people expected to shift to processed and packaged food by 2010,
India needs around US$ 28 billion of investment in the food-processing industry.
THE TOP 10 COMPANIES IN FMCG SECTOR IN
INDIA
1. Hindustan Unilever Ltd.
2. ITC Ltd
3. Nestle India
4. GCMMF (AMUL)
5. Procter & Gamble Hygiene and Health Care
6. Dabur India
7. Cadbury India
8. Britannia Industries
9. Asian Paints
10. Marico Industries
Market potentiality of FMCG Industry
Some of the merits of FMCG industry, which made this industry as a potential one are low
operational cost, strong distribution networks, and presence of renowned FMCG companies.
Population growth is another factor which is responsible behind the success of this industry. The
Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess
of US$ 13.1 billion. It has a strong MNC presence and is characterised by a well-established
distribution network, intense competition between the organised and unorganised segments and
low operational cost. Availability of key raw materials, cheaper labour costs and presence across
the entire value chain gives India a competitive advantage. The FMCG market is set to treble from
US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015.In India is there are several untapped market
ND channels. Burgeoning Indian population, particularly the middle class and the rural segments,
presents an opportunity to makers of branded products to convert consumers to branded
products. Growth is also likely to come from consumer 'upgrading' in the matured product
categories. With 200 million people expected to shift to processed and packaged food by 2010,
India needs around US$ 28 billion of investment in the food-processing industry.
THE TOP 10 COMPANIES IN FMCG SECTOR IN
INDIA
1. Hindustan Unilever Ltd.
2. ITC Ltd
3. Nestle India
4. GCMMF (AMUL)
5. Procter & Gamble Hygiene and Health Care
6. Dabur India
7. Cadbury India
8. Britannia Industries
9. Asian Paints
10. Marico Industries
Page | 15
SWOT ANALYSIS OF FMCG INDUSTRY
Strength Weakness
Presence of established distribution
networks in both urban and rural
areas Presence of well-known brands
in FMCG sector.
High consumer goods spending.
Low Operational Costs.
Diversified Products.
Lower scope of investing in
technology and achieving
economies of scale, especially in
small sectors.
Low exports levels.
Opportunities Threats
Flourishing rural market.
Rising income levels, i.e. increase in
purchasing power of consumers.
Large domestic market- a
population of over one billion.
Opportunities in innovation.
Export potential
High consumer goods spending
“Me-too” products, which illegally
mimic the labels of the established
brands.These products narrow the
scope of FMCG products in rural
and semi-urban market.
Removal of import restrictions
resulting in replacing of domestic
brands
Slowdown in rural demand due to
presence of general products.
Tax and regulatory structure
SWOT ANALYSIS OF FMCG INDUSTRY
Strength Weakness
Presence of established distribution
networks in both urban and rural
areas Presence of well-known brands
in FMCG sector.
High consumer goods spending.
Low Operational Costs.
Diversified Products.
Lower scope of investing in
technology and achieving
economies of scale, especially in
small sectors.
Low exports levels.
Opportunities Threats
Flourishing rural market.
Rising income levels, i.e. increase in
purchasing power of consumers.
Large domestic market- a
population of over one billion.
Opportunities in innovation.
Export potential
High consumer goods spending
“Me-too” products, which illegally
mimic the labels of the established
brands.These products narrow the
scope of FMCG products in rural
and semi-urban market.
Removal of import restrictions
resulting in replacing of domestic
brands
Slowdown in rural demand due to
presence of general products.
Tax and regulatory structure
Page | 16
CHAPTER 3
COMPANY PROFILE
CHAPTER 3
COMPANY PROFILE
Page | 17
COMPANY PROFILE
ITC PROFILE
ITC LTD. previously called the Imperial Tobacco Company of India limited is one of India's
foremost private sector companies with a market capitalization US $ 45 billion and a turnover of
US $ 7 billion. ITC is India's leading Fast Moving Consumer Goods company, the clear market
leader in the Indian Paperboard and Packaging industry, a globally acknowledged pioneer in
farmer empowerment through its wide-reaching Agri Business and runs the greenest luxury hotel
chain in the world. ITC’s aspiration to create enduring value for the nation and its stakeholders is
manifest in its robust portfolio of traditional and greenfield businesses encompassing Fast
Moving Consumer Goods (FMCG), Hotels, Paperboards & Specialty Papers, Packaging, Agri-
Business, and Information Technology. This diversified presence in the businesses of tomorrow is
powered by a strategy to pursue multiple drivers of growth based on its proven competencies,
enterprise strengths and strong synergies between its businesses. ITC was incorporated on August
24, 1910 under the name Imperial Tobacco Company of India Limited. As the Company's
ownership progressively Indianized, the name of the Company was changed from Imperial
Tobacco Company of India Limited to India Tobacco Company Limited in 1970 and then to
I.T.C. Limited in 1974. In recognition of the Company's multi- business portfolio encompassing a
wide range of businesses - Cigarettes & Tobacco, Hotels, Information Technology, Packaging,
Paperboards & Specialty Papers, Agri- business, Foods, Lifestyle Retailing, Education &
Stationery and Personal Care - the full stops in the Company's name were removed effective
September 18, 2001. The Company now stands rechristened 'ITC Limited'.
ITC’s Agri-Business is one of India’s largest exporters of agricultural products. ITC is
one of the country’s biggest foreign exchange earners (US $ 3.2 billion in the last decade). The
company’s ‘e-choupal’ initiative is enabling Indian agriculture significantly enhance its
competitiveness by empowering Indian farmers through the power of the Internet. ‘e- Choupal’
eliminates wasteful intermediation and multiple handling. Thereby it significantly reduces
transaction costs.
Today ITC Ltd. is rated among the World's Best Big Companies, Asia's 'Fab 50' and the World's
Most Reputable Companies by Forbes magazine and as 'India's Most Admired Company' in a
survey conducted by Fortune India magazine and Hay Group. ITC also features as one of world's
largest sustainable value creator in the consumer goods industry in a study by the Boston
Consulting Group.
COMPANY PROFILE
ITC PROFILE
ITC LTD. previously called the Imperial Tobacco Company of India limited is one of India's
foremost private sector companies with a market capitalization US $ 45 billion and a turnover of
US $ 7 billion. ITC is India's leading Fast Moving Consumer Goods company, the clear market
leader in the Indian Paperboard and Packaging industry, a globally acknowledged pioneer in
farmer empowerment through its wide-reaching Agri Business and runs the greenest luxury hotel
chain in the world. ITC’s aspiration to create enduring value for the nation and its stakeholders is
manifest in its robust portfolio of traditional and greenfield businesses encompassing Fast
Moving Consumer Goods (FMCG), Hotels, Paperboards & Specialty Papers, Packaging, Agri-
Business, and Information Technology. This diversified presence in the businesses of tomorrow is
powered by a strategy to pursue multiple drivers of growth based on its proven competencies,
enterprise strengths and strong synergies between its businesses. ITC was incorporated on August
24, 1910 under the name Imperial Tobacco Company of India Limited. As the Company's
ownership progressively Indianized, the name of the Company was changed from Imperial
Tobacco Company of India Limited to India Tobacco Company Limited in 1970 and then to
I.T.C. Limited in 1974. In recognition of the Company's multi- business portfolio encompassing a
wide range of businesses - Cigarettes & Tobacco, Hotels, Information Technology, Packaging,
Paperboards & Specialty Papers, Agri- business, Foods, Lifestyle Retailing, Education &
Stationery and Personal Care - the full stops in the Company's name were removed effective
September 18, 2001. The Company now stands rechristened 'ITC Limited'.
ITC’s Agri-Business is one of India’s largest exporters of agricultural products. ITC is
one of the country’s biggest foreign exchange earners (US $ 3.2 billion in the last decade). The
company’s ‘e-choupal’ initiative is enabling Indian agriculture significantly enhance its
competitiveness by empowering Indian farmers through the power of the Internet. ‘e- Choupal’
eliminates wasteful intermediation and multiple handling. Thereby it significantly reduces
transaction costs.
Today ITC Ltd. is rated among the World's Best Big Companies, Asia's 'Fab 50' and the World's
Most Reputable Companies by Forbes magazine and as 'India's Most Admired Company' in a
survey conducted by Fortune India magazine and Hay Group. ITC also features as one of world's
largest sustainable value creator in the consumer goods industry in a study by the Boston
Consulting Group.
Page | 18
ITC has been listed among India's Most Valuable Companies by Business Today
magazine. The Company is among India's '10 Most Valuable (Company) Brands', according
to a study conducted by Brand Finance and published by the Economic Times. ITC also ranks
among Asia's 50 best performing companies compiled by Business Week.
COMPANY HISTORY AND EVOLUTION
The Company’s beginnings were humble. ITC was incorporated on August 24, 1910 under the
name Imperial Tobacco Company of India Limited. A leased office on Radha Bazar Lane,
Kolkata, was the centre of the Company's existence. The Company celebrated its 16th birthday on
August 24, 1926, by purchasing the plot of land situated at 37, Chowringhee, (now renamed
J.L. Nehru Road) Kolkata, for the sum of Rs 310,000. This decision of the Company was historic
in more ways than one. It was to mark the beginning of a long and eventful journey into India's
future. The Company's headquarter building, 'Virginia House', which came up on that plot of land
two years later, would go on to become one of Kolkata's most venerated landmarks.
Though the first six decades of the Company's existence were primarily devoted to the growth
and consolidation of the Cigarettes and Leaf Tobacco businesses, the Seventies witnessed the
beginnings of a corporate transformation that would usher in momentous changes in the life of the
Company ITC's Packaging & Printing Business was set up in 1925 as a strategic backward
integration for ITC's Cigarettes business. It is today India's most sophisticated packaging house.
Year 1975: In 1975 the Company launched its Hotels business with the acquisition of a hotel
in Chennai which was rechristened 'ITC-Welcomgroup Hotel Chola'. The objective of ITC's entry
into the hotels business was rooted in the concept of creating value for the nation. ITC chose the
hotels business for its potential to earn high levels of foreign exchange, create tourism
infrastructure and generate large scale direct and indirect employment. Since then ITC's Hotels
business has grown to occupy a position of leadership, with over 100 owned and managed
properties spread across India.
In 1979, ITC entered the Paperboards business by promoting ITC Bhadrachalam Paperboards
Limited, which today has become the market leader in India. Bhadrachalam Paperboards
amalgamated with the Company effective March 13, 2002 and became a Division of the
Company, Bhadrachalam Paperboards Division. In November 2002, this division merged with the
Company's Tribeni Tissues Division to form the Paperboards & Specialty Papers Division. ITC's
paperboards' technology, productivity, quality and manufacturing processes are comparable to the
best in the world. It has also made an immense contribution to the development of Sarapaka, an
economically backward area in the state of Andhra Pradesh. It is directly involved in education,
environmental protection and community development.
ITC has been listed among India's Most Valuable Companies by Business Today
magazine. The Company is among India's '10 Most Valuable (Company) Brands', according
to a study conducted by Brand Finance and published by the Economic Times. ITC also ranks
among Asia's 50 best performing companies compiled by Business Week.
COMPANY HISTORY AND EVOLUTION
The Company’s beginnings were humble. ITC was incorporated on August 24, 1910 under the
name Imperial Tobacco Company of India Limited. A leased office on Radha Bazar Lane,
Kolkata, was the centre of the Company's existence. The Company celebrated its 16th birthday on
August 24, 1926, by purchasing the plot of land situated at 37, Chowringhee, (now renamed
J.L. Nehru Road) Kolkata, for the sum of Rs 310,000. This decision of the Company was historic
in more ways than one. It was to mark the beginning of a long and eventful journey into India's
future. The Company's headquarter building, 'Virginia House', which came up on that plot of land
two years later, would go on to become one of Kolkata's most venerated landmarks.
Though the first six decades of the Company's existence were primarily devoted to the growth
and consolidation of the Cigarettes and Leaf Tobacco businesses, the Seventies witnessed the
beginnings of a corporate transformation that would usher in momentous changes in the life of the
Company ITC's Packaging & Printing Business was set up in 1925 as a strategic backward
integration for ITC's Cigarettes business. It is today India's most sophisticated packaging house.
Year 1975: In 1975 the Company launched its Hotels business with the acquisition of a hotel
in Chennai which was rechristened 'ITC-Welcomgroup Hotel Chola'. The objective of ITC's entry
into the hotels business was rooted in the concept of creating value for the nation. ITC chose the
hotels business for its potential to earn high levels of foreign exchange, create tourism
infrastructure and generate large scale direct and indirect employment. Since then ITC's Hotels
business has grown to occupy a position of leadership, with over 100 owned and managed
properties spread across India.
In 1979, ITC entered the Paperboards business by promoting ITC Bhadrachalam Paperboards
Limited, which today has become the market leader in India. Bhadrachalam Paperboards
amalgamated with the Company effective March 13, 2002 and became a Division of the
Company, Bhadrachalam Paperboards Division. In November 2002, this division merged with the
Company's Tribeni Tissues Division to form the Paperboards & Specialty Papers Division. ITC's
paperboards' technology, productivity, quality and manufacturing processes are comparable to the
best in the world. It has also made an immense contribution to the development of Sarapaka, an
economically backward area in the state of Andhra Pradesh. It is directly involved in education,
environmental protection and community development.
Page | 19
In 2004, ITC acquired the paperboard manufacturing facility of BILT Industrial Packaging Co.
Ltd (BIPCO), near Coimbatore, Tamil Nadu. The Kovai Unit allows ITC to improve customer
service with reduced lead time and a wider product range.
ITC set up Surya Tobacco Co. in Nepal in 1985 as an Indo-Nepal and British joint venture.
Since inception, its shares have been held by ITC, British American Tobacco and various
independent shareholders in Nepal. In August 2002, Surya Tobacco became a subsidiary of ITC
Limited and its name was changed to Surya Nepal Private Limited (Surya Nepal).
In 1990, ITC acquired Tribeni Tissues Limited, a Specialty paper manufacturing company and
a major supplier of tissue paper to the cigarette industry. The merged entity was named the
Tribeni Tissues Division (TTD). To harness strategic and operational synergies, TTD was
merged with the Bhadrachalam Paperboards Division to form the Paperboards & Specialty
Papers Division in November 2002.
Also in 1990, leveraging its agri-sourcing competency, ITC set up the Agri Business Division
for export of agri-commodities. The Division is today one of India's largest exporters. ITC's
unique and now widely acknowledged e-Choupal initiative began in 2000 with soya farmers in
Madhya Pradesh. Now it extends to 10 states covering over 4 million farmers. ITC's first rural
mall, christened 'Choupal Saagar' was inaugurated in August 2004 at Sehore. On the rural retail
front, 24 'Choupal Saagars' are now operational in the 3 states of Madhya Pradesh, Maharashtra
and Uttar Pradesh.
In 2000, ITC forayed into the Greeting, Gifting and Stationery products business with the
launch of Expressions range of greeting cards. A line of premium range of notebooks under brand
“Paperkraft” was launched in 2002. To augment its offering and to reach a wider student
population, the popular range of notebooks was launched under brand “Classmate” in 2003.
“Classmate” over the years has grown to become India’s largest notebook brand and has also
increased its portfolio to occupy a greater share of the school bag. Years 2007- 2009 saw the
launch of Children Books, Slam Books, Geometry Boxes, Pens and Pencils under the
“Classmate” brand. In 2008, ITC repositioned the business as the Education and Stationery
Products Business and launched India's first environment friendly premium business paper under
the “Paperkraft” Brand. “Paperkraft” offers a diverse portfolio in the premium executive
stationery and office consumables segment.
In 2004, ITC acquired the paperboard manufacturing facility of BILT Industrial Packaging Co.
Ltd (BIPCO), near Coimbatore, Tamil Nadu. The Kovai Unit allows ITC to improve customer
service with reduced lead time and a wider product range.
ITC set up Surya Tobacco Co. in Nepal in 1985 as an Indo-Nepal and British joint venture.
Since inception, its shares have been held by ITC, British American Tobacco and various
independent shareholders in Nepal. In August 2002, Surya Tobacco became a subsidiary of ITC
Limited and its name was changed to Surya Nepal Private Limited (Surya Nepal).
In 1990, ITC acquired Tribeni Tissues Limited, a Specialty paper manufacturing company and
a major supplier of tissue paper to the cigarette industry. The merged entity was named the
Tribeni Tissues Division (TTD). To harness strategic and operational synergies, TTD was
merged with the Bhadrachalam Paperboards Division to form the Paperboards & Specialty
Papers Division in November 2002.
Also in 1990, leveraging its agri-sourcing competency, ITC set up the Agri Business Division
for export of agri-commodities. The Division is today one of India's largest exporters. ITC's
unique and now widely acknowledged e-Choupal initiative began in 2000 with soya farmers in
Madhya Pradesh. Now it extends to 10 states covering over 4 million farmers. ITC's first rural
mall, christened 'Choupal Saagar' was inaugurated in August 2004 at Sehore. On the rural retail
front, 24 'Choupal Saagars' are now operational in the 3 states of Madhya Pradesh, Maharashtra
and Uttar Pradesh.
In 2000, ITC forayed into the Greeting, Gifting and Stationery products business with the
launch of Expressions range of greeting cards. A line of premium range of notebooks under brand
“Paperkraft” was launched in 2002. To augment its offering and to reach a wider student
population, the popular range of notebooks was launched under brand “Classmate” in 2003.
“Classmate” over the years has grown to become India’s largest notebook brand and has also
increased its portfolio to occupy a greater share of the school bag. Years 2007- 2009 saw the
launch of Children Books, Slam Books, Geometry Boxes, Pens and Pencils under the
“Classmate” brand. In 2008, ITC repositioned the business as the Education and Stationery
Products Business and launched India's first environment friendly premium business paper under
the “Paperkraft” Brand. “Paperkraft” offers a diverse portfolio in the premium executive
stationery and office consumables segment.
Page | 20
Paperkraft entered new categories in the office consumable segment with the launch of
Textliners, Permanent Ink Markers and White Board Markers in 2009.
ITC also entered the Lifestyle Retailing business with the Wills Sport range of international
quality relaxed wear for men and women in 2000. The Wills Lifestyle chain of exclusive stores
later expanded its range to include Wills Classic formal wear (2002) and Wills Clublife evening
wear (2003). ITC also initiated a foray into the popular segment with its men's wear brand, John
Players, in 2002. In 2006, Wills Lifestyle became title partner of the country's most premier
fashion event - Wills Lifestyle India Fashion Week - that has gained recognition from buyers and
retailers as the single largest B-2-B platform for the Fashion
Design industry. To mark the occasion, ITC launched a special 'Celebration Series', taking the
event forward to consumers.
In 2000, ITC spun off its information technology business into a wholly owned subsidiary, ITC
Infotech India Limited, to more aggressively pursue emerging opportunities in this area. Today
ITC Infotech is one of India’s fastest growing global IT and IT-enabled services companies and
has established itself as a key player in offshore outsourcing, providing outsourced IT solutions
and services to leading global customers across key focus verticals - Manufacturing, BFSI
(Banking, Financial Services & Insurance), CPG&R (Consumer Packaged Goods & Retail), THT
(Travel, Hospitality and Transportation) and Media & Entertainment.
ITC's foray into the Foods business is an outstanding example of successfully blending multiple
internal competencies to create a new driver of business growth. It began in August 2001 with the
introduction of 'Kitchens of India' ready-to-eat Indian gourmet dishes. In 2002, ITC entered the
confectionery and staples segments with the launch of the brands mint-o and Candyman
confectionery and Aashirvaad atta (wheat flour).
The year 2003 witnessed the introduction of Sunfeast as the Company entered the biscuits
segment. ITC's entered the fast growing branded snacks category with Bingo in 2007. In eight
years, the Foods business has grown to a significant size with over 200 differentiated products
under six distinctive brands, with an enviable distribution reach, a rapidly growing market share
and a solid market standing.
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the entire value
chain found yet another expression in the Safety Matches initiative. ITC now markets popular
safety matches brands like iKno, Mangaldeep, Aim, Aim Mega and Aim Metro.
Paperkraft entered new categories in the office consumable segment with the launch of
Textliners, Permanent Ink Markers and White Board Markers in 2009.
ITC also entered the Lifestyle Retailing business with the Wills Sport range of international
quality relaxed wear for men and women in 2000. The Wills Lifestyle chain of exclusive stores
later expanded its range to include Wills Classic formal wear (2002) and Wills Clublife evening
wear (2003). ITC also initiated a foray into the popular segment with its men's wear brand, John
Players, in 2002. In 2006, Wills Lifestyle became title partner of the country's most premier
fashion event - Wills Lifestyle India Fashion Week - that has gained recognition from buyers and
retailers as the single largest B-2-B platform for the Fashion
Design industry. To mark the occasion, ITC launched a special 'Celebration Series', taking the
event forward to consumers.
In 2000, ITC spun off its information technology business into a wholly owned subsidiary, ITC
Infotech India Limited, to more aggressively pursue emerging opportunities in this area. Today
ITC Infotech is one of India’s fastest growing global IT and IT-enabled services companies and
has established itself as a key player in offshore outsourcing, providing outsourced IT solutions
and services to leading global customers across key focus verticals - Manufacturing, BFSI
(Banking, Financial Services & Insurance), CPG&R (Consumer Packaged Goods & Retail), THT
(Travel, Hospitality and Transportation) and Media & Entertainment.
ITC's foray into the Foods business is an outstanding example of successfully blending multiple
internal competencies to create a new driver of business growth. It began in August 2001 with the
introduction of 'Kitchens of India' ready-to-eat Indian gourmet dishes. In 2002, ITC entered the
confectionery and staples segments with the launch of the brands mint-o and Candyman
confectionery and Aashirvaad atta (wheat flour).
The year 2003 witnessed the introduction of Sunfeast as the Company entered the biscuits
segment. ITC's entered the fast growing branded snacks category with Bingo in 2007. In eight
years, the Foods business has grown to a significant size with over 200 differentiated products
under six distinctive brands, with an enviable distribution reach, a rapidly growing market share
and a solid market standing.
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the entire value
chain found yet another expression in the Safety Matches initiative. ITC now markets popular
safety matches brands like iKno, Mangaldeep, Aim, Aim Mega and Aim Metro.
Page | 21
2003: ITC's foray into the marketing of Agarbattis (incense sticks) in 2003 marked the
manifestation of its partnership with the cottage sector. ITC's popular agarbattis brands include
Spriha and Mangaldeep across a range of fragrances like Rose, Jasmine, Bouquet, Sandalwood,
Madhur, Sambrani and Nagchampa.
ITC introduced Essenza Di Wills, an exclusive range of fine fragrances and bath & body care
products for men and women in July 2005. Inizio, the signature range under Essenza Di Wills
provides a comprehensive grooming regimen with distinct lines for men (Inizio Homme) and
Indian consumers the Company launched 'Fiama Di Wills', a premium range of Shampoos,
Shower Gels and Soaps in September, October and December 2007 respectively. The Company
also launched the 'Superia' range of Soaps and Shampoos in the mass-market segment at select
markets in October 2007 and Vivel De Wills & Vivel range of soaps in February and Vivel
range of shampoos in June 2008.In 2010 ITC entered the fairness cream segment by launching
product ‘Vivel active fair’. In the year 2013 ENGAGE, India’s first range of couple deodorants
ITC Introduced kwiknic, new range of nicotine chewing gums in 2014.
ITC on February 2015 purchased from Johnson & Johnson (health and pharmaceuticals major)
two of its brands - Savlon, a brand of antiseptic soaps and liquids, and Shower to Shower, a
prickly heat powder.
ITC has entered the Fruit-based juices and beverages market with the launch of B Natural juices
in January 2015. B Natural makes great tasting juices & beverages with the goodness of fruits.
The brand believes that being healthy is a natural state, best served with great taste, fun and
enjoyment.
VISION, MISSION, CORE VALUES AND GOVERNANCE POLICIES 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.
ITC'S CORE VALUES:
ITC's Core Values are aimed at developing a customer-focused, high-performance organisation
which creates values for all its stakeholders.
2003: ITC's foray into the marketing of Agarbattis (incense sticks) in 2003 marked the
manifestation of its partnership with the cottage sector. ITC's popular agarbattis brands include
Spriha and Mangaldeep across a range of fragrances like Rose, Jasmine, Bouquet, Sandalwood,
Madhur, Sambrani and Nagchampa.
ITC introduced Essenza Di Wills, an exclusive range of fine fragrances and bath & body care
products for men and women in July 2005. Inizio, the signature range under Essenza Di Wills
provides a comprehensive grooming regimen with distinct lines for men (Inizio Homme) and
Indian consumers the Company launched 'Fiama Di Wills', a premium range of Shampoos,
Shower Gels and Soaps in September, October and December 2007 respectively. The Company
also launched the 'Superia' range of Soaps and Shampoos in the mass-market segment at select
markets in October 2007 and Vivel De Wills & Vivel range of soaps in February and Vivel
range of shampoos in June 2008.In 2010 ITC entered the fairness cream segment by launching
product ‘Vivel active fair’. In the year 2013 ENGAGE, India’s first range of couple deodorants
ITC Introduced kwiknic, new range of nicotine chewing gums in 2014.
ITC on February 2015 purchased from Johnson & Johnson (health and pharmaceuticals major)
two of its brands - Savlon, a brand of antiseptic soaps and liquids, and Shower to Shower, a
prickly heat powder.
ITC has entered the Fruit-based juices and beverages market with the launch of B Natural juices
in January 2015. B Natural makes great tasting juices & beverages with the goodness of fruits.
The brand believes that being healthy is a natural state, best served with great taste, fun and
enjoyment.
VISION, MISSION, CORE VALUES AND GOVERNANCE POLICIES 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.
ITC'S CORE VALUES:
ITC's Core Values are aimed at developing a customer-focused, high-performance organisation
which creates values for all its stakeholders.
Page | 22
Trusteeship :
As professional managers, we are conscious that ITC has been given to us in 'trust' by all our
stakeholders. ITC will actualise stakeholder value and interest on a long term sustainable basis.
Customer Focus:
ITC are always customer focused and will deliver what the customer needs in terms of value,
quality and satisfaction.
Respect for People:
ITC is result oriented, setting high performance standards for the organization as individuals
and teams. ITC will simultaneously respect and value people and uphold humanness and
human dignity.
ITC acknowledges that every individual brings different perspectives and capabilities to
the team and that a strong team is founded on a variety of perspectives.
ITC wants individuals to dream, value differences, create and experiment in pursuit of
opportunities and achieve leadership through teamwork.
Excellence:
ITC does what is right, do it well and win and strive for excellence in whatever they do.
Innovation:
ITC constantly pursues newer and better processes, products, services and management
practices.
Nation Orientation:
ITC is aware of its responsibility to generate economic value for the Nation. In pursuit of its
goals, ITC will make no compromise in complying with applicable laws and regulations at all
levels.
Trusteeship :
As professional managers, we are conscious that ITC has been given to us in 'trust' by all our
stakeholders. ITC will actualise stakeholder value and interest on a long term sustainable basis.
Customer Focus:
ITC are always customer focused and will deliver what the customer needs in terms of value,
quality and satisfaction.
Respect for People:
ITC is result oriented, setting high performance standards for the organization as individuals
and teams. ITC will simultaneously respect and value people and uphold humanness and
human dignity.
ITC acknowledges that every individual brings different perspectives and capabilities to
the team and that a strong team is founded on a variety of perspectives.
ITC wants individuals to dream, value differences, create and experiment in pursuit of
opportunities and achieve leadership through teamwork.
Excellence:
ITC does what is right, do it well and win and strive for excellence in whatever they do.
Innovation:
ITC constantly pursues newer and better processes, products, services and management
practices.
Nation Orientation:
ITC is aware of its responsibility to generate economic value for the Nation. In pursuit of its
goals, ITC will make no compromise in complying with applicable laws and regulations at all
levels.
Page | 23
CORPORATE STRATEGY:
ITC is a board-managed professional company, committed to creating enduring value
for the shareholder and for the nation. It has a rich organisational culture rooted in its core
values of respect for people and belief in empowerment. Its philosophy of all-round value
creation is backed by strong corporate governance policies and systems. Corporate
strategies include ITC’s corporate strategies are:
Create multiple drivers of growth by developing a portfolio of world class businesses
that best matches organisational capability with opportunities in domestic and export
markets.
Continue to focus on the chosen portfolio of FMCG, Hotels, Paper, Paperboards &
Packaging, Agri Business and Information Technology.
Benchmark the health of each business comprehensively across the criteria of Market
Standing, Profitability and Internal Vitality.
Ensure that each of its businesses is world class and internationally competitive.
Enhance the competitive power of the portfolio through synergies derived by
blending the diverse skills and capabilities residing in ITC’s various businesses.
Create distributed leadership within the organisation by nurturing talented and
focused top management teams for each of the businesses.
Continuously strengthen and refine Corporate Governance processes and systems to
catalyse the entrepreneurial energies of management by striking the golden balance
between executive freedom and the need for effective control and accountability.
CORPORATE GOVERNANCE:
Over the years, ITC has evolved from a single product company to a multi-
business corporation. Its businesses are spread over a wide spectrum, ranging from
cigarettes and tobacco to hotels, packaging, paper and paperboards and
international commodities trading.
CORPORATE STRATEGY:
ITC is a board-managed professional company, committed to creating enduring value
for the shareholder and for the nation. It has a rich organisational culture rooted in its core
values of respect for people and belief in empowerment. Its philosophy of all-round value
creation is backed by strong corporate governance policies and systems. Corporate
strategies include ITC’s corporate strategies are:
Create multiple drivers of growth by developing a portfolio of world class businesses
that best matches organisational capability with opportunities in domestic and export
markets.
Continue to focus on the chosen portfolio of FMCG, Hotels, Paper, Paperboards &
Packaging, Agri Business and Information Technology.
Benchmark the health of each business comprehensively across the criteria of Market
Standing, Profitability and Internal Vitality.
Ensure that each of its businesses is world class and internationally competitive.
Enhance the competitive power of the portfolio through synergies derived by
blending the diverse skills and capabilities residing in ITC’s various businesses.
Create distributed leadership within the organisation by nurturing talented and
focused top management teams for each of the businesses.
Continuously strengthen and refine Corporate Governance processes and systems to
catalyse the entrepreneurial energies of management by striking the golden balance
between executive freedom and the need for effective control and accountability.
CORPORATE GOVERNANCE:
Over the years, ITC has evolved from a single product company to a multi-
business corporation. Its businesses are spread over a wide spectrum, ranging from
cigarettes and tobacco to hotels, packaging, paper and paperboards and
international commodities trading.
Page | 24
Each of these businesses is vastly different from the others in its type, the state
of its evolution and the basic nature of its activity, all of which influence the choice
of the form of governance. The challenge of governance for ITC therefore lies in
fashioning a model that addresses the uniqueness of each of its businesses and yet
strengthens the unity of purpose of the Company as a whole.ITC defines
corporate governance as a systemic process by which companies are directed
and controlled to enhance their wealth generating capacity. Since large
corporations employ vast quantum of societal resources, we believe that the
governance process should ensure that these companies are managed in a
manner that meets stakeholder’s aspirations and societal expectations.
CORE PRINCIPLES:
ITC's Corporate Governance initiative is based on two core principles. These are:
Management must have the executive freedom to drive the enterprise
forward without undue restraints; and this freedom of management
should be exercised within a framework of effective accountability.
ITC believes that any meaningful policy on Corporate Governance
must provide empowerment to the executive management of the
Company, and simultaneously create a mechanism of checks and
balances which ensures that the decision making powers vested in the
executive management is not only not misused, but is used with care
and responsibility to meet stakeholder aspirations and societal
expectations.
From the above definition and core principles of Corporate Governance emerge the
cornerstones of ITC's governance philosophy, namely trusteeship, transparency,
empowerment and accountability, control and ethical corporate citizenship.
Each of these businesses is vastly different from the others in its type, the state
of its evolution and the basic nature of its activity, all of which influence the choice
of the form of governance. The challenge of governance for ITC therefore lies in
fashioning a model that addresses the uniqueness of each of its businesses and yet
strengthens the unity of purpose of the Company as a whole.ITC defines
corporate governance as a systemic process by which companies are directed
and controlled to enhance their wealth generating capacity. Since large
corporations employ vast quantum of societal resources, we believe that the
governance process should ensure that these companies are managed in a
manner that meets stakeholder’s aspirations and societal expectations.
CORE PRINCIPLES:
ITC's Corporate Governance initiative is based on two core principles. These are:
Management must have the executive freedom to drive the enterprise
forward without undue restraints; and this freedom of management
should be exercised within a framework of effective accountability.
ITC believes that any meaningful policy on Corporate Governance
must provide empowerment to the executive management of the
Company, and simultaneously create a mechanism of checks and
balances which ensures that the decision making powers vested in the
executive management is not only not misused, but is used with care
and responsibility to meet stakeholder aspirations and societal
expectations.
From the above definition and core principles of Corporate Governance emerge the
cornerstones of ITC's governance philosophy, namely trusteeship, transparency,
empowerment and accountability, control and ethical corporate citizenship.
Page | 25
COMPANY PROFILE
Hindustan Unilever Profile:
In the summer of 1888, visitors to the Kolkata harbour noticed
crates full of Sunlight soap bars, embossed with the words "Made in
England by Lever Brothers" with it, began an era of marketing branded Fast
Moving Consumer Goods (FMCG).
Soon after followed Lifebuoy in 1895 and other famous brands like
Pears, Lux and Vim. Vanaspati was launched in 1918 and the famous
„Dalda‟ brand came to the market in 1937.
In 1931, Unilever set up its first Indian subsidiary, Hindustan
Vanaspati Manufacturing Company, followed by Lever Brothers India
Limited (1933) and United Traders Limited (1935). These three companies
merged to form HUL in November 1956; HUL offered 10% of its equity to
the Indian public, being the first among the foreign subsidiaries to do so.
Unilever now holds 52.10% equity in the company.
The rest of the shareholding is distributed among about 360,675
individual shareholders and financial institutions.
The erstwhile Brooke Bond's presence in India dates back to 1900. By
1903, the company had launched Red Label tea in the country. In 1912,
Brooke Bond & Co.
India Limited was formed. Brooke Bond joined the Unilever fold in
1984 through an international acquisition. The erstwhile Lipton's links with
India were forged in 1898.
COMPANY PROFILE
Hindustan Unilever Profile:
In the summer of 1888, visitors to the Kolkata harbour noticed
crates full of Sunlight soap bars, embossed with the words "Made in
England by Lever Brothers" with it, began an era of marketing branded Fast
Moving Consumer Goods (FMCG).
Soon after followed Lifebuoy in 1895 and other famous brands like
Pears, Lux and Vim. Vanaspati was launched in 1918 and the famous
„Dalda‟ brand came to the market in 1937.
In 1931, Unilever set up its first Indian subsidiary, Hindustan
Vanaspati Manufacturing Company, followed by Lever Brothers India
Limited (1933) and United Traders Limited (1935). These three companies
merged to form HUL in November 1956; HUL offered 10% of its equity to
the Indian public, being the first among the foreign subsidiaries to do so.
Unilever now holds 52.10% equity in the company.
The rest of the shareholding is distributed among about 360,675
individual shareholders and financial institutions.
The erstwhile Brooke Bond's presence in India dates back to 1900. By
1903, the company had launched Red Label tea in the country. In 1912,
Brooke Bond & Co.
India Limited was formed. Brooke Bond joined the Unilever fold in
1984 through an international acquisition. The erstwhile Lipton's links with
India were forged in 1898.
Page | 26
Unilever acquired Lipton in 1972 and in 1977 Lipton Tea (India)
Limited was incorporated.
Pond's (India) Limited had been present in India since 1947. It joined
the Unilever fold through an international acquisition of Chesebrough
Pond's USA in 1986.
Since the very early years, HUL has vigorously responded to the
stimulus of economic growth. The growth process has been accompanied by
judicious diversification, always in line with Indian opinions and
aspirations.
The liberalization of the Indian economy, started in 1991, clearly
marked an inflexion in HUL's and the Group's growth curve. Removal of
the regulatory framework allowed the company to explore every single
product and opportunity segment, without any constraints on production
capacity.Simultaneously, deregulation permitted alliances, acquisitions and
mergers.
In one of the most visible and talked about events of India's corporate
history, the erstwhile Tata Oil Mills Company (TOMCO) merged with
HUL, effective from April 1, 1993. In 1996, HUL and yet another Tata
company, Lakme Limited, formed a 50:50 joint venture, Lakme Unilever
Limited, to market Lakme's market-leading cosmetics and other appropriate
products of both the companies. Subsequently in 1998, Lakme Limited sold
its brands to HUL and divested its 50% stake in the joint venture to the
company.
Unilever acquired Lipton in 1972 and in 1977 Lipton Tea (India)
Limited was incorporated.
Pond's (India) Limited had been present in India since 1947. It joined
the Unilever fold through an international acquisition of Chesebrough
Pond's USA in 1986.
Since the very early years, HUL has vigorously responded to the
stimulus of economic growth. The growth process has been accompanied by
judicious diversification, always in line with Indian opinions and
aspirations.
The liberalization of the Indian economy, started in 1991, clearly
marked an inflexion in HUL's and the Group's growth curve. Removal of
the regulatory framework allowed the company to explore every single
product and opportunity segment, without any constraints on production
capacity.Simultaneously, deregulation permitted alliances, acquisitions and
mergers.
In one of the most visible and talked about events of India's corporate
history, the erstwhile Tata Oil Mills Company (TOMCO) merged with
HUL, effective from April 1, 1993. In 1996, HUL and yet another Tata
company, Lakme Limited, formed a 50:50 joint venture, Lakme Unilever
Limited, to market Lakme's market-leading cosmetics and other appropriate
products of both the companies. Subsequently in 1998, Lakme Limited sold
its brands to HUL and divested its 50% stake in the joint venture to the
company.
Page | 27
HUL formed a 50:50 joint venture with the US-based Kimberly
Clark Corporation in 1994, Kimberly-Clark Lever Ltd, which markets
Huggies Diapers and Kotex Sanitary Pads. HUL has also set up a
subsidiary in Nepal, Unilever Nepal Limited (UNL), and its factory
represents the largest manufacturing investment in the Himalayan
kingdom. The UNL factory manufactures HUL's products like Soaps,
Detergents and Personal Products both for the domestic market and
exports to India.
The 1990s also witnessed a string of crucial mergers, acquisitions
and alliances on the Foods and Beverages front. In 1992, the erstwhile
Brooke Bond acquired Kothari General Foods, with significant interests in
Instant Coffee. In 1993, it acquired the Kissan business from the UB
Group and the Dollops Ice-cream business from Cadbury India.
HUL launched a slew of new business initiatives in the early part of
2000‟s.
Project Shakti was started in 2001. It is a rural initiative that targets
small villages populated by less than 5000 individuals. It is a unique win-win
initiative that catalyses rural affluence even as it benefits business. Currently,
there are over 45,000 Shakti entrepreneurs covering over 100,000 villages
across 15 states and reaching to over 3million homes.
In 2002, HUL made its foray into Ayurvedic health & beauty centre
category with the Ayush product range and Ayush Therapy Centres.
Hindustan Unilever Network, Direct to home business was launched in 2003
and this was followed by the launch of „Pure-it‟ water purifier in 2004.
HUL formed a 50:50 joint venture with the US-based Kimberly
Clark Corporation in 1994, Kimberly-Clark Lever Ltd, which markets
Huggies Diapers and Kotex Sanitary Pads. HUL has also set up a
subsidiary in Nepal, Unilever Nepal Limited (UNL), and its factory
represents the largest manufacturing investment in the Himalayan
kingdom. The UNL factory manufactures HUL's products like Soaps,
Detergents and Personal Products both for the domestic market and
exports to India.
The 1990s also witnessed a string of crucial mergers, acquisitions
and alliances on the Foods and Beverages front. In 1992, the erstwhile
Brooke Bond acquired Kothari General Foods, with significant interests in
Instant Coffee. In 1993, it acquired the Kissan business from the UB
Group and the Dollops Ice-cream business from Cadbury India.
HUL launched a slew of new business initiatives in the early part of
2000‟s.
Project Shakti was started in 2001. It is a rural initiative that targets
small villages populated by less than 5000 individuals. It is a unique win-win
initiative that catalyses rural affluence even as it benefits business. Currently,
there are over 45,000 Shakti entrepreneurs covering over 100,000 villages
across 15 states and reaching to over 3million homes.
In 2002, HUL made its foray into Ayurvedic health & beauty centre
category with the Ayush product range and Ayush Therapy Centres.
Hindustan Unilever Network, Direct to home business was launched in 2003
and this was followed by the launch of „Pure-it‟ water purifier in 2004.
Page | 28
In 2007, the Company name was formally changed to Hindustan
Unilever Limited after receiving the approval of share holders during the
74th AGM on 18 May 2007. Brooke Bond and Surf Excel breached the Rs.
1,000 crore sales mark the same year followed by Wheel which crossed the
Rs. 2,000 crore sales milestones in 2008.
On 17th October 2008, HUL completed 75 years of corporate existence
in India.
BRANDS:
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 (2008). According to Brand
Equity, HUL has the largest number of brands in the Most Trusted Brands
List. It has consistently had the largest number of brands in the Top 50, and
in the Top 10 (with 4 brands).
The company has a distribution channel of 6.3 million outlets and owns
35 major Indian brands. Its brands include Kwality Wall's ice-cream, Knorr
soups & meal makers, Lifebuoy, Lux, Pears, Breeze, Liril, Rexona, Hamam
and Moti soaps, Pure-it water purifier, Lipton tea, Brooke Bond (Roses, Taj
Mahal, Taaza, Red Label) tea, Bru coffee, Pepsodent and Close Up
toothpaste and brushes, and Surf, Rin and Wheel laundry detergents, Kissan
squashes and jams, Annapurna salt and atta, Pond's talcs and creams,
Vaseline lotions, Fair and Lovely creams, Lakme beauty products, Clear,
Clinic Plus, Clinic All Clear, Sunsilk and Dove shampoos, VIM dishwash,
Ala bleach, Domex disinfectant, Modern bread, Axe deo sprays and
Comfort fabric softeners.
In 2007, the Company name was formally changed to Hindustan
Unilever Limited after receiving the approval of share holders during the
74th AGM on 18 May 2007. Brooke Bond and Surf Excel breached the Rs.
1,000 crore sales mark the same year followed by Wheel which crossed the
Rs. 2,000 crore sales milestones in 2008.
On 17th October 2008, HUL completed 75 years of corporate existence
in India.
BRANDS:
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 (2008). According to Brand
Equity, HUL has the largest number of brands in the Most Trusted Brands
List. It has consistently had the largest number of brands in the Top 50, and
in the Top 10 (with 4 brands).
The company has a distribution channel of 6.3 million outlets and owns
35 major Indian brands. Its brands include Kwality Wall's ice-cream, Knorr
soups & meal makers, Lifebuoy, Lux, Pears, Breeze, Liril, Rexona, Hamam
and Moti soaps, Pure-it water purifier, Lipton tea, Brooke Bond (Roses, Taj
Mahal, Taaza, Red Label) tea, Bru coffee, Pepsodent and Close Up
toothpaste and brushes, and Surf, Rin and Wheel laundry detergents, Kissan
squashes and jams, Annapurna salt and atta, Pond's talcs and creams,
Vaseline lotions, Fair and Lovely creams, Lakme beauty products, Clear,
Clinic Plus, Clinic All Clear, Sunsilk and Dove shampoos, VIM dishwash,
Ala bleach, Domex disinfectant, Modern bread, Axe deo sprays and
Comfort fabric softeners.
Page | 29
MILESTONE ACHIEVED :
Five of HUL's leading brands – Lux, Dove, Pears,
Clinic Plus and Sunsilk won the Reader's Digest
Trusted Brand 2008 Awards.
Four HUL brands featured in the top 10 list of the
Economic Times Brand Equity's Most Trusted
Brands 2008 survey
HUL was awarded the Bombay Chamber Civic
Award 2007 in the category of Sustainable
Environmental Initiatives.
HUL was selected as the top Indian company in the
FMCG sector for the Dun & Bradstreet - American
Express Corporate Awards 2007.
MILESTONE ACHIEVED :
Five of HUL's leading brands – Lux, Dove, Pears,
Clinic Plus and Sunsilk won the Reader's Digest
Trusted Brand 2008 Awards.
Four HUL brands featured in the top 10 list of the
Economic Times Brand Equity's Most Trusted
Brands 2008 survey
HUL was awarded the Bombay Chamber Civic
Award 2007 in the category of Sustainable
Environmental Initiatives.
HUL was selected as the top Indian company in the
FMCG sector for the Dun & Bradstreet - American
Express Corporate Awards 2007.
Page | 30
PROMOTORS AND BOARD OF DIRECTORS
PROMOTORS AND BOARD OF DIRECTORS
Page | 31
PROMOTORS OF ITC:
(I)(a) Statement showing Shareholding Pattern
Partly paid-up shares:-
No. of partly paid-up
shares
As a % of total no. of partly paid-
up shares
As a % of total no. of shares of the
company
Held by promoter / promoter group 0 0.00 0.00
Held by public 0 0.00 0.00
Total 0 0.00 0.00
Outstanding convertible securities:-
No. of outstanding
securities
As a % of total no. of outstanding
convertible securities
As a % of total no. of shares of the
company, assuming full conversion of the
convertible securities
Held by promoter / promoter group 0 0.00 0.00
Held by public (See note below) 0 0.00 0.00
Total 0 0.00 0.00
Warrants:- No. of warrants As a % of total no. of warrants
As a % of total no. of shares of the
company, assuming full conversion of
warrants
Held by promoter / promoter group 0 0.00 0.00
Held by public 0 0.00 0.00
Total 0 0.00 0.00
Total paid-up capital of the company, assuming
full conversion of warrant and convertible
securities
7818424300
Note: Does not include underlying shares that would need to be issued upon exercise of Options granted under the Company's Employee Stock Option
Schemes.
Category
Code
Category of
shareholder
Number of
shareholders
(Refer
Note 1 below)
Total number of
shares
Number of
shares held
in
dematerialised
form
Total shareholding
as a percentage
of total number
of shares
Shares pledged
or otherwise
encumbered
As a
percentage
of
As a
percentage
of
Number
of
shares
As a
percentage
PROMOTORS OF ITC:
(I)(a) Statement showing Shareholding Pattern
Partly paid-up shares:-
No. of partly paid-up
shares
As a % of total no. of partly paid-
up shares
As a % of total no. of shares of the
company
Held by promoter / promoter group 0 0.00 0.00
Held by public 0 0.00 0.00
Total 0 0.00 0.00
Outstanding convertible securities:-
No. of outstanding
securities
As a % of total no. of outstanding
convertible securities
As a % of total no. of shares of the
company, assuming full conversion of the
convertible securities
Held by promoter / promoter group 0 0.00 0.00
Held by public (See note below) 0 0.00 0.00
Total 0 0.00 0.00
Warrants:- No. of warrants As a % of total no. of warrants
As a % of total no. of shares of the
company, assuming full conversion of
warrants
Held by promoter / promoter group 0 0.00 0.00
Held by public 0 0.00 0.00
Total 0 0.00 0.00
Total paid-up capital of the company, assuming
full conversion of warrant and convertible
securities
7818424300
Note: Does not include underlying shares that would need to be issued upon exercise of Options granted under the Company's Employee Stock Option
Schemes.
Category
Code
Category of
shareholder
Number of
shareholders
(Refer
Note 1 below)
Total number of
shares
Number of
shares held
in
dematerialised
form
Total shareholding
as a percentage
of total number
of shares
Shares pledged
or otherwise
encumbered
As a
percentage
of
As a
percentage
of
Number
of
shares
As a
percentage
Page | 32
(A+B) (A+B+C)
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
(IX) =
(VIII)/
(IV)*100
(A) Promoter and Promoter Group
(1) Indian
(a) Individuals / Hindu Undivided Family 0 0 0 0.00 0.00 0 0.00
(b) Central Government / State Government(s) 0 0 0 0.00 0.00 0 0.00
(c) Bodies Corporate 0 0 0 0.00 0.00 0 0.00
(d) Financial Institutions / Banks 0 0 0 0.00 0.00 0 0.00
(e) Any Other (specify) 0 0 0 0.00 0.00 0 0.00
Sub-Total (A)(1) 0 0 0 0.00 0.00 0 0.00
(2) Foreign
(a)
Individuals (Non-Resident Individuals /
Foreign Individuals)
0 0 0 0.00 0.00 0 0.00
(b) Bodies Corporate 0 0 0 0.00 0.00 0 0.00
(c) Institutions 0 0 0 0.00 0.00 0 0.00
(d) Any Other (specify) 0 0 0 0.00 0.00 0 0.00
Sub-Total (A)(2) 0 0 0 0.00 0.00 0 0.00
Total Shareholding of Promoter and
Promoter Group 0 0 0 0.00 0.00 0 0.00
(A) = (A)(1) + (A)(2)
(B) Public shareholding NA NA
(1) Institutions NA NA
(a) Mutual Funds / UTI 318 1115464037 1114933187 14.31 14.27
(b) Financial Institutions / Banks 110 2590961 2026871 0.03 0.03
(c) Central Government / State Government(s) 0 0 0 0.00 0.00
(d) Venture Capital Funds 0 0 0 0.00 0.00
(e) Insurance Companies 56 1559691513 1548932763 20.01 19.95
(f) Foreign Institutional Investors 899 1360538876 1360250786 17.46 17.40
(g) Foreign Venture Capital Investors 0 0 0 0.00 0.00
(A+B) (A+B+C)
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
(IX) =
(VIII)/
(IV)*100
(A) Promoter and Promoter Group
(1) Indian
(a) Individuals / Hindu Undivided Family 0 0 0 0.00 0.00 0 0.00
(b) Central Government / State Government(s) 0 0 0 0.00 0.00 0 0.00
(c) Bodies Corporate 0 0 0 0.00 0.00 0 0.00
(d) Financial Institutions / Banks 0 0 0 0.00 0.00 0 0.00
(e) Any Other (specify) 0 0 0 0.00 0.00 0 0.00
Sub-Total (A)(1) 0 0 0 0.00 0.00 0 0.00
(2) Foreign
(a)
Individuals (Non-Resident Individuals /
Foreign Individuals)
0 0 0 0.00 0.00 0 0.00
(b) Bodies Corporate 0 0 0 0.00 0.00 0 0.00
(c) Institutions 0 0 0 0.00 0.00 0 0.00
(d) Any Other (specify) 0 0 0 0.00 0.00 0 0.00
Sub-Total (A)(2) 0 0 0 0.00 0.00 0 0.00
Total Shareholding of Promoter and
Promoter Group 0 0 0 0.00 0.00 0 0.00
(A) = (A)(1) + (A)(2)
(B) Public shareholding NA NA
(1) Institutions NA NA
(a) Mutual Funds / UTI 318 1115464037 1114933187 14.31 14.27
(b) Financial Institutions / Banks 110 2590961 2026871 0.03 0.03
(c) Central Government / State Government(s) 0 0 0 0.00 0.00
(d) Venture Capital Funds 0 0 0 0.00 0.00
(e) Insurance Companies 56 1559691513 1548932763 20.01 19.95
(f) Foreign Institutional Investors 899 1360538876 1360250786 17.46 17.40
(g) Foreign Venture Capital Investors 0 0 0 0.00 0.00
Page | 33
(h) Any Other (specify) 0 0 0 0.00 0.00
Sub-Total (B)(1) 1383 4038285387 4026143607 51.81 51.65
(2) Non-Institutions NA NA
(a) Bodies Corporate 3821 450351701 448963331 5.78 5.76
(b) Individuals -
i. Individual shareholders holding nominal
share capital up to Rs. 1 lakh.
397703 703189210 554482651 9.02 8.99
ii. Individual shareholders holding nominal
share capital in excess of Rs. 1 lakh.
668 134724828 115693678 1.73 1.72
(c) Any Other :
(i) NRIs 7442 42026620 30020200 0.54 0.54
(ii) Foreign Companies 7 2413224203 148103 30.96 30.87
(iii) Foreign Nationals 12 468881 24641 0.01 0.01
(iv) Trust 61 3853144 3853144 0.05 0.05
(v) Clearing Members 276 8149345 8149345 0.10 0.10
Sub-Total (B)(2) 409990 3755987932 1161335093 48.19 48.04
Total Public Shareholding
411373 7794273319 5187478700 100.00 99.69 NA NA
(B) = (B)(1) + (B)(2)
TOTAL (A) + (B) 411373 7794273319 5187478700 100.00 99.69
(C)
Shares held by Custodians and against
which Depository Receipts have been
issued
2 24150981 24114981 NA 0.31 NA NA
(1) Promoter and Promoter Group 0 0 0 NA 0.00
(2) Public (Refer Note 2 below) 2 24150981 24114981 NA 0.31
GRAND TOTAL
411375 7818424300 5211593681 NA 100.00 0 0.00
(A) + (B) + (C)
NA - Not applicable
Note: (1) The 'number of shareholders' data is based on DP ID & CL ID Nos.(in respect of shares held in dematerialised form) and Account Nos. (in
respect of shares held in physical form).
(2) Although these shares do not qualify as 'Public Shareholding' in terms of Rule 2(e) of the Securities Contracts (Regulation) Rules, 1957, the same
has been shown under the sub-head 'Public' in the absence of any other appropriate sub-head.
(h) Any Other (specify) 0 0 0 0.00 0.00
Sub-Total (B)(1) 1383 4038285387 4026143607 51.81 51.65
(2) Non-Institutions NA NA
(a) Bodies Corporate 3821 450351701 448963331 5.78 5.76
(b) Individuals -
i. Individual shareholders holding nominal
share capital up to Rs. 1 lakh.
397703 703189210 554482651 9.02 8.99
ii. Individual shareholders holding nominal
share capital in excess of Rs. 1 lakh.
668 134724828 115693678 1.73 1.72
(c) Any Other :
(i) NRIs 7442 42026620 30020200 0.54 0.54
(ii) Foreign Companies 7 2413224203 148103 30.96 30.87
(iii) Foreign Nationals 12 468881 24641 0.01 0.01
(iv) Trust 61 3853144 3853144 0.05 0.05
(v) Clearing Members 276 8149345 8149345 0.10 0.10
Sub-Total (B)(2) 409990 3755987932 1161335093 48.19 48.04
Total Public Shareholding
411373 7794273319 5187478700 100.00 99.69 NA NA
(B) = (B)(1) + (B)(2)
TOTAL (A) + (B) 411373 7794273319 5187478700 100.00 99.69
(C)
Shares held by Custodians and against
which Depository Receipts have been
issued
2 24150981 24114981 NA 0.31 NA NA
(1) Promoter and Promoter Group 0 0 0 NA 0.00
(2) Public (Refer Note 2 below) 2 24150981 24114981 NA 0.31
GRAND TOTAL
411375 7818424300 5211593681 NA 100.00 0 0.00
(A) + (B) + (C)
NA - Not applicable
Note: (1) The 'number of shareholders' data is based on DP ID & CL ID Nos.(in respect of shares held in dematerialised form) and Account Nos. (in
respect of shares held in physical form).
(2) Although these shares do not qualify as 'Public Shareholding' in terms of Rule 2(e) of the Securities Contracts (Regulation) Rules, 1957, the same
has been shown under the sub-head 'Public' in the absence of any other appropriate sub-head.
Page | 34
(I)(b) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
belonging to the category "Promoter and Promoter Group"
NOT APPLICABLE
Sr.
No.
Name of the
shareholder
Details of shares held Encumbered shares Details of warrants Details of convertible
securities
Total shares (including
underlying shares
assuming full
conversion of warrants
and convertible
securities) as a % of
diluted share capital
No. of
shares
held
As a % of
grand total
(A)+(B)+(C)
No. As a
percentage
As a % of grand
total
(A)+(B)+(C) of
sub-clause (I)(a)
Number
of
warrants
held
As a % total
number of
warrants of
the same
class
Number of
convertible
securities
held
As a % total
number of
convertible
securities of the
same class
(I) (II) (III) (IV) (V)
(VI) =
(V)/(III)*100
(VII) (VIII) (IX) (X) (XI) (XII)
- 0 0.00 0 0.00 0.00 0 0.00 0 0.00 0
TOTAL
(I)(c)(i) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
belonging to the category “Public” and holding more than 1% of the total number of shares
Sr.
No.
Name of the
shareholder
Number of
shares held
Shares as a percentage of
total number of shares
{i.e., Grand Total (A) +
(B) + (C) indicated in
Statement at para (I)(a)
above}
Details of warrants Details of convertible securities Total shares (including
underlying shares assuming
full conversion of warrants
and convertible securities)
as a % of diluted share
capital
Number of
warrants
held
As a % total
number of
warrants of
the same class
Number of
convertible
securities held
% w.r.t total
number of
convertible
securities of the
same class
1
Tobacco
Manufacturers
(India) Limited
1985564880 25.39 0 0.00 0 0.00 25.39
2
Life Insurance
Corporation of
India
938740442 12.01 0 0.00 0 0.00 12.01
3 Specified 896722590 11.47 0 0.00 0 0.00 11.47
(I)(b) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
belonging to the category "Promoter and Promoter Group"
NOT APPLICABLE
Sr.
No.
Name of the
shareholder
Details of shares held Encumbered shares Details of warrants Details of convertible
securities
Total shares (including
underlying shares
assuming full
conversion of warrants
and convertible
securities) as a % of
diluted share capital
No. of
shares
held
As a % of
grand total
(A)+(B)+(C)
No. As a
percentage
As a % of grand
total
(A)+(B)+(C) of
sub-clause (I)(a)
Number
of
warrants
held
As a % total
number of
warrants of
the same
class
Number of
convertible
securities
held
As a % total
number of
convertible
securities of the
same class
(I) (II) (III) (IV) (V)
(VI) =
(V)/(III)*100
(VII) (VIII) (IX) (X) (XI) (XII)
- 0 0.00 0 0.00 0.00 0 0.00 0 0.00 0
TOTAL
(I)(c)(i) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
belonging to the category “Public” and holding more than 1% of the total number of shares
Sr.
No.
Name of the
shareholder
Number of
shares held
Shares as a percentage of
total number of shares
{i.e., Grand Total (A) +
(B) + (C) indicated in
Statement at para (I)(a)
above}
Details of warrants Details of convertible securities Total shares (including
underlying shares assuming
full conversion of warrants
and convertible securities)
as a % of diluted share
capital
Number of
warrants
held
As a % total
number of
warrants of
the same class
Number of
convertible
securities held
% w.r.t total
number of
convertible
securities of the
same class
1
Tobacco
Manufacturers
(India) Limited
1985564880 25.39 0 0.00 0 0.00 25.39
2
Life Insurance
Corporation of
India
938740442 12.01 0 0.00 0 0.00 12.01
3 Specified 896722590 11.47 0 0.00 0 0.00 11.47
Page | 35
Undertaking of the
Unit Trust of India
4
Myddleton
Investment Co.
Limited
324207960 4.15 0 0.00 0 0.00 4.15
5
The New India
Assurance
Company Limited
164279072 2.10 0 0.00 0 0.00 2.10
6
General Insurance
Corporation of
India
144870157 1.85 0 0.00 0 0.00 1.85
7
The Oriental
Insurance
Company Limited
129167513 1.65 0 0.00 0 0.00 1.65
8
National Insurance
Company Limited
125682220 1.61 0 0.00 0 0.00 1.61
9
Rothmans
International
Enterprises
Limited
103303260 1.32 0 0.00 0 0.00 1.32
10
ICICI Prudential
Life Insurance
Company Ltd.
90272818 1.16 0 0.00 0 0.00 1.16
TOTAL 4902810912 62.71 0 0.00 0 0.00 62.71
(I)(c)(ii) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category "Public" and holding more than 5% of the total number of shares of
the company
Sr.
No.
Name(s) of the
shareholder(s) and
the Persons Acting in
Concert with them
Number of
shares
Shares as a percentage of
total number of shares
{i.e., Grand Total (A) +
(B) + (C) indicated in
Statement at para (I)(a)
above}
Details of warrants Details of convertible securities Total shares (including
underlying shares
assuming full conversion of
warrants and convertible
securities) as a % of
diluted share capital
Number of
warrants
held
As a % total
number of
warrants of
the same class
Number of
convertible
securities held
% w.r.t total
number of
convertible
securities of the
same class
1 Persons Acting In
Concert (PAC)*
(a) Tobacco
Manufacturers (India)
Limited
1985564880 25.39 0 0.00 0 0.00 25.39
(b) Myddleton 324207960 4.15 0 0.00 0 0.00 4.15
Undertaking of the
Unit Trust of India
4
Myddleton
Investment Co.
Limited
324207960 4.15 0 0.00 0 0.00 4.15
5
The New India
Assurance
Company Limited
164279072 2.10 0 0.00 0 0.00 2.10
6
General Insurance
Corporation of
India
144870157 1.85 0 0.00 0 0.00 1.85
7
The Oriental
Insurance
Company Limited
129167513 1.65 0 0.00 0 0.00 1.65
8
National Insurance
Company Limited
125682220 1.61 0 0.00 0 0.00 1.61
9
Rothmans
International
Enterprises
Limited
103303260 1.32 0 0.00 0 0.00 1.32
10
ICICI Prudential
Life Insurance
Company Ltd.
90272818 1.16 0 0.00 0 0.00 1.16
TOTAL 4902810912 62.71 0 0.00 0 0.00 62.71
(I)(c)(ii) Statement showing holding of securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category "Public" and holding more than 5% of the total number of shares of
the company
Sr.
No.
Name(s) of the
shareholder(s) and
the Persons Acting in
Concert with them
Number of
shares
Shares as a percentage of
total number of shares
{i.e., Grand Total (A) +
(B) + (C) indicated in
Statement at para (I)(a)
above}
Details of warrants Details of convertible securities Total shares (including
underlying shares
assuming full conversion of
warrants and convertible
securities) as a % of
diluted share capital
Number of
warrants
held
As a % total
number of
warrants of
the same class
Number of
convertible
securities held
% w.r.t total
number of
convertible
securities of the
same class
1 Persons Acting In
Concert (PAC)*
(a) Tobacco
Manufacturers (India)
Limited
1985564880 25.39 0 0.00 0 0.00 25.39
(b) Myddleton 324207960 4.15 0 0.00 0 0.00 4.15
Page | 36
Investment Co.
Limited
(c) Rothmans
International
Enterprises Limited
103303260 1.32 0 0.00 0 0.00 1.32
Sub-Total: 2413076100 30.86 0 0.00 0 0.00 30.86
2 Life Insurance
Corporation of India
938740442 12.01 0 0.00 0 0.00 12.01
3 Specified Undertaking
of the Unit Trust of
India
896722590 11.47 0 0.00 0 0.00 11.47
TOTAL 4248539132 54.34 0 0.00 0 0.00 54.34
* The Company has received only this disclosure with respect to shareholding of PAC in terms of SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011.
(I)(d) Statement showing details of locked -in shares
Sr. No. Name of the shareholder Number of locked-in shares
Locked-in shares as a percentage of total number of shares {i.e.,
Grand Total (A) + (B) + (C) indicated in Statement at para (I)(a)
above}
- 0 0.00
TOTAL
(II)(a) Statement showing details of Depository Receipts (DRs)
Sr.
No.
Type of outstanding DR (ADRs,
GDRs, SDRs, etc.)
Number of
outstanding DRs
Number of shares underlying
outstanding DRs
Shares underlying outstanding DRs as a percentage
of total number of shares
{i.e., Grand Total (A) + (B) + (C) indicated in
Statement at para (I)(a) above}
1 GDRs 24150981 24150981 0.31
TOTAL 24150981 24150981 0.31
(II)(b) Statement showing holding of Depository Receipts (DRs), where underlying shares held by 'promoter /
promoter group' are in excess of 1% of the total number of shares
NOT APPLICABLE
(III)(a) Statement showing the voting pattern of shareholders, if more than one class of shares/securities is
issued by the issuer.
(Give description of voting rights for each class of security.
Class X:
Class Y:
Class Z:)
Investment Co.
Limited
(c) Rothmans
International
Enterprises Limited
103303260 1.32 0 0.00 0 0.00 1.32
Sub-Total: 2413076100 30.86 0 0.00 0 0.00 30.86
2 Life Insurance
Corporation of India
938740442 12.01 0 0.00 0 0.00 12.01
3 Specified Undertaking
of the Unit Trust of
India
896722590 11.47 0 0.00 0 0.00 11.47
TOTAL 4248539132 54.34 0 0.00 0 0.00 54.34
* The Company has received only this disclosure with respect to shareholding of PAC in terms of SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011.
(I)(d) Statement showing details of locked -in shares
Sr. No. Name of the shareholder Number of locked-in shares
Locked-in shares as a percentage of total number of shares {i.e.,
Grand Total (A) + (B) + (C) indicated in Statement at para (I)(a)
above}
- 0 0.00
TOTAL
(II)(a) Statement showing details of Depository Receipts (DRs)
Sr.
No.
Type of outstanding DR (ADRs,
GDRs, SDRs, etc.)
Number of
outstanding DRs
Number of shares underlying
outstanding DRs
Shares underlying outstanding DRs as a percentage
of total number of shares
{i.e., Grand Total (A) + (B) + (C) indicated in
Statement at para (I)(a) above}
1 GDRs 24150981 24150981 0.31
TOTAL 24150981 24150981 0.31
(II)(b) Statement showing holding of Depository Receipts (DRs), where underlying shares held by 'promoter /
promoter group' are in excess of 1% of the total number of shares
NOT APPLICABLE
(III)(a) Statement showing the voting pattern of shareholders, if more than one class of shares/securities is
issued by the issuer.
(Give description of voting rights for each class of security.
Class X:
Class Y:
Class Z:)
Page | 37
NOT APPLICABLE
Category
Code
Category of shareholder
Number of Voting Rights held in
each class of securities
Total Voting Rights
(III+IV+V)
Total Voting Rights i.e. (VI)
As a percentage
of (A+B)
As a percentage of
(A+B+C) Class X Class Y Class Z
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
(A) Promoter and Promoter Group
(1) Indian
(a) Individuals / Hindu Undivided Family
(b) Central Government / State Government(s)
(c) Bodies Corporate
(d) Financial Institutions / Banks
(e) Any Other (specify)
Sub-Total (A)(1)
(2) Foreign
(a) Individuals (Non-Resident Individuals / Foreign
Individuals)
(b) Bodies Corporate
(c) Institutions
(d) Any Other (specify)
Sub-Total (A)(2)
Total Shareholding of Promoter and
Promoter Group
(A) = (A)(1) + (A)(2)
(B) Public shareholding
(1) Institutions
(a) Mutual Funds / UTI
(b) Financial Institutions / Banks
(c) Central Government / State Government(s)
(d) Venture Capital Funds
(e) Insurance Companies
(f) Foreign Institutional Investors
(g) Foreign Venture Capital Investors
(h) Any Other (specify)
Sub-Total (B)(1)
Non-Institutions
Sr.
No.
Name of the
DR Holder
Type of outstanding DR
(ADRs, GDRs, SDRs, etc.)
Number of shares
underlying outstanding
DRs
Shares underlying outstanding DRs as a percentage of total number of
shares {i.e., Grand Total (A) + (B) + (C) indicated in Statement at para
(I)(a) above}
- - - 0 0.00
TOTAL
NOT APPLICABLE
Category
Code
Category of shareholder
Number of Voting Rights held in
each class of securities
Total Voting Rights
(III+IV+V)
Total Voting Rights i.e. (VI)
As a percentage
of (A+B)
As a percentage of
(A+B+C) Class X Class Y Class Z
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
(A) Promoter and Promoter Group
(1) Indian
(a) Individuals / Hindu Undivided Family
(b) Central Government / State Government(s)
(c) Bodies Corporate
(d) Financial Institutions / Banks
(e) Any Other (specify)
Sub-Total (A)(1)
(2) Foreign
(a) Individuals (Non-Resident Individuals / Foreign
Individuals)
(b) Bodies Corporate
(c) Institutions
(d) Any Other (specify)
Sub-Total (A)(2)
Total Shareholding of Promoter and
Promoter Group
(A) = (A)(1) + (A)(2)
(B) Public shareholding
(1) Institutions
(a) Mutual Funds / UTI
(b) Financial Institutions / Banks
(c) Central Government / State Government(s)
(d) Venture Capital Funds
(e) Insurance Companies
(f) Foreign Institutional Investors
(g) Foreign Venture Capital Investors
(h) Any Other (specify)
Sub-Total (B)(1)
Non-Institutions
Sr.
No.
Name of the
DR Holder
Type of outstanding DR
(ADRs, GDRs, SDRs, etc.)
Number of shares
underlying outstanding
DRs
Shares underlying outstanding DRs as a percentage of total number of
shares {i.e., Grand Total (A) + (B) + (C) indicated in Statement at para
(I)(a) above}
- - - 0 0.00
TOTAL
Page | 38
(a) Bodies Corporate
(b) Individuals -
i. Individual shareholders holding nominal share
capital up to Rs. 1 lakh.
ii. Individual shareholders holding nominal share
capital in excess of Rs. 1 lakh
(c) Any Other (specify):
Sub-Total (B)(2)
Total Public Shareholding
(B) = (B)(1) + (B)(2)
TOTAL (A) + (B)
(C) Shares held by Custodians and against which
Depository Receipts have been issued
GRAND TOTAL
(A) + (B) + (C)
(a) Bodies Corporate
(b) Individuals -
i. Individual shareholders holding nominal share
capital up to Rs. 1 lakh.
ii. Individual shareholders holding nominal share
capital in excess of Rs. 1 lakh
(c) Any Other (specify):
Sub-Total (B)(2)
Total Public Shareholding
(B) = (B)(1) + (B)(2)
TOTAL (A) + (B)
(C) Shares held by Custodians and against which
Depository Receipts have been issued
GRAND TOTAL
(A) + (B) + (C)
Page | 39
PROMOTORS OF Hindustan Unilever:
Name of the Shareholder Total Shares held Shares pledged or otherwise encumbered
Number
As a % of grand total
(A) + (B) + (C)
Number
% of Total
shares held
As a % of grand total
(A) + (B) + (C)
Unilever PLC 1,114,370,148 47.43 0 0 0
UNILEVER UK&CN HOLDINGS
LIMITED
60,086,250 2.56 0 0 0
UNILEVER OVERSEAS
HOLDINGS B V
18,865,000 0.8 0 0 0
Unilever Overseas Holdings AG 68,784,320 2.93 0 0 0
BROOKE BOND GROUP LIMITED 106,739,460 4.54 0 0 0
BROOKE BOND ASSAM
ESTATES LIMITED
32,820,480 1.4 0 0 0
PROMOTORS OF Hindustan Unilever:
Name of the Shareholder Total Shares held Shares pledged or otherwise encumbered
Number
As a % of grand total
(A) + (B) + (C)
Number
% of Total
shares held
As a % of grand total
(A) + (B) + (C)
Unilever PLC 1,114,370,148 47.43 0 0 0
UNILEVER UK&CN HOLDINGS
LIMITED
60,086,250 2.56 0 0 0
UNILEVER OVERSEAS
HOLDINGS B V
18,865,000 0.8 0 0 0
Unilever Overseas Holdings AG 68,784,320 2.93 0 0 0
BROOKE BOND GROUP LIMITED 106,739,460 4.54 0 0 0
BROOKE BOND ASSAM
ESTATES LIMITED
32,820,480 1.4 0 0 0
Page | 40
Name of the Shareholder Total Shares held Shares pledged or otherwise encumbered
Number
As a % of grand total
(A) + (B) + (C)
Number
% of Total
shares held
As a % of grand total
(A) + (B) + (C)
BROOKE BOND SOUTH INDIA
ESTATES LIMITED
52,747,200 2.24 0 0 0
Name of the Shareholder Total Shares held Shares pledged or otherwise encumbered
Number
As a % of grand total
(A) + (B) + (C)
Number
% of Total
shares held
As a % of grand total
(A) + (B) + (C)
BROOKE BOND SOUTH INDIA
ESTATES LIMITED
52,747,200 2.24 0 0 0
Page | 41
BOARD OF DIRECTORS:
Sanjiv Puri
Chairman & Managing Director
Sanjiv Puri (58), is the Chairman & Managing Director of ITC effective May
13, 2019. He was appointed as a Whole time Director on the Board of ITC
with effect from December 6, 2015 and Chief Executive Officer from
February 5, 2017. He was re-designated as the Managing Director of ITC
effective May 16, 2018. Puri is an alumnus of the Indian Institute of
Technology, Kanpur, and Wharton School of Business. He joined ITC in
January 1986.
BOARD OF DIRECTORS:
Sanjiv Puri
Chairman & Managing Director
Sanjiv Puri (58), is the Chairman & Managing Director of ITC effective May
13, 2019. He was appointed as a Whole time Director on the Board of ITC
with effect from December 6, 2015 and Chief Executive Officer from
February 5, 2017. He was re-designated as the Managing Director of ITC
effective May 16, 2018. Puri is an alumnus of the Indian Institute of
Technology, Kanpur, and Wharton School of Business. He joined ITC in
January 1986.
Page | 42
Executive Directors
Nakul Anand
Executive Director
Nakul Anand (64), was appointed as a Whole time Director on the Board of ITC effective January 3,
2011. In addition to overseeing the Hospitality, Travel & Tourism Businesses of ITC...
Sumant Bhargavan
Executive Director
Sumant Bhargavan (57), was appointed as a Wholetime Director on the Board of ITC effective
November 16, 2018. He is responsible for overseeing the FMCG Businesses...
Executive Directors
Nakul Anand
Executive Director
Nakul Anand (64), was appointed as a Whole time Director on the Board of ITC effective January 3,
2011. In addition to overseeing the Hospitality, Travel & Tourism Businesses of ITC...
Sumant Bhargavan
Executive Director
Sumant Bhargavan (57), was appointed as a Wholetime Director on the Board of ITC effective
November 16, 2018. He is responsible for overseeing the FMCG Businesses...
Page | 43
Rajiv Tandon
Executive Director
Rajiv Tandon (67), was appointed as a Wholetime Director on the Board of ITC effective January 22,
2016. He is responsible for Finance, Accounting, Internal Audit & IT Functions...
Independent and Non-Executive Directors
Shilabhadra Banerjee
Independent Director
Shilabhadra Banerjee (72), joined the ITC Board as a Non-Executive Director effective July 24, 2014 and
was appointed as an Independent Director effective July 30, 2014...
Hemant Bhargava
Non-Executive Director
Hemant Bhargava (61), joined the ITC Board as a Non-Executive
Director effective July 28, 2018, representing the Life Insurance
Corporation of India ('LIC')...
Rajiv Tandon
Executive Director
Rajiv Tandon (67), was appointed as a Wholetime Director on the Board of ITC effective January 22,
2016. He is responsible for Finance, Accounting, Internal Audit & IT Functions...
Independent and Non-Executive Directors
Shilabhadra Banerjee
Independent Director
Shilabhadra Banerjee (72), joined the ITC Board as a Non-Executive Director effective July 24, 2014 and
was appointed as an Independent Director effective July 30, 2014...
Hemant Bhargava
Non-Executive Director
Hemant Bhargava (61), joined the ITC Board as a Non-Executive
Director effective July 28, 2018, representing the Life Insurance
Corporation of India ('LIC')...
Page | 44
Arun Duggal
Independent Director
Arun Duggal (74), joined the ITC Board as a Non-Executive Independent Director effective September
15, 2014. Duggal, a Mechanical Engineer.
Atul Jerath
Non-Executive Director
Atul Jerath (59), joined the ITC Board as Non-Executive Director effective January 31, 2020,
representing the General Insurers' (Public Sector)...
Sunil Behari Mathur
Independent Director
Sunil Behari Mathur (76), has been on the ITC Board since July 29, 2005, first as a representative of LIC
and then in his individual capacity.
Arun Duggal
Independent Director
Arun Duggal (74), joined the ITC Board as a Non-Executive Independent Director effective September
15, 2014. Duggal, a Mechanical Engineer.
Atul Jerath
Non-Executive Director
Atul Jerath (59), joined the ITC Board as Non-Executive Director effective January 31, 2020,
representing the General Insurers' (Public Sector)...
Sunil Behari Mathur
Independent Director
Sunil Behari Mathur (76), has been on the ITC Board since July 29, 2005, first as a representative of LIC
and then in his individual capacity.
Page | 45
Anand Nayak
Independent Director
Anand Nayak (69), joined the ITC Board as a Non-Executive Independent Director effective July 13,
2019. Nayak is a Post Graduate in Personnel Management...
Nirupama Rao
Independent Director
Nirupama Rao (70), was appointed as a Non-Executive Independent Director on the Board of ITC
effective April 8, 2016. A Post Graduate in English Literature, she is also...
Ajit Kumar Seth
Independent Director
Ajit Kumar Seth (69) joined the ITC Board as a Non-Executive
Independent Director effective July 13, 2019. An alumnus of St.
Stephen's College, Delhi.
Anand Nayak
Independent Director
Anand Nayak (69), joined the ITC Board as a Non-Executive Independent Director effective July 13,
2019. Nayak is a Post Graduate in Personnel Management...
Nirupama Rao
Independent Director
Nirupama Rao (70), was appointed as a Non-Executive Independent Director on the Board of ITC
effective April 8, 2016. A Post Graduate in English Literature, she is also...
Ajit Kumar Seth
Independent Director
Ajit Kumar Seth (69) joined the ITC Board as a Non-Executive
Independent Director effective July 13, 2019. An alumnus of St.
Stephen's College, Delhi.
Page | 46
Meera Shankar
Independent Director
Meera Shankar (70), was appointed as a Non-Executive Independent Director on the Board of ITC
effective September 6, 2012. A Post Graduate in English Literature.
David Robert Simpson
Non-Executive Director
David Robert Simpson (63), was appointed as a Non-Executive Director on the Board of ITC effective
January 27, 2017, as a representative of Tobacco Manufacturers (India) Limited.
Meera Shankar
Independent Director
Meera Shankar (70), was appointed as a Non-Executive Independent Director on the Board of ITC
effective September 6, 2012. A Post Graduate in English Literature.
David Robert Simpson
Non-Executive Director
David Robert Simpson (63), was appointed as a Non-Executive Director on the Board of ITC effective
January 27, 2017, as a representative of Tobacco Manufacturers (India) Limited.
Page | 47
PROMOTORS OF Hindustan Unilever:
Sanjiv Mehta
Chairman and Managing Director
Mr Sanjiv Mehta (59) joined the Board of the Company in October, 2013 as the Chief
Executive Officer and Managing Director. He was also appointed as the Executive Vice
President of Unilever South Asia. On 30th June, 2018, he was appointed as the Chairman and
Managing Director of the Company.
Srinivas Phatak
Executive Director, Finance & IT and Chief Financial Officer
Mr Srinivas Phatak (48), joined the Company in 1999 after a brief 3 years stint with an
external organisation. Mr Phatak was appointed as Executive Director – Finance &
Information Technology and Chief Financial Officer of the Company w.e.f. 1st December,
2017. He is also the Vice-President Finance for Unilever, South Asia.
PROMOTORS OF Hindustan Unilever:
Sanjiv Mehta
Chairman and Managing Director
Mr Sanjiv Mehta (59) joined the Board of the Company in October, 2013 as the Chief
Executive Officer and Managing Director. He was also appointed as the Executive Vice
President of Unilever South Asia. On 30th June, 2018, he was appointed as the Chairman and
Managing Director of the Company.
Srinivas Phatak
Executive Director, Finance & IT and Chief Financial Officer
Mr Srinivas Phatak (48), joined the Company in 1999 after a brief 3 years stint with an
external organisation. Mr Phatak was appointed as Executive Director – Finance &
Information Technology and Chief Financial Officer of the Company w.e.f. 1st December,
2017. He is also the Vice-President Finance for Unilever, South Asia.
Page | 48
Dev Bajpai
Executive Director, Legal & Corporate Affairs & Company Secretary
Mr Dev Bajpai (54) was appointed as the Executive Director, Legal and Company Secretary
and as a Member of the Management Committee of the Company in 2010. Mr Bajpai took
additional responsibility of Corporate Affairs function in the year 2012.Mr Bajpai was
appointed as an Executive Director on the Board of the Company on 23rd January, 2017.
Wilhelmus Uijen
Executive Director, Supply Chain
Mr Wilhelmus Uijen (45) has been appointed as Executive Director, Supply Chain with
effect from 1st January, 2020. He also leads the Supply Chain function for Unilever, South
Asia.
Dev Bajpai
Executive Director, Legal & Corporate Affairs & Company Secretary
Mr Dev Bajpai (54) was appointed as the Executive Director, Legal and Company Secretary
and as a Member of the Management Committee of the Company in 2010. Mr Bajpai took
additional responsibility of Corporate Affairs function in the year 2012.Mr Bajpai was
appointed as an Executive Director on the Board of the Company on 23rd January, 2017.
Wilhelmus Uijen
Executive Director, Supply Chain
Mr Wilhelmus Uijen (45) has been appointed as Executive Director, Supply Chain with
effect from 1st January, 2020. He also leads the Supply Chain function for Unilever, South
Asia.
Page | 49
Aditya Narayan
Independent Director
Mr Aditya Narayan (68) began his career as a Management Trainee with ICI India Limited
(now Akzo Nobel India Limited) in 1973. He grew through diverse functions and businesses
including a role as a Corporate Planning Manager at ICI Group HQ in London.
O.P. Bhatt
Independent Director
Mr O. P. Bhatt (69) is the former Chairman of SBI (State Bank of India). In the 37 years that
Mr Bhatt served at SBI, he worked on several important national and international
assignments.
Aditya Narayan
Independent Director
Mr Aditya Narayan (68) began his career as a Management Trainee with ICI India Limited
(now Akzo Nobel India Limited) in 1973. He grew through diverse functions and businesses
including a role as a Corporate Planning Manager at ICI Group HQ in London.
O.P. Bhatt
Independent Director
Mr O. P. Bhatt (69) is the former Chairman of SBI (State Bank of India). In the 37 years that
Mr Bhatt served at SBI, he worked on several important national and international
assignments.
Page | 50
Dr Sanjiv Misra
Independent Director
Dr Sanjiv Misra (72) is a retired Indian Administrative Services (IAS) officer and a former
Member of the 13th Finance Commission, a constitutional position with the rank of a
Minister of State.
Kalpana Morparia
Independent Director
Ms Kalpana Morparia (70) is Chairman of J. P. Morgan, South and Southeast Asia.
Ms Morparia is a Member of J. P. Morgan’s Asia Pacific Management Committee.
Dr Sanjiv Misra
Independent Director
Dr Sanjiv Misra (72) is a retired Indian Administrative Services (IAS) officer and a former
Member of the 13th Finance Commission, a constitutional position with the rank of a
Minister of State.
Kalpana Morparia
Independent Director
Ms Kalpana Morparia (70) is Chairman of J. P. Morgan, South and Southeast Asia.
Ms Morparia is a Member of J. P. Morgan’s Asia Pacific Management Committee.
Page | 51
Leo Puri
Independent Director
Mr Leo Puri (59) was the Managing Director of UTI Asset Management Company Limited
from August, 2013 to August, 2018.
Dr Ashish Gupta
Independent Director
Dr Ashish Gupta (53) is an entrepreneur, advisor and strategic angel investor. He co-founded
Helion Advisors in 2006 and presently represents Helion Advisors, managing a corpus of
$600 million across three funds. He also serves on the Boards of several firms including
Infoedge, Simplilearn and Workspot. Some of his other investments include redBus, Mu
Sigma, Daksh (IBM), Upwork (UPWK), MakeMyTrip, and Flipkart.
Leo Puri
Independent Director
Mr Leo Puri (59) was the Managing Director of UTI Asset Management Company Limited
from August, 2013 to August, 2018.
Dr Ashish Gupta
Independent Director
Dr Ashish Gupta (53) is an entrepreneur, advisor and strategic angel investor. He co-founded
Helion Advisors in 2006 and presently represents Helion Advisors, managing a corpus of
$600 million across three funds. He also serves on the Boards of several firms including
Infoedge, Simplilearn and Workspot. Some of his other investments include redBus, Mu
Sigma, Daksh (IBM), Upwork (UPWK), MakeMyTrip, and Flipkart.
Page | 52
SHARED VALUES OF THE COMPANY
SHARED VALUES OF THE COMPANY
Page | 53
ITC SHARED VALUES:
VISION & MISSION:
CORE VALUES : ITC's Core Values are aimed at developing a
customer-focused, high-performance organisation which creates value for all its
stakeholders:
TRUSTEESHIP
As professional managers, we are conscious that ITC has been given to us in
"trust" by all our stakeholders. We will actualise stakeholder value and interest on
a long term sustainable basis.
CUSTOMER FOCUS
We are always customer focused and will deliver what the customer needs in terms
of value, quality and satisfaction.
RESPECT FOR PEOPLE
We are result oriented, setting high performance standards for ourselves as
individuals and teams.
We will simultaneously respect and value people and uphold humanness and
human dignity.
We acknowledge that every individual brings different perspectives and
capabilities to the team and that a strong team is founded on a variety of
perspectives.
We want individuals to dream, value differences, create and experiment in pursuit
of opportunities and achieve leadership through teamwork.
EXCELLENCE
We do what is right, do it well and win. We will strive for excellence in whatever
we do.
INNOVATION
We will constantly pursue newer and better processes, products, services and
management practices.
NATION ORIENTATION
We are aware of our responsibility to generate economic value for the Nation. In
pursuit of our goals, we will make no compromise in complying with applicable
laws and regulations at all levels.
ITC SHARED VALUES:
VISION & MISSION:
CORE VALUES : ITC's Core Values are aimed at developing a
customer-focused, high-performance organisation which creates value for all its
stakeholders:
TRUSTEESHIP
As professional managers, we are conscious that ITC has been given to us in
"trust" by all our stakeholders. We will actualise stakeholder value and interest on
a long term sustainable basis.
CUSTOMER FOCUS
We are always customer focused and will deliver what the customer needs in terms
of value, quality and satisfaction.
RESPECT FOR PEOPLE
We are result oriented, setting high performance standards for ourselves as
individuals and teams.
We will simultaneously respect and value people and uphold humanness and
human dignity.
We acknowledge that every individual brings different perspectives and
capabilities to the team and that a strong team is founded on a variety of
perspectives.
We want individuals to dream, value differences, create and experiment in pursuit
of opportunities and achieve leadership through teamwork.
EXCELLENCE
We do what is right, do it well and win. We will strive for excellence in whatever
we do.
INNOVATION
We will constantly pursue newer and better processes, products, services and
management practices.
NATION ORIENTATION
We are aware of our responsibility to generate economic value for the Nation. In
pursuit of our goals, we will make no compromise in complying with applicable
laws and regulations at all levels.
Page | 54
HINDUSTAN UNILEVER SHARED VALUES:
Purpose, values & principles
Our Corporate Purpose states that to succeed requires "the
highest standards of corporate behaviour towards everyone we
work with, the communities we touch, and the environment on
which we have an impact."
Always working with integrity
Conducting our operations with integrity and with respect for the
many people, organisations and environments our business
touches has always been at the heart of our corporate
responsibility.
Positive impact
We aim to make a positive impact in many ways: through our brands,
our commercial operations and relationships, through voluntary
contributions, and through the various other ways in which we engage
with society.
Continuous commitment
We're also committed to continuously improving the way we manage
our environmental impacts and are working towards our longer-term
goal of developing a sustainable business.
Setting out our aspirations
Our Corporate Purpose sets out our aspirations in running our business.
It's underpinned by our Code of Business Principles which describes the
operational standards that everyone at Unilever follows, wherever they
HINDUSTAN UNILEVER SHARED VALUES:
Purpose, values & principles
Our Corporate Purpose states that to succeed requires "the
highest standards of corporate behaviour towards everyone we
work with, the communities we touch, and the environment on
which we have an impact."
Always working with integrity
Conducting our operations with integrity and with respect for the
many people, organisations and environments our business
touches has always been at the heart of our corporate
responsibility.
Positive impact
We aim to make a positive impact in many ways: through our brands,
our commercial operations and relationships, through voluntary
contributions, and through the various other ways in which we engage
with society.
Continuous commitment
We're also committed to continuously improving the way we manage
our environmental impacts and are working towards our longer-term
goal of developing a sustainable business.
Setting out our aspirations
Our Corporate Purpose sets out our aspirations in running our business.
It's underpinned by our Code of Business Principles which describes the
operational standards that everyone at Unilever follows, wherever they
Page | 55
are in the world. The Code also supports our approach to governance
and corporate responsibility.
Working with others
We want to work with suppliers who have values similar to our own and
work to the same standards we do. Our Supplier Code, aligned to our
own Code of Business Principles, comprises eleven principles covering
business integrity and responsibilities relating to employees, consumers
and the environment.
Our Principles
Our code of business principles describes the operational
standards we follow. It also supports our approach to
governance and corporate responsibility.
Such as follows:
1. Standard of Conduct
2. Obeying the law
3. Employees
4. Consumers
5. Consumers
6. Shareholders
7. Business Partner
8. Community Involvement
9. Public Activities
10. The Environment
11. Innovation
12. Competition
13. Business Integrity
14. Conflicts of Interest
15. Compliance - Monitoring - Reporting
are in the world. The Code also supports our approach to governance
and corporate responsibility.
Working with others
We want to work with suppliers who have values similar to our own and
work to the same standards we do. Our Supplier Code, aligned to our
own Code of Business Principles, comprises eleven principles covering
business integrity and responsibilities relating to employees, consumers
and the environment.
Our Principles
Our code of business principles describes the operational
standards we follow. It also supports our approach to
governance and corporate responsibility.
Such as follows:
1. Standard of Conduct
2. Obeying the law
3. Employees
4. Consumers
5. Consumers
6. Shareholders
7. Business Partner
8. Community Involvement
9. Public Activities
10. The Environment
11. Innovation
12. Competition
13. Business Integrity
14. Conflicts of Interest
15. Compliance - Monitoring - Reporting
Page | 56
COMPARISION OF FINANCIAL STATUS
COMPARISION OF FINANCIAL STATUS
Page | 57
HUL vs. ITC: Key Financial Figures:
HUL ITC
Market Cap 4,89,312 crore 2,13,946 crore
Price to Earning (PE) 71 14
Net Profit (Last 12 months) 6,748 crore 14,985 crore
Sales Growth (5 years) 6.1% 6.49%
Profit Growth (5 years) 11.54% 7.88%
Debt Nil Nil
Cash Reserves 8,000 crore 57,200 crore
HUL vs. ITC: Key Financial Figures:
HUL ITC
Market Cap 4,89,312 crore 2,13,946 crore
Price to Earning (PE) 71 14
Net Profit (Last 12 months) 6,748 crore 14,985 crore
Sales Growth (5 years) 6.1% 6.49%
Profit Growth (5 years) 11.54% 7.88%
Debt Nil Nil
Cash Reserves 8,000 crore 57,200 crore
Page | 58
HUL vs. ITC: The Differences
As of May 2020, HUL is 5 times more expensive than
ITC.
However, the Net Profit over the last 12 months of ITC
is 2.2 times more than HUL. Yet, the market has
valued HUL 2.3 times more than ITC.
While sales growth of the two companies is similar
over a period of 5 years, the Net Profit of HUL has
compounded at the rate of 11.5% – significantly higher
than the 7.88% of ITC.
HUL and ITC are the top FMCG companies in India.
However, the tobacco business of ITC is its cash-cow,
contributing more than 80% to its earnings before
taxes.
ITC doesn’t get the valuation it deserves because of
poor capital allocation. It’s FMCG business has shown
excellent growth over the last few years, but the ROCE
(return on capital employed) is poor.
ITC’s Hotel business too is capital-intensive –
requiring more capital than its Tobacco and FMCG
business, but generating significantly lesser earnings
before tax.
The issue for ITC lies in two areas mainly – its Hotel
business and the unallocated capital, which it plans to
distribute as dividend.
HUL vs. ITC: The Differences
As of May 2020, HUL is 5 times more expensive than
ITC.
However, the Net Profit over the last 12 months of ITC
is 2.2 times more than HUL. Yet, the market has
valued HUL 2.3 times more than ITC.
While sales growth of the two companies is similar
over a period of 5 years, the Net Profit of HUL has
compounded at the rate of 11.5% – significantly higher
than the 7.88% of ITC.
HUL and ITC are the top FMCG companies in India.
However, the tobacco business of ITC is its cash-cow,
contributing more than 80% to its earnings before
taxes.
ITC doesn’t get the valuation it deserves because of
poor capital allocation. It’s FMCG business has shown
excellent growth over the last few years, but the ROCE
(return on capital employed) is poor.
ITC’s Hotel business too is capital-intensive –
requiring more capital than its Tobacco and FMCG
business, but generating significantly lesser earnings
before tax.
The issue for ITC lies in two areas mainly – its Hotel
business and the unallocated capital, which it plans to
distribute as dividend.
Page | 59
ITC vs HUL Stock Price
Performance:
As you can clearly see from the graph above, HUL has
clearly outperformed ITC in the last 5 years.
If you invested ₹ 1 lakh in HUL in May 2015, it would
be around ₹ 2.41 lakhs today. A gain of 141% in 5
years.
Whereas, if you invested ₹ 1 lakh in ITC in May 2015,
it would be around ₹ 80,000 today. A loss of 20% in 5
years. Fixed deposit would give significantly better
returns.
ITC vs HUL Stock Price
Performance:
As you can clearly see from the graph above, HUL has
clearly outperformed ITC in the last 5 years.
If you invested ₹ 1 lakh in HUL in May 2015, it would
be around ₹ 2.41 lakhs today. A gain of 141% in 5
years.
Whereas, if you invested ₹ 1 lakh in ITC in May 2015,
it would be around ₹ 80,000 today. A loss of 20% in 5
years. Fixed deposit would give significantly better
returns.
Page | 60
BALANCE SHEET
BALANCE SHEET
Page | 61
As at As at
Note 31st March, 2020 31st March, 2019
(` in Crores) (` in Crores)
ASSETS
Non-current assets
(a) Property, Plant and Equipment 3A 18932.57 17945.65
(b) Capital work-in-progress 3B 2776.31 3391.47
(c) Investment Property 3E 385.36 –
(d) Intangible assets 3C 519.45 540.75
(e) Intangible assets under development 3D 3.89 9.89
(f) Right of Use Assets 3F 680.17 –
(g) Financial Assets
(i) Investments 4 13455.59 14071.45
(ii) Loans 5 3.31 6.21
(iii) Others 6 607.09 14065.99 2380.49 16458.15
(h) Other non-current assets 7 1364.71 38728.45 1883.05 40228.96
Current assets
(a) Inventories 8 8038.07 7587.24
(b) Financial Assets
(i) Investments 9 17175.02 12506.55
(ii) Trade receivables 10 2092.00 3646.22
(iii) Cash and cash equivalents 11 561.84 162.71
(iv) Other Bank Balances 12 6281.43 3606.02
(v) Loans 5 4.87 5.02
(vi) Others 6 1505.94 27621.10 1360.29 21286.81
(c) Other current assets 7 847.74 36506.91 694.91 29568.96
TOTAL ASSETS
75235.36 69797.92
ITC BALANCE SHEET
As at As at
Note 31st March, 2020 31st March, 2019
(` in Crores) (` in Crores)
ASSETS
Non-current assets
(a) Property, Plant and Equipment 3A 18932.57 17945.65
(b) Capital work-in-progress 3B 2776.31 3391.47
(c) Investment Property 3E 385.36 –
(d) Intangible assets 3C 519.45 540.75
(e) Intangible assets under development 3D 3.89 9.89
(f) Right of Use Assets 3F 680.17 –
(g) Financial Assets
(i) Investments 4 13455.59 14071.45
(ii) Loans 5 3.31 6.21
(iii) Others 6 607.09 14065.99 2380.49 16458.15
(h) Other non-current assets 7 1364.71 38728.45 1883.05 40228.96
Current assets
(a) Inventories 8 8038.07 7587.24
(b) Financial Assets
(i) Investments 9 17175.02 12506.55
(ii) Trade receivables 10 2092.00 3646.22
(iii) Cash and cash equivalents 11 561.84 162.71
(iv) Other Bank Balances 12 6281.43 3606.02
(v) Loans 5 4.87 5.02
(vi) Others 6 1505.94 27621.10 1360.29 21286.81
(c) Other current assets 7 847.74 36506.91 694.91 29568.96
TOTAL ASSETS
75235.36 69797.92
ITC BALANCE SHEET
Page | 62
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital 13 1229.22 1225.86
(b) Other Equity 62799.94 64029.16 56723.93 57949.79
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 14 5.63 7.89
(ii) Lease Liabilities 15 259.25 –
(iii) Other financial liabilities 16 90.47 355.35 41.90 49.79
(b) Provisions 17 143.79 132.64
(c) Deferred tax liabilities (Net) 18 1617.65 2116.79 2044.14 2226.57
Current liabilities
(a) Financial Liabilities
(i) Trade payables
Total outstanding dues of micro enterprises
34.67
54.32
and small enterprises
Total outstanding dues of creditors other than
3412.07
3313.96
micro enterprises and small enterprises
(ii) Lease Liabilities 15 64.87 –
(iii) Other financial liabilities 16 1147.24 4658.85 972.94 4341.22
(b) Other current liabilities 19 4175.91 4910.40
(c) Provisions 17 117.94 25.24
(d) Current Tax Liabilities (Net) 20 136.71 9089.41 344.70 9621.56
TOTAL EQUITY AND LIABILITIES 75235.36 69797.92
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital 13 1229.22 1225.86
(b) Other Equity 62799.94 64029.16 56723.93 57949.79
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 14 5.63 7.89
(ii) Lease Liabilities 15 259.25 –
(iii) Other financial liabilities 16 90.47 355.35 41.90 49.79
(b) Provisions 17 143.79 132.64
(c) Deferred tax liabilities (Net) 18 1617.65 2116.79 2044.14 2226.57
Current liabilities
(a) Financial Liabilities
(i) Trade payables
Total outstanding dues of micro enterprises
34.67
54.32
and small enterprises
Total outstanding dues of creditors other than
3412.07
3313.96
micro enterprises and small enterprises
(ii) Lease Liabilities 15 64.87 –
(iii) Other financial liabilities 16 1147.24 4658.85 972.94 4341.22
(b) Other current liabilities 19 4175.91 4910.40
(c) Provisions 17 117.94 25.24
(d) Current Tax Liabilities (Net) 20 136.71 9089.41 344.70 9621.56
TOTAL EQUITY AND LIABILITIES 75235.36 69797.92
Page | 63
(All amounts in ` Lakhs,
unless otherwise stated)
As at As at
Particulars Note
31st
March,
2020
31st
March,
2019
ASSETS
Non-current Assets
Property, plant and equipment 3 5,738.55 5,202.95
Capital work-in-progress 3 1,368.66 419.00
Financial assets
Investment in Associate 4A 0.24 0.24
Loans 5 221.90 217.23
Non- current tax assets (net) 29D 2,693.72 2,429.78
Deferred tax assets (net) 29C 1,084.20 1,877.21
Other non-current assets 6 309.67 271.64
Current Assets
Inventories 7 6,810.92 8,722.19
Financial assets
Investments 4B 529.07 2,102.12
Trade receivables 8 7,398.90 13,344.21
Cash and cash equivalents 9 4,815.75 834.43
Loans 5 18.05 400.33
Other financial assets 10 1,010.56 1,877.03
Other current assets 11 5,976.66 10,895.22
TOTAL ASSETS 37,976.85 48,593.58
HINDUSTHAN UNILEVER BALANCE SHEET
(All amounts in ` Lakhs,
unless otherwise stated)
As at As at
Particulars Note
31st
March,
2020
31st
March,
2019
ASSETS
Non-current Assets
Property, plant and equipment 3 5,738.55 5,202.95
Capital work-in-progress 3 1,368.66 419.00
Financial assets
Investment in Associate 4A 0.24 0.24
Loans 5 221.90 217.23
Non- current tax assets (net) 29D 2,693.72 2,429.78
Deferred tax assets (net) 29C 1,084.20 1,877.21
Other non-current assets 6 309.67 271.64
Current Assets
Inventories 7 6,810.92 8,722.19
Financial assets
Investments 4B 529.07 2,102.12
Trade receivables 8 7,398.90 13,344.21
Cash and cash equivalents 9 4,815.75 834.43
Loans 5 18.05 400.33
Other financial assets 10 1,010.56 1,877.03
Other current assets 11 5,976.66 10,895.22
TOTAL ASSETS 37,976.85 48,593.58
HINDUSTHAN UNILEVER BALANCE SHEET
Page | 64
EQUITY AND LIABILITIES
Equity
Equity share capital 12A 297.50 297.50
Other equity 12B 17,669.84 17,766.16
Liabilities
Non-current Liabilities
Financial liabilities
Borrowings 13 - -
Other financial liabilities 15 3,761.92 2,869.21
Provisions 16 1,747.08 2,497.20
Non- current tax liabilities (net) 29D 18.52 129.28
Current Liabilities
Financial liabilities
Borrowings 13 - 12,415.71
Trade payables 14
Total outstanding dues of micro enterprises and
small enterprises - -
Total outstanding dues of creditors other than micro
enterprises and small 8,077.53 11,224.52
enterprises
Other financial liabilities 15 6,184.70 875.47
Provisions 16 - 145.54
Other current liabilities 17 219.76 372.99
TOTAL EQUITY AND LIABILITIES 37,976.85 48,593.58
Basis of preparation, measurement and significant
accounting policies 2
Contingent Liabilities and capital commitments 18, 19
EQUITY AND LIABILITIES
Equity
Equity share capital 12A 297.50 297.50
Other equity 12B 17,669.84 17,766.16
Liabilities
Non-current Liabilities
Financial liabilities
Borrowings 13 - -
Other financial liabilities 15 3,761.92 2,869.21
Provisions 16 1,747.08 2,497.20
Non- current tax liabilities (net) 29D 18.52 129.28
Current Liabilities
Financial liabilities
Borrowings 13 - 12,415.71
Trade payables 14
Total outstanding dues of micro enterprises and
small enterprises - -
Total outstanding dues of creditors other than micro
enterprises and small 8,077.53 11,224.52
enterprises
Other financial liabilities 15 6,184.70 875.47
Provisions 16 - 145.54
Other current liabilities 17 219.76 372.99
TOTAL EQUITY AND LIABILITIES 37,976.85 48,593.58
Basis of preparation, measurement and significant
accounting policies 2
Contingent Liabilities and capital commitments 18, 19
Page | 65
PRODUCT RANGE OFFERD
BY THE COMPANIES
PRODUCT RANGE OFFERD
BY THE COMPANIES
Page | 66
PRODUCT RANGE BY ITC :
BUSINESSES:
Fast Moving Consumer Goods (FMCG)
Hotels
Paperboards &
Specialty Papers
Packaging
Agri-Business
Information Technology
Group Companies
Products List of ITC:
So here is the ITC products list. ITC Limited launched over 50 new FMCG
products, across categories such as:
Foods,
Personal Care,
Education, and
Stationery products,
Agarbatti and Matches,
Strengthening its diverse and differentiated portfolio of FMCG offerings.
PRODUCT RANGE BY ITC :
BUSINESSES:
Fast Moving Consumer Goods (FMCG)
Hotels
Paperboards &
Specialty Papers
Packaging
Agri-Business
Information Technology
Group Companies
Products List of ITC:
So here is the ITC products list. ITC Limited launched over 50 new FMCG
products, across categories such as:
Foods,
Personal Care,
Education, and
Stationery products,
Agarbatti and Matches,
Strengthening its diverse and differentiated portfolio of FMCG offerings.
Page | 67
Cigarettes
ITC Ltd sells 81% of the Cigarettes, Bidis in India, where 275 million people use tobacco
products and the total cigarette market is worth close to $11 billion (around
Rs. 757399.4
[19]
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,
wave.
Foods
ITC's major food brands include Aashirvaad, Sunrise Foods, Sunfeast, Bingo!, Kitchens of
India, Sunfeast YiPPee!, B Natural, mint-o, Candyman, GumOn, Fabelle, Sunbean,
Sunfeast Wonderz Milk, ITC Master Chef, Farmland. 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
confectionery.
Personal care products
ITC's personal care products line includes perfumes, haircare and skincare categories.
Major brands are Fiama Di Wills, Vivel, Savlon Soap & Handwash, 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 Kno and Aim brands of safety matches and the Mangaldeep 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.
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.
Cigarettes
ITC Ltd sells 81% of the Cigarettes, Bidis in India, where 275 million people use tobacco
products and the total cigarette market is worth close to $11 billion (around
Rs. 757399.4
[19]
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,
wave.
Foods
ITC's major food brands include Aashirvaad, Sunrise Foods, Sunfeast, Bingo!, Kitchens of
India, Sunfeast YiPPee!, B Natural, mint-o, Candyman, GumOn, Fabelle, Sunbean,
Sunfeast Wonderz Milk, ITC Master Chef, Farmland. 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
confectionery.
Personal care products
ITC's personal care products line includes perfumes, haircare and skincare categories.
Major brands are Fiama Di Wills, Vivel, Savlon Soap & Handwash, 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 Kno and Aim brands of safety matches and the Mangaldeep 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.
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.
Page | 68
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.
Dairy Products
ITC also has started Dairy Products. Currently, Dairy products are marketed under Brand
name Sunfeast Wonderz Milk which are flavored milk. However, they are not yet in the
regular daily usage milk business.
ITC’s Paperboards & Packaging Business:
ITC’s leadership position in the value -added itc products Paperboards
segment in India is anchored on the popularity of its array of brands
that caters to a wide spectrum of innovative packaging, graphic and
communication requirements.
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.
Dairy Products
ITC also has started Dairy Products. Currently, Dairy products are marketed under Brand
name Sunfeast Wonderz Milk which are flavored milk. However, they are not yet in the
regular daily usage milk business.
ITC’s Paperboards & Packaging Business:
ITC’s leadership position in the value -added itc products Paperboards
segment in India is anchored on the popularity of its array of brands
that caters to a wide spectrum of innovative packaging, graphic and
communication requirements.
Page | 69
ITC Hotels:
ITC Hotels is one of India’s largest and fastest -growing luxury hotel chains
offering comprehensive hospitality solutions through more than 100 iconic
hotels in over 70 destinations in the country.
PRODUCT RANGE BY HINDUSTHAN
UNILEVER:
Food
Annapurna salt and Atta (formerly known as Kissan Annapurna)
Bru coffee
Brooke Bond (3 Roses, Taj Mahal, Taaza, Red Label) tea
Kissan squashes, ketchups, juices and jams
Lipton ice tea
Knorr soups & meal makers and soupy noodles
Kwality Wall's frozen dessert
Magnum (ice cream)
Horlicks (Health Drink)
ITC Hotels:
ITC Hotels is one of India’s largest and fastest -growing luxury hotel chains
offering comprehensive hospitality solutions through more than 100 iconic
hotels in over 70 destinations in the country.
PRODUCT RANGE BY HINDUSTHAN
UNILEVER:
Food
Annapurna salt and Atta (formerly known as Kissan Annapurna)
Bru coffee
Brooke Bond (3 Roses, Taj Mahal, Taaza, Red Label) tea
Kissan squashes, ketchups, juices and jams
Lipton ice tea
Knorr soups & meal makers and soupy noodles
Kwality Wall's frozen dessert
Magnum (ice cream)
Horlicks (Health Drink)
Page | 70
Homecare
Active Wheel detergent
Cif Cream Cleaner
Comfort fabric softeners
Domex disinfectant/toilet cleaner
Rin detergents and bleach
Sunlight detergent and colour care
Surf Excel detergent and gentle wash
Vim dishwash
Magic – Water Saver
Personal care
Aviance Beauty Solutions
Axe deodorant and aftershaving lotion and soap
LEVER Ayush Therapy ayurvedic health care and personal care
products
International breeze
Brylcreem hair cream and hair gel
Clear anti-dandruff hair products
Clinic Plus shampoo and oil
Close Up toothpaste
Dove skin cleansing & hair care range: bar, lotions, creams and
anti-perspirant deodorants
Denim shaving products
Glow and Lovely, skin lightening cream
Hamam
Indulekha ayurvedic hair oil
Lakmé beauty products and salons
Lifebuoy soaps and handwash range
Liril 2000 soap
Lux soap, body wash and deodorant
Pears soap, body wash
Pepsodent toothpaste
Pond's talcs and creams
Rexona
Sunsilk shampoo
Homecare
Active Wheel detergent
Cif Cream Cleaner
Comfort fabric softeners
Domex disinfectant/toilet cleaner
Rin detergents and bleach
Sunlight detergent and colour care
Surf Excel detergent and gentle wash
Vim dishwash
Magic – Water Saver
Personal care
Aviance Beauty Solutions
Axe deodorant and aftershaving lotion and soap
LEVER Ayush Therapy ayurvedic health care and personal care
products
International breeze
Brylcreem hair cream and hair gel
Clear anti-dandruff hair products
Clinic Plus shampoo and oil
Close Up toothpaste
Dove skin cleansing & hair care range: bar, lotions, creams and
anti-perspirant deodorants
Denim shaving products
Glow and Lovely, skin lightening cream
Hamam
Indulekha ayurvedic hair oil
Lakmé beauty products and salons
Lifebuoy soaps and handwash range
Liril 2000 soap
Lux soap, body wash and deodorant
Pears soap, body wash
Pepsodent toothpaste
Pond's talcs and creams
Rexona
Sunsilk shampoo
Page | 71
Sure anti-perspirant
Vaseline petroleum jelly, skin care lotions
TRESemmé
[20]
TIGI
Water purifier
Pureit
Hindustan Unilever Limited is the company With Hindustan Unilever
Products over 40 brands across 12 distinct categories including:
Fabric Wash,
Household Care,
Purifiers,
Personal Wash,
Skin Care,
Hair Care,
Colour Cosmetics,
Oral Care,
Deodorants,
Beverages,
Ice Cream & Frozen
Desserts and Foods
Sure anti-perspirant
Vaseline petroleum jelly, skin care lotions
TRESemmé
[20]
TIGI
Water purifier
Pureit
Hindustan Unilever Limited is the company With Hindustan Unilever
Products over 40 brands across 12 distinct categories including:
Fabric Wash,
Household Care,
Purifiers,
Personal Wash,
Skin Care,
Hair Care,
Colour Cosmetics,
Oral Care,
Deodorants,
Beverages,
Ice Cream & Frozen
Desserts and Foods
Page | 72
SALES FIGURES OF TWO COMPANIES
SALES FIGURES OF TWO COMPANIES
Page | 73
Statement of Profit and Loss for the year ended 31st March,
2020
Note For the year ended For the year ended
31st March, 2020 31st March, 2019
(` in Crores) (` in Crores)
I Revenue From Operations 21A, 21B 46807.34
45784.39
II Other Income 22 3013.66 2484.54
III Total Income (I+II) 49821.00 48268.93
IV EXPENSES
Cost of materials consumed 13121.76 13184.97
Purchases of Stock-in-Trade 4289.71 4300.32
Changes in inventories of finished goods, Stock-in-Trade,
(176.34)
(180.14) work-in-progress and intermediates
Excise duty 1187.64 788.74
Employee benefits expense 23 2658.21 2728.44
Finance costs 24 55.72 34.19
Depreciation and amortization expense 1563.27 1311.70
Other expenses 25 7822.11 7656.55
Total expenses (IV) 30522.08 29824.77
V Profit before exceptional items and tax (III-IV) 19298.92 18444.16
VI Exceptional Items 27(i) (132.11) –
VII Profit before tax (V+VI) 19166.81 18444.16
VIII Tax expense:
Current Tax 26 4441.97 5849.24
Deferred Tax 26 (411.21) 130.60
IX Profit for the year (VII-VIII) 15136.05 12464.32
Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss:
– Remeasurements of the defined benefit plans 27(vi)(a) (125.09) 9.26
ITC
Statement of Profit and Loss for the year ended 31st March,
2020
Note For the year ended For the year ended
31st March, 2020 31st March, 2019
(` in Crores) (` in Crores)
I Revenue From Operations 21A, 21B 46807.34
45784.39
II Other Income 22 3013.66 2484.54
III Total Income (I+II) 49821.00 48268.93
IV EXPENSES
Cost of materials consumed 13121.76 13184.97
Purchases of Stock-in-Trade 4289.71 4300.32
Changes in inventories of finished goods, Stock-in-Trade,
(176.34)
(180.14) work-in-progress and intermediates
Excise duty 1187.64 788.74
Employee benefits expense 23 2658.21 2728.44
Finance costs 24 55.72 34.19
Depreciation and amortization expense 1563.27 1311.70
Other expenses 25 7822.11 7656.55
Total expenses (IV) 30522.08 29824.77
V Profit before exceptional items and tax (III-IV) 19298.92 18444.16
VI Exceptional Items 27(i) (132.11) –
VII Profit before tax (V+VI) 19166.81 18444.16
VIII Tax expense:
Current Tax 26 4441.97 5849.24
Deferred Tax 26 (411.21) 130.60
IX Profit for the year (VII-VIII) 15136.05 12464.32
Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss:
– Remeasurements of the defined benefit plans 27(vi)(a) (125.09) 9.26
ITC
Page | 74
FINANCIAL HIGHLIGHTS
4988
6162
7418
8785
9608
9328
10201
11223
12464
15136
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
4988
6162
7418
8785
9608
9328
10201
11223
12464
15136
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
FINANCIAL HIGHLIGHTS
4988
6162
7418
8785
9608
9328
10201
11223
12464
15136
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
4988
6162
7418
8785
9608
9328
10201
11223
12464
15136
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Page | 75
Statement of Profit and Loss: For the year ended 31st March, 2020.
(All amounts in ` Lakhs,
unless otherwise stated)
ended Year Ended
Particulars Note
31st March,
2020
31st March,
2019
INCOME Year
Revenue from operations 20 74,062.92 88,055.86
Other income 21 838.57 454.97
TOTAL INCOME 74,901.49 88,510.83
EXPENSES
Cost of materials consumed 22 19,015.88 27,307.56
Purchases of stock-in-trade 23 28,968.65 34,076.73
Changes in inventories of finished goods (including stock-in-
trade) and work-in-progress 24 2,187.03 438.16
Employee benefits expense 25 2,610.56 2,370.40
Finance costs 26 858.86 1,199.79
Depreciation expense 27 1,654.54 1,072.22
Other expenses 28A 8,650.34 13,256.63
TOTAL EXPENSES 63,945.86 79,721.49
Profit Before Exceptional Items and Tax 10,955.63 8,789.34
Exceptional items 28B (222.63) (105.61)
Profit Before Tax
10,733.00 8,683.73
Tax expenses
Current tax 29A (2,439.32) (2,150.00)
Deferred tax credit/(charge) 29C (941.15) (1,310.90)
PROFIT FOR THE YEAR (A)
7,352.53 5,222.83
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or
loss
Remeasurements of the net defined benefit plans - (120.53)
Income tax relating to items that will not be subsequently
reclassified to
profit or loss
Remeasurements of the net defined benefit plans 29A - 42.12
OTHER COMPREHENSIVE INCOME FOR THE YEAR (B) - (78.41)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B) 7,352.53 5,144.42
Earnings per equity share
Basic and Diluted (Face value of ` 10 each) 30 247.14 175.56
Basis of preparation, measurement and significant accounting
policies 2
HINDHUSTHAN UNILEVER FINANCIAL ANALYSIS
Statement of Profit and Loss: For the year ended 31st March, 2020.
(All amounts in ` Lakhs,
unless otherwise stated)
ended Year Ended
Particulars Note
31st March,
2020
31st March,
2019
INCOME Year
Revenue from operations 20 74,062.92 88,055.86
Other income 21 838.57 454.97
TOTAL INCOME 74,901.49 88,510.83
EXPENSES
Cost of materials consumed 22 19,015.88 27,307.56
Purchases of stock-in-trade 23 28,968.65 34,076.73
Changes in inventories of finished goods (including stock-in-
trade) and work-in-progress 24 2,187.03 438.16
Employee benefits expense 25 2,610.56 2,370.40
Finance costs 26 858.86 1,199.79
Depreciation expense 27 1,654.54 1,072.22
Other expenses 28A 8,650.34 13,256.63
TOTAL EXPENSES 63,945.86 79,721.49
Profit Before Exceptional Items and Tax 10,955.63 8,789.34
Exceptional items 28B (222.63) (105.61)
Profit Before Tax
10,733.00 8,683.73
Tax expenses
Current tax 29A (2,439.32) (2,150.00)
Deferred tax credit/(charge) 29C (941.15) (1,310.90)
PROFIT FOR THE YEAR (A)
7,352.53 5,222.83
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or
loss
Remeasurements of the net defined benefit plans - (120.53)
Income tax relating to items that will not be subsequently
reclassified to
profit or loss
Remeasurements of the net defined benefit plans 29A - 42.12
OTHER COMPREHENSIVE INCOME FOR THE YEAR (B) - (78.41)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B) 7,352.53 5,144.42
Earnings per equity share
Basic and Diluted (Face value of ` 10 each) 30 247.14 175.56
Basis of preparation, measurement and significant accounting
policies 2
HINDHUSTHAN UNILEVER FINANCIAL ANALYSIS
Page | 76
Statement of Cash Flows: For the year ended 31st March, 2020
Year ended Year ended
31st
March,
2020
31st March,
2019
A CASH FLOW FROM OPERATING ACTIVITIES:
Profit Before tax 10,733.00 8,683.73
Adjustments for:
Restructuring costs 33.82 105.61
Write back of inventory provision (1,794.31) (421.54)
Write back of Provision for doubtful receivables during the year (13.94) (26.75)
Depreciation expense 1,654.54 1,072.22
Fair value (gain)/loss on investments (0.86) 1.08
Unrealised loss/ gain on foreign currency fluctuation/(net) 1,137.23 (177.56)
Net gain on sale of Investments (237.59) (428.48)
Deficit/ (Surplus) on assets sold, scrapped, etc. (net) 81.22 (416.04)
Interest income (13.29) (26.49)
Interest expense 582.97 1,072.63
Unwinding of discount on employee and ex-employee related
liabilities 275.89 (247.69)
Reversal of Allowance for credit impairment (220.42) (796.96)
Bad debts written off 92.48 83.01
Operating Profit Before working Capital Changes
12,310.74 8,476.77
Changes in Working Capital:
Increase in Non Current Assets (42.69) (167.10)
Decrease in Current Assets 12,386.64 1,575.43
Decrease in inventories 3,705.58 2,191.96
(Decrease)/ increase in Non Current Liabilities (1,319.25) 423.52
Decrease in Current Liabilities (3,404.70) (3,844.05)
Cash Generated from Operations
23,636.32 8,656.53
Taxes paid (net of refunds) (2,814.03) (4,525.55)
Net Cash Generated from Operating Activities - [A]
20,822.29 4,130.98
B CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (1,632.09) (810.85)
Sale of property, plant and equipment 0.66 803.55
Sale proceeds of investments 2,03,475.91 3,93,030.90
Purchase of investments
(2,01,664.4
1) (3,93,101.08)
Investments in bank deposits (0.11) (0.37)
Interest received 13.29 26.49
Net Cash Generated/ (Used in) from Investing Activities - [B]
193.25 (51.36)
Statement of Cash Flows: For the year ended 31st March, 2020
Year ended Year ended
31st
March,
2020
31st March,
2019
A CASH FLOW FROM OPERATING ACTIVITIES:
Profit Before tax 10,733.00 8,683.73
Adjustments for:
Restructuring costs 33.82 105.61
Write back of inventory provision (1,794.31) (421.54)
Write back of Provision for doubtful receivables during the year (13.94) (26.75)
Depreciation expense 1,654.54 1,072.22
Fair value (gain)/loss on investments (0.86) 1.08
Unrealised loss/ gain on foreign currency fluctuation/(net) 1,137.23 (177.56)
Net gain on sale of Investments (237.59) (428.48)
Deficit/ (Surplus) on assets sold, scrapped, etc. (net) 81.22 (416.04)
Interest income (13.29) (26.49)
Interest expense 582.97 1,072.63
Unwinding of discount on employee and ex-employee related
liabilities 275.89 (247.69)
Reversal of Allowance for credit impairment (220.42) (796.96)
Bad debts written off 92.48 83.01
Operating Profit Before working Capital Changes
12,310.74 8,476.77
Changes in Working Capital:
Increase in Non Current Assets (42.69) (167.10)
Decrease in Current Assets 12,386.64 1,575.43
Decrease in inventories 3,705.58 2,191.96
(Decrease)/ increase in Non Current Liabilities (1,319.25) 423.52
Decrease in Current Liabilities (3,404.70) (3,844.05)
Cash Generated from Operations
23,636.32 8,656.53
Taxes paid (net of refunds) (2,814.03) (4,525.55)
Net Cash Generated from Operating Activities - [A]
20,822.29 4,130.98
B CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (1,632.09) (810.85)
Sale of property, plant and equipment 0.66 803.55
Sale proceeds of investments 2,03,475.91 3,93,030.90
Purchase of investments
(2,01,664.4
1) (3,93,101.08)
Investments in bank deposits (0.11) (0.37)
Interest received 13.29 26.49
Net Cash Generated/ (Used in) from Investing Activities - [B]
193.25 (51.36)
Page | 77
Statement of Cash Flows: For the year ended 31st March, 2020
(Contd.)
(All amounts in ` Lakhs, unless
otherwise stated)
Year ended Year ended
31st March,
2020
31st March,
2019
C CASH FLOW FROM FINANCING ACTIVITIES:
Borrowings taken 31,700.00 38,000.00
Borrowings repaid (40,100.00) (33,500.00)
Dividends paid (5,950.00) (7,021.00)
Taxes paid on dividend (1,223.04) (1,443.19)
Interest paid (603.17) (901.35)
Interest payment on leases (140.37) -
Principal repayment of leases (717.64) -
Net cash (used in) financing activities - [C]
(17,034.22) (4,865.54)
Net increase/(decrease) in cash and cash equivalents -
[A+B+C] 3,981.32 (785.92)
Add: Cash and cash equivalents at the beginning of the year
(Refer Note 9) 834.43 1,620.35
Cash and cash equivalents at the end of the year (Refer
Note 9)
4,815.75 834.43
Statement of Cash Flows: For the year ended 31st March, 2020
(Contd.)
(All amounts in ` Lakhs, unless
otherwise stated)
Year ended Year ended
31st March,
2020
31st March,
2019
C CASH FLOW FROM FINANCING ACTIVITIES:
Borrowings taken 31,700.00 38,000.00
Borrowings repaid (40,100.00) (33,500.00)
Dividends paid (5,950.00) (7,021.00)
Taxes paid on dividend (1,223.04) (1,443.19)
Interest paid (603.17) (901.35)
Interest payment on leases (140.37) -
Principal repayment of leases (717.64) -
Net cash (used in) financing activities - [C]
(17,034.22) (4,865.54)
Net increase/(decrease) in cash and cash equivalents -
[A+B+C] 3,981.32 (785.92)
Add: Cash and cash equivalents at the beginning of the year
(Refer Note 9) 834.43 1,620.35
Cash and cash equivalents at the end of the year (Refer
Note 9)
4,815.75 834.43
Page | 78
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Page | 79
MAN POWER RESOURCES OF THE COMPANY
MAN POWER RESOURCES OF THE COMPANY
Page | 80
EMPLOYEES:
As per the Annual report of the company, it had 25,963 employees as on 31 March
2013, out of which 3,043 were women. It spent Rs. 2,145 crores on Employee benefits during
the FY 2012–13. During the same year, its attrition rate was 12%. ITC's Chairman Y C
Deveshwar (d. 2019) won renowned awards and recognition including Padma Bhushan from
Govt. of India 2005–09, by Boston Consulting Group and seventh-best-performing CEO in
the world by Harvard Business Review.
CMeera Shankar, Indian ambassador to the USA
between 2009 and 2011, joined the board of ITC Limited in 2012 as the first woman director
in its history.
[26]
She is an additional non-executive director of the
company.
This section presents some summary descriptive data on the
distribution of staff by section and the age profile of staff as well as
the contract type. The data is limited by the manner in which the
records are kept and collated, making it unduly costly to present
more detailed information. Thus, for example, it is difficult for ITC to
collate information to present a breakdown by professional training
and background, by geographic origin, by gender. It would also be
unduly expensive to correlate age groups with kind of contracts
(permanent vs. fixed term), or to learn more about the length of stay
with ITC. The followingsummary tables are provided:
• The distribution by sections of all staff at ITC headquarters including
permanent staff,
temporary staff, consultants and interns1.
• The distribution by section of staff positions funded from Regular
Budget and Support
Costs.
• Analysis of the age profile and contract type for the categories: Assistant
Secretary
General (ASG), Director, Permanent Professional Staff, Contract
Professional Staff
and General Service Staff2.
This descriptive data provides background for the analysis of HRM in
ITC.
ITC
EMPLOYEES:
As per the Annual report of the company, it had 25,963 employees as on 31 March
2013, out of which 3,043 were women. It spent Rs. 2,145 crores on Employee benefits during
the FY 2012–13. During the same year, its attrition rate was 12%. ITC's Chairman Y C
Deveshwar (d. 2019) won renowned awards and recognition including Padma Bhushan from
Govt. of India 2005–09, by Boston Consulting Group and seventh-best-performing CEO in
the world by Harvard Business Review.
CMeera Shankar, Indian ambassador to the USA
between 2009 and 2011, joined the board of ITC Limited in 2012 as the first woman director
in its history.
[26]
She is an additional non-executive director of the
company.
This section presents some summary descriptive data on the
distribution of staff by section and the age profile of staff as well as
the contract type. The data is limited by the manner in which the
records are kept and collated, making it unduly costly to present
more detailed information. Thus, for example, it is difficult for ITC to
collate information to present a breakdown by professional training
and background, by geographic origin, by gender. It would also be
unduly expensive to correlate age groups with kind of contracts
(permanent vs. fixed term), or to learn more about the length of stay
with ITC. The followingsummary tables are provided:
• The distribution by sections of all staff at ITC headquarters including
permanent staff,
temporary staff, consultants and interns1.
• The distribution by section of staff positions funded from Regular
Budget and Support
Costs.
• Analysis of the age profile and contract type for the categories: Assistant
Secretary
General (ASG), Director, Permanent Professional Staff, Contract
Professional Staff
and General Service Staff2.
This descriptive data provides background for the analysis of HRM in
ITC.
ITC
Page | 81
Figure 1: ITC Organization
Figure 1: ITC Organization
Page | 82
EMPLOYEES:
The Company has about 21,000 employees and has
sales of INR 38,273 crores (the financial year 2019-20). 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 €52 billion in
2019. Unilever has over 67% shareholding in HUL.
HUL
EMPLOYEES:
The Company has about 21,000 employees and has
sales of INR 38,273 crores (the financial year 2019-20). 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 €52 billion in
2019. Unilever has over 67% shareholding in HUL.
HUL
Page | 83
CHAPTER 4
Comparative Analysis and interpretation of
HUL and ITC
CHAPTER 4
Comparative Analysis and interpretation of
HUL and ITC
Page | 84
Financial Analysis and Interpretation of Hindustan Unilever Ltd.(HUL)
Hindustan Unilever Limited (HUL): is India’s largest FMCG Company with the heritage of over 80 years in India. As
per Nielsen market research data, two out of three Indians use HUL products. It is owned by the British-Dutch company
Unilever which controls 52% majority stake in HUL. Its products include foods, beverages, cleaning agents and personal
care products. HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 as Hindustan Lever
Limited through a merger of Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. Lever Brothers
started its actual operations in India in the summer of 1888, when crates full of Sunlight soap bars, embossed with the
words "Made in England by Lever Brothers" were shipped to the Kolkata harbor and it began an era of marketing
branded Fast Moving Consumer Goods (FMCG) HUL works to create better future every day and helps people feel good,
look good and get more out of life with brands and services. With over 35 brands spanning 20 distinct categories such as
soap, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, water purifiers, etc. the company
is a part of the everyday life of millions of consumers across India. Its portfolio includes leading household brands such as
Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Close
Up, Axe, Brook Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit. The company has over 16000 employees and has an
annual turnover of around Rs.19400 corers (financial year 2010-2011). Over the last two years, HUL have added one
million new stores, doubling its coverage and taking the HUL products and services to some of the remotest corners. In
India, HUL is known for its tight management of working capital and the company has been operating with a negative
working capital since 2000. But the management realized that as competition intensifies, there is still scope for
improving operational efficiency and cutting working capital needs. Unilever companies in India integrated all aspects of
finance, accounting and logistics into one all-embracing commercial function. "Commercial" focused on cutting working
capital requirements through innovative supply chain management and use of Information Technology to improve the
efficiency of transactions.
Mar' 20 Mar' 19 Mar' 18 Mar' 17 Mar' 16
PER SHARE RATIOS
Adjusted E
P S (Rs.)
16.83 14.74 11.90 9.72 9.64
Dividend
Per Share
13.00 18.50 7.50 6.50 6.50
Operating
Profit Per
Share (Rs.)
20.69 18.51 15.23 12.40 12.82
Book Value
(Incl. Rev
Res) Per
Share
15.15 12.37 16.25 12.32 11.84
Financial Analysis and Interpretation of Hindustan Unilever Ltd.(HUL)
Hindustan Unilever Limited (HUL): is India’s largest FMCG Company with the heritage of over 80 years in India. As
per Nielsen market research data, two out of three Indians use HUL products. It is owned by the British-Dutch company
Unilever which controls 52% majority stake in HUL. Its products include foods, beverages, cleaning agents and personal
care products. HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 as Hindustan Lever
Limited through a merger of Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. Lever Brothers
started its actual operations in India in the summer of 1888, when crates full of Sunlight soap bars, embossed with the
words "Made in England by Lever Brothers" were shipped to the Kolkata harbor and it began an era of marketing
branded Fast Moving Consumer Goods (FMCG) HUL works to create better future every day and helps people feel good,
look good and get more out of life with brands and services. With over 35 brands spanning 20 distinct categories such as
soap, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, water purifiers, etc. the company
is a part of the everyday life of millions of consumers across India. Its portfolio includes leading household brands such as
Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Close
Up, Axe, Brook Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit. The company has over 16000 employees and has an
annual turnover of around Rs.19400 corers (financial year 2010-2011). Over the last two years, HUL have added one
million new stores, doubling its coverage and taking the HUL products and services to some of the remotest corners. In
India, HUL is known for its tight management of working capital and the company has been operating with a negative
working capital since 2000. But the management realized that as competition intensifies, there is still scope for
improving operational efficiency and cutting working capital needs. Unilever companies in India integrated all aspects of
finance, accounting and logistics into one all-embracing commercial function. "Commercial" focused on cutting working
capital requirements through innovative supply chain management and use of Information Technology to improve the
efficiency of transactions.
Mar' 20 Mar' 19 Mar' 18 Mar' 17 Mar' 16
PER SHARE RATIOS
Adjusted E
P S (Rs.)
16.83 14.74 11.90 9.72 9.64
Dividend
Per Share
13.00 18.50 7.50 6.50 6.50
Operating
Profit Per
Share (Rs.)
20.69 18.51 15.23 12.40 12.82
Book Value
(Incl. Rev
Res) Per
Share
15.15 12.37 16.25 12.32 11.84
Page | 85
PROFITABILITY RATIOS
Operating
Margin (%)
15.97 15.51 14.88 13.57 15.74
Gross Profit
Margin (%)
15.04 14.59 13.89 12.45 14.70
Net Profit
Margin (%)
13.50 14.37 12.01 11.52 12.29
Return On
long Term
Funds (%)
147.56 163.59 95.40 102.66 106.78
LEVERAGE RATIOS
Owners fund
as % of total
Source
100.00 100.00 100.00 100.00 100.00
Fixed Assets
Turnover
Ratio
9.42 8.34 7.17 7.53 5.35
LIQUIDITY RATIOS
Current Ratio 0.73 0.75 0.82 0.85 0.83
Current Ratio
(Inc. ST
Loans)
0.73 0.75 0.82 0.85 0.83
Quick Ratio 0.43 0.44 0.46 0.45 0.45
Inventory
Turnover
Ratio
10.20 10.21 8.79 7.02 8.99
PAYOUT RATIOS
Dividend
payout Ratio
(Net Profit)
72.69 105.35 60.22 61.17 75.20
Dividend
payout Ratio
(Cash Profit)
68.10 99.18 55.70 55.82 69.40
Earning
Retention
Ratio
22.74 -25.45 37.00 32.81 21.25
Cash Earnings
Retention
Ratio
27.91 -16.81 41.92 39.20 27.59
COVERAGE RATIOS
Adjusted Cash
Flow Time
Total Debt
0.00 0.00 0.00 0.00 0.00
Financial
Charges
Coverage
Ratio
141.45 183.33 2,878.75 12,296.96 421.50
Fin. Charges
Cov. Ratio
(Post Tax)
115.57 161.35 2,347.49 10,529.42 342.84
COMPONENT RATIOS
Material Cost
Component(%
earnings)
52.18 52.82 52.90 53.28 50.67
Exports as
percent of
Total Sales
1.95 2.53 2.24 7.23 7.31
PROFITABILITY RATIOS
Operating
Margin (%)
15.97 15.51 14.88 13.57 15.74
Gross Profit
Margin (%)
15.04 14.59 13.89 12.45 14.70
Net Profit
Margin (%)
13.50 14.37 12.01 11.52 12.29
Return On
long Term
Funds (%)
147.56 163.59 95.40 102.66 106.78
LEVERAGE RATIOS
Owners fund
as % of total
Source
100.00 100.00 100.00 100.00 100.00
Fixed Assets
Turnover
Ratio
9.42 8.34 7.17 7.53 5.35
LIQUIDITY RATIOS
Current Ratio 0.73 0.75 0.82 0.85 0.83
Current Ratio
(Inc. ST
Loans)
0.73 0.75 0.82 0.85 0.83
Quick Ratio 0.43 0.44 0.46 0.45 0.45
Inventory
Turnover
Ratio
10.20 10.21 8.79 7.02 8.99
PAYOUT RATIOS
Dividend
payout Ratio
(Net Profit)
72.69 105.35 60.22 61.17 75.20
Dividend
payout Ratio
(Cash Profit)
68.10 99.18 55.70 55.82 69.40
Earning
Retention
Ratio
22.74 -25.45 37.00 32.81 21.25
Cash Earnings
Retention
Ratio
27.91 -16.81 41.92 39.20 27.59
COVERAGE RATIOS
Adjusted Cash
Flow Time
Total Debt
0.00 0.00 0.00 0.00 0.00
Financial
Charges
Coverage
Ratio
141.45 183.33 2,878.75 12,296.96 421.50
Fin. Charges
Cov. Ratio
(Post Tax)
115.57 161.35 2,347.49 10,529.42 342.84
COMPONENT RATIOS
Material Cost
Component(%
earnings)
52.18 52.82 52.90 53.28 50.67
Exports as
percent of
Total Sales
1.95 2.53 2.24 7.23 7.31
Page | 86
PER SHARE RATIOS:
1. Adjusted E P S has increased from 9.64% TO 16.83% during 2014-18.
2. Dividend per share has increased from 10.48% to 18.03% during 2014-
2018.
3. Operating profit per share has increased from 6.50% to 13% during 2014-
18.
4. Book value (Incl. Rev Res) per share has increased from 11.84% to
15.15%during 2014-18.
PROFITABILITY RATIOS:
1. Operating margin has increased from 15.74% to 15.97% during 2014-18.
2. Gross profit margin has increased from 14.70% to 15.04% during 2014-18.
3. Net profit margin has increased from 12.29% to 13.50% during 2014-18.
4. Return on long term funds has increased from 106.78% to 147.56% during
2014-18.
LIQUIDITY RATIOS:
1. Current ratio has decreased from 0.83% to 0.73% during 2014-18.
2. Current ratio (inc. ST loans) has decreased from 0.83% to 0.73% during
2014-18.
3. Quick ratio has decreased from 0.45% to 0.43% during 2014-18.
4. Inventory turnover ratio has increased from 8.99% to 10.20% during 2014-
18.
Import Comp.
in Raw Mat.
8.07 10.59 12.53 19.13 18.61
Bonus
Component In
Equity Capital
60.89 60.89 60.92 60.98 60.36
PER SHARE RATIOS:
1. Adjusted E P S has increased from 9.64% TO 16.83% during 2014-18.
2. Dividend per share has increased from 10.48% to 18.03% during 2014-
2018.
3. Operating profit per share has increased from 6.50% to 13% during 2014-
18.
4. Book value (Incl. Rev Res) per share has increased from 11.84% to
15.15%during 2014-18.
PROFITABILITY RATIOS:
1. Operating margin has increased from 15.74% to 15.97% during 2014-18.
2. Gross profit margin has increased from 14.70% to 15.04% during 2014-18.
3. Net profit margin has increased from 12.29% to 13.50% during 2014-18.
4. Return on long term funds has increased from 106.78% to 147.56% during
2014-18.
LIQUIDITY RATIOS:
1. Current ratio has decreased from 0.83% to 0.73% during 2014-18.
2. Current ratio (inc. ST loans) has decreased from 0.83% to 0.73% during
2014-18.
3. Quick ratio has decreased from 0.45% to 0.43% during 2014-18.
4. Inventory turnover ratio has increased from 8.99% to 10.20% during 2014-
18.
Import Comp.
in Raw Mat.
8.07 10.59 12.53 19.13 18.61
Bonus
Component In
Equity Capital
60.89 60.89 60.92 60.98 60.36
Page | 87
ITC Limited or ITC:
is an Indian conglomerate which has its headquarters in the city of Kolkata, West
Bengal. The business of ITC Limited is divided into five major segments: Fast-
Moving Consumer Goods (FMCG), Hotels, Paperboards & Packaging, and Agri
Business & Information Technology. ITC was formed on 24th August 1910 with
the name-Imperial Tobacco Company of India Limited, and the company went
public on 27th October 1954.
Financial Analysis and Interpretation of ITC Limited:
PER SHARE RATIOS
Adjusted E P S
(Rs.)
11.05 9.39 7.69 6.24 10.38
Dividend Per
Share
6.00 5.25 4.50 4.45 10.00
Operating
Profit Per Share
(Rs.)
15.66 13.45 11.41 9.30 16.06
Book Value (Incl Re Res) Per Share
(Rs.) 33.02 28.21 24.04 20.62 36.84
PROFITABILITY RATIOS
Operating
Margin (%)
37.47 35.54 35.55 34.08 33.02
Gross Profit
Margin (%)
34.76 32.88 32.77 30.97 29.74
Net Profit
Margin (%)
25.57 24.05 23.97 22.91 21.30
Return On long
Term Funds
(%)
48.12 48.18 46.95 44.95 42.64
LEVERAGE RATIOS
Owners fund as
% of total
Source
99.80 99.70 99.57 99.37 99.23
Fixed Assets
Turnover Ratio
1.37 1.45 1.44 1.40 1.58
LIQUIDITY RATIOS
Current Ratio 1.25 1.22 1.08 1.08 0.92
Current Ratio
(Inc. ST Loans)
1.25 1.22 1.08 1.08 0.92
Quick Ratio 0.67 0.65 0.50 0.50 0.39
Inventory
Turnover Ratio
4.52 4.53 6.53 6.05 6.04
PAYOUT RATIOS
Dividend
payout Ratio
Profit
54.31 55.92 57.09 69.04 109.63
Earning
Retention Ratio
45.69 44.08 41.48 28.64 -12.31
Cash Earnings
Retention Ratio
50.73 49.50 47.57 37.18 2.64
ITC Limited or ITC:
is an Indian conglomerate which has its headquarters in the city of Kolkata, West
Bengal. The business of ITC Limited is divided into five major segments: Fast-
Moving Consumer Goods (FMCG), Hotels, Paperboards & Packaging, and Agri
Business & Information Technology. ITC was formed on 24th August 1910 with
the name-Imperial Tobacco Company of India Limited, and the company went
public on 27th October 1954.
Financial Analysis and Interpretation of ITC Limited:
PER SHARE RATIOS
Adjusted E P S
(Rs.)
11.05 9.39 7.69 6.24 10.38
Dividend Per
Share
6.00 5.25 4.50 4.45 10.00
Operating
Profit Per Share
(Rs.)
15.66 13.45 11.41 9.30 16.06
Book Value (Incl Re Res) Per Share
(Rs.) 33.02 28.21 24.04 20.62 36.84
PROFITABILITY RATIOS
Operating
Margin (%)
37.47 35.54 35.55 34.08 33.02
Gross Profit
Margin (%)
34.76 32.88 32.77 30.97 29.74
Net Profit
Margin (%)
25.57 24.05 23.97 22.91 21.30
Return On long
Term Funds
(%)
48.12 48.18 46.95 44.95 42.64
LEVERAGE RATIOS
Owners fund as
% of total
Source
99.80 99.70 99.57 99.37 99.23
Fixed Assets
Turnover Ratio
1.37 1.45 1.44 1.40 1.58
LIQUIDITY RATIOS
Current Ratio 1.25 1.22 1.08 1.08 0.92
Current Ratio
(Inc. ST Loans)
1.25 1.22 1.08 1.08 0.92
Quick Ratio 0.67 0.65 0.50 0.50 0.39
Inventory
Turnover Ratio
4.52 4.53 6.53 6.05 6.04
PAYOUT RATIOS
Dividend
payout Ratio
Profit
54.31 55.92 57.09 69.04 109.63
Earning
Retention Ratio
45.69 44.08 41.48 28.64 -12.31
Cash Earnings
Retention Ratio
50.73 49.50 47.57 37.18 2.64
Page | 88
COVERAGE RATIOS
Adjusted Cash
Flow
0.01 0.01 0.01 0.01 0.02
Financial
Charges
Coverage
4,597.28 133.76 109.56 100.46 73.42
Fin. Charges
Cov. Ratio)
3,284.09 95.99 79.84 73.25 52.72
COMPONENT RATIOS
Material Cost
Component(%e
arnings)
40.68 41.90 39.59 40.72 38.45
Import Comp.
in
12.17 11.99 13.03 13.34 12.03
Bonus
Component In
Equity
89.33 89.91 90.87 91.81 85.85
PER SHARE RATIOS:
1. Adjusted E P S has increased from 10.35% to 11.05% during 2014-18.
2. Dividend per share has decreased from 10% to 6% during 2014-2018.
3. Operating profit per share has decreased from 16.06% to 15.66% during
2014-18.
4. Book value (Incl Rev Res) per share has decreased from 36.84% to 33.02%
during 2014-18.
PROFITABILITY RATIOS:
1. Operating margin has increased from 33.02% to 37.47% during 2014-18.
2. Gross profit margin has increased from 29.74% to 34.76% during 2014-18.
3. Net profit margin has increased from 21.30% to 25.57% during 2014-18.
4. Return on long term funds has increased from 42.64% to 48.12% during
2014-18.
LIQUIDITY RATIOS:
1. Current ratio has increased from 0.92% to 1.25% during 2014-18.
2. Current ratio (inc. ST loans) has increased from 0.92% to 1.25% during
2014-18.
3. Quick ratio has increased from 0.39% to 0.67% during 2014-18.
4. Inventory turnover ratio has decreased from 6.04% to 4.52% during 2014-
18.
COVERAGE RATIOS
Adjusted Cash
Flow
0.01 0.01 0.01 0.01 0.02
Financial
Charges
Coverage
4,597.28 133.76 109.56 100.46 73.42
Fin. Charges
Cov. Ratio)
3,284.09 95.99 79.84 73.25 52.72
COMPONENT RATIOS
Material Cost
Component(%e
arnings)
40.68 41.90 39.59 40.72 38.45
Import Comp.
in
12.17 11.99 13.03 13.34 12.03
Bonus
Component In
Equity
89.33 89.91 90.87 91.81 85.85
PER SHARE RATIOS:
1. Adjusted E P S has increased from 10.35% to 11.05% during 2014-18.
2. Dividend per share has decreased from 10% to 6% during 2014-2018.
3. Operating profit per share has decreased from 16.06% to 15.66% during
2014-18.
4. Book value (Incl Rev Res) per share has decreased from 36.84% to 33.02%
during 2014-18.
PROFITABILITY RATIOS:
1. Operating margin has increased from 33.02% to 37.47% during 2014-18.
2. Gross profit margin has increased from 29.74% to 34.76% during 2014-18.
3. Net profit margin has increased from 21.30% to 25.57% during 2014-18.
4. Return on long term funds has increased from 42.64% to 48.12% during
2014-18.
LIQUIDITY RATIOS:
1. Current ratio has increased from 0.92% to 1.25% during 2014-18.
2. Current ratio (inc. ST loans) has increased from 0.92% to 1.25% during
2014-18.
3. Quick ratio has increased from 0.39% to 0.67% during 2014-18.
4. Inventory turnover ratio has decreased from 6.04% to 4.52% during 2014-
18.
Page | 89
Comparative Study of ITC & HUL:
1. PER SHARE RATIOS :
.
(a)Adjusted EPS:
2020 2019 2018 2017 2016 2015 2014
HUL 9.64 9.72 11.90 14.74 16.83 16.88 19.05
ITC 10.38 6.24 7.69 9.39 11.05 11.99 12.23
Observation: Adjusted EPS of ITC has increased from 9.64% to 19.05%
during 2014-20 while that of HUL has increased from 10.38% to 12.23%
during 2014-20. ITC has shown much faster as well as higher growth in
Adjusted EPS as compared to HUL.
ITC
HUL
2014 2015 2016 2017 2018 2019 2020
20
15
10
5
0
Comparative Study of ITC & HUL:
1. PER SHARE RATIOS :
.
(a)Adjusted EPS:
2020 2019 2018 2017 2016 2015 2014
HUL 9.64 9.72 11.90 14.74 16.83 16.88 19.05
ITC 10.38 6.24 7.69 9.39 11.05 11.99 12.23
Observation: Adjusted EPS of ITC has increased from 9.64% to 19.05%
during 2014-20 while that of HUL has increased from 10.38% to 12.23%
during 2014-20. ITC has shown much faster as well as higher growth in
Adjusted EPS as compared to HUL.
ITC
HUL
2014 2015 2016 2017 2018 2019 2020
20
15
10
5
0
Page | 90
(b)Dividend per Share:
2020 2019 2018 2017 2016 2015 2014
HUL 16.00 15.00 13.00 18.50 7.50 6.50 6.50
ITC 8.50 6.25 6.00 5.25 4.50 4.45 10.00
Observation:
Dividend per share of ITC has decreased from 10% to 8.5% during 2014-
2020. While that of HUL has increased from 10.48% to 16.00% during 2014-
2020.
The shareholders of HUL have earned much better dividend over the years
as compared to ITC.
2020 2019 2018 2017 2016 2015 2014
(b)Dividend per Share:
2020 2019 2018 2017 2016 2015 2014
HUL 16.00 15.00 13.00 18.50 7.50 6.50 6.50
ITC 8.50 6.25 6.00 5.25 4.50 4.45 10.00
Observation:
Dividend per share of ITC has decreased from 10% to 8.5% during 2014-
2020. While that of HUL has increased from 10.48% to 16.00% during 2014-
2020.
The shareholders of HUL have earned much better dividend over the years
as compared to ITC.
2020 2019 2018 2017 2016 2015 2014
Page | 91
(c) Operating Profit per Share:
2020 2019 2018 2017 2016 2015 2014
HUL 12.82 12.40 15.23 1851 20.69 24.07 26.48
ITC 16.06 9.30 11.41 13.45 15.66 1681 17.69
Observation: Operating profit per share of ITC has increased from 16.06% to
17.69% during 2014-20. While that of HUL has increased from 6.50% to 26.48
during 2014-20. HUL has shown a much sharper increase.
HUL
ITC
2014 2015 2016 2017 2018 2019 2020
30
25
20
15
10
5
0
(c) Operating Profit per Share:
2020 2019 2018 2017 2016 2015 2014
HUL 12.82 12.40 15.23 1851 20.69 24.07 26.48
ITC 16.06 9.30 11.41 13.45 15.66 1681 17.69
Observation: Operating profit per share of ITC has increased from 16.06% to
17.69% during 2014-20. While that of HUL has increased from 6.50% to 26.48
during 2014-20. HUL has shown a much sharper increase.
HUL
ITC
2014 2015 2016 2017 2018 2019 2020
30
25
20
15
10
5
0
Page | 92
2. Profitability Ratios:
(a) Operating Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 17.91 16.90 15.97 15.51 14.88 13.57 15.74
ITC 38.65 36.90 37.47 35.54 35.55 34.08 33.02
Observation: Operating margin of ITC has increased from
33.02% to 38.65% during 2014-20. While that of HUL has increased
from 15.74% to 17.91% during 2014-20. ITC has a better picture to
offer.
2020 2019 2018 2017 2016 2015 2014
2. Profitability Ratios:
(a) Operating Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 17.91 16.90 15.97 15.51 14.88 13.57 15.74
ITC 38.65 36.90 37.47 35.54 35.55 34.08 33.02
Observation: Operating margin of ITC has increased from
33.02% to 38.65% during 2014-20. While that of HUL has increased
from 15.74% to 17.91% during 2014-20. ITC has a better picture to
offer.
2020 2019 2018 2017 2016 2015 2014
Page | 93
(b) Gross Profit Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 16.91 15.97 15.04 14.59 13.89 12.45 14.70
ITC 35.84 34.27 34.76 32.88 32.77 30.97 29.74
Observation:
Gross profit margin of ITC has increased from 29.74% to 35.84%
during 2014-20. While that of HUL has increased from 14.70% to
16.91% during 2014-20.
ITC appears to be in a much better position.
2020 2019 2018 2017 2016 2015 2014
(b) Gross Profit Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 16.91 15.97 15.04 14.59 13.89 12.45 14.70
ITC 35.84 34.27 34.76 32.88 32.77 30.97 29.74
Observation:
Gross profit margin of ITC has increased from 29.74% to 35.84%
during 2014-20. While that of HUL has increased from 14.70% to
16.91% during 2014-20.
ITC appears to be in a much better position.
2020 2019 2018 2017 2016 2015 2014
Page | 94
(c) Net Profit Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 12.76 14.00 13.50 14.37 12.01 11.52 12.29
ITC 26.72 26.31 25.57 24.05 23.97 22.91 21.30
Observation: Net profit margin of ITC has increased
from 21.30% to 26.72% during 2014-20.While that of HUL has
increased from 12.29% to 12.76% during 2014-20. ITC has a
better value to show for profit.
2020 2019 2018 2017 2016 2015 2014
(c) Net Profit Margin:
2020 2019 2018 2017 2016 2015 2014
HUL 12.76 14.00 13.50 14.37 12.01 11.52 12.29
ITC 26.72 26.31 25.57 24.05 23.97 22.91 21.30
Observation: Net profit margin of ITC has increased
from 21.30% to 26.72% during 2014-20.While that of HUL has
increased from 12.29% to 12.76% during 2014-20. ITC has a
better value to show for profit.
2020 2019 2018 2017 2016 2015 2014
Page | 95
3. LIQUIDITY RATIOS:
(a) Current Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 0.75 0.74 0.73 0.75 0.82 0.85 0.83
ITC 1.21 1.45 1.25 1.22 1.08 1.08 0.92
Observation: Current ratio of ITC has increased from 0.92% to 1.21% during 2012-16.
While that of HUL has decreased from 0.83% to 0.75% during 2012-16. ITC has more current
assets than HUL.
HUL
ITC
2020 2019 2018 2017 2016 2015 2014
1.9
0
1.6
1.2
0.9
0.6
0.3
00
0
3. LIQUIDITY RATIOS:
(a) Current Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 0.75 0.74 0.73 0.75 0.82 0.85 0.83
ITC 1.21 1.45 1.25 1.22 1.08 1.08 0.92
Observation: Current ratio of ITC has increased from 0.92% to 1.21% during 2012-16.
While that of HUL has decreased from 0.83% to 0.75% during 2012-16. ITC has more current
assets than HUL.
HUL
ITC
2020 2019 2018 2017 2016 2015 2014
1.9
0
1.6
1.2
0.9
0.6
0.3
00
0
Page | 96
(b) Quick Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 0.49 0.46 0.43 0.44 0.46 0.45 0.45
ITC 0.69 0.86 0.67 0.65 0.50 0.50 0.39
Observation: Quick ratio of ITC has increased from 0.39% to 0.69% during 2010-16.
While that of HUL has increased from 0.45% to 0.49% during 2010-16. ITC, thus, remains in a
better position.
2020 2019 2018 2017 2016 2015 2014
(b) Quick Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 0.49 0.46 0.43 0.44 0.46 0.45 0.45
ITC 0.69 0.86 0.67 0.65 0.50 0.50 0.39
Observation: Quick ratio of ITC has increased from 0.39% to 0.69% during 2010-16.
While that of HUL has increased from 0.45% to 0.49% during 2010-16. ITC, thus, remains in a
better position.
2020 2019 2018 2017 2016 2015 2014
Page | 97
(c) Inventory Turnover Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 13.61 12.57 10.20 10.21 8.79 7.02 8.99
ITC 6.10 6.43 4.52 4.53 6.53 6.05 6.04
Observation: Inventory turnover ratio of ITC has increased from 6.04% to 6.10% during
2010-16. While that of HUL has increased from 8.99% to 13.61% during 2010-16. The stock or
inventory seems to be more for HUL than ITC.
2020 2019 2018 2017 2016 2015 2014
(c) Inventory Turnover Ratio:
2020 2019 2018 2017 2016 2015 2014
HUL 13.61 12.57 10.20 10.21 8.79 7.02 8.99
ITC 6.10 6.43 4.52 4.53 6.53 6.05 6.04
Observation: Inventory turnover ratio of ITC has increased from 6.04% to 6.10% during
2010-16. While that of HUL has increased from 8.99% to 13.61% during 2010-16. The stock or
inventory seems to be more for HUL than ITC.
2020 2019 2018 2017 2016 2015 2014
Page | 98
Conclusion:
The overall comparison between ITC and HUL shows that HUL still
remains to be the largest FMCG Company in India. ITC has diversified businesses
but is highly dependent on its segment of cigarettes. The analysis also shows
that ITC has managed to earn the most in cash because of its cash-generative
business of cigarettes in comparison to HUL. The changes in ratios show that
HUL has still been the same customer-friendly company as usual but ITC has
been competitive and managed to remove various debts in the past six years.
ITC has earned a lot of bonus in equity but still HUL has paid a good
amount of dividend in comparison to ITC. The inventory of HUL has rose sharply
because of more and more new brand launches while it remains stable for ITC
because it focuses more on delivering the farm products from the villages to its
customers.
HUL has been witnessed a good competition from ITC and this shows that
MNCs like HUL are increasingly facing competition from domestic companies
which have, in turn, shown an increase in the global reach like ITC. But HUL
seems to be handling the competition well. ITC has shown sharp increases
positively in most of the ratios and has shown growth. But increasing clamps on
tobacco and tax burden are big threats.
HUL has very smoothly managed its Corporate Social Responsibility (CSR)
and has stable ratios and good growth in equity and market. ITC has a bit
difficulty in CSR because of its tobacco-dominated business but in other
businesses, it has tried its every technique to manage CSR like through
stationery, food items, etc. Both the companies are the true reflections of the
overall growing industry and economy in India..
Conclusion:
The overall comparison between ITC and HUL shows that HUL still
remains to be the largest FMCG Company in India. ITC has diversified businesses
but is highly dependent on its segment of cigarettes. The analysis also shows
that ITC has managed to earn the most in cash because of its cash-generative
business of cigarettes in comparison to HUL. The changes in ratios show that
HUL has still been the same customer-friendly company as usual but ITC has
been competitive and managed to remove various debts in the past six years.
ITC has earned a lot of bonus in equity but still HUL has paid a good
amount of dividend in comparison to ITC. The inventory of HUL has rose sharply
because of more and more new brand launches while it remains stable for ITC
because it focuses more on delivering the farm products from the villages to its
customers.
HUL has been witnessed a good competition from ITC and this shows that
MNCs like HUL are increasingly facing competition from domestic companies
which have, in turn, shown an increase in the global reach like ITC. But HUL
seems to be handling the competition well. ITC has shown sharp increases
positively in most of the ratios and has shown growth. But increasing clamps on
tobacco and tax burden are big threats.
HUL has very smoothly managed its Corporate Social Responsibility (CSR)
and has stable ratios and good growth in equity and market. ITC has a bit
difficulty in CSR because of its tobacco-dominated business but in other
businesses, it has tried its every technique to manage CSR like through
stationery, food items, etc. Both the companies are the true reflections of the
overall growing industry and economy in India..
Page | 99
CHAPTER 5
FINDING AND SUGGESTIONS
CHAPTER 5
FINDING AND SUGGESTIONS
Page | 100
ITC limited SWOT Analysis
Strengths in the SWOT Analysis of ITC Limited:
ITC’s cigarette sector contributes a significant proportion of its sales to the
FMCG.
Increasing Revenue of ITC Limited in the year by year is its main strength.
In the year 2019, its revenue was ₹52,035 crore.
Operating Income is 2.7 Billion US Dollars in 2019.
Net Income is Rs. 12824 Crores in 2019.
Number of Employees 27279
Portfolio of Companies: under its name, ITC has 6 large and diverse
businesses that boost its total revenue and allow ITC to innovate and
pursue other business opportunities.
Powerful brand: ITC is a large brand house with most of its products
leading the segments in which it works.
ITC owns some of the most famous cigarette brands, such as the Gold
Flake and Classic. It also owns Sunfeast, one of India’s highest-selling
biscuits. Similarly, the Aashirvaad Chaki Fresh Ata, the Yippee! , Engage,
John Players, and Bingo are all among the industry leaders in their
respective groups.
ITC’s hotel and property businesses are also doing well. With a portfolio
like this, ITC has become one of India’s most dominant conglomerates and
is revered all over the world.
Efficient Social Business Initiatives: The ITC has developed a three-
pronged strategy that focuses on building national economic, social, and
environmental resources.
ITC has introduced initiatives such as E-Choupal, Choupal Pradarshan
Khet (CPK) that support grass-roots people, i.e. farmers. Such initiatives
have also enabled ITC to boost their brand reputation as a conventional
tobacco producer.
Inter and Intra-Divisional Synergy: ITC has effectively used the strengths of
core companies to push into newer products or cat egories. ITC has
leveraged the powerful distribution network of cigarette brands to build a
market for its FMCG products.
In addition, ITC has leveraged the experience of food and bakery items
from its hotel company to become part of the Packaged Food group.
ITC has a large and competent management team. Clear brand image,
outstanding promotional goods Diversified range of products and services,
including FMCG, hotel chains, paper & packaging, and agribusiness.
Over 6500 E-Choupal CSR programs and sustainab ility projects improve
the brand identity of ITC to more than 4 million farmers.
ITC has reduced personnel to more than 25.000 employees Good services
for research and development.
ITC limited SWOT Analysis
Strengths in the SWOT Analysis of ITC Limited:
ITC’s cigarette sector contributes a significant proportion of its sales to the
FMCG.
Increasing Revenue of ITC Limited in the year by year is its main strength.
In the year 2019, its revenue was ₹52,035 crore.
Operating Income is 2.7 Billion US Dollars in 2019.
Net Income is Rs. 12824 Crores in 2019.
Number of Employees 27279
Portfolio of Companies: under its name, ITC has 6 large and diverse
businesses that boost its total revenue and allow ITC to innovate and
pursue other business opportunities.
Powerful brand: ITC is a large brand house with most of its products
leading the segments in which it works.
ITC owns some of the most famous cigarette brands, such as the Gold
Flake and Classic. It also owns Sunfeast, one of India’s highest-selling
biscuits. Similarly, the Aashirvaad Chaki Fresh Ata, the Yippee! , Engage,
John Players, and Bingo are all among the industry leaders in their
respective groups.
ITC’s hotel and property businesses are also doing well. With a portfolio
like this, ITC has become one of India’s most dominant conglomerates and
is revered all over the world.
Efficient Social Business Initiatives: The ITC has developed a three-
pronged strategy that focuses on building national economic, social, and
environmental resources.
ITC has introduced initiatives such as E-Choupal, Choupal Pradarshan
Khet (CPK) that support grass-roots people, i.e. farmers. Such initiatives
have also enabled ITC to boost their brand reputation as a conventional
tobacco producer.
Inter and Intra-Divisional Synergy: ITC has effectively used the strengths of
core companies to push into newer products or cat egories. ITC has
leveraged the powerful distribution network of cigarette brands to build a
market for its FMCG products.
In addition, ITC has leveraged the experience of food and bakery items
from its hotel company to become part of the Packaged Food group.
ITC has a large and competent management team. Clear brand image,
outstanding promotional goods Diversified range of products and services,
including FMCG, hotel chains, paper & packaging, and agribusiness.
Over 6500 E-Choupal CSR programs and sustainab ility projects improve
the brand identity of ITC to more than 4 million farmers.
ITC has reduced personnel to more than 25.000 employees Good services
for research and development.
Page | 101
Weaknesses in the SWOT Analysis of ITC Limited:
High Proportion of Tobacco Product Revenues: ITC has
made continuous efforts to separate the FMCG sector from
over-dependence on tobacco products and has been
successful in doing so to some degree. Nonetheless,
tobacco products remain the biggest source of revenue
contributing more than 60 percent to FMCG’s overall
revenue.
Tobacco Products Association has an impact on the brand:
ITC has made a great deal of effort to enhance its corporate
image, but the fact that ITC has many tobacco products in
its portfolio has an impact on its corporate image. The
increase in the Tobacco Tax has an effect on revenue: due
to the rise in the tax on tobacco products, rates and,
subsequently, profits are affected.
ITC is still dependent on its tobacco sales, and people have
cheaper alternatives and other brands.
The hotel industry has not been able to build an enormous
market share.
Opportunities in the SWOT Analysis of ITC Limited:
Acquisitions: ITC will continue to make strategic acquisitions, as it has
done in the past, by purchasing Savlon from Johnson & Johnson and B
Natural from Balan Natural Foods. Keeping in mind that the product fits
into the current distribution network, ITC will try to increase its product
range and broaden its non-tobacco FMCG business and thus improve its
revenue base.
Growth in purchasing power and changing lifestyles: ITC can tap into
rising buying power and changing customers’ lifestyles in India. It will help
to raise sales for all of its companies.
Growing Personal Hygiene as well as Food Processing Industry in India:
ITC should use its distribution channel in the Personal Hygiene and Food
Processing Industry to capitalize on the growth of categories and thus
increase revenue.
Tap opportunities created in the rural sector: the rising rural sector in India
and other developing nations are generating enormous opportunities to
boost the company’s bottom line.
Mergers and acquisitions are planned to reinforce the brand.
Increased people’s buying power, thus rising competition. More exposure
to hotel chains to increase market share.
Weaknesses in the SWOT Analysis of ITC Limited:
High Proportion of Tobacco Product Revenues: ITC has
made continuous efforts to separate the FMCG sector from
over-dependence on tobacco products and has been
successful in doing so to some degree. Nonetheless,
tobacco products remain the biggest source of revenue
contributing more than 60 percent to FMCG’s overall
revenue.
Tobacco Products Association has an impact on the brand:
ITC has made a great deal of effort to enhance its corporate
image, but the fact that ITC has many tobacco products in
its portfolio has an impact on its corporate image. The
increase in the Tobacco Tax has an effect on revenue: due
to the rise in the tax on tobacco products, rates and,
subsequently, profits are affected.
ITC is still dependent on its tobacco sales, and people have
cheaper alternatives and other brands.
The hotel industry has not been able to build an enormous
market share.
Opportunities in the SWOT Analysis of ITC Limited:
Acquisitions: ITC will continue to make strategic acquisitions, as it has
done in the past, by purchasing Savlon from Johnson & Johnson and B
Natural from Balan Natural Foods. Keeping in mind that the product fits
into the current distribution network, ITC will try to increase its product
range and broaden its non-tobacco FMCG business and thus improve its
revenue base.
Growth in purchasing power and changing lifestyles: ITC can tap into
rising buying power and changing customers’ lifestyles in India. It will help
to raise sales for all of its companies.
Growing Personal Hygiene as well as Food Processing Industry in India:
ITC should use its distribution channel in the Personal Hygiene and Food
Processing Industry to capitalize on the growth of categories and thus
increase revenue.
Tap opportunities created in the rural sector: the rising rural sector in India
and other developing nations are generating enormous opportunities to
boost the company’s bottom line.
Mergers and acquisitions are planned to reinforce the brand.
Increased people’s buying power, thus rising competition. More exposure
to hotel chains to increase market share.
Page | 102
Threats in the SWOT Analysis of ITC Limited:
Intensifying rivalry in FMCG companies: ITC is facing
intense competition in its FMCG market from major
MNCs such as HUL and P&G and Indian FMCGs such as
Patanjali and Dabur. It limits the market share of the ITC.
Regulations and Increased Taxation in Cigarette
Business: The Tobacco and Cigarette Industry in India
continues to be regulated by strict government
regulations and the tax system. This poses a threat to
the highly profitable ITC Cigarette company.
Increasing health awareness: there has been an
increase in health awareness, which has resulted in a
decrease in the demand for tobacco products in India.
Anti-smoking programs throughout the country also
have an effect on cigarette sales.
Intense and increasing competition among other FMCG
companies and hotel chains.
FDI in the retail sector, thereby allowing for international
brands.
Threats in the SWOT Analysis of ITC Limited:
Intensifying rivalry in FMCG companies: ITC is facing
intense competition in its FMCG market from major
MNCs such as HUL and P&G and Indian FMCGs such as
Patanjali and Dabur. It limits the market share of the ITC.
Regulations and Increased Taxation in Cigarette
Business: The Tobacco and Cigarette Industry in India
continues to be regulated by strict government
regulations and the tax system. This poses a threat to
the highly profitable ITC Cigarette company.
Increasing health awareness: there has been an
increase in health awareness, which has resulted in a
decrease in the demand for tobacco products in India.
Anti-smoking programs throughout the country also
have an effect on cigarette sales.
Intense and increasing competition among other FMCG
companies and hotel chains.
FDI in the retail sector, thereby allowing for international
brands.
Page | 103
FINDINGS
• The consumers of age group 21-30 years purchases more bathing soap than other age groups.
• Most of the time they go for brand having higher quality and those brands with good brand name.
• The respondents considered that the price of the products were acceptable and reasonable unlike
other personal care products.
• Most consumers in the survey use Dove, second come Pears and then other brands that were not
mentioned in the survey questions.
• Most consumers buy bathing soap on a monthly basis, there is regular usage pattern of the
bathing soap.
• Consumers buy mostly from 2SKU’s every month.
• Most of the consumers ask or select a particular brand of bathing soap.
• 88% of the customers who use bathing soap ask for the brand they regularly buy.
• 45% of the consumers prefer foamy type bathing soap over other types.
• The 75% of the respondents said that offers provided by the companies have not influenced their
purchase decision.
• The respondents were aged mostly between 21-30 years.
• 43% of the respondents said that advertisements urge them to try new brands.
• The rest said that advertisements does not impact much in their buying decision i.e. they will stick
to their brand even if they see an advertisement of a new brand.
• Health benefit, quality and quantity are the main reason consumers consider before buying
bathing soap.
• This means that most of the consumers are scared to change their brand that they have being
using.
• Quality, price and brand name plays an important role in the purchasing decision of bathing
soap.
FINDINGS
• The consumers of age group 21-30 years purchases more bathing soap than other age groups.
• Most of the time they go for brand having higher quality and those brands with good brand name.
• The respondents considered that the price of the products were acceptable and reasonable unlike
other personal care products.
• Most consumers in the survey use Dove, second come Pears and then other brands that were not
mentioned in the survey questions.
• Most consumers buy bathing soap on a monthly basis, there is regular usage pattern of the
bathing soap.
• Consumers buy mostly from 2SKU’s every month.
• Most of the consumers ask or select a particular brand of bathing soap.
• 88% of the customers who use bathing soap ask for the brand they regularly buy.
• 45% of the consumers prefer foamy type bathing soap over other types.
• The 75% of the respondents said that offers provided by the companies have not influenced their
purchase decision.
• The respondents were aged mostly between 21-30 years.
• 43% of the respondents said that advertisements urge them to try new brands.
• The rest said that advertisements does not impact much in their buying decision i.e. they will stick
to their brand even if they see an advertisement of a new brand.
• Health benefit, quality and quantity are the main reason consumers consider before buying
bathing soap.
• This means that most of the consumers are scared to change their brand that they have being
using.
• Quality, price and brand name plays an important role in the purchasing decision of bathing
soap.
Page | 104
• 100% of the bathing soap consumers prefer quality of the product and brand name over price of
the product.
• This shows that those who buy bathing soap, buy it due to quality and brand image, not due to
price.
• Packaging and consumer offers doesn’t have much impact in the mind of the consumer when
purchasing bathing soap.
• 75% of the consumers agree to the fact that they use bathing soap just because they were either
loyal to a particular brand or by the influence of ads of some brands.
• 88% of the consumers look for bathing soap brands that have good and attractive packaging.
• 48% of the respondents said that price of the brands they buy are priced at a good range.
• 41% of the respondents considers the quality when making purchase decision.
• 85% of the consumers agree that they stick to the same brand they are using, so it is likely for
those consumers to rebuy the same brand.
• 62% of the consumers are satisfied with the brand of bathing soap they are using, 16% remains
neutral.
• 63% of the consumers disagree to the fact that they change brand if there is a price rise for the
existing brand.
• This shows the brand loyalty of the consumers and also shows that price rise does not have much
impact for those consumers.
• 63% of the consumers agree that they will stick to their existing brand even if there is a price rise,
this also shows the brand loyalty.
• 71% of the consumers disagree to the fact that they always prefer lower priced brand.
• This shows that price doesn't have much impact in the purchasing decision on those consumers.
• 60% of the consumers will suggest the brand they are using to others, 30% may suggest the brand
and 10% does not suggest their current brand they are using.
• 100% of the bathing soap consumers prefer quality of the product and brand name over price of
the product.
• This shows that those who buy bathing soap, buy it due to quality and brand image, not due to
price.
• Packaging and consumer offers doesn’t have much impact in the mind of the consumer when
purchasing bathing soap.
• 75% of the consumers agree to the fact that they use bathing soap just because they were either
loyal to a particular brand or by the influence of ads of some brands.
• 88% of the consumers look for bathing soap brands that have good and attractive packaging.
• 48% of the respondents said that price of the brands they buy are priced at a good range.
• 41% of the respondents considers the quality when making purchase decision.
• 85% of the consumers agree that they stick to the same brand they are using, so it is likely for
those consumers to rebuy the same brand.
• 62% of the consumers are satisfied with the brand of bathing soap they are using, 16% remains
neutral.
• 63% of the consumers disagree to the fact that they change brand if there is a price rise for the
existing brand.
• This shows the brand loyalty of the consumers and also shows that price rise does not have much
impact for those consumers.
• 63% of the consumers agree that they will stick to their existing brand even if there is a price rise,
this also shows the brand loyalty.
• 71% of the consumers disagree to the fact that they always prefer lower priced brand.
• This shows that price doesn't have much impact in the purchasing decision on those consumers.
• 60% of the consumers will suggest the brand they are using to others, 30% may suggest the brand
and 10% does not suggest their current brand they are using.
Page | 105
SUGGESTIONS
Bringing in new covers for the note-book, like cartoons etc., like
Ben 10 is done by Navneet.
Organizing and sponsoring activities in schools and colleges in
which their stationery would
be used for events like various Summer Camps, Fests, and
Competitions etc.
Targeting not only the big institutes but also small ones which
has a base of about 500
students or even the institutes which has recently opened.
Introducing a dedicated Stationery shop may also help ITC
Classmate, similar to what Reynolds have started.
SUGGESTIONS
Bringing in new covers for the note-book, like cartoons etc., like
Ben 10 is done by Navneet.
Organizing and sponsoring activities in schools and colleges in
which their stationery would
be used for events like various Summer Camps, Fests, and
Competitions etc.
Targeting not only the big institutes but also small ones which
has a base of about 500
students or even the institutes which has recently opened.
Introducing a dedicated Stationery shop may also help ITC
Classmate, similar to what Reynolds have started.
Page | 106
ITC limited SWOT Analysis
STRENGTH
HUL enjoys a formidable distribution network covering
over 3400 distributors and 16 million outlets. This helps
them maintain heavy volumes, and hence, fill the shelves
of most outlets. The new sales organization named 'One
HUL' brings "Household and Personal Care" and foods
distribution networks together, thereby aligning all the
units towards the common goal of achieving success.
HUL has been continuously able to grow at a rate more
than growth rate for FMCG Sector, thereby reaffirming its
future stronghold in Indian market.
ITC limited SWOT Analysis
STRENGTH
HUL enjoys a formidable distribution network covering
over 3400 distributors and 16 million outlets. This helps
them maintain heavy volumes, and hence, fill the shelves
of most outlets. The new sales organization named 'One
HUL' brings "Household and Personal Care" and foods
distribution networks together, thereby aligning all the
units towards the common goal of achieving success.
HUL has been continuously able to grow at a rate more
than growth rate for FMCG Sector, thereby reaffirming its
future stronghold in Indian market.
Page | 107
Weaknesses
HUL's market dominance, originating from its extensive reach
and strong brand presence, allowed it to raise the prices even as
raw materials were getting cheaper. Hence, though the volumes
decreased, the margins grew, and company was able to earn
more profits. But higher margins attracted competition in areas
of operations. HUL's strategy remained focused on creating
power brands and earning higher margins. It was not left with
any other option but to try cutting down the costs in order to
protect volumes, if not increase it.
As shown in above figure, the key differentiators for an FMCG player are
ability to call shots and pricing power, and HUL has shown weakness over
both these factors.
HUL's weakness was its inability to transform its strategies at the
right time. They continued with the same old strategy which helped
them gain profits but were not genuine in this changed environment.
HUL's risk aversion and market myopia led to stagnation of business,
and ferocity of competition forced it into a defensive mode.
Lack of pricing power in core business and absence of growth
drivers have put HUL on a deflationary mode.
Weaknesses
HUL's market dominance, originating from its extensive reach
and strong brand presence, allowed it to raise the prices even as
raw materials were getting cheaper. Hence, though the volumes
decreased, the margins grew, and company was able to earn
more profits. But higher margins attracted competition in areas
of operations. HUL's strategy remained focused on creating
power brands and earning higher margins. It was not left with
any other option but to try cutting down the costs in order to
protect volumes, if not increase it.
As shown in above figure, the key differentiators for an FMCG player are
ability to call shots and pricing power, and HUL has shown weakness over
both these factors.
HUL's weakness was its inability to transform its strategies at the
right time. They continued with the same old strategy which helped
them gain profits but were not genuine in this changed environment.
HUL's risk aversion and market myopia led to stagnation of business,
and ferocity of competition forced it into a defensive mode.
Lack of pricing power in core business and absence of growth
drivers have put HUL on a deflationary mode.
Page | 108
Opportunities
India is one of the world's largest producer of FMCG goods but its exports are
miniscule as compared to production. Though Indian Cos. have been going
global,their focus is more towards Asian countries because of the similar
preferences. HUL is one of the top companies exporting FMCG goods from India.
An expansion of horizons towards more and more countries would help HUL
grow its consumer base and henceforth the revenues.
Opportunity in Food Sector - The advent of modern trade has opened up
greater opportunities for HUL to diversify its brand and strength its food division.
It could look at introducing products from its parents stable like margarines and
could also look at expanding its Knorr range of products.
Well-placed to take advantage of future FMCG Growth - HUL reach out
80% of 207 million households in the country through various brands.
It has a very well-defined product portfolio spread across many
product categories.
Penetration levels for some major categories like skin-cream (22%),
shampoo (38%), toothpaste (48%) and processed foods, continue to remain
low offerings but great growth opportunities products.
Opportunities
India is one of the world's largest producer of FMCG goods but its exports are
miniscule as compared to production. Though Indian Cos. have been going
global,their focus is more towards Asian countries because of the similar
preferences. HUL is one of the top companies exporting FMCG goods from India.
An expansion of horizons towards more and more countries would help HUL
grow its consumer base and henceforth the revenues.
Opportunity in Food Sector - The advent of modern trade has opened up
greater opportunities for HUL to diversify its brand and strength its food division.
It could look at introducing products from its parents stable like margarines and
could also look at expanding its Knorr range of products.
Well-placed to take advantage of future FMCG Growth - HUL reach out
80% of 207 million households in the country through various brands.
It has a very well-defined product portfolio spread across many
product categories.
Penetration levels for some major categories like skin-cream (22%),
shampoo (38%), toothpaste (48%) and processed foods, continue to remain
low offerings but great growth opportunities products.
Page | 109
Threats
ITC has reduced its dependence on the cigarettes business
- Contribution of the core business in revenues has come down
from 87% in FY99 to 70% in FY’05. Over a period of five years,
ITC has extended its presence into areas like foods, retailing,
hotels, greetings, agriculture, paper, etc. These are businesses
that can give it growth impetus in the long run. With ITC gaining
momentum in each of these businesses, it is turning into a
consumer monolith, and hence, the greatest threat to HUL's
Business.SSKI India has gone on to say, "We maintain O ut
performer on ITC with a price target of Rs. 2200, while our Under
performer call on HUL remains unaltered (price target of Rs.
160)."
Threats
ITC has reduced its dependence on the cigarettes business
- Contribution of the core business in revenues has come down
from 87% in FY99 to 70% in FY’05. Over a period of five years,
ITC has extended its presence into areas like foods, retailing,
hotels, greetings, agriculture, paper, etc. These are businesses
that can give it growth impetus in the long run. With ITC gaining
momentum in each of these businesses, it is turning into a
consumer monolith, and hence, the greatest threat to HUL's
Business.SSKI India has gone on to say, "We maintain O ut
performer on ITC with a price target of Rs. 2200, while our Under
performer call on HUL remains unaltered (price target of Rs.
160)."
Page | 110
FINDINGS AND SUGGESTIONS
On the basis of research, I came to know that “Hindustan Unilever
(HUL)” isthe largest Player, FMCG Company in the country and has
one of the widest portfolios of products sold via a strong distribution
channel. It owns and markets some of the most popular brands in the
country across various categories, including soaps, detergents,
shampoos, tea, face creams and water purifier.
According to Secondary Data Hindustan Unilever Ltd is a 51 per
cent owned subsidiary of the Anglo Dutch giant Unilever, which has
been expanding the scope of its operations in India since 1888.
It is the country's biggest consumer goods company with net
sales of US$ 2.4 billion in 2003.
The product portfolio of the company includes household and
personal care products like soaps, detergents, shampoos, skin care
products, colour cosmetics, deodorants and water purifier.
It is also building a great reputation among the existing manual
water purifiers in the market.
HUL enjoys a formidable distribution network covering over
3,400 distributors and 16 million outlets.
Its implementing its strategy to grow includes focusing on the
power brands' growth through consumer relevant information,
cross category extensions, leveraging channel opportunities and
increased focus on rural growth.
FINDINGS AND SUGGESTIONS
On the basis of research, I came to know that “Hindustan Unilever
(HUL)” isthe largest Player, FMCG Company in the country and has
one of the widest portfolios of products sold via a strong distribution
channel. It owns and markets some of the most popular brands in the
country across various categories, including soaps, detergents,
shampoos, tea, face creams and water purifier.
According to Secondary Data Hindustan Unilever Ltd is a 51 per
cent owned subsidiary of the Anglo Dutch giant Unilever, which has
been expanding the scope of its operations in India since 1888.
It is the country's biggest consumer goods company with net
sales of US$ 2.4 billion in 2003.
The product portfolio of the company includes household and
personal care products like soaps, detergents, shampoos, skin care
products, colour cosmetics, deodorants and water purifier.
It is also building a great reputation among the existing manual
water purifiers in the market.
HUL enjoys a formidable distribution network covering over
3,400 distributors and 16 million outlets.
Its implementing its strategy to grow includes focusing on the
power brands' growth through consumer relevant information,
cross category extensions, leveraging channel opportunities and
increased focus on rural growth.
Page | 111
OVERALL LEARNING EXPERIENCE
OVERALL LEARNING EXPERIENCE
Page | 112
Company is having good position in the market and they are
offering quality product in the market. Unilever has over the past 5
years been actively involved in setting standards for social and
environmental behavior and conduct. It does this in a very
systematic way and is in the process of developing procedures to
make the developed standard applicable throughout all of its
operations.
With 400 brands spanning 14 categories of home, personal care
and foods products, no other company touches so many people's
lives in so many different ways.
They have a wide and diverse set of competitors in consumer
goods businesses. Many of they also operate on an international
scale, but others have a narrower regional or local focus.
Competition is a normal part of business. They aim to compete and
give value consumers, customers and shareholders in following
ways:
They continually developing new and improved products.
They are sharing innovations and concepts with businesses all
around the world.
HUL is striving to lower the cost of our sourcing,
manufacturing and distribution processes while still maintaining,
and improving, the quality of our products.
They support efforts to create a more open competitive
environment through the liberalization of international trade.
They support the fuller implementation of the Single European
Market and inclusion.
CONCLUSION
Company is having good position in the market and they are
offering quality product in the market. Unilever has over the past 5
years been actively involved in setting standards for social and
environmental behavior and conduct. It does this in a very
systematic way and is in the process of developing procedures to
make the developed standard applicable throughout all of its
operations.
With 400 brands spanning 14 categories of home, personal care
and foods products, no other company touches so many people's
lives in so many different ways.
They have a wide and diverse set of competitors in consumer
goods businesses. Many of they also operate on an international
scale, but others have a narrower regional or local focus.
Competition is a normal part of business. They aim to compete and
give value consumers, customers and shareholders in following
ways:
They continually developing new and improved products.
They are sharing innovations and concepts with businesses all
around the world.
HUL is striving to lower the cost of our sourcing,
manufacturing and distribution processes while still maintaining,
and improving, the quality of our products.
They support efforts to create a more open competitive
environment through the liberalization of international trade.
They support the fuller implementation of the Single European
Market and inclusion.
CONCLUSION
Page | 113
From the above comparison it could be inferred that besides ITC is
new in the FMCG sector but still it has managed to reach a level at
which the other strong companies are. A score of 3.34 is a very good
score at a point when the old competitors (leaders) are at a score of
(3.8).
Lays has been around for a longer time and has its loyalists.
Lays scores on flavor while Bingo is crunchier. Right now Lays
has the upper hand but Bingo has a good thing going with new
and innovative products like 'Mad Angles'.
There is a need to put the image of our product Bingo in the
mind of customers beforethey come to purchase at shop.
There is need of more focus on the sales of Personal care
products.
From the above comparison it could be inferred that besides ITC is
new in the FMCG sector but still it has managed to reach a level at
which the other strong companies are. A score of 3.34 is a very good
score at a point when the old competitors (leaders) are at a score of
(3.8).
Lays has been around for a longer time and has its loyalists.
Lays scores on flavor while Bingo is crunchier. Right now Lays
has the upper hand but Bingo has a good thing going with new
and innovative products like 'Mad Angles'.
There is a need to put the image of our product Bingo in the
mind of customers beforethey come to purchase at shop.
There is need of more focus on the sales of Personal care
products.
Page | 114
REFERENCES
Websites Referred:
Hindustan Unilever Limited Official website:
www.hul.co.in/investor/annual_report_2007.asp Annual Report '07-'08 pg 21/ 25
HUL’s Global Compact Communication of Progress for 2008 (11 pages) is at
http://www.hul.co.in/citizen_lever/Communication_of_progress_08.pdf
Full details at: http://www.hul.co.in/citizen_lever/happy_homes.asp
http://www.hul.co.in/citizen_lever/fair_lovely.asp
http://www.hul.co.in/citizen_lever/lifebuoy_chetna.asp
www.hul.co.in/citizen_lever/project_shakti.asp
http://www.hul.co.in/citizen_lever/greening.asp
Wikipedia: http://en.wikipedia.org/wiki/Hindustan_Unilever
Coolavenues, http://www.coolavenues.com
Authorstream, http://www.authorstream.com
www.google.com
www.scribd.com
http://www.itcportal.com
http://en.wikipedia.org/wiki/Classmate_Stationery
Books referred:
Kothari, C.R., “Research Methodology,” 2nd Rev. Ed., New Delhi, New Age
International Publishers, 2004
Kotler, Philip., Kelly. Koshy & Jha., “Marketing Management”, 13th Edition. New
Delhi:Dorling Kindersley, 2009
FINANCIAL REFERENCES :
[0 ]ITC reports and accounts 2015
[1] Florenz C. Tugas, CISA, and CPARamon V.A, Comparative Analysis of
the Financial Ratios of Listed Firms Belonging to Subsector in the Philippines
for the Years 2009-2011, (2012), del Rosario College of BusinessDe La Salle
UniversityManila, Philippines.
[2] Anurag.B.Singhand Priyanka. Tandon, A Study of financial Performance:
A Comparative analysis of SBI and ICICI bank,
[3] Altman, I. E., R. G., and Narayana, P., Zeta Analysis: A New Model to
identify Bankruptcy Risk of corporations, Journal of Banking and Finance,
(1977), 29-54.
[4] Altman, Attempted to improve conventional ratio analysis by using
multivariate analysis on a sample of manufacturing firms, 105 bankrupt firms
and 2,058 non bankrupt firms, (1981),
[5] Beaver, W. H., Financial Ratios as Predictors of Failure, Journal of
Accounting Research, supplement, 71-127.
REFERENCES
Websites Referred:
Hindustan Unilever Limited Official website:
www.hul.co.in/investor/annual_report_2007.asp Annual Report '07-'08 pg 21/ 25
HUL’s Global Compact Communication of Progress for 2008 (11 pages) is at
http://www.hul.co.in/citizen_lever/Communication_of_progress_08.pdf
Full details at: http://www.hul.co.in/citizen_lever/happy_homes.asp
http://www.hul.co.in/citizen_lever/fair_lovely.asp
http://www.hul.co.in/citizen_lever/lifebuoy_chetna.asp
www.hul.co.in/citizen_lever/project_shakti.asp
http://www.hul.co.in/citizen_lever/greening.asp
Wikipedia: http://en.wikipedia.org/wiki/Hindustan_Unilever
Coolavenues, http://www.coolavenues.com
Authorstream, http://www.authorstream.com
www.google.com
www.scribd.com
http://www.itcportal.com
http://en.wikipedia.org/wiki/Classmate_Stationery
Books referred:
Kothari, C.R., “Research Methodology,” 2nd Rev. Ed., New Delhi, New Age
International Publishers, 2004
Kotler, Philip., Kelly. Koshy & Jha., “Marketing Management”, 13th Edition. New
Delhi:Dorling Kindersley, 2009
FINANCIAL REFERENCES :
[0 ]ITC reports and accounts 2015
[1] Florenz C. Tugas, CISA, and CPARamon V.A, Comparative Analysis of
the Financial Ratios of Listed Firms Belonging to Subsector in the Philippines
for the Years 2009-2011, (2012), del Rosario College of BusinessDe La Salle
UniversityManila, Philippines.
[2] Anurag.B.Singhand Priyanka. Tandon, A Study of financial Performance:
A Comparative analysis of SBI and ICICI bank,
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identify Bankruptcy Risk of corporations, Journal of Banking and Finance,
(1977), 29-54.
[4] Altman, Attempted to improve conventional ratio analysis by using
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[6] Bhattacharya, Asish. K, Introduction to Financial Statement Analysis,
Elsevier, New Delhi, 1st edition, Chapter -03, Ratio Analysis, (2007). 32-45.
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Data Errors, the Journal of Finance, 23(1), (1978),288-293.
[8] 8.Brigham, E.F. and M.C. Ehrhardt, Financial Management Theory and
Practice, 13th Edn. South-Western Cengage Learning, Mason, OH, ISBN:
1439078106, (2010),1184.
[9] Courtenay, S. M. and Keller, S. B, Errors in Databases - An Examination
of the CRISP Shares- Outstanding Data, Accounting Review, 69(1), (1994),
285-291.
[10] Foster, George, Financial Statement Analysis, Prentice-Hall, Englewood
Cliffs, (1986).
[11] Gupta S.P, Management Accounting, SahityaBhawan Publications, Agra,
(2005).
[12] Klein, B. D., Goodhue, D. L. and Davis, G. B, Can humans detect errors
in data? MIS Quarterly, 21(2), (1997), 169-194.
[13] Kim, Dongcheol, A reexamination of firm size, book-to-market, and
earnings price in the cross-section of expected stock returns, Journal of
Financial and Quantitative Analysis,(1997), 463- 489.
[14] Kinney, Michael R. and Swanson, Edward P, The accuracy and adequacy
of tax data in COMPUSTAT.
[6] Bhattacharya, Asish. K, Introduction to Financial Statement Analysis,
Elsevier, New Delhi, 1st edition, Chapter -03, Ratio Analysis, (2007). 32-45.
[7] Beedles, William L. and Simkowitz, Michael A, A Note on Skewness and
Data Errors, the Journal of Finance, 23(1), (1978),288-293.
[8] 8.Brigham, E.F. and M.C. Ehrhardt, Financial Management Theory and
Practice, 13th Edn. South-Western Cengage Learning, Mason, OH, ISBN:
1439078106, (2010),1184.
[9] Courtenay, S. M. and Keller, S. B, Errors in Databases - An Examination
of the CRISP Shares- Outstanding Data, Accounting Review, 69(1), (1994),
285-291.
[10] Foster, George, Financial Statement Analysis, Prentice-Hall, Englewood
Cliffs, (1986).
[11] Gupta S.P, Management Accounting, SahityaBhawan Publications, Agra,
(2005).
[12] Klein, B. D., Goodhue, D. L. and Davis, G. B, Can humans detect errors
in data? MIS Quarterly, 21(2), (1997), 169-194.
[13] Kim, Dongcheol, A reexamination of firm size, book-to-market, and
earnings price in the cross-section of expected stock returns, Journal of
Financial and Quantitative Analysis,(1997), 463- 489.
[14] Kinney, Michael R. and Swanson, Edward P, The accuracy and adequacy
of tax data in COMPUSTAT.
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