Price (INR) 911

COMPANY NAME
Price (INR) 911
Valuation summary
Y/E Mar, Rs mn FY14 FY15 FY16E FY17E FY18E FY19E
Net Sales 274,083 301,705 314,253 339,681 374,689 414,596
EBIDTA Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Net Profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
EPS, Rs
PER, x n/a n/a n/a n/a n/a n/a
EV/EBIDTA, x
P/BV, x 60.1 52.9 53.6
ROE, %
Income Statement (SA)

Net sales 274,083 301,705 314,253 339,681 374,689 414,596
Growth, % 8.7 10.1 4.2 8.1 10.3 10.7
Other income 12,319 12,535 10,625 Err:523 Err:523 Err:523
Total income 286,402 314,240 324,878 Err:523 Err:523 Err:523
Raw material expenses -143,436 -156,236 -153,130 Err:523 -179,665 -198,091
Employee expenses -14,360 -15,789 -15,920 -16,805 -18,486 -20,334
Other Operating expenses Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
EBITDA (Core) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Growth, %
Margin, %
Depreciation -2,606 -2,867 -3,208 -3,463 -3,739 -4,038
EBIT Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Growth, %
Margin, %
Interest paid -360 -168 -2 -2 -2 -2
Pre-tax profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Tax provided -11,014 -16,795 -17,882 -21,588 -23,582 -26,498
Profit after tax Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Net Profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Growth, % Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Net Profit (adjusted) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Unadj. shares (m) 2,162 2,162 2,168 2,168 2,168 2,168
Wtd avg shares (m) 2,162 2,162 2,168 2,168 2,168 2,168
Cash Flow
Pre-tax profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Depreciation 2,606 2,867 3,208 3,463 3,739 4,038
Chg in working capital 7,775 -1,653 2,157 Err:523 Err:523 Err:523
Total tax paid -12,966 -15,920 -18,010 -15,621 -22,576 -25,565
Cash flow from operating activities Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Capital expenditure -4,939 -4,814 -6,849 -4,999 -5,498 -5,497
Cash flow from investing activities -12,573 -6,649 -3,731 -4,995 -5,498 -5,497
Free cash flow Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Dividend (incl. tax) -29,485 -35,561 -40,309 -47,433 -49,337 -51,501
Cash flow from financing activities -25,533 -35,424 -40,112 Err:523 Err:523 Err:523
Net chg in cash Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Balance Sheet (SA)

As at 31st Mar, Rs mn FY14 FY15 FY16E FY17E FY18E FY19E
Cash & bank 22,210 25,376 27,588 Err:523 Err:523 Err:523
Debtors 8,164 7,829 10,645 Err:523 Err:523 Err:523
Inventory 27,475 26,027 25,284 27,036 28,904 31,017
Loans & advances 11,432 12,407 12,546 14,673 16,111 17,827
Other current assets 719 593 625 406 406 406
Total current assets 70,000 72,232 76,688 Err:523 Err:523 Err:523
Investments 30,941 32,779 29,666 29,666 29,666 29,666
Gross fixed assets 44,429 47,214 53,787 58,787 64,287 69,787
Less: Depreciation -20,208 -22,638 -24,640 -28,104 -31,845 -35,886
Add: Capital WIP 3,198 4,790 3,860 3,860 3,860 3,860
Net fixed assets 27,418 29,365 33,007 34,543 36,302 37,761
Non-current assets 7 4 2 2 2 2
Total assets 129,984 136,341 141,670 Err:523 Err:523 Err:523
Current liabilities 78,180 75,590 79,988 81,802 88,287 95,616

Provisions 19,034 23,502 24,810 29,694 32,864 33,797
Total current liabilities 97,214 99,093 104,797 111,496 121,150 129,413
Total liabilities 97,214 99,093 104,797 110,788 120,442 128,705
Paid-up capital 2,163 2,164 2,164 2,164 2,164 2,164
Reserves & surplus 30,608 35,084 34,709 Err:523 Err:523 Err:523
Shareholders’ equity 32,771 37,248 36,873 Err:523 Err:523 Err:523
Total equity & liabilities 129,984 136,341 141,670 Err:523 Err:523 Err:523
0 0 0 Err:523 Err:523 Err:523
Profitability, Productivity, Liquidity and

Valuation Ratios
FY14 FY15 FY16E FY17E FY18E FY19E
Per Share data
EPS (INR)
Growth, % #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Book NAV/share (INR) 15.2 17.2 17.0
FDEPS (INR)
CEPS (INR)
CFPS (INR)
DPS (INR) 13.0 15.0 16.0 18.0 20.0 20.0
Return ratios
Return on assets (%)
Return on equity (%)
Return on capital employed (%)
Turnover ratios
Asset turnover (x) (158.3) (257.9) 228.5
Sales/Total assets (x) 2.2 2.3 2.3
Sales/Net FA (x) 10.4 10.6 10.1 10.1 10.6 11.2
Working capital/Sales (x) (0.2) (0.2) (0.2)
Working capital days ~15% (63.2) (64.7) #VALUE! #VALUE! #VALUE!
Liquidity ratios
Current ratio (x) 0.7 0.7 0.7
Quick ratio (x) 0.4 0.5 0.5
Interest cover (x)
Dividend cover (x)
Net debt/Equity (%) (67.8) (68.1) (74.8)
Valuation
PER (x) n/a n/a n/a n/a n/a n/a
Price/Book (x) 60.1 52.9 53.6
Yield (%) 1.4 1.6 1.8 2.0
EV/Net sales (x) 7.1 6.4 6.2
EV/EBITDA (x)
EV/EBIT (x)

Net Sales, Rs mn (LHS) 274,083 301,705 314,253 339,681 374,689 414,596
Asset Turnover, x (RHS) (158.32) (257.91) 228.55
6.3% 11.5% 10.1% 9.3% 8.3% 8.6%
320,000
310,000
320,000
310,000
300,000
290,000
280,000
270,000
EBITDA, Rs mn (LHS) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 260,000

EBITDA margin, % (RHS)
Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 250,000
FY1
NOPLAT, Rs mn Err:523 Err:523 Err:523 Err:523 Err:523 Err:523

OPFCF, Rs mn Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Avg invested capital, Rs mn (LHS) -1,731 -1,170 1,375 Err:523 Err:523 Err:523
WACC, % (RHS) 0 0 0
ROIC, %

Net Sales 274.1 301.7 314.3 339.7 374.7 414.6
PAT Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
EBIDTA mrg, %
PAT mrg, %
ROE, %
EPS, Rs
PER, x n/a n/a n/a n/a n/a n/a
#VALUE! #VALUE!
#VALUE! #VALUE!
765.6 #VALUE!
38.7659574
0.902
Err:523
Err:523
(Rs mn) Earlier estimates Revised estimates Upgrade/(downgrade) (%)

FY15E FY16E FY15E FY16E FY15E FY16E
Net Sales 308,420 351,497 301,705 314,253 (2.2) (10.6)
EBITDA 59,343 70,155 Err:523 Err:523 Err:523 Err:523
PBT 56,137 66,681 Err:523 Err:523 Err:523 Err:523
Adj PAT 39,860 47,347 Err:523 Err:523 Err:523 Err:523
Adj PAT margin (%) 12.9 13.5 Err:523 Err:523 Err:523 Err:523
EBITDA, Rs mn (LHS) EBITDA margin, % (RHS)
Net Sales, Rs mn (LHS) Asset Turnover, x (RHS)

12
320,000 231
202
174 10
310,000
145
116
EBITDA, Rs mn (LHS) EBITDA margin, % (RHS)
Net Sales, Rs mn (LHS) Asset Turnover, x (RHS)

12
320,000 231
202
174 10
310,000
145
116
300,000 87 8
58
290,000 29
0 6
-29
280,000 -58
-87 4
270,000 -116
-145
-174 2
260,000
-202
-231
250,000 -260 0
FY14 FY15 FY16E FY14 FY15 FY16E
12 NOPLAT, Rs mn OPFCF, Rs mn
10
0
FY14 FY15 FY16E
2,000 Avg invested capital, Rs mn (LHS) WACC, % (RHS) RO IC, %

1
1,500
1,000
500
0 1
FY14 FY15 FY16E
-500
-1,000
-1,500
-2,000 0
12.00
10.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
FY15 FY16E
Equity Research | INDIA
Sector: Consumer
Company: Hindustan Unilever Limited
Table of Contents:
1 Template
2 To Word
3 Quarterly financials
4 Revenue Model
5 Cost Model
5 Discounted Cash Flow Model
6 Profit and Loss Statement Detailed
7 Balance Sheet
8 Cash Flow Statement
9 Segment wise Details
10 Quarterly
11 Valuation
Naveen Kulkarni, CFA, FRM

Research Analyst – Telecom, FMCG & Media
MF Global Sify Securities (I) Pvt Ltd
Desk Phone: +91-22-6667 9947
Mob: +91-9930873343
www.mfglobal.com
Ennette Fernandes
Research Analyst - FMCG
MF Global Sify Securities (I) Pvt Ltd
Desk Phone: +91-22-6667 9764
Mob: +91-98190 01283
lever Limited
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Rs m CY 1994 CY 1995 CY 1996 CY 1997 CY 1998 CY 1999 CY 2000 CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 FY 2009 FY 2010e FY 2011e
INCOME STATEMENT
+ Rental income 71,201 83,428 102,152 109,177 113,921 117,813 109,516 110,960 108,884 119,755 130,351 147,574 216,500 182,203 202,854
- Excise duty -5,200 -5,230 -7,334 -7,753 -7,884 -11,137 -9,968 -9,577 -9,614 -9,150 -9,317 -10,397 -14,107 -6,965 -9,044
• Net sales 0 0 66,001 78,197 94,818 101,424 106,037 106,676 99,549 101,384 99,269 110,605 121,034 137,178 202,393 175,238 193,810
+ Energy and other reimbursements 346 532 856 719 661 822 1,039 1,564 1,384 1,478 2,074 2,643 5,897 3,496 6,274
• Total income Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Operating expenses Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• EBITDA Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Depreciation 0 0 -553 -580 -1,010 -1,288 -1,309 -1,447 -1,341 -1,248 -1,209 -1,245 -1,302 -1,384 -1,953 -1,840 -2,208
• EBIT Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
+ Interest received 195 622 1,147 1,831 2,091 1,923 1,968 1,387 935 530 0 0 0 0 0
- Interest paid -570 -339 -293 -224 -131 -77 -92 -668 -1,300 -192 0 -255 -253 -70 -2
• Net interest 0 0 -375 283 854 1,607 1,960 1,845 1,876 720 -364 338 0 -255 -253 -70 -2
± Forex gains/(losses) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other income 640 685 445 640 699 629 556 893 624 715 1,471 1,672 0 0 0
± Associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
± Non-recurring items 0 0 0 0 0 445 282 754 245 325 0 0 0 0
± Other pre-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Pre-tax profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
- Tax provided -1,926 -2,700 -2,930 -3,180 -3,550 -4,024 -4,799 -4,883 -3,207 -2,940 -3,220 -4,032 -5,244 -6,044 -5,769
• Profit after tax Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
± Minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Preference dividend 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Net profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Man net profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
± Extraordinary items: Gains/(Losses) 16 -199 -317 0 0 1,004 384 151 128 924 3,157 1,823 -43 994 1,527
+ Capitalised interest 0 1 2 3 4 5 6 7 8 9 10 11 0 0 14
+ Unadj. shares (m) 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
• Fully diluted shares 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
+ Wtd avg shares (m) 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,203.7 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
CASH FLOW
• Pre-tax profit Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Depreciation 0 0 553 580 1,010 1,288 1,309 1,447 1,341 1,248 1,209 1,245 1,302 1,384 1,953 1,840 2,208
• Chg in debtors 0 0 -1,435 -19 -475 -408 -308 -1,603 569 -1,030 -184 -336 825 -30 -935 -1,347 -2,716
• Chg in inventory 0 0 -9,041 -1,408 -1,008 -1,643 1,279 -579 -387 -1,139 -778 1,487 -2,259 -4,058 -5,754 3,489 -6,313
• Chg in loans & advances 0 0 -5,670 1,446 -1,704 -331 -1,183 -541 26 262 1,749 549 -2,034 757 -749 1,416 -2,161
• Chg in other current assets 0 0 -105 -40 -29 -137 -174 -21 43 -162 97 289 22 93 -33 -9 -187
• Chg in other deferred assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other non-current assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -70 70
• Chg in current liabilities 0 0 12,939 5,244 2,519 3,291 1,231 3,773 1,109 1,324 -364 3,868 2,977 6,329 4,879 10,578 5,121
• Chg in provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other deferred liabilities 0 0 1,776 -1,776 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other non-current liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4
• Total tax paid 0 0 -1,662 -2,246 -3,246 -3,082 -2,327 -7,692 -5,552 -4,185 -2,892 -2,709 -3,319 -4,265 -6,006 -5,982 -2,723
+ Other operating activities -1,507 -131 -2,263 -2,691 -3,471 -2,856 -4,295 -4,878 2,143 1,412 -1,744 1,580 821 -1,610 0
• Cash flow from operating activities (a) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Capital expenditure 0 0 -7,770 -1,303 -3,607 -1,621 -2,472 -2,613 -1,364 -1,719 -2,690 -904 -1,576 -3,355 -5,660 -5,412 -2,426
• Chg in investments 0 0 -2,760 -547 508 127 -1,107 -12,581 -7,288 -2,102 3,454 2,154 -3,997 9,731 11,081 -9,314 34
• Chg in associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in marketable securities 0 0 -528 -1,481 -2,168 -3,213 -6,529 13,919 0 0 0 0 0 0 0 0 0
+ Proceeds from sale of assets
+ Acquisition/Disposal of subsidiaries
+ Other investing activities
• Cash flow from investing activities (b) 0 0 -11,057 -3,331 -5,267 -4,708 -10,109 -1,274 -8,652 -3,821 764 1,249 -5,574 6,376 5,421 -14,727 -2,392
• Free cash flow (a+b) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Equity raised/(repaid) 0 0 9,915 752 3,717 3,005 3,643 4,584 5,942 -7,706 -1,988 162 5,657 -6,781 -3,630 540 -3,575
• Chg in minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Debt raised/(repaid) 0 0 2,601 -735 777 -870 -657 -279 -254 16,460 -2,332 -14,142 355 -40 3,334 -4,219 0
• Dividend (incl. tax) 0 0 -1,325 -3,127 -4,483 -5,357 -8,769 -10,481 -11,568 -19,733 -13,562 -12,550 -13,988 -23,412 -16,936 -17,643 -16,497
+ Other financing activities
• Cash flow from financing activities (c) 0 0 11,191 -3,109 11 -3,223 -5,783 -6,176 -5,879 -10,979 -17,882 -26,529 -7,976 -30,233 -17,232 -21,322 -20,072
• Net chg in cash (a+b+c) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Check Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
• Balancing item Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
DEBT STRUCTURE
• Short-term debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Long-term debt 0 0 2,601 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 0
• Total debt 0 0 2,601 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 0
• Cash & bank 2,034 5,745 6,582 8,105 5,221 9,132 9,426 8,065 6,980 3,550 4,169 2,009 17,773 18,922 16,285
+ Marketable securities at market value
• Net debt/(cash) 0 0 567 -3,879 -3,939 -6,332 -4,105 -8,294 -8,843 8,978 7,731 -2,981 -3,245 -1,123 -13,554 -18,922 -16,285
BALANCE SHEET
+ Cash & bank 2,034 5,745 6,582 8,105 5,221 9,132 9,426 8,065 6,980 3,550 4,169 2,009 17,773 18,922 16,285
+ Marketable securities at cost 528 2,009 4,176 7,390 13,919
+ Debtors 1,435 1,455 1,929 2,337 2,645 4,248 3,679 4,709 4,893 5,228 4,404 4,434 5,369 6,716 9,432
+ Inventory 9,041 10,449 11,457 13,100 11,821 12,400 12,787 13,926 14,704 13,218 15,477 19,535 25,289 21,799 28,113
+ Loans & advances 5,670 4,224 5,928 6,258 7,441 7,982 7,956 7,693 5,944 5,395 7,429 6,672 7,421 6,006 8,167
+ Other current assets 105 145 174 311 485 506 463 625 528 239 217 124 157 166 354
• Total current assets 0 0 18,813 24,027 30,247 37,501 41,532 34,268 34,311 35,018 33,050 27,630 31,697 32,773 56,010 53,609 62,350
+ Investments 2,760 3,307 2,799 2,671 3,778 16,359 23,647 25,749 22,296 20,142 24,139 14,408 3,327 12,641 12,607
+ Associates
+ Gross fixed assets 9,542 10,358 13,841 14,811 16,687 19,359 19,944 21,417 23,142 23,751 24,627 26,691 28,817 35,820 37,596
- Less: Depreciation -3,264 -3,288 -4,207 -4,979 -5,949 -7,263 -7,789 -8,461 -8,911 -9,896 -10,619 -11,466 -12,750 -14,199 -15,905
+ Add: Capital WIP 939 871 904 1,040 1,297 1,105 1,069 738 944 980 1,103 1,856 4,721 2,740 2,888
• Net fixed assets 0 0 7,217 7,941 10,538 10,872 12,035 13,201 13,223 13,695 15,176 14,835 15,110 17,081 20,789 24,361 24,579
+ Deferred tax assets 0 0 0 0 0 2,465 2,699 2,674 2,260 2,201 2,245 2,124 2,548 2,487 2,097
+ Other deferred assets
+ Other non-current assets 70
• Total non-current assets 0 0 9,977 11,248 13,337 13,543 15,813 32,025 39,570 42,118 39,731 37,179 41,495 33,613 26,664 39,558 39,282
• Total assets 0 0 28,789 35,274 43,583 51,044 57,345 66,292 73,881 77,136 72,781 64,809 73,191 66,386 82,673 93,167 101,631
+ Creditors 10,640 15,018 17,518 19,335 19,242 21,508 20,834 18,406 20,292 23,450 24,638 28,785 33,050 43,737 57,828
+ Notes payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ ST Debt/Lease financing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Tax payable 264 718 402 500 1,722 519 0 673 574 746 692 338 0 0 2,656
+ Dividends payable 1,295 1,892 2,723 3,747 4,401 5,503 6,604 6,604 5,503 5,503 6,629 6,532 8,720 7,636 7,558
+ Other current liabilities 2,300 3,165 3,184 4,658 5,982 7,488 9,271 13,023 10,773 11,483 13,272 15,455 16,069 15,959 6,989
• Total current liabilities 0 0 14,498 20,794 23,827 28,239 31,347 35,018 36,709 38,706 37,143 41,183 45,231 51,110 57,838 67,332 75,031
+ LT Debt/Lease financing 2,601 1,866 2,643 1,773 1,116 837 583 3,836 1,504 569 925 885 4,219 0 0
+ Bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Convertible bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Preference share capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
debentures Debentures 0 0 0 0 0 0 0 13,207 13,207 0 0 0 0 0 0
+ Retirement provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other deferred liabilities 1,776 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other non-current liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 4
• Total non-current liabilities 0 0 4,376 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 4
• Total liabilities 0 0 18,874 22,659 26,470 30,012 32,463 35,855 37,292 55,749 51,854 41,752 46,155 51,995 62,058 67,332 75,035
+ Paid-up capital 1,992 1,992 2,196 2,201 2,201 2,201 2,201 2,201 2,201 2,201 2,207 2,177 2,180 2,182 2,160
+ Share premium
+ Retained earnings 0 1,948 2,729 3,643 3,849 4,820 5,480 -2,015 -488 1,479 0 -5,638 3,342 8,023 12,357
+ Revaluation reserves
+ Other reserves 7,924 8,676 12,189 15,189 18,831 23,415 29,357 21,651 19,664 19,826 25,478 18,726 15,094 15,632 12,080
• Reserves & surplus 0 0 7,924 10,623 14,918 18,831 22,681 28,235 34,837 19,636 19,176 21,305 25,478 13,088 18,436 23,655 24,437
- Less: Misc. exp.
• Shareholders' equity 0 0 9,915 12,615 17,113 21,032 24,881 30,436 37,039 21,837 21,377 23,506 27,685 15,265 20,616 25,836 26,596
+ Minorities
• Total shareholders' equity 0 0 9,915 12,615 17,113 21,032 24,881 30,436 37,039 21,837 21,377 23,506 27,685 15,265 20,616 25,836 26,596
• Total equity & liabilities 0 0 28,789 35,274 43,583 51,044 57,344 66,291 74,330 77,586 73,231 65,258 73,840 67,260 82,673 93,168 101,631
• Check ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡
• Balancing item 0 0 0 0 0 1 1 1 -450 -450 -450 -450 -649 -874 0 -1 0
CY 1994 CY 1995 CY 1996 CY 1997 CY 1998 CY 1999 CY 2000 CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 FY 2009 FY 2010e FY 2011e
RATIOS: FUNDAMENTALS
Operational & financials ratios
• Reported EPS (Rs)
• Man EPS (Rs)
• FDEPS (Rs)
• CEPS (Rs)
• CFPS (Rs)
• DPS (Rs) 1.1 1.5 2.2 2.9 3.5 5.0 5.5 7.2 5.0 5.0 6.0 9.1 7.5 6.5 6.5
• Book NAV/share (Rs) 4.5 5.7 7.8 9.6 11.3 13.8 16.8 9.9 9.7 10.7 12.5 7.0 9.5 11.9 12.2
+ Appraised NAV/share (Rs) 4.5 5.7 7.8 9.6 11.3 13.8 16.8 9.9 9.7 10.7 12.5 7.0 9.5 11.9 12.2
• Tax rate (%)
• Dividend payout ratio (%)
• Imports/Raw material (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• Exports/Net sales (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth ratios
• Net sales growth (%) 18.5 21.3 7.0 4.5 0.6 -6.7 1.8 -2.1 11.4 9.4 13.3 47.5 -13.4 10.6
• EBITDA growth (%)
• EBIT growth (%)
• EBIDA growth (%)
• NOPLAT growth (%)
• PBT growth (%)
• Net profit growth (%)
• EPS growth (%)
• Invested capital growth (%) -31.1 54.6 -4.7 3.6 1.5 -14.3 15.2 10.4 -60.9 18.7 -23.7 174.7 -106.5 -998.0
Margin ratios
• EBITDA margin (%)
• EBIT margin (%)
• EBIDA margin (%)
• NOPLAT margin (%)
• Pre-tax margin (%)
Performance ratios
• ROA (%)
• ROE (%)
• ROIC (%)
• RoIC/Cost of capital (x)
• ROIC - Cost of capital (%)
• ROCE (%)
• Wtd avg cost of cap (%) 3.4 1.9 1.9 1.0 0.5 0.3 0.2 4.8 4.3 0.2 0.3 0.6 1.8 0.0 0.0
• ROCE - WACC (%)
Efficiency ratios
• Asset turnover (x) 15.1 10.6 12.4 11.1 11.7 11.5 11.5 11.8 10.2 15.6 27.8 32.9 30.0 37.9 74.9
• Sales/Total assets (x) 4.6 2.4 2.4 2.1 2.0 1.7 1.4 1.3 1.3 1.6 1.8 2.0 2.7 2.0 2.0
• Sales/Net FA (x) 18.3 10.3 10.3 9.5 9.3 8.5 7.5 7.5 6.9 7.4 8.1 8.5 10.7 7.8 7.9
• Working capital/Sales (x) 0.0 -0.1 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.1 -0.1 -0.1 -0.2 -0.1
• Fixed capital/Sales (x) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• Receivable days 7.9 6.8 7.4 8.4 9.1 14.5 13.5 17.0 18.0 17.3 13.3 11.8 9.7 14.0 17.8
• Inventory days 50.0 48.8 44.1 47.1 40.7 42.4 46.9 50.1 54.1 43.6 46.7 52.0 45.6 45.4 52.9
• Payable days
Financial stability ratios
• Foreign debt/Total debt (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• Operating cash flow/Total debt (%)
• Total debt/Equity (%) 26.2 14.8 15.4 8.4 4.5 2.8 1.6 78.0 68.8 2.4 3.3 5.8 20.5 0.0 0.0
• Net debt/Equity (%) 5.7 -30.8 -23.0 -30.1 -16.5 -27.3 -23.9 41.1 36.2 -12.7 -11.7 -7.4 -65.7 -73.2 -61.2
• Current ratio (x) 1.3 1.2 1.3 1.3 1.3 1.0 0.9 0.9 0.9 0.7 0.7 0.6 1.0 0.8 0.8
• Quick ratio (x) 0.7 0.7 0.8 0.9 0.9 0.6 0.6 0.5 0.5 0.3 0.4 0.3 0.5 0.5 0.5
• Interest cover (x) n/a n/a n/a n/a n/a n/a n/a n/a
• Dividend cover (x)
• Net debt/Market capitalisation #DIV/0! #DIV/0! 0.0 -0.2 -0.2 -0.3 -0.2 -0.4 -0.4 0.4 0.4 -0.1 -0.2 -0.1 -0.7 -1.0 -0.8
• Gross debt/Market capitalisation #DIV/0! #DIV/0! 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.8 0.7 0.0 0.0 0.0 0.2 0.0 0.0
RATIOS: VALUATIONS
• PER (x) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
• PEG (x) - y-o-y growth n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
• PCE (x)
• PCF (x)
• Price/Book (x) 202.2 158.9 117.1 95.3 80.6 66.0 54.3 92.1 94.0 85.5 72.6 129.9 96.3 76.9 74.7
• Yield (%) 0.1 0.2 0.2 0.3 0.4 0.5 0.6 0.8 0.5 0.5 0.7 1.0 0.8 0.7 0.7
• EV/Net sales (x) 30.4 25.6 21.1 19.6 18.7 18.8 20.1 19.9 20.3 18.1 16.6 14.5 9.7 11.2 10.2
• EV/EBITDA (x)
• EV/EBIT (x)
• EV/EBIDA (x)
• EV/NOPLAT (x)
• EV/OPFCF
• EV/CE 140.3 138.0 101.1 87.3 76.4 64.0 53.2 51.9 55.9 83.4 70.2 122.7 79.4 76.1 74.1
• EV/IC (x) 458.1 270.4 260.1 218.7 219.7 215.9 230.8 234.5 208.1 283.5 461.0 475.8 291.9 424.9 762.0
• GEM (x) - y-o-y growth
Home 118% 2% -3%
Hindustan Lever Limited 1.280 59% 1% 14%
(Rs million) 77643.0000
Earnings Model FY10 FY11 FY12 FY13 FY14E FY15E
Income 0.038 0.045 0.047 0.055 0.053 0.056
Gross Sales 182,203 202,854 228,003 266,798 289,471 325,004
Excise 6,965 9,044 10,647 14,734 15,388 18,181
Net Sales 175,238 193,810 217,356 252,064 274,083 306,824
y-o-y growth 10.6% 12.1% 16.0% 8.7% 11.9%
Expenditure 50.7% 52.0% 54.0% 53.5% 52.3% 52.0%
Material Cost 88,779 100,781 117,378 134,888 143,436 159,647
As a % of sales 50.7 52.0 54.0 53.5 52.3 52.0
YoY growth (%) (17.9) 13.5 16.5 14.9 6.3 11.3
Personnel Cost 9,363 9,613 11,073 13,183 14,360 15,585
As a % of sales 5.3 5.0 5.1 5.2 5.2 5.1
YoY growth (%) (18.7) 2.7 15.2 19.1 8.9 8.5
General Expenditure 18,991 22,084 22,747 26,244 28,530 32,308
As a % of sales 10.8 11.4 10.5 10.4 10.4 10.5
YoY growth (%) (19.0) 16.3 3.0 15.4 8.7 13.2
Selling & Distribution 32,621 38,094 37,053 43,749 49,113 52,805
As a % of sales 18.6 19.7 17.0 17.4 17.9 17.2
YoY growth (%) (0.5) 16.8 (2.7) 18.1 12.3 7.5
Cost of Sales 149,754 170,571 188,250 218,065 235,439 260,344
As a % of sales 85.5 88.0 86.6 86.5 85.9 84.9
YoY growth (%) (14.8) 13.9 10.4 15.8 8.0 10.6
EBITDA 25,484 23,239 29,106 33,999 38,644 46,479
PBDIT Margin 14.54% 11.99% 13.39% 13.49% 14.10% 15.15%
y-o-y growth -8.8% 25.2% 16.8% 13.7% 20.3%
Depreciation 1840 2208 2183 2360 2606 2956
% of GFA 5.14 5.87 5.73 5.71 5.86 6.10
Financial Expenses 70 2.4 12.4 251.5 360.3 360
Other Income 3,496 2,729 2,783 6,069 6,210 6,053
Other Operating Income 3545.0 3807.7 6038.3 6108.4 6963.6
PBT 27,071 27,302 33,502 43,495 47,997 56,181
Provision for Taxation 6,044 5,769 7,384 10,030 11,014 16,292
Effective tax rate 22.3 21.1 22.0 23.1 25.4 29.0
PAT (before extraordinary items) 21,027 21,533 26,118 33,465 36,983 39,888
NP Margin 12.0% 11.1% 12.0% 13.3% 13.5% 13.0%
y-o-y growth 2.4% 21.3% 28.1% 10.5% 7.9%
Extra-ordinary/ Non-recurring Income(+)/exp (- 994 1527 1189 6084 2287 0
PAT (Reported) 22,021 23,060 26,914 37,967 38,675 39,888
Below PAT transfers & Provisions 0 0 0 0 1402 0
DPS 6.50 6.53 7.50 18.50 13.00 9.50
Dividend 14179 14106 16209 40000 28115 20546
Dividend Tax 2380 2314 2630 6557 4615 3339
Transfer to General Reserve 2202 2306 2691 3797 3868
Balance brought forward 4763 8023 12357 17740 5354
Carried over to R&S 8,023 12,357 17,740 5,354 6,028 16,004
No. of shares 2,182 2,160 2,160 2,160 2,162 2,162
EPS 9.6 10.0 12.1 15.49 17.11 18.450
Core EPS (ex - Other Income) 8.65 9.12 11.23 13.61 15.18 16.57
Core EPS (ex - Other Income/Other Operating 8.56 8.02 10.05 11.74 13.29 14.42
Cash per share 8.67 7.54 8.47 7.91 10.27 13.66
(Rs mn) Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12E Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14
Volume Growth % 10.30 14.00 13.00 14.00 8.2 9.4 8.3 10.1 9.0 7.0 5.0 6.0 4.0 5.0
Price Growth % -3.2 -3.3 -1.4 -0.6 6.1 7.9 7.2 9.8 4.3 4.3 4.8 6.1 2.9 4.5
Net sales 45,309 44,177 47,381 46,557 52,329 52,660 55,543 56,605 62,502 61,554 64,337 63,671 66,875 67,472
Growth, % 7.1 10.7 11.6 13.4 15.5 19.2 17.2 21.6 19.4 16.9 15.8 12.5 7.0 9.6
Gross Profit 22,684 22,189 23,712 21,581 23,372 24,322 26,774 25,382 28,824 28,860 30,146 29,346 32,047 32,773
Growth, % 8.5 10.3 7.2 6.3 3.0 9.6 12.9 17.6 23.3 18.7 12.6 15.6 11.2 13.6
Gross Margin % 50.1 50.2 50.0 46.4 44.7 46.2 48.2 44.8 46.1 46.9 46.9 46.1 47.9 48.6
Advertising Expenses 7,512 6,465 7,433 6,233 6,330 6,514 6,902 6,773 8,196 7,690 8,222 8,211 8,898 9,540
Growth, % 33.9 13.2 17.5 -0.5 -15.7 0.8 -7.1 8.7 29.5 18.1 19.1 21.2 8.6 24.1
Sales,% 16.6 14.6 15.7 13.4 12.1 12.4 12.4 12.0 13.1 12.5 12.8 12.9 13.3 14.1
Other Operating expenses 9,975 10,883 10,903 10,387 11,219 11,233 12,155 11,329 12,250 12,956 13,248 12,404 13,509 13,834
EBITDA 6,520 6,179 6,932 6,160 7,279 7,967 9,386 8,334 9,665 9,767 10,888 9,718 10,856 10,853
Growth, % -4.8 -0.8 -7.9 7.8 11.6 28.9 35.4 35.3 32.8 22.6 16.0 16.6 12.3 11.1
EBITDA Margin, % 14.4 14.0 14.6 13.2 13.9 15.1 16.9 14.7 15.5 15.9 16.9 15.3 16.2 16.1
Tax provided 1,548 1,426 1,724 1,337 1,802 2,057 2,271 1,783 2,675 2,556 2,795 2,293 3,047 2,827
Effective Tax Rate % 23.1 21.3 23.1 20.7 24.1 24.2 22.9 21.1 23.8 24.1 24.2 22.7 25.6 24.2
PC Net Profit 5,024 5,151 5,668 4,965 5,602 6,328 7,354 6,678 8,546 8,059 8,762 7,809 8,850 8,834
Growth, % -6.8 7.0 -2.2 21.6 11.5 22.8 29.8 34.5 52.6 27.4 19.1 16.9 3.6 9.6
PAT Margin, % 11.1 11.7 12.0 10.7 10.7 12.0 13.2 11.8 13.7 13.1 13.6 12.3 13.2 13.1
Adj Fully Dilluted EPS, Rs 2.4 2.4 2.7 2.4 2.7 3.0 3.5 3.1 4.0 3.7 4.1 3.6 4.1 4.1
Segment wise Revenue Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12E Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14
Soap and Detergents 22,645 21,294 21,929 22,075 25,576 25,961 26,481 28,344 31,631 31,762 31,712 31,911 34,077 33,808
Personal products 13,655 13,649 16,547 14,608 15,823 15,562 18,134 16,333 18,471 17,445 20,489 18,311 18,834 19,503
Beverages 5,378 5,700 6,022 6,347 6,086 6,542 6,704 6,832 6,541 7,196 7,929 8,081 7,574 8,354
Processed foods 2,111 2,195 2,219 3,173 3,721 3,323 3,067 3,481 4,370 3,663 3,301 3,723 4,579 3,980
Revenue Growth YoY %

Soap and Detergents 12.95 21.92 20.76 28.40 23.67 22.34 19.75 12.59 7.73 6.44
Personal products 15.87 14.02 9.59 11.81 16.74 12.10 12.99 12.11 1.97 11.80
Beverages 13.15 14.76 11.32 7.64 7.48 10.00 18.28 18.29 15.79 16.10
Processed foods 76.25 51.40 38.17 9.69 17.44 10.23 7.66 6.98 4.78 8.65
Segment EBIT
Soap and Detergents 2,488 2,501 1,693 1,650 2,361 3,212 3,559 3,201 3,852 4,536 3,937 3,830 4,393 4,739
Personal products 3,388 3,140 4,769 3,652 4,107 3,965 4,881 4,555 4,757 4,226 5,789 4,717 4,682 4,449
Beverages 695 876 1,014 993 754 877 1,052 984 950 1,031 1,404 1,362 1,387 1,417
Segment EBIT Growth YoY %

Soap and Detergents -5.10 28.44 110.18 93.94 63.19 41.19 10.63 19.67 14.04 4.48
Personal products 21.23 26.28 2.36 24.74 15.81 6.59 18.59 3.56 -1.58 5.28
Beverages 8.44 0.18 3.75 -0.91 25.93 17.46 33.47 38.43 46.06 37.48
Segment EBIT Margins %

Soap and Detergents 10.98 11.75 7.72 7.48 9.23 12.37 13.44 11.29 12.18 14.28 12.42 12.00 12.89 14.02
Personal products 24.81 23.00 28.82 25.00 25.96 25.48 26.92 27.89 25.75 24.22 28.25 25.76 24.86 22.81
Beverages 12.93 15.36 16.83 15.64 12.39 13.41 15.69 14.40 14.52 14.32 17.70 16.85 18.31 16.96
Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12E Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14
Volume growth 5.00 6.50 4.75 8.50 8.50 9.50 7.00 8.40 7.60 6.75
Price Growth 10.35 14.30 16.15 19.30 15.30 12.50 12.50 4.65 0.10 0.10
Lux 2.10 2.63 2.98 3.50 2.80 2.28 2.28 0.00 (0.88) (0.18)
Lifebuoy 1.75 2.63 2.98 3.50 2.80 2.28 2.28 0.00 (0.88) (0.18)
Rin 1.50 2.25 2.55 3.00 2.40 1.95 1.95 1.50 0.75 0.15
Other brands - Soap 1.50 2.25 2.40 3.00 2.40 1.80 1.80 0.00 (0.45) 0.30
Other brands - Detergents 3.50 4.55 5.25 6.30 4.90 4.20 4.20 3.15 1.55 0.00
Volume growth 17.50 18.00 18.00 17.00 14.00 7.75 2.25 0.50 (3.00) 3.00
price growth 2.00 0.00 (4.00) 0.00 2.25 4.00 10.00 11.50 5.00 9.50
Beverages 13.00 14.50 11.00 7.50 7.35 9.73 17.66 17.60 17.00 17.00
Volume growth 3.00 3.50 0.00 5.00 (0.60) 1.60 11.00 12.00 7.00 4.50
price growth 10.00 11.00 11.00 2.50 8.00 8.00 6.00 5.00 10.00 12.50
Processed Foods
Volume growth 18.00 20.00 16.00 10.00 16.10 7.80 5.26 5.00 5.00 4.50
price growth
Ice Cream 10.0 20.0 6.0 6.0 19.3 16.6 16.6 14.5 2.0 10.0
company Volume Growth 8.19 9.36 8.29 10.09 8.85 7.26 5.43 5.86 3.95 4.98
company price growth 6.11 7.91 7.21 9.77 9.59 8.75 10.06 6.52 2.80 4.49
CY96 CY97 CY98 CY99 CY00
Raw Material Consumed

Oils, fats & raisins
Chemicals & perfumes
Tea
Others
Growth YoY %
Tea
Others
Contribution %
Tea
Others
Assumptions
Oils, Fats & Raisins
- Volume
- Inflation

- Volume
- Inflation
Tea
- Volume
- Inflation
Others
Gross Purchase of Finished Goods

Processed Trigylcerides
Soaps
Synthetic Detergents
Personal products
Frozen Desserts & Ice Creams
Tea
Others
Excise Duty
% of Gross Purchases
Net Purchases
% of Sales
Growth YoY %
Gross Purchase of Finished Goods
Soaps
Personal products
Tea
Others
Assumptions
Soaps
- Volume
- Inflation
- Volume
- Inflation
Personal products
- Volume
- Inflation
- Volume
- Inflation
% of Sales
Tea
Soaps
Personal products
Tea
Packing Material
Raw Materials consumed

Oils, fats & Rosins 7587 7683 9046 7791 4909
Tons 325664 304692 270408 261907 234087
Cost (Rs mn)/ton 0.023 0.025 0.033 0.030 0.021
Chemicals & perfumes 6707 6690 7201 8111 8939
Tons 506280 561437 567970 678887 677043
Cost (Rs mn)/ton 20.200 0.012 0.013 0.012 0.013
Tea & Green Leaf 6072 7513 8883 7944 8711
Tons 209748 182170 196130 215889
Cost (Rs mn)/ton #DIV/0! 0.036 0.049 0.041 0.040
Coffee 912 972 1231 1226 1186
Tons 14063 13421 15083 18033 16215
Cost (Rs mn)/ton 0.065 0.072 0.082 0.068 0.073
Others(agri comm, scourers, edible oils, fats) 5035 4890 6112 8188 7606
Total 26312.26 27747.97 32473.40 33260.62 31351.03
as % of total sales 39.9% 35.5% 34.2% 32.8% 29.6%
Purchase of goods
Processed triglycerides/hydrogenated oils/vanaspati
Tons
Cost/ton
Soaps 2124.2 3923.4 3779.4 3428.7 2628.8
Tons 57856.00 100032.00 88439.00 87306.00 79878.00
Cost/ton 0.037 0.039 0.043 0.039 0.033
Synthetic detergents 4556.5 5257.1 4787.3 5448.8 5454.9
Tons 331109.00 359531.00 322450.00 355558.00 379882.00
Cost/ton 0.014 0.015 0.015 0.015 0.014
Personal Products ('000 nos) 2887.7 3496.6 4430.9 5355.0 5360.9
897971.00 1286092.00 1704156.00 2089832.00 2798177.00
Cost/'000 0.003 0.003 0.003 0.003 0.002
Marine Products 1972.0 2603.0 4667.7 5855.0 5850.7
Tons 24843.00 15258.00 24195.00 31154.00 25238.00
Cost/ton 0.079 0.171 0.193 0.188 0.232
Ice creams 780.4 867.9 667.8 752.4 767.9
Tons 15999.00 17294.00 18.00 16.00 16.00
mn Rs/kltr 0.049 0.050 0.037 0.047 0.048
Others (agri, oil, fats, etc) 2170.4 3311.8 4425.7 5213.4 6070.3
Gross Purchase 14491.3 19459.8 22758.8 26053.3 26133.5
Less: Excise duty paid
Net Purchase 14491 19460 22759 26053 26133
as % of total sales 22.0% 24.9% 24.0% 25.7% 24.6%
Net Purchase as % of sales 22.0% 24.9% 24.0% 25.7% 24.6%
CY01 CY02 CY03 CY04 CY05 CY06 CY07 FY09 FY10
30,056 33,865 38,137 41,347 66,974 52,523

5,771 6,882 8,226 9,260 14,409 8,293
13,095 15,827 18,135 19,172 32,925 25,143
6,646 6,505 6,206 5,951 10,597 10,576
4,544 4,651 5,571 6,964 9,044 8,511
12.6 8.4 30.5 (21.6)

19.5 12.6 33.5 (42.4)
14.6 5.7 30.5 (23.6)
(4.6) (4.1) 69.6 (0.2)
19.8 25.0 (0.1) (5.9)
31.5 30.1 33.1 30.0

6.8 6.8 7.1 4.7
15.0 14.0 16.3 14.3
5.1 4.3 5.2 6.0
4.6 5.1 4.5 4.9
16,431 17,578 19,236 23,441 32,127 24,911

1,659 1,546 538 615 145 106
2,653 2,318 2,364 2,644 3,716 3,662
2,804 3,417 4,493 5,839 10,651 8,684
5,002 5,130 6,540 8,026 8,898 6,198
512 434 309 239 234 231
3,801 4,733 4,992 6,077 8,482 6,031
1,707 1,439 1,721 2,215 3,676 1,994

10.4 8.2 8.9 9.4 11.4 8.0
14,724 16,139 17,515 21,226 28,451 22,917
14.8 14.6 14.5 15.5 14.1 13.1
6.98 9.44 21.86 24.45

(6.82) (65.17) 14.23 (86.06)
(12.62) 1.97 11.85 32.58
21.86 31.49 29.97 82.41
2.55 27.51 22.71 5.59
(15.33) (28.74) (22.66) (79.44)
24.52 5.46 21.75 29.23
4981 6925 7255 5771 6882 8226 9260 14409 8293

248141 289699 274117 206302 245443 282167 283479 339192 212851
0.020 0.024 0.026 0.028 0.028 0.029 0.033 0.042 0.039
11046 12040 11816 13095 15827 18135 19172 32925 25143
784546 937730 860754 938831 1066362 1065344 1123943 1411011 1082781
0.014 0.013 0.014 0.014 0.015 0.017 0.017 0.023 0.023
8127 6123 6681 6646 6505 6206 5951 10597 10576
228950 195191 182691 166939 110008 1199500 83153 117606 90756
0.035 0.031 0.037 0.040 0.059 0.005 0.072 0.090 0.117
1070 1067 1179 1209 1683 1849 2105 2684 1530
14895 33847 31190 25292 25704 25860 25706 27247 16609
0.072 0.032 0.038 0.048 0.065 0.072 0.082 0.099 71.900
6797 6232 5298 4544 4651 5571 6964 9044 8511
32020.75 32387.05 32228.61 31265.79 35547.63 38137.10 41347.10 66973.70 52522.60
30.0% 32.4% 32.2% 31.5% 32.1% 31.5% 30.1% 33.1% 30.0%
0.52 0.58 0.61 0.70 0.63 0.56

2208.8 1659.2 1546.0 538.4 615.0 145.4 105.5
49855.00 43334.00 43008.00 16179.00 14325.00 2098.00 1682.00
0.044 0.038 0.036 0.033 0.043 0.069 0.063
2560.8 661.7 2217.2 2653.1 2318.3 2364.0 2644.1 3715.9 3661.5
62295.00 20712.00 53316.00 66273.00 65998.00 54607.00 52103.00 41176.03 47705.56
0.041 0.032 0.042 0.040 0.035 0.043 0.051 0.090 0.077
3904.1 1447.3 2242.5 2803.9 3416.7 4492.7 5839.3 10651.3 8683.7
258897.00 120244.00 189020.00 223744.00 245999.00 270723.00 297910.00 437065.00 396719.00
0.015 0.012 0.012 0.013 0.014 0.017 0.020 0.024 0.022
6830.9 5020.6 5067.4 5001.8 5129.5 6540.4 8025.7 8898.4 6197.6
3809447.00 2995217.00 3520627.00 3857783.00 5401787.00 6919860.00 8739272.00 10507919.00 8447802.00
0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001
3259.9 89.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0
15003.00 419.00 890.70
0.217 0.214 41.000
832.6 530.9 466.8 512.2 433.7 309.1 239.0 234.2 231.4
17.00 6.00 8.00 8.00 9.00 7.00 5.00 7.00 6.00
0.049 0.088 0.058 0.064 0.048 0.044 55.800
7609.1 6832.8 3845.0 3801.2 4733.3 4991.6 6077.3 8482.0 6031.2
24997.5 14583.0 16047.6 16431.3 17577.6 19236.2 23440.5 32127.2 24910.9
3035.900 1635.838 1750.056 1707.379 1438.578 1721.067 2214.944 3676.492 1993.500
21962 12947 14298 14724 16139 17515 21226 28451 22917
23.4% 14.6% 16.0% 16.6% 15.9% 15.9% 17.1% 15.9% 14.2%
20.6% 12.9% 14.3% 14.8% 14.6% 14.5% 15.5% 14.1% 13.1%
FY11 FY12 FY13 FY14 FY15E FY16E FY17E FY18E FY19E
58,854 66,833 82,882 89,122 94,359 89,033 94,495 103,117 113,035

11,637 13,951 16,155 17,110 19,289 15,473 16,734 18,100 19,577
29,071 36,399 46,126 48,882 50,726 47,867 50,739 56,205 62,532
11,130 9,198 11,871 13,365 14,654 15,973 17,107 18,501 20,204
7,017 7,286 8,730 9,765 9,691 9,720 9,914 10,311 10,723
12.1 13.6 24.0 7.5 5.9 (5.6) 6.1 9.1 9.6

40.3 19.9 15.8 5.9 12.7 (19.8) 8.2 8.2 8.2
15.6 25.2 26.7 6.0 3.8 (5.6) 6.0 10.8 11.3
5.2 (17.4) 29.1 12.6 9.6 9.0 7.1 8.2 9.2
(17.6) 3.8 19.8 11.9 (0.8) 0.3 2.0 4.0 4.0
30.4 30.7 32.9 32.5 31.3 28.3 27.8 27.5 27.3

6.0 6.4 6.4 6.2 6.4 4.9 4.9 4.8 4.7
15.0 16.7 18.3 17.8 16.8 15.2 14.9 15.0 15.1
5.7 4.2 4.7 4.9 4.9 5.1 5.0 4.9 4.9
3.6 3.4 3.5 3.6 3.2 3.1 2.9 2.8 2.6
(10.4) 8.2 8.2 8.2

6.0 5.0 4.0 4.0
(15.5) 3.0 4.0 4.0
(4.2) 6.0 10.8 11.3

6.5 6.0 6.5 7.0
(10.0) 0.0 4.0 4.0
3.0 7.1 8.2 9.2

3.0 5.0 5.0 5.0
0.0 2.0 3.0 4.0
4.0 2.0 4.0 4.0
30,906 32,897 35,605 36,326 40,101 43,400 Err:523 51,583 57,300

117 147 122 143 144 213 235 262 292
3,945 4,186 5,649 3,572 5,012 5,419 5,690 6,273 6,915
10,531 10,761 9,864 9,722 9,735 10,474 10,998 12,124 13,366
8,086 8,360 9,295 10,717 11,933 12,661 13,475 15,120 17,081
359 518 623 781 924 1,048 Err:523 1,368 1,567
112 115 81 18 4
7,757 8,811 9,971 11,373 12,349 13,584 14,942 16,436 18,080
2,725 2,656 3,252 2,824 3,121 3,385 Err:523 4,023 4,469

8.8 8.1 9.1 7.8 7.8 7.8 Err:523 7.8 7.8
28,181 30,241 32,353 33,502 36,980 39,512 Err:523 47,560 52,831
14.5 13.9 12.8 12.2 12.3 12.6 Err:523 12.7 12.7
24.07 6.44 8.23 2.03 10.39 8.23 Err:523 Err:523 11.08

10.90 25.98 (17.23) 17.46 0.21 48.66 10.25 11.30 11.30
7.75 6.09 34.96 (36.77) 40.32 8.12 5.00 10.24 10.24
21.27 2.19 (8.33) (1.44) 0.14 7.59 5.00 10.24 10.24
30.47 3.39 11.18 15.31 11.34 6.10 6.43 12.21 12.97
54.93 44.46 20.24 25.45 18.33 13.40 Err:523 Err:523 14.56
2.32
28.61 13.60 13.17 14.06 8.58 10.00 10.00 10.00 10.00
31.0 0.0 6.0 8.1 5.0 10.2 10.2

31.0 6.0 6.0 5.0 6.0 6.0
0.0 0.0 0.0 2.0 0.0 4.0 4.0
(19.9) (1.3) 5.2 7.6 5.0 10.2 10.2
(19.9) (1.3) 5.2 6.0 5.0 6.0 6.0
0.0 0.0 0.0 1.5 0.0 4.0 4.0
13.3 2.2 7.6 6.1 6.4 12.2 13.0
9.0 2.2 7.6 5.1 6.4 7.9 8.6
4.0 0.0 0.0 1.0 0.0 4.0 4.0
21.5 9.3 15.1 13.4 Err:523 14.6 14.6
16.8 4.1 9.6 8.0 Err:523 9.1 9.1
4 5 5 5 5 5 5
6.4
18.3
4.7
0.0
2.2
3.9
3.7
0.2
0.0
7.9
11637 13270 16153 18539 20058 22720 25491 28871 32440

246492 223985 247852 268362 287472 307198 325159 347426 368271
0.047 0.059 0.065 0.069 0.070 0.074 0.078 0.083 0.088
29071 36396 41219 46033 50658 43203 47993 54126 61390
1216780 1384900 1452257 1530033 1618999 1725945 1822540 1920977 2036236
0.024 0.026 0.028 0.030 0.031 0.025 0.026 0.028 0.030
11130 9182 10100 10908 11781 12723 13741 14841 16028
2258 85247 12807 13447 14119 14825 15567 16345 17162
4.929 4889.400 4889.400 5231.658 5597.874 5989.725 6409.006 6857.636 7337.671
1959 2204 2424 2667 3143 3503 3904 4350 4785
85 117
7017 7286 11075 12626 13888 14444 15888 17477 19224

58853.90 66134.59 78547.59 88105.26 96384.20 93090.07 103113.78 115314.89 129082.05
30.4% 30.4% 33.6% 34.8% 34.6% 31.8% 32.5% 32.9% 33.4%
0.50 0.50
117.0 139.4 161.4 180.5 191.8 213.5 235.4 262.0 291.6
1729.00 1872.66 2065.44 2199.69 2337.17 2477.40 2601.27 2757.35 2922.79
0.068 0.074 0.078 0.082 0.082 0.086 0.090 0.095 0.100
3945.1 4185.0 4943.5 5475.4 5817.6 6413.3 7003.4 7720.5 8511.1
55976.30 53737.25 60454.41 64383.94 68407.94 72512.41 76138.03 80706.32 85548.70
0.070 0.078 0.082 0.085 0.085 0.088 0.092 0.096 0.099
10530.5 10754.3 11856.6 12947.4 13599.9 12729.5 13504.5 14466.3 15496.7
482438.00 458316.10 481231.91 505293.50 525505.24 546525.45 565653.84 585451.73 605942.54
0.022 0.023 0.025 0.026 0.026 0.023 0.024 0.025 0.026
8086.1 8361.0 9615.2 11057.5 12716.1 14623.5 16817.0 19339.6 22240.5
8568848.00 9312105.61 10918443.82 11867202.15 13161371.35 14111167.21
0.001 0.001 0.001 0.001 0.001 0.001
0.0 0.0 0.0 0.0 0.0 0.0
358.5 517.9 616.3 708.8 800.9 901.0 1000.2 1100.2 1199.2

389.60
7868.9 8926.1 9997.2 11196.9 12540.5 14045.4 15730.8 17618.5 19732.8

30906.1 32883.7 37190.3 41566.5 45666.9 48926.3 54291.2 60507.1 67471.8
2724.800 2656.000 3012.410 3366.883 3699.018 3963.029 4397.586 4901.071 5465.213
28181 30228 34178 38200 41968 44963 49894 55606 62007
15.9% 15.1% 15.9% 16.4% 16.4% 16.7% 17.1% 17.3% 17.4%
14.5% 13.9% 14.6% 15.1% 15.1% 15.4% 15.7% 15.9% 16.0%
FY20E FY21E
123,974
21,123 17% 8
69,826 54% (20)
21,873 18% 3
11,152 11% 0
112,747
60 (8)
9.7 30 7
7.9 (276)
11.7
8.3
4.0
27.0
4.6
15.2
4.8
2.4
7.9
3.8
4.0
11.7
7.4
4.0
8.3
4.6
3.5
4.0
63,542
318
7,461
14,595
19,487
1,794
19,888
6,418
10.1
57,125
12.4
10.89
8.94
7.90
9.20
14.08
14.46
10.00
7.9
3.8
4.0
9.2
5.0
4.0
14.1
9.7
4.0
14.5
9.0
5
35675 40071
382081 404870
0.093 0.099
68972 77490
2138048 2244950
0.032 0.035
17310 19041
18020 18921
7851.308 8400.900
5466 6087
21147 23262
143104.25 159863.95
33.3% 33.6%
317.6 345.2
3032.39 3138.53
0.105 0.110
9183.5 9885.1
88756.77 91863.26
0.103 0.108
16600.4 17696.9
627150.52 645965.04
0.026 0.027
25576.6 29413.1 30.5% 3.4% 15.0% 15.0% 15.0% 15.0% 15.0%
1295.1 1398.7
22100.7 24752.8
75073.9 83491.7
6080.986 6762.828
68993 76729
17.5% 17.5%
16.1% 16.1%
Category contribution as % net s
15.0% 15.0% 15.0% 15.0%

ory contribution as % net sales
CY97 CY98 CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 FY09 FY10 FY11
15 months
Revenues 76,098 102,455 100,353 111,939 122,580 138,559 205,390
177,659 197,157
Soaps & Detergents 33,601 35,648 38,988 39,661 39,515 41,774 43,794 44,707 49,617 55,959 63,999 98,846
82,656 88,011
Personal products 8,844 15,263 17,647 18,326 20,945 20,875 24,102 24,722 29,519 33,598 36,866 53,845
50,479 58,504
Beverages 13,058 15,653 13,097 16,790 16,150 13,450 11,842 11,946 12,774 13,307 15,406 22,995
21,424 23,465
Packaged Foods 6,959 3,740 4,119 5,220 7,016 10,436
9,618 11,784
Others 15,758 15,237 15,910 14,496 15,271 19,267
13,481 15,393
Other Operating Income 1,083 1,333 1,546 1,381 2,997
2,421 3,545
Net Sales 121,034 137,178 202,393
175,238 193,612
Excise Duty 9,317 10,440 14,107
6,965 9,044
% of Gross Sales 7.15 7.07 6.523.82 4.46
198
Gross Sales 130,351 147,618 216,500 182,203 202,656
Volume Growth YoY %

Price Growth YoY %
Growth YoY %
Total Revenues 13.34 47.54 (13.42) 10.49
Soaps & Detergents 2.09 10.98 12.78 14.37 54.45 (16.38) 6.48
Personal products 2.58 19.40 13.82 9.73 46.06 (6.25) 15.90
Beverages 0.88 6.94 4.17 15.77 49.26 (6.83) 9.53
Packaged Foods (46.25) 10.12 26.73 34.41 25.00 25.00 22.53
Others (3.31) 4.41 (8.89) 5.35 26.16 (30.03) 14.18
Contribution %
Soaps & Detergents 0.6 0.5 0.6 0.5 0.5 0.5 42.7 44.6 44.3 45.7 46.2 48.1 46.5 44.6
Personal products 0.2 0.2 0.3 0.2 0.3 0.3 23.5 24.6 26.4 27.4 26.6 26.2 28.4 29.7
Beverages 0.2 0.2 0.2 0.2 0.2 0.2 11.6 11.9 11.4 10.9 11.1 11.2 12.1 11.9
Packaged Foods 6.8 3.7 3.7 4.3 5.1 5.1 5.4 6.0
Others 15.4 15.2 14.2 11.8 11.0 9.4 7.6 7.8
Contribution %
Soaps 56.3 55.1 53.1 51.6 53.8 55.8 56.0 54.0 52.8 50.7 51.3 46.7 48.8 48.6
Detergents 43.7 44.9 46.9 48.4 46.2 44.2 44.0 46.0 47.2 49.3 48.7 53.3 51.2 51.4
Assumptions
Soaps & Detergents Price Growth YoY % 12.6 4.2 4.8 (0.6) (2.6) 6.2 2.0 0.4 5.2 6.1 7.8 27.4 6.5 (6.9)
Soaps & Detergents Volume Growth YoY % 2.2 2.1 4.5 2.6 2.3 (0.0) (1.8) 1.5 5.5 6.6 4.7 (3.0) (2.6) 14.2
Soaps & Detergents Growth YoY % 15.1 6.4 9.5 2.0 (0.4) 6.1 0.2 1.8 11.0 12.8 14.4 23.6 4.5 6.5
Toilet Soaps 13.4 2.3 7.1 (2.0) (3.1) 10.2 3.7 2.1 6.8 10.5 8.3 13.2 8.3 5.7
- Volume 2.8 (1.6) 1.7 0.4 (1.5) (1.0) (2.2) (0.9) 1.0 5.8 1.5 (9.1) (2.0) 8.5
- Price 10.3 3.9 5.3 (2.4) (1.7) 11.3 6.1 3.1 5.7 4.4 6.7 24.4 10.6 (2.6)
Detergents 17.2 11.4 12.3 6.2 2.8 1.0 (4.3) 1.4 15.6 15.9 17.8 32.9 (0.4) 6.4
- Volume 1.5 6.6 7.7 4.8 6.7 1.2 (1.2) 4.3 10.6 7.5 8.2 2.3 (3.1) 19.6
- Price 15.5 4.5 4.3 1.3 (3.7) (0.2) (3.1) (2.8) 4.5 7.8 8.9 29.9 2.7 (11.0)
Personal Products 15.6 3.9 14.3 (0.3) 14.5 2.9 21.7 15.4 11.7 16.4 13.7 16.0
- Volume 23.1 16.7 18.5 (2.8) 41.4 11.4 26.0 21.7 10.0 7.9 12.1 15.1
- Price (6.1) (11.0) (3.5) 2.5 (19.0) (7.6) (3.4) (5.2) 1.5 7.9 1.4 0.8
Beverages (12.5) 25.1 (2.3) (13.6) 2.1 (0.2) 7.0 1.5 11.0 10.4 8.8 9.0
- Volume (9.3) 16.1 (0.6) (12.8) 8.2 (12.6) 9.2 (5.7) (6.8) 3.8 (10.3) 0.7
- Price (3.5) 7.8 (1.7) (0.9) (5.6) 14.3 (2.0) 7.7 19.0 6.4 21.2 8.2
Packaged Foods
Packaged Foods Volume Growth YoY %
Branded
- Volume
- Price
Staples
- Volume
- Price
Contribution %
Branded
Staples
Others
Exports
FY12 FY13 FY14 FY15E FY16E FY17E
220,954 257,467 279,208 307,193 319,872 345,637

106,363 127,018 136,834 148,766 150,533 161,221
65,854 74,717 81,209 90,065 96,565 105,430
26,174 29,747 33,119 36,315 38,877 42,045
13,595 15,057 16,483 18,918 21,171 Err:523
8,969 10,928 11,563 13,129 12,726 13,198
3,808 6,038 6,108 6,351 5,619 5,956
217,146 251,428 273,099 300,842 314,253 339,681
10,647 14,734 15,388 17,801 24,303 Err:523
4.67 5.54 5.33 5.59 7.18 7.18
227,793 266,162 288,487 318,643 338,556 Err:523
4.0 5.0 5.8 Err:523

Err:523
12.16 15.79 8.62 10.16 4.46 8.09

20.85 19.42 7.73 8.72 1.19 7.10
12.56 13.46 8.69 10.91 7.22 9.18
11.55 13.65 11.34 9.65 7.05 8.15
15.36 10.76 9.47 14.77 11.91 Err:523
(41.74) 21.85 5.81 13.54 (3.07) 3.70
48.1 49.3 49.0 48.4 47.1 46.6

29.8 29.0 29.1 29.3 30.2 30.5
11.8 11.6 11.9 11.8 12.2 12.2
6.2 5.8 5.9 6.2 6.6 Err:523
4.1 4.2 4.1 4.3 4.0 3.8
44.5 46.9 46.5 46.1 44.3 44.3

55.5 53.1 53.5 53.9 55.7 55.7
13.9 9.4 1.7 5.9 (4.0) 2.0

5.6 8.2 5.6 5.7 6.0 5.0
20.9 19.4 7.7 8.7 1.2 7.1
9.2 24.6 6.2 7.8 (3.5) 7.1
(4.0) 12.5 6.5 6.3 6.0 5.0
13.8 10.8 2.0 6.0 (4.0) 2.0
29.2 13.1 7.6 9.7 3.9 7.1
13.3 4.5 4.8 5.2 6.0 5.0
14.0 8.3 1.5 5.8 (4.0) 2.0
9.9 17.3 8.7 10.9 7.2 9.2

8.8 6.0 4.8 7.0 6.0 6.0
1.0 7.0 5.8 6.0 4.0 3.0
(1.7) (61.6) 9.8 9.8 9.8 8.2
(8.5) 5.0 4.5 5.0 4.0 5.0
7.4 7.5 9.4 4.0 3.0 3.0
15.4 10.8 9.5 14.8 11.9 Err:523

3 6 10 8 Err:523
15 6 14 11 12
2 6 12 8 9
8 3 7 4 4
4 9 12 12 12
5 6 7 8 8
6 3 5 4 4
55 53 52 52 Err:523
45 47 48 48 48
42.5 10.0 12.5 14.0 15.0

15 15 15 15 15
Home
Hindustan Lever Limited
(Rs million)
Earnings Model CY95 CY96 CY97 CY98 CY99 CY00 CY01 CY02 CY03 CY04
Income 0.091 0.086 0.088
Gross Sales 71200.6 83427.5 102152.4 109177 113921 117813 109516 110960 108884
Excise 5199.5 5230.4 7333.9 7753 7884 11137 9968 9577 9614
Net Sales 33,669 66,001 78,197 94,818 101,424 106,037 106,675 100,000 101,384 99,269
y-o-y growth 96.0% 18.5% 21.3% 7.0% 4.5% 0.6% -6.3% 1.4% -2.1%
Expenditure 68.0% 65.5% 64.6% 62.9% 60.8% 56.7% 52.0% 52.1% 54.5%
Material Cost 44,881 51,193 61,273 63,834 64,430 60,504 51,956 52,852 54,121
As a % of sales 68.0 65.5 64.6 62.9 60.8 56.7 52.0 52.1 54.5
YoY growth (%) 14.1 19.7 4.2 0.9 (6.1) (14.1) 1.7 2.4
Personnel Cost 3850.4 4487.2 5272.3 5841 6144 5917 5991 5786 5748
As a % of sales 5.8 5.7 5.6 5.8 5.8 5.5 6.0 5.7 5.8
YoY growth (%) 16.5 17.5 10.8 5.2 (3.7) 1.3 (3.4) (0.7)
General Expenditure 5653.1 7361.3 7903.3 8629 9270 10099 9552 10729 11650
As a % of sales 8.6 9.4 8.3 8.5 8.7 9.5 9.6 10.6 11.7
YoY growth (%) 30.2 7.4 9.2 7.4 8.9 (5.4) 12.3 8.6
Selling & Distribution 5622.7 7573.2 10226.3 10903 11553 13016 12490 12249 13377
As a % of sales 8.5 9.7 10.8 10.7 10.9 12.2 12.5 12.1 13.5
YoY growth (%) 34.7 35.0 6.6 6.0 12.7 (4.0) (1.9) 9.2
Cost of Sales 60,007 70,615 84,675 89,207 91,397 89,536 79,990 81,617 84,896
As a % of sales 90.9 90.3 89.3 88.0 86.2 83.9 80.0 80.5 85.5
YoY growth (%) 17.7 19.9 5.4 2.5 (2.0) (10.7) 2.0 4.0
EBITDA 5994.3 7582.3 10143.4 12217 14641 17140 20010 19767 14374
PBDIT Margin 9.08% 9.70% 10.70% 12.05% 13.81% 16.07% 20.01% 19.50% 14.48%
y-o-y growth 26.5% 33.8% 20.4% 19.8% 17.1% 16.7% -1.2% -27.3%
Depreciation 552.6 579.5 1010.5 1288 1309 1447 1341 1248 1209
% of GFA
Financial Expenses 570.0 338.9 292.8 224 131 77 92 668 1300
Other Income 1180.8 1838.7 2447.4 3190 3451 3373 3563 3844 2943
Other Operating Income
PBT 6052.5 8502.5 11287.5 13896 16650 18,989 22,140 21,695 14,808
Provision for Taxation 1925.5 2700.0 2930.0 3180 3550 3,935 4,742 4,732 3,158
Effective tax rate 31.8 31.8 26.0 22.9 21.3 20.7 21.4 21.8 21.3
PAT (before extraordinary items) 4127.0 5802.5 8357.5 10716 13100 15053 17398 16963 11650
NP Margin 6.3% 7.4% 8.8% 10.6% 12.4% 14.1% 17.4% 16.7% 11.7%
y-o-y growth 40.6% 44.0% 28.2% 22.3% 14.9% 15.6% -2.5% -31.3%
Extra-ordinary/ Non-recurring Income(+)/exp (-) 15.7 (198.8) (317.2) 0 0 1360 610 755 324
PAT (Reported) 4142.6 5603.7 8040.3 10716 13,100 16,413 18,008 17,718 11,973
Below PAT transfers & Provisions (177.0) (68.2) (2.2) (38) (172) 10 (141) 0 0
DPS
Dividend 2490.1 3385.8 4830.5 6382 7702 11006 12107 15992 11006
Dividend Tax 129.5 338.6 483.0 729 1722 577 561 3741 1455
Transfer to General Reserve
Balance brought forward
Carried over to R&S 1,684 1,948 2,729 3,643 3,849 4,820 5,480 (2,015) (488)
No. of shares 2,201 2,201 2,201 2,201
EPS 3.9 5.0 6.1 6.8 7.9 7.7 5.3
Core EPS (ex - Other Income) 3.11 3.97 4.99 5.92 6.95 6.66 4.48
Core EPS (ex - Other Income/Other Operating Income) 5.81 6.82 6.54 4.40
Cash per share 4.15 4.28 3.66 3.17
15 months
CY05 CY06 CY07 CY08 FY09 FY10 FY11 FY12 FY13 FY14E
0.076 0.071 0.070 0.070 0.065 0.038 0.045 0.047
119755 130351 147,574 166,936 216,500 182,203 202,854 228,003 266,798 289,471
9150 9317 10,397 11,686 14,107 6,965 9,044 10,647 14,734 15,388
110,605 121,034 137,178 155,250 202,393 175,238 193,810 217,356 252,064 274,083
11.4% 9.4% 13.3% 13.2% 4.3% 8.2% 10.6% 12.1% 16.0% 8.7%
55.7% 53.7% 53.0% 0.0% 53.4% 50.7% 52.0% 54.0% 53.5% 52.3%
61,621 65,028 72,685 - 108,100 88,779 100,781 117,378 134,888 143,436
55.7 53.7 53.0 0.0 53.4 50.7 52.0 54.0 53.5 52.3
13.9 5.5 11.8 (100.0) (17.9) 13.5 16.5 14.9 6.3
5913 6428 7,678 - 11,521 9,363 9,613 11,073 13,183 14,360
5.3 5.3 5.6 0.0 5.7 5.3 5.0 5.1 5.2 5.2
2.9 8.7 19.4 (100.0) (18.7) 2.7 15.2 19.1 8.9
12785 13804 15,827 (24,626) 23,434 18,991 22,084 22,747 26,244 28,530
11.6 11.4 11.5 (15.9) 11.6 10.8 11.4 10.5 10.4 10.4
9.7 8.0 14.7 (255.6) (19.0) 16.3 3.0 15.4 8.7
15853 19294 21,777 24,626 32,777 32,621 38,094 37,053 43,749 49,113
14.3 15.9 15.9 15.9 16.2 18.6 19.7 17.0 17.4 17.9
18.5 21.7 12.9 13.1 (0.5) 16.8 (2.7) 18.1 12.3
96,172 104,553 117,968 - 175,833 149,754 170,571 188,250 218,065 235,439
87.0 86.4 86.0 0.0 86.9 85.5 88.0 86.6 86.5 85.9
13.3 8.7 12.8 (100.0) (14.8) 13.9 10.4 15.8 8.0
14433 16481 19,210 155,250 26,561 25,484 23,239 29,106 33,999 38,644
13.05% 13.62% 14.00% 100.00% 13.12% 14.54% 11.99% 13.39% 13.49% 14.10%
0.4% 14.2% 16.6% 708.2% -8.8% 25.2% 16.8% 13.7%
1245 1302 1384 0 1953 1840 2208 2183 2360 2606
6.78 5.14 5.87 5.73 5.71 5.86
192 0 255 0 253 70 2.4 12.4 251.5 360.3
2723 3545 4,315 - 5,897 3,496 2,729 2,783 6,069 6,210
3545.0 3807.7 6038.3 6108.4
15,720 18,724 21,886 155,250 30,252 27,071 27,302 33,502 43,495 47,997
2,875 3,220 4,032 0 5,244 6,044 5,769 7,384 10,030 11,014
18.3 17.2 18.4 0.0 17.3 22.3 21.1 22.0 23.1 25.4
12845 15504 17,854 155,250 25,008 21,027 21,533 26,118 33,465 36,983
11.6% 12.8% 13.0% 100.0% 12.4% 12.0% 11.1% 12.0% 13.3% 13.5%
10.3% 20.7% 15.2% 769.5% 2.4% 21.3% 28.1% 10.5%
1183 3157 1823 0 (43) 994 1527 1189 6084 2287
14,028 18,661 19,678 155,250 24,965 22,021 23,060 26,914 37,967 38,675
0 0 0 0 0 0 0 0 0 0
7.50 6.50 6.53 7.50 18.50 13.00
11006 13255 19761 16331 16345 14179 14106 16209 40000 28115
1544 1859 3555 2286 2778 2380 2314 2630 6557 4615
1910 2000 2500 2202 2306 2691 3797 3868
6507 8144 2506 2506 4763 8023 12357 17740 5354
1,479 8,144 2,506 139,139 5,848 8,023 12,357 17,740 5,354 7,431
2,201 2,207 2,177 2,177 2,180 2,182 2,160 2,160 2,160 2,162
5.8 7.0 8.2 71.9 11.5 9.6 10.0 12.1 15.5 17.1
5.10 6.08 6.93 71.88 9.75 8.65 9.12 11.23 13.61 15.18
5.01 5.95 6.87 71.30 9.66 8.56 8.02 10.05 11.74 13.29
1.61 1.89 0.92 61.19 8.15 8.67 7.54 8.47 7.91 10.27
FY15E
319,506
17,801
301,705
10.1%
51.8%
156,236
51.8
8.9
15,789
5.2
10.0
31,085
10.3
9.0
52,865
17.5
7.6
255,974
84.8
8.7
45,731
15.16%
18.3%
2867
6.07
168.2
6,184
6351.2
55,231
16,795
29.0
38,436
12.7%
3.9%
6643
43,153
0
15.00
32453
6359
7431
11,771
2,162
17.8
15.86
13.89
11.74
117,000
115,000
113,000
Rs millions
Balance Sheet CY96 CY97 CY98 CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07
Sources of Funds
Equity Capital 1458 1992 1992 2196 2201 2201 2201 2201 2201 2201 2207 2177
Share Capital Suspense 533 0 204 5 0 0 0 0 0 0 0 0
Reserves & Surplus 9699 10623 14918 18831 22681 28235 34837 19559 18726 20855 24028 12215
Net Worth 11691 12615 17113 21032 24881 30436 37039 21760 20927 23056 26235 14392
Bonus Debenture 0 0 0 0 0 0 0 13207 13207 0 0 0
Secured Loans 964 658 1468 1413 692 430 196 2830 1323 245 534 255
Unsecured Loans 1636 1208 1176 360 424 407 387 1006 181 324 391 630
Loan Funds 2601 1866 2643 1773 1116 837 583 17043 14711 569 925 885
Total Funds 14292 14481 19757 22805 25997 31273 37622 38803 35638 23626 27160 15278
Application of Funds
Gross Block 9542 10358 13841 14811 16687 19359 19944 21417 23142 23751 24627 26691
Accumulated depreciation 3264 3288 4207 4979 5949 7263 7789 8461 8911 9896 10619 11466
Net Block 6278 7070 9634 9832 10738 12095 12155 12956 14231 13855 14007 15225
C WIP 939 871 904 1040 1297 1105 1069 738 944 980 1103 1856
Investments 3288 5316 6975 10061 17697 16359 23647 25749 22296 20142 24139 14408
Non Current Investment
Current Investment
Current Assets, Loans & advances 18285 22018 26070 30111 27613 34268 34311 35018 33050 27630 31697 32773
Inventories 9041 10449 11457 13100 11821 12400 12787 13926 14704 13218 15477 19535
Sundry debtors 1435 1455 1929 2337 2645 4248 3679 4709 4893 5228 4404 4434
Cash & Bank Balance 2034 5745 6582 8105 5221 9132 9426 8065 6980 3550 4169 2009
Other current assets 105 145 174 311 485 506 463 625 528 239 217 124
Loans & Advances 5670 4224 5928 6258 7441 7982 7956 7693 5944 5395 7429 6672
- Short Term Loans & Advances
- Long Term Loans & Advances
Current Liabilities & Provisions 14498 20794 23827 28239 31347 35018 36709 38706 37143 41183 45231 51110
Liabilities 12077 16738 18580 21433 22343 24104 24653 25595 25908 29594 32016 38371
Provisions 2421 4056 5246 6806 9004 10914 12056 13111 11235 11589 13214 12739
Net Current Assets 3787 1224 2244 1873 (3734) (751) (2398) (3688) (4093) (13553) (13534) (18337)
Other Non Current Assets
Deferred Tax 0 2465 2699 2674 2260 2201 2245 2124
Total 14292 14481 19757 22805 25998 31274 37172 38430 35638 23626 27961 15276
Home
Rs millions
Cash Flow Statement CY96 CY97 CY98 CY99 CY00
Cash Flow from Operating activities
Profit before Tax 5803 8358 10716 13100
Deficit on fixed assets sold
Interest Income
Dividend Income
Provision for expenses on ESOP
Interest Exp
Provision for dimunition in value of invst
Provision / (write back) for doubtful debts and advances
Bad debts / advances written off
Unrealised foreign exchange loss
Net gain on sale of asset
Depreciation 24 919 771 971

Net deferred tax change
Change in Working Capital
Inc(-)/dec in inventories (1408) (1008) (1643) 1279
Inc(-)/dec in debtors
Inc(-)/dec in loans and advances
Inc(-)/dec in other current assets
Decrease(-)/ inc in liabilities
Decrease(-)/ inc in provisions 1635 1190 1560
Operating Cash Flow after WC changes 6054 9459 11404 15350
Taxes paid
Misc Inc(+)/Expense(-)
Net Cash Flow from Operating activities 6054 9459 11404 15350
Growth YoY %
Free Cash Flow
Growth YoY %
Cash Flow from Investing activities

Sale proceeds of fixed assets
Sale Proceeds of current investment
Investment in subsidiary company
Advances to subsidiaries
Advances repaid by a subsidiary
Investment in bank deposits
Redemption/Maturity of bank deposits
Interest Recd
Gain on sale of short term investment
Dividend recd from subsidiaries
Dividend recd from Others
Exceptionals :
Purchase(-) of fixed assets (748) (3516) (1105) (2134)
rchase(-) of current/non current Investments (2028) (1659) (3086) (7636)
Net Cash Flow due to Investing activities (2776) (5175) (4191) (9770)
Cash Flow from Financing activities

Inc/(dec) in Loans (735) 777 (870) (657)
Share proceeds and premium 1285 568 373 5
Interest paid
Share Capital Suspense (2309) 204 (199) (5)
Bonus debenture reserve 0 0 0 0
Addition to unpaid dividend accounts
Payment of Dividend 3386 4830 6382 7702
Payment of Dividend Tax 339 483 729 1722
Net Cash Flow from Financing activities (5483) (3764) (7807) (10080)
Change in Cash (2205) 520 (595) (4500)

Opening Cash & Bank Balance 2034 5745 6582 8105
Closing Cash& Bank Balance 5745 6582 8105 5221
Closing Cash& Bank Balance (171) 6265 5987 3605
Closing Cash& Bank Balance in BS
Check 5916.09 317.26 2117.20 1616.34

15 months
CY01 CY02 CY03 CY04 CY05 CY06 CY07 FY09
15053 21971 22449 15053 16045 18616 21466 30252

41 (108) 268 (47) (174) 70 93
(1968) (1387) (1306) (530) (656) (642) (809)
(556) (893) (624) (715) (814) (1030) (707)
0 (1) (11) 4 30
92 668 1300 192 107 255 253
(20) (213) (30) (17) 15 (31)
(282) (464) (245) (278) (160) (707) (539)
1314 1341 1248 1209 1245 1302 1384 1953

(2465)
(579) (883) (1462) (1013) 1476 (2243) (3993) (5753)

409 (447) 1206 238 (1644) (398) (1519)
32 335 (715) 3390 3756 5613 3982
13323 20177 19725 15122 20990 18103 22034 27175

(4412) (4104) (1644) (1172) (4373) (4926) (6337)
2218 (304) (551)
13323 15765 15620 13478 19817 15948 16804 20287
(13.7) 47.0 (19.5) 5.4 (3.4)
11547 19172 14879 13914 13992
66.0 (22.4) (6.5) (19.6)
473.4 402.8 66.4

91373.8 151486.7 136497.5
(0.2) (6.8)
679.0 702.6 775.9
14.0 707.1
814.3 1029.8
3526.3 1414.2 1925.8
(2480) (548) (1143) (1931) (645) (1542) (3293) (6361)
1338 (7288) (2102) 3454 2154 (97318) (141506) (124823)
(1142) (7836) (3245) 1523 1509 (1979) 10238 8782
(279) (254) 16460 (2332) (14142) (26) 0 3714

1 0 0 0 0 (6315)
(134) (255) (253)
2036 0 0 0 0
0 0 (13207) 0 0 522
277 1
11006 12107 15992 11006 11006 12107 19545 14360
577 561 3741 1455 1544 1702 3375 2406
(9825) (12922) (16481) (14793) (26692) (13447) (29213) (13304)
2356 (4994) (4106) 207 (5365) 521 (2171) 15765

5221 9132 9426 8065 6980 3550 4169 2009
9132 9426 8065 6980 3550 4169 2009 17773
7577 4137 5321 8272 1615 4071 1998 17774
1554.45 5288.79 2744.24 -1291.27 1935.32

FY10 FY11 FY12 FY13 FY14E FY15E FY16E FY17E FY18E FY19E
27071 27302 33502 43495 47997.10 55231 59096 Err:523 Err:523 Err:523
72 59 157 108 122.50 (28) 179
(939) (1157) (1177) (2700) -2580.20 (2058) (2341) (5409) (5615) (6019)
(347) (761) (442) (1237) -1039.30 (1182) (1657)
85 117 122 70.00 194 193
70 2 12 252 360.30 168 2 2 2 2
181 181 134.60
149 56 -183.50 (33) (69)
45 55 221.10 55 45
37 34 173.30 378 64
(195) (602) (1160) (1992) -2590.80 -2943.80 -1008.50
1840 2208 2183 2360 2605.50 2867 3208 3464 3741 4041
3489 (6313) 1324 (103) -2205.40 1449 743 (1752) (1868) (2113)
(75) (2648) 2463 (1619) 130.40 309 (2789) Err:523 Err:523 Err:523
(1953) (673) (1306) 56.20 (999) (234) (2128) (1437) (1716)
(523) 218 0 0
10961 5747 (2882) 7373 6329.60 (4928) 1068 1648 6314 7155
3559 2126 381 477.30 2014 196 5051 3341 1108
41948 25530 35439 45461 50078.70 50494 56696 Err:523 Err:523 Err:523
(6617) (6524) (6568) (10047) -12785.30 (19404) (16965) (21588) (23582) (26498)
(920) (88) (147) (118) -51.90 (51) (79)
34410 18918 28724 35296 37241.50 31038 39652 Err:523 Err:523 Err:523
35.7 (45.0) 51.8 22.9 5.51 (16.7) 27.8 Err:523 Err:523 Err:523
28842 15805 26274 31247 32130.00 26090 32297 Err:523 Err:523 Err:523
64.9 (45.2) 66.2 18.9 2.82 (18.8) 23.8 Err:523 Err:523 Err:523
4973
6571.70 6.57
132.70 104.60 72.40 8.00 196.60 317.90 214.10

52071.50 21810.00 129283.10 163821.80 90917.30 174053.20 193134.10
-51.50 -101.00 -1006.40 -400.00 0.00
-96.50 -183.00 -250.00 -1178.60 -2617.70 -756.40 -350.00
5.00 875.50 1010.00 528.00
10.00 -27648.10 -24710.10 -46077.80 -25130.00 -26252.50
27917.50 29670.00 38533.70 23060.00 23283.40
965.50 970.00 1274.00 2078.10 2249.80 2334.40
230.00 421.70 659.80 512.20 212.00
346.50 257.60 271.40 512.10 995.50 1355.30 5408.96 5615.1 6019.3
503.00 170.80 319.50 186.80 301.90
2150.90 2046.80 1457.40 6450.70 7030.10 1597.80
(5701) (3218) (2522) (4057) -5308.10 (5265) (7570) (5000) (5500) (5500)
(61289) (25630) (139668) (161603) -95374.80 (173383) (189226) 0 0 0
(11461) (2940) (4525) 343 -13193.10 4480 (436) 409 115 519
(3726)
65 336 73 22 4
(70) (2) (12) (252) -360.30 (168) (2) (2) (2) (2)
(6284)
0
(181) (29) (168) (82) (113)
15233 14184 15093 35503 28115.10 29123 33426 38950 43278 43278
2594 2356 2453 5755 4615.40 5153 6552 7401 8223 8223
(21803) (22761) (17252) (41604) -33090.80 (34504) (40090) (46353) (51503) (51503)
1146 (6783) 6948 (5965) -9042.40 1014 (874) Err:523 Err:523 Err:523
17773 9065 2281 9229 3264.10 6206 7220 6346 Err:523 Err:523
18922
18920 2281 9229 3264 -5778.30 7220 6346 Err:523 Err:523 Err:523
17079 10225.30 25376 20160 Err:523 Err:523 Err:523
FY20E FY21E 0.00 0.00 0.00 0.00 0.00 0.00
Err:523 314611 0 0 0 0 0 0
0 (4029) 0 0 0 0 0 0
2 2 0 0 0 0 0 0
4391 4741 0 0 0 0 0 0
(2298) 17254 2040 (593) (646) (703) (766) (834)

(1484) (1395) 16527 0 0 0 0 0
602 (11586) 28811 (315) 315 0 0 0
0 0 0 0 2
7699 (63501) (19709) 160 165 170 175 180
(8240) 24227 (49232) 193 198 203 208 213
Err:523 280322 (21563) (555) 34 (331) (383) (440)
(31834) (106968) 0 0 0 0 0 0
Err:523 173355 (21563) (555) 34 (331) (383) (440)

Err:523 Err:523 (112.4) (97.4) (106.0) (1085.2) 15.8 15.0
Err:523 166355 (21563) (555) 34 (331) (383) (440)
Err:523 Err:523 (113.0) (97.4) (106.0) (1085.2) 15.8 15.0
0.0 4028.6 0.0 0.0 0.0 0.0 0.0 0.0
(6500) (7000) 0 0 0 0 0 0
0 0 0 0 0 0 0 0
(6500) (2971) 0 0 0 0 0 0
(2) (2) 0 0 0 0 0 0
25967 25967 0 0 0 0 0 0
4220 4220 0 0 0 0 0 0
(30188) (30188) 0 0 0 0 0 0
Err:523 140195 (21563) (555) 34 (331) (383) (440)

Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523

Key Assumptions FY12 FY13 FY14 FY15E
Sales growth
Toilet Soap 9.2% 24.6% 6.2% 7.8%
Volume -4.8% 12.5% 6.5% 6.3%
Realization 14.8% 10.8% 2.0% 6.0%
29.2% 13.1% 7.6% 9.7%
Volume 13.4% 4.5% 4.8% 5.2%
Realization 14.0% 8.3% 1.5% 5.8%
Personal Products 9.9% 17.3% 8.7% 10.9%
Quoted
Raw material/Net Sales 30.4% 33.6% 34.8% 34.6%
FG/Net Sales 15.9% 16.4% 16.4%
- MF's 0.6% -0.1% -0.6% 0.2%
Mat cost(excl pack cost)/Net sales 31.0% 49.4% 50.6% 51.1%
Packing cost/Net Sales 8.75% 7.92% 8.2% 8.1%
Total Mat cost/Net sales 39.8% 57.3% 58.8% 59.2%
Adex/Net sales 12.1% 12.8% 13.2% 12.8%
Home 118% -2% 23%
Hindustan Lever Limited 1.280 59% -5% 14%
(Rs million)
Earnings Model FY11 FY12 FY13 FY14E FY15E
Income 0.045 0.047 0.055 0.056 0.056
Gross Sales 202,854 228,003 266,798 292,164 324,943
Excise 9,044 10,647 14,734 16,279 18,138
Net Sales 193,810 217,356 252,064 275,885 306,805
y-o-y growth 10.6% 12.1% 16.0% 9.5% 11.2%
Expenditure 52.0% 54.0% 53.5% #REF! #REF!
Material Cost 100,781 117,378 134,888 #REF! #REF!
As a % of sales 52.0 54.0 53.5 #REF! #REF!
YoY growth (%) 13.5 16.5 14.9 #REF! #REF!
Personnel Cost 9,613 11,073 13,183 14,162 15,570
As a % of sales 5.0 5.1 5.2 5.1 5.1
YoY growth (%) 2.7 15.2 19.1 7.4 9.9
General Expenditure 22,084 22,747 26,244 28,757 32,179
As a % of sales 11.4 10.5 10.4 10.4 10.5
YoY growth (%) 16.3 3.0 15.4 9.6 11.9
Selling & Distribution 38,094 37,053 43,749 48,970 52,713
As a % of sales 19.7 17.0 17.4 17.8 17.2
YoY growth (%) 16.8 (2.7) 18.1 11.9 7.6
Cost of Sales 170,571 188,250 218,065 #REF! #REF!
As a % of sales 88.0 86.6 86.5 #REF! #REF!
YoY growth (%) 13.9 10.4 15.8 #REF! #REF!
EBITDA 23,239 29,106 33,999 #REF! #REF!
PBDIT Margin 11.99% 13.39% 13.49% #REF! #REF!
y-o-y growth -8.8% 25.2% 16.8% #REF! #REF!
Depreciation 2208 2183 2360 2570 2820
% of GFA 5.87 5.73 5.71 5.73 5.77
Financial Expenses 2.4 12.4 #REF! #REF! #REF!
Other Income 2,729 2,783 6,069 5,960 7,359
Other Operating Income 3545.0 3807.7 6038.3 5760.5 6567.0
PBT 27,302 33,502 #REF! #REF! #REF!
Provision for Taxation 5,769 7,384 10,030 #REF! #REF!
Effective tax rate 21.1 22.0 #REF! 25.4 26.5
PAT (before extraordinary items) 21,533 26,118 #REF! #REF! #REF!
NP Margin 11.1% 12.0% #REF! #REF! #REF!
y-o-y growth 2.4% 21.3% #REF! #REF! #REF!
Extra-ordinary/ Non-recurring Income(+)/exp (- 1527 1189 6084 0 0
PAT (Reported) 23,060 26,914 #REF! #REF! #REF!
Below PAT transfers & Provisions 0 0 0 0 0
DPS 6.53 7.50 18.50 9.50 9.50
Dividend 14106 16209 40000 20534 20534
Dividend Tax 2314 2630 6557 3497 3337
Transfer to General Reserve 2306 2691 3797
Balance brought forward 8023 12357 17740
Carried over to R&S 12,357 17,740 #REF! #REF! #REF!
No. of shares 2,160 2,160 2,160 2,162 2,162
EPS 10.0 12.1 #REF! #REF! #REF!
Core EPS (ex - Other Income) 9.12 11.23 #REF! #REF! #REF!
Core EPS (ex - Other Income/Other Operating 8.02 10.05 #REF! #REF! #REF!
Cash per share 7.54 8.47 7.91 12.64 21.41
CY01 CY02 CY03 CY04 CY05 CY06 CY07
Revenues 109,893 100,384 102,826 107,175 117,215 126,118 140,552

Soaps & Detergents 41,707 43,850 43,794 44,697 49,635 55,951 63,999
Personal products 20,537 20,950 24,102 26,083 30,120 33,601 36,886
Beverages 14,188 12,320 11,842 11,946 12,774 13,307 15,406
Packaged Foods 9,428 8,217 6,958 5,269 5,108 6,049 7,016
Others 24,033 15,046 16,129 19,180 19,577 17,209 17,245
Growth YoY %
Total Revenues (8.65) 2.43 4.23 9.37 7.60 11.44
Soaps & Detergents 5.14 (0.13) 2.06 11.05 12.73 14.38
Personal products 2.01 15.04 8.22 15.48 11.56 9.78
Beverages (13.16) (3.88) 0.88 6.94 4.17 15.77
Packaged Foods (12.84) (15.32) (24.28) (3.06) 18.43 15.99
Others (37.39) 7.20 18.92 2.07 (12.10) 0.21
Contribution %
Soaps & Detergents 43.7 42.6 41.7 42.3 44.4 45.5
Personal products 20.9 23.4 24.3 25.7 26.6 26.2
Beverages 12.3 11.5 11.1 10.9 10.6 11.0
Packaged Foods 8.2 6.8 4.9 4.4 4.8 5.0
Others 15.0 15.7 17.9 16.7 13.6 12.3
Segment Results 19,094 21,894 22,447 17,996 18,026 19,101 22,403

Soaps & Detergents 9,786 11,345 10,883 7,720 6,801 7,316 9,787
Personal products 6,701 7,601 8,841 8,204 8,631 9,331 10,262
Beverages 1,736 2,436 2,248 2,387 2,424 2,085 2,300
Packaged Foods (196) (433) 10 (887) (134) 192 276
Others 1,066 946 465 572 304 177 (223)
Growth YoY %
Segment EBIT 14.7 2.5 (19.8) 0.2 6.0 17.3
Soaps & Detergents 15.9 (4.1) (29.1) (11.9) 7.6 33.8
Personal products 13.4 16.3 (7.2) 5.2 8.1 10.0
Beverages 40.3 (7.7) 6.2 1.5 (14.0) 10.3
Packaged Foods 121.0 (102.2) (9,423.7) (84.9) (243.5) 43.9
Others 22.9 (46.8) (41.8) (225.8)
Segment Margins %
Soaps & Detergents 23.5 25.9 24.8 17.3 13.7 13.1 15.3
Personal products 32.6 36.3 36.7 31.5 28.7 27.8 27.8
Beverages 12.2 19.8 19.0 20.0 19.0 15.7 14.9
Packaged Foods (2.1) (5.3) 0.1 (16.8) (2.6) 3.2 3.9
Others 2.9 3.0 1.6 1.0 (1.3)
Contribution %
Soaps & Detergents 51.3 51.8 48.5 42.9 37.7 38.3 43.7
Beverages 9.1 11.1 10.0 13.3 13.4 10.9 10.3
Packaged Foods (1.0) (2.0) 0.0 (4.9) (0.7) 1.0 1.2
Others 5.6 4.3 2.1 3.2 1.7 0.9 (1.0)
Capex 0 1,344 1,445 819 882 991
Soaps & Detergents 799 1,350 737 671 668
Personal products
Beverages 505 75 44 168 137
Packaged Foods 40 20 38 43 186
Others
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
15 months
208,047 180,255 200,053 220,954 269,426 291,442 318,916 331,556
98,846 82,656 88,011 106,363 127,018 136,834 148,765 150,533
53,878 50,550 58,573 65,854 75,225 81,944 91,000 97,720
22,995 21,424 23,465 26,174 29,747 33,119 36,313 38,809
10,436 9,618 11,784 13,595 15,057 16,483 18,918 21,171
21,891 16,007 18,221 8,969 22,379 23,063 23,920 23,324
48.02 (13.36) 10.98 10.45 21.94 8.17 9.43 3.96

54.45 (16.38) 6.48 20.85 19.42 7.73 8.72 1.19
46.07 (6.18) 15.87 12.43 14.23 8.93 11.05 7.38
49.26 (6.83) 9.53 11.55 13.65 11.34 9.64 6.87
48.75 (7.84) 22.53 15.36 10.76 9.47 14.77 11.91
26.94 (26.88) 13.83 (50.78) 149.52 3.06 3.72 (2.49)
47.5 45.9 44.0 48.1 47.1 47.0 46.6 45.4

25.9 28.0 29.3 29.8 27.9 28.1 28.5 29.5
11.1 11.9 11.7 11.8 11.0 11.4 11.4 11.7
5.0 5.3 5.9 6.2 5.6 5.7 5.9 6.4
10.5 8.9 9.1 4.1 8.3 7.9 7.5 7.0
32,334 28,433 27,348 33,438 42,237 47,064 53,829 58,547

14,823 11,853 8,208 12,333 16,155 18,023 20,655 21,421
14,296 12,859 14,696 17,492 19,297 20,568 24,235 27,583
3,082 3,198 3,578 3,667 4,746 5,807 6,146 6,529
101 171 299 242 370 613 832 1,266
31 352 568 (296) 1,668 2,053 1,961 1,747
44.3 (12.1) (3.8) 22.3 26.3 11.4 14.4 8.8

51.5 (20.0) (30.8) 50.3 31.0 11.6 14.6 3.7
39.3 (10.0) 14.3 19.0 10.3 6.6 17.8 13.8
34.0 3.8 11.9 2.5 29.4 22.4 5.8 6.2
(63.4) 69.3 74.4 (19.1) 53.2 65.5 35.8 52.3
(114.1) 1,017.5 61.4 (152.0) (664.1) 23.1 (4.5) (10.9)
15.0 14.3 9.3 11.6 12.7 13.2 13.9 14.2

26.5 25.4 25.1 26.6 25.7 25.1 26.6 28.2
13.4 14.9 15.2 14.0 16.0 17.5 16.9 16.8
1.0 1.8 2.5 1.8 2.5 3.7 4.4 6.0
0.1 2.2 3.1 (3.3) 7.5 8.9 8.2 7.5
45.8 41.7 30.0 36.9 38.2 38.3 38.4 36.6

44.2 45.2 53.7 52.3 45.7 43.7 45.0 47.1
9.5 11.2 13.1 11.0 11.2 12.3 11.4 11.2
0.3 0.6 1.1 0.7 0.9 1.3 1.5 2.2
0.1 1.2 2.1 (0.9) 3.9 4.4 3.6 3.0
2,500 1,143 2,276 2,516
1,685 748 591 711
691 658
291 172 236 331
524 223 567 547
191 269
Home
CY2004 CY2005 CY2006 CY2007 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
64 63 62 63 #DIV/0! 60 62 63 63 62 61
Revenue 100,353 111,939 122,580 138,559 #DIV/0! 197,157 220,954 257,467 279,208 307,193 319,872
Soaps and Detergents 44,707 49,617 55,959 63,999 #DIV/0! 88,011 106,363 127,018 136,834 148,766 150,533
Personal Products 24,722 29,519 33,598 36,866 #DIV/0! 58,504 65,854 74,717 81,209 90,065 96,565
Beverages 11,946 12,774 13,307 15,406 #DIV/0! 23,465 26,174 29,747 33,119 36,315 38,877
Foods 3,740 4,119 5,220 7,016 #DIV/0! 11,784 13,595 15,057 16,483 18,918 21,171
Exports+Others 15,237 15,910 14,496 15,271 #DIV/0! 15,393 8,969 10,928 11,563 13,129 12,726
Check 0 0 0 0 #DIV/0! (198) (210) (635) (984) (863) 0
Growth YoY % 11.5 9.5 13.0 #DIV/0! 12.1 16.5 8.4 10.0 4.1
Soaps and Detergents 11.0 12.8 14.4 #DIV/0! 20.9 19.4 7.7 8.7 1.2
Personal Products 19.4 13.8 9.7 #DIV/0! 12.6 13.5 8.7 10.9 7.2
Beverages 6.9 4.2 15.8 #DIV/0! 11.5 13.6 11.3 9.7 7.1
Foods 10.1 26.7 34.4 #DIV/0! 15.4 10.8 9.5 14.8 11.9
Exports+Others 4.4 (8.9) 5.3 #DIV/0! (41.7) 21.8 5.8 13.5 (3.1)
Revenue Contribution %
Soaps and Detergents 44.6 44.3 45.7 46.2 #DIV/0! 44.6 48.1 49.3 49.0 48.4 47.1
Personal Products 24.6 26.4 27.4 26.6 #DIV/0! 29.7 29.8 29.0 29.1 29.3 30.2
Beverages 11.9 11.4 10.9 11.1 #DIV/0! 11.9 11.8 11.6 11.9 11.8 12.2
Foods 3.7 3.7 4.3 5.1 #DIV/0! 6.0 6.2 5.8 5.9 6.2 6.6
Exports+Others 15.2 14.2 11.8 11.0 #DIV/0! 7.8 4.1 4.2 4.1 4.3 4.0
#DIV/0! 0 9 7 1 0 503
COGS 54,121 61,621 65,028 72,685 #DIV/0! 100,781 117,387 134,896 143,438 156,236 153,633
Beverages 7,397 7,584 8,046 9,499 #DIV/0! 14,497 14,698 16,878 18,866 20,196 21,416
Foods 3,126 3,117 3,421 4,379 #DIV/0! 8,164 9,746 10,794 12,536 13,737 15,060
Check
Gross Profit 46,232 50,318 57,552 65,873 #DIV/0! 96,376 103,567 122,571 135,770 150,958 166,239
Beverages 4,549 5,191 5,262 5,907 #DIV/0! 8,968 11,476 12,868 14,253 16,119 17,461
Foods 614 1,001 1,799 2,637 #DIV/0! 3,620 3,849 4,263 3,947 5,181 6,111
Gross Margin %
Beverages 38.1 40.6 39.5 38.3 #DIV/0! 38.2 43.8 43.3 43.0 44.4 44.9
Foods 16.4 24.3 34.5 37.6 #DIV/0! 30.7 28.3 28.3 23.9 27.4 28.9
Exports+Others 34.0 29.9 38.1 38.2 #DIV/0! 43.4 45.1 40.9 37.7 45.0 43.8
Gross Profit Growth YoY %

Soaps and Detergents 7.5 13.7 18.2 #DIV/0! #DIV/0! 11.3 21.7 17.1 8.7 11.2
Personal Products 12.4 14.9 10.1 #DIV/0! #DIV/0! 6.8 17.9 6.2 10.1 10.3
Beverages 14.1 1.4 12.3 #DIV/0! #DIV/0! 28.0 12.1 10.8 13.1 8.3
Foods 63.0 79.6 46.6 #DIV/0! #DIV/0! 6.3 10.8 (7.4) 31.3 17.9
Exports+Others (8.1) 16.0 5.8 #DIV/0! #DIV/0! (39.4) 10.5 (2.5) 35.7 (5.8)
0 0 0 0 0 0 (151) (730) 57 0 0
Other Operating Expenses 30,775 34,551 39,525 45,282 60,975 69,790 70,722 82,447 92,060 99,738 109,443
Soaps and Detergents 3.25 13,317 15,537 17,783 19,993 28,170 32,091 32,875 39,649 44,634 47,610 51,985
Personal Products 2.25 8,291 10,053 11,717 12,869 19,228 22,173 22,650 27,015 30,678 33,346 36,512
Beverages 2,430 2,743 3,155 3,895 4,888 5,614 8,064 8,480 9,046 9,746 10,488
Foods 1,748 1,260 1,447 2,272 3,221 3,705 3,695 4,118 4,246 5,099 6,151
Exports+Others 4,989 4,958 5,424 6,253 5,467 6,208 3,437 3,185 3,455 3,937 4,306
(1.000) (1.002) (1.009) (0.999) (1.000) (1.000)
EBITDA 15,457 15,767 18,027 20,591 #DIV/0! 26,586 32,845 40,124 43,711 51,219 56,796
Beverages 2,119 2,448 2,107 2,012 #DIV/0! 3,354 3,412 4,388 5,207 6,373 6,973
Foods (1,134) (258) 352 366 #DIV/0! (85) 154 145 (300) 81 (40)
Exports+Others 185 (205) 92 (416) #DIV/0! 468 607 1,283 904 1,978 1,265
Check (198) (68) 87 (1,042) (863) (503)
EBITDA Margin % 15.4 14.1 14.7 14.9 #DIV/0! 13.5 14.9 15.6 15.7 16.7 17.8
Beverages 17.7 19.2 15.8 13.1 #DIV/0! 14.3 13.0 14.8 15.7 17.5 17.9
Foods (30.3) (6.3) 6.7 5.2 #DIV/0! (0.7) 1.1 1.0 (1.8) 0.4 (0.2)
Exports+Others 1.2 (1.3) 0.6 (2.7) #DIV/0! 3.0 6.8 11.7 7.8 15.1 9.9
EBITDA Growth YoY % #DIV/0! #DIV/0! 23.5 22.2 8.9 17.2 10.9
Soaps and Detergents #DIV/0! #DIV/0! 45.8 24.7 29.1 13.3 15.5
Personal Products #DIV/0! #DIV/0! 13.9 16.0 (4.1) 12.5 11.6
Beverages #DIV/0! #DIV/0! 1.7 28.6 18.6 22.4 9.4
Foods (306.5) (127.1) (149.7)
Depreciation 1,222 1,260 1,318 1,398 #DIV/0! 2,246 2,219 2,411 2,654 2,919 3,265
Soaps and Detergents 544 558 602 646 #DIV/0! 1,003 1,068 1,189 1,301 1,414 1,536
Personal Products 301 332 361 372 #DIV/0! 667 661 700 772 856 986
Beverages 145 144 143 155 #DIV/0! 267 263 279 315 345 397
Foods 46 46 56 71 #DIV/0! 134 137 141 157 180 216
Exports+Others 186 179 156 154 #DIV/0! 175 90 102 110 125 130
Other Income 2,975 2,756 3,590 4,359 #DIV/0! 2,729 2,783 6,069 6,210 6,184 5,006
Personal Products 733 727 984 1,160 #DIV/0! 810 829 1,761 1,806 1,813 1,511
Beverages 354 315 390 485 #DIV/0! 325 330 701 737 731 608
Foods 111 101 153 221 #DIV/0! 163 171 355 367 381 331
Exports+Others 452 392 425 480 #DIV/0! 213 113 258 257 264 199
17,210 17,263 20,299 23,552 #DIV/0! 27,068 33,410 43,782 47,267 54,484 58,538
EBIT 17,210 17,263 20,299 23,552 28,053 27,313 34,356 43,782 47,267 54,484 58,538
Soaps and Detergents 7,412 6,568 7,627 10,174 11,853 8,332 12,332 16,862 21,184 23,606 26,248
Personal Products 8,088 8,272 9,509 10,610 12,965 14,948 17,446 20,312 19,493 21,720 23,696
Beverages 2,327 2,618 2,354 2,342 3,198 3,578 3,669 4,811 5,628 6,759 7,185
Foods (1,068) (203) 449 516 171 294 241 359 (90) 282 75
Exports+Others 452 8 361 (90) (134) 161 668 1,439 1,051 2,117 1,335
Check 912 9 842 36 (1,091) (915) (560)
Reported 16,939 17,580 19,937 22,215 28,052 27,997 34,432 40,370

Soaps and Detergents 7,478 6,780 7,671 9,867 11,853 8,332 12,333 16,155
Personal Products 8,007 8,425 9,536 10,362 12,965 14,948 17,509 19,489
Beverages 2,336 2,418 2,278 2,316 3,198 3,578 3,667 4,746
Foods (950) (61) 343 324 171 294 241 370
Exports+Others 68 19 109 (654) (134) 845 683 (390)
EBIT Margin %
Beverages 19.5 20.5 17.7 15.2 #DIV/0! 15.2 14.0 16.2 17.0 18.6 18.5
Foods (28.6) (4.9) 8.6 7.4 #DIV/0! 2.5 1.8 2.4 (0.5) 1.5 0.4
Exports+Others 3.0 0.1 2.5 (0.6) #DIV/0! 1.0 7.4 13.2 9.1 16.1 10.5
EBIT Growth YoY %

Soaps and Detergents (11.4) 16.1 33.4 (29.7) 48.0 36.7 25.6 11.4 11.2
Personal Products 2.3 15.0 11.6 15.3 16.7 16.4 (4.0) 11.4 9.1
Beverages 12.5 (10.1) (0.5) 11.9 2.5 31.1 17.0 20.1 6.3
Foods (81.0) (320.8) 15.0 71.9 (18.0) 49.0 (125.0) (414.4) (73.5)
FY2017 FY2018 FY2019 FY2020
60 60 59 58
Err:523 381,122 421,543 466,966
161,221 176,021 192,180 209,764
105,430 117,322 131,776 150,027
42,045 45,913 50,137 54,017
Err:523 27,084 30,895 34,781
13,198 14,781 16,555 18,376
Err:523 0 0 0
Err:523 Err:523 10.6 10.8

7.1 9.2 9.2 9.2
9.2 11.3 12.3 13.9
8.2 9.2 9.2 7.7
Err:523 Err:523 14.1 12.6
3.7 12.0 12.0 11.0
Err:523 46.2 45.6 44.9

Err:523 30.8 31.3 32.1
Err:523 12.0 11.9 11.6
Err:523 7.1 7.3 7.4
Err:523 3.9 3.9 3.9
Err:523 0 0 0
Err:523 179,665 198,091 217,881
Err:523 83,679 91,538 99,834
Err:523 45,714 52,018 59,495
Err:523 24,265 26,189 28,090
Err:523 18,404 20,396 22,143
Err:523 7,603 7,951 8,318
Err:523 201,457 223,452 249,085

Err:523 92,342 100,642 109,930
Err:523 71,608 79,758 90,532
Err:523 21,648 23,948 25,927
Err:523 8,681 10,499 12,638
Err:523 7,178 8,605 10,059
Err:523 52.5 52.4 52.4

Err:523 61.0 60.5 60.3
Err:523 47.2 47.8 48.0
Err:523 32.1 34.0 36.3
Err:523 48.6 52.0 54.7
Err:523 Err:523 9.0 9.2

Err:523 Err:523 11.4 13.5
Err:523 Err:523 10.6 8.3
Err:523 Err:523 20.9 20.4
Err:523 Err:523 19.9 16.9
0 0 0 0
117,350 129,637 142,622 148,227
55,494 60,684 65,386 66,623
39,117 43,460 48,649 51,015
10,784 11,570 12,401 12,909
7,246 8,623 10,191 10,888
4,709 5,299 5,995 6,792
(1.000) (1.000) (1.000) (1.000)
Err:523 71,820 80,830 100,858

Err:523 31,658 35,256 43,307
Err:523 28,148 31,109 39,517
Err:523 10,078 11,547 13,018
Err:523 58 308 1,750
Err:523 1,879 2,610 3,266
Err:523 0 0 0
Err:523 18.8 19.2 21.6

Err:523 18.0 18.3 20.6
Err:523 24.0 23.6 26.3
Err:523 21.9 23.0 24.1
Err:523 0.2 1.0 5.0
Err:523 12.7 15.8 17.8
Err:523 Err:523 12.5 24.8

Err:523 Err:523 11.4 22.8
Err:523 Err:523 10.5 27.0
Err:523 Err:523 14.6 12.7
Err:523 Err:523 429.8 467.7
Err:523 3,805 4,108 4,464

1,644 1,758 1,873 2,005
1,075 1,171 1,284 1,434
429 458 489 516
Err:523 270 301 332
135 148 161 176
Err:523 Err:523 Err:523 Err:523

Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523

Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523

Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523

Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Err:523 Err:523 Err:523 Err:523
Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
23.70 22.00 20.00 13.00
Value Growth YoY % 23.80 22.00 19.50 13.05
Volume growth 5.0 6.5 4.8 8.5 8.0 8.50 9.50 7.00 8.40
Price Growth 0.6 10.4 14.3 16.2 19.3 10.0 15.3 12.5 12.5 4.7
Lux 1.2 2.1 2.6 3.0 3.5 2.8 2.3 2.3 0.0
Lifebuoy 1.2 1.8 2.6 3.0 3.5 2.8 2.3 2.3 0.0
Rin 0.6 1.5 2.3 2.6 3.0 2.4 2.0 2.0 1.5
Other brands - Soap 0.8 1.5 2.3 2.4 3.0 2.4 1.8 1.8 0.0
Other brands - Detergents (3.2) 3.5 4.6 5.3 6.3 4.9 4.2 4.2 3.2
Personal products 19.50 18.00 14.00 17.00 16.57 12.06 12.48 12.06
Volume growth 17.5 18.0 18.0 17.0 6.0 14.00 7.75 2.25 0.50
price growth 2.0 0.0 (4.0) 0.0 7.0 2.25 4.00 10.00 11.50
Beverages 13.00 14.50 11.00 7.50 7.35 9.73 17.66 17.60

Volume growth 9.5 3.0 3.5 0.0 5.0 5.0 (0.60) 1.60 11.00 12.00
price growth 10.0 11.0 11.0 2.5 7.0 8.00 8.00 6.00 5.00
Processed Foods 16.10 7.80 5.26 5.00

Volume growth 18.0 20.0 16.0 10.0 3.0 8.50 0.75 0.25 0.00
price growth 6.00 7.00 7.00 5.00 5.00
Ice Cream 20.0 10.0 20.0 6.0 6.0 16.8 19.34 16.64 16.64 14.48
Volume growth 10.50 8.00 8.00 6.00
price growth 8.00 8.00 8.00 8.00
Exports 0.00 0.00 0.00 0.00
company Volume Growth 14.00 8.19 9.36 8.29 10.09 8.85 7.26 5.43 5.86
company price growth (0.50) 6.11 7.91 7.21 9.77 9.59 8.75 10.06 6.52
Year 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 2QCY05 3QCY05 4QCY05 1QCY06 2QCY06 3QCY06 4QCY06 1QCY07 2QCY07 3QCY07 4QCY07 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Year Rs mn 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 2QCY05 3QCY05 4QCY05 1QCY06 2QCY06 3QCY06 4QCY06 1QCY07 2QCY07 3QCY07 4QCY07 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09E 3QCY09E 4QCY09E Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents 10,436 11,829 10,315 10,193 9,921 11,982 10,647 11288 9993 12123 10725 10953 10320 11776 11131 11480 11368 12876 12429 12969 13186 14559 13933 14281 14445 16687 15722 16892 17382 20205 19863 21234 20122 22,115 20,037 20,719 19,785 22,645 21,294 21,929 22,075 25,576 25,961 26,481 28,344 31,631 31,762
Personal products 5,020 6,317 4,590 5,807 4,549 5,608 5,057 5750 5338 6054 5825 6885 5534 6368 5853 6967 6026 7474 7291 8713 7659 8467 8538 8934 8221 8977.7 8876 10643 10189 10680 10496 11923 10386 12,255 11,902 13,770 12,552 13,655 13,649 16,547 14,608 15,823 15,562 18,134 16,333 18,471 17,445
Beverages 3,913 3,186 3,362 3,727 3,465 2,970 2,703 3182 2950 2868 2937 3087 3030 2695 2914 3306 3024 3122 3240 3388 3177 3006 3455 3670 3705 3633 3905 4085 4310 4214 4422 5106 4893 4,996 5,216 5,511 5,702 5,378 5,700 6,022 6,347 6,086 6,542 6,704 6,832 6,541 7,196
Processed foods 1,735 1,738 2,028 2,441 1,616 1,758 1,842 1929 1674 1768 1503 1080 795 822 611 622 674 783 815 865 882 973 973 1022 1311 1334 1289 1443 1520 1500 1739 1715 1634 1,721 1,739 1,872 1,976 2,111 2,195 2,219 3,173 3,721 3,323 3,067 3,481 4,370 3,663
Ice Cream 383 641 330 243 263 405 232 172 199 360 218 157 201 351 207 131 204 376 230 172 265 505 338 263 322 622 371 292 370 720 466 343 453 886 504 378 553 1,046 549 481 -
Exports 4,351 5,064 4,200 3,892 3,019 3,055 2,801 3685 3156 3216 2881 3147 3112 3338 2957 3202 3421 3225 2731 3573 2755 3287 3274 3473 3519 3331 3136 3437 3989 3934 2961 2668 2205 2,575 2,270 2,653 2,555 2,648 2,647 2,909 - - - - -
Others (includes chemicals agri plantations) 1,246 2,167 1,492 1,629 841 911 864 819 741 848 1069 1072 857 699 654 672 704 786 894 553 340 379 480 603 631 639 642 941 755 1475 2961 739 675 794 1,071 958 644 1,126 1,527 1,111 3,414 4,634 4,662 5,104 2,599 2,640 2,884
Total segment revenue 27,084 30,942 26,316 27,932 23,674 26,690 24,147 26826 24050 27238 25158 26381 23850 26049 24327 26380 25421 28643 27629 30232 28263 31175 30991 32246 32156 35223 33940 37731 38514 42728 42907 43728 40367 45,342 42,738 45,861 43,767 48,609 47,560 51,218 49,617 55,839 56,050 59,489 57,588 63,651 62,949
intersegment 537 791 739 608 163 268 (283) 0 0 0 0 0 0 0 0 0 0 28 29 -9 15 19 25 37 0 14 0 11 15 9 17 18 21 39 0 0
Net segment revenue 26,547 30,151 25,577 27,324 23,511 26,421 24,430 26826 24050 27238 25158 26381 23850 26049 24327 26380 25421 28615 27600 30241 28248 31156 30967 32209 32156 35209 33940 37721 38499 42719 42891 43710 40346 45303 42737.8 45860.8 43766.7 48609.1 47560.4 51218.1 49616.8 0.0
13 18 20 21 26 26 16 9 1 (2) (2) 2 6 6 12 13 22
0.257 0.084 0.002 0.037 (0.009) 0.259 0.175

Segment results (Rs mn) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 2QCY05 3QCY05 4QCY05 1QCY06 2QCY06 3QCY06 4QCY06 1QCY07 2QCY07 3QCY07 4QCY07 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09E 2QCY09E 3QCY09E 4QCY09E Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents 2,040 2,002 2,708 3,037 2,275 2,847 2,893 3,313 2,198 2,889 2,555 3,241 1,806 1,712 1,651 2,309 1,301 1,712 1,733 2,035 1,524 2,084 1,836 2,227 1,744 2,684 2,526 2,913 2,325 2,971 2,685 3,501 3,335 3,815 2726.2 2,785 2,527 2,488 2,501 1,693 1,650.40 2,360.60 3,212 3,559 3,201 3,852 4,536
Personal products 1,366 1,541 1,451 2,345 1,524 1,857 1,652 2,550 1,722 2,157 2,025 2,937 1,688 2,046 1,950 2,323 1,444 2,073 2,156 2,751 1,868 2,414 2,409 2,846 2,030 2,632 2,147 3,553 2,517 2,973 2,555 3,914 2,389 2,699 3133.7 4399.2 2,734 3,388 3,140 4,769 3,651.90 4,107.20 3,965 4,881 4,555 4,757 4,226
Beverages 527 523 515 171 601 593 542 701 620 546 481 601 605 507 534 691 634 539 567 678 620 407 529 722 556 569 562 630 498 615 626 651 655 703 887.3 817.3 790 695 876 1,014 992.80 754.00 877 1,052 984 950 1,031
Processed foods 31 1 (97) 135 (58) (91) (74) (66) (52) 48 (34) 44 (71) (274) (215) (344) (21) (45) (62) (34) 3 42 41 64 74 (19) 31 102 17 38 26 (39) (45) (13) (9.30) -12.5 79 106 100 (161) 46.50 173.80 165 (60) (38) 248 9
Ice Cream (63) (29) (86) (87) (78) 49 (16) (100) 73 24 (40) (54) (32) 28 (4) (39) (31) 51 26 (12) 8 109 47 28 13 107 5 12 (29) 137 21 (28) (19) 155 25.2 -37.4 (16) 153 55 (6)
Exports 192 158 110 361 231 228 117 383 203 147 28 237 118 89 39 151 60 23 20 213 80 156 221 205 133 34 63 243 177 288 317 156 144 205 171.7 75.3 133 227 189 227 236.80 446
Others (includes chemicals agri plantations) 22 325 13 (114) (84) 38 (10) 60 22 (52) 26 (54) (101) (96) (22) (109) (28) (132) (85) (51) (51) (192) (61) (249) (157) (297) (329) (345) (305) (254) (289) (255) (242) (279) (98) -149.5 (193) (266) (183) (185) 151.90 138 (103) (112) (43.3) 20.5
Total 4,115 4,520 4,611 5,848 4,410 5,520 5,105 6,841 4,786 5,759 5,041 6,953 4,012 4,012 3,932 4,983 3,359 4,220 4,355 5,580 4,052 5,020 5,023 5,843 4,393 5,710 5,006 7,107 5,200 6,768 5,940 7,900 6,218 7,285 6,836 7,877 6,054 6,790 6,678 7,351 6,494 7,632 8,357 9,776 8,590 9,763 9,822
0.21 0.26 0.02 0
Segment margins (%) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 2QCY05 3QCY05 4QCY05 1QCY06 2QCY06 3QCY06 4QCY06 1QCY07 2QCY07 3QCY07 4QCY07 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09E 2QCY09E 3QCY09E 4QCY09E 1QCY10 2QCY10 3QCY10 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents 19.5 16.9 26.2 29.8 22.9 23.8 27.2 29.4 22.0 23.8 23.8 29.6 17.5 14.5 14.8 20.1 11.4 13.3 13.9 15.7 11.6 14.3 13.2 15.6 12.1 16.1 16.1 17.2 13.4 14.7 13.5 16.5 16.6 17.2 13.6 13.4 12.8 11.0 11.7 7.7 7.5 9.2 12.4 13.4 11.3 12.2 14.3
Personal products 27.2 24.4 31.6 40.4 33.5 33.1 32.7 44.3 32.3 35.6 34.8 42.7 30.5 32.1 33.3 33.3 24.0 27.7 29.6 31.6 24.4 28.5 28.2 31.9 24.7 29.3 24.2 33.4 24.7 27.8 24.3 32.8 23.0 22.0 26.3 31.9 21.8 24.8 23.0 28.8 25.0 26.0 25.5 26.9 27.9 25.8 24.2
Beverages 13.5 16.4 15.3 4.6 17.3 20.0 20.0 22.0 21.0 19.0 16.4 19.5 20.0 18.8 18.3 20.9 21.0 17.3 17.5 20.0 19.5 13.5 15.3 19.7 15.0 15.7 14.4 15.4 11.6 14.6 14.1 12.8 13.4 14.1 17.0 14.8 13.8 12.9 15.4 16.8 15.6 12.4 13.4 15.7 14.4 14.5 14.3
Processed foods 1.8 0.0 -4.8 5.5 -3.6 -5.2 -4.0 -3.4 -3.1 2.7 -2.3 4.1 -8.9 -33.3 -35.1 -55.3 -3.1 -5.8 -7.6 -3.9 0.4 4.3 4.2 6.3 5.6 -1.4 2.4 7.0 1.1 2.5 1.5 -2.3 -2.7 -0.7 -0.5 -0.7 4.0 5.0 4.6 -7.2 1.5 4.7 5.0 -1.9 -1.1 5.7 0.2
Ice Cream -16.4 -4.5 -26.1 -35.8 -29.6 12.2 -6.8 -57.8 36.8 6.7 -18.1 -34.4 -15.9 8.0 -2.0 -29.7 -15.2 13.5 11.4 -6.9 3.2 21.5 13.8 10.7 4.1 17.1 1.4 3.9 -7.8 19.0 4.5 -8.3 -4.1 17.5 5.0 -9.9 -2.8 14.6 10.0 -1.2 #DIV/0!
Exports 4.4 3.1 2.6 9.3 7.7 7.4 4.2 10.4 6.4 4.6 1.0 7.5 3.8 2.7 1.3 4.7 1.8 0.7 0.7 6.0 2.9 4.7 6.8 5.9 3.8 1.0 2.0 7.1 4.4 7.3 10.7 5.8 6.5 8.0 7.6 2.8 5.2 8.6 7.1 7.8 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Others (includes chemicals agri plantations) 1.8 15.0 0.8 -7.0 -10.0 4.2 -1.1 7.3 3.0 -6.1 2.4 -5.0 -11.8 -13.7 -3.4 -16.2 -3.9 -16.8 -9.5 -9.3 -14.8 -50.7 -12.6 -41.3 -24.9 -46.4 -51.3 -36.6 -40.4 -17.2 -9.8 -34.5 -35.9 -35.2 -9.2 -15.6 -29.9 -23.6 -12.0 -16.6 4.4 0.0 3.0 -2.0 -4.3
Total 15.2 14.6 17.5 20.9 18.6 20.7 21.1 25.5 19.9 21.1 20.0 26.4 16.8 15.4 16.2 18.9 13.2 14.7 15.8 18.5 14.3 16.1 16.2 18.1 13.7 16.2 14.7 18.8 13.5 15.8 13.8 18.1 15.4 16.1 16.0 17.2 13.8 14.0 14.0 14.4 13.1 13.7 14.9 16.4 14.9 15.3 15.6
Rs m CY 1994 CY 1995 CY 1996 CY 1997 CY 1998 CY 1999 CY 2000 CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 CY 2008e CY 2009e CY 2010e
INCOME STATEMENT
+ Gross sales 71,201 83,428 102,152 109,177 113,921 117,813 109,516 110,960 108,884 119,755 130,351 147,574 216,500 182,203 202,854
- Excise duty -5,200 -5,230 -7,334 -7,753 -7,884 -11,137 -9,968 -9,577 -9,614 -9,150 -9,317 -10,397 -14,107 -6,965 -9,044
• Net sales 0 0 66,001 78,197 94,818 101,424 106,037 106,676 99,549 101,384 99,269 110,605 121,034 137,178 202,393 175,238 193,810
+ Operating Income 346 532 856 719 661 822 1,039 1,564 1,384 1,478 2,074 2,643 5,897 3,496 6,274
• Total income 0 0 66,347 78,729 95,674 102,144 106,698 107,497 100,588 102,947 100,654 112,084 123,108 139,821 208,291 178,734 200,084
• Operating expenses 0 0 -60,007 -70,615 -84,675 -89,207 -91,397 -89,536 -79,990 -81,617 -84,896 -96,172 -104,553 -117,968 -175,833 -149,754 -170,571
• EBITDA 0 0 6,340 8,114 10,999 12,937 15,301 17,962 20,598 21,330 15,758 15,912 18,555 21,853 32,458 28,981 29,513
• Depreciation 0 0 -553 -580 -1,010 -1,288 -1,309 -1,447 -1,341 -1,248 -1,209 -1,245 -1,302 -1,384 -1,953 -1,840 -2,208
• EBIT 0 0 5,787 7,534 9,989 11,649 13,992 16,515 19,257 20,083 14,549 14,667 17,253 20,469 30,505 27,141 27,304
+ Interest received 195 622 1,147 1,831 2,091 1,923 1,968 1,387 935 530 0 0 0 0 0
- Interest paid -570 -339 -293 -224 -131 -77 -92 -668 -1,300 -192 0 -255 -253 -70 -2
• Net interest 0 0 -375 283 854 1,607 1,960 1,845 1,876 720 -364 338 0 -255 -253 -70 -2
± Forex gains/(losses) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other income 640 685 445 640 699 629 556 893 624 715 1,471 1,672 0 0 0
± Associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
± Non-recurring items 0 0 0 0 0 445 282 754 245 325 0 0 0 0
± Other pre-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Pre-tax profit 0 0 6,052 8,503 11,288 13,896 16,650 19,434 21,971 22,450 15,053 16,045 18,724 21,886 30,252 27,071 27,302
- Tax provided -1,926 -2,700 -2,930 -3,180 -3,550 -4,024 -4,799 -4,883 -3,207 -2,940 -3,220 -4,032 -5,244 -6,044 -5,769
• Profit after tax 0 0 4,127 5,803 8,358 10,716 13,100 15,410 17,173 17,567 11,846 13,105 15,504 17,854 25,008 21,027 21,533
± Minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Preference dividend 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Net profit 0 0 4,143 5,604 8,040 10,716 13,100 16,413 17,557 17,718 11,973 14,028 18,661 19,678 24,965 22,021 23,060
• Man net profit 0 0 4,127 5,803 8,358 10,716 13,100 15,054 16,947 16,963 11,650 12,845 15,504 17,854 25,008 21,027 21,533
± Extraordinary items: Gains/(Losses) 16 -199 -317 0 0 1,004 384 151 128 924 3,157 1,823 -43 994 1,527
+ Capitalised interest 0 1 2 3 4 5 6 7 8 9 10 11 0 0 14
+ Unadj. shares (m) 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
• Fully diluted shares 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
+ Wtd avg shares (m) 2,200.6 2,200.6 2,200.6 2,200.6 2,200.6 2,203.7 2,206.8 2,206.8 2,206.8 2,206.8 2,206.8 2,177.4 2,179.9 2,179.9 2,181.7
CASH FLOW
• Pre-tax profit 0 0 6,052 8,503 11,288 13,896 16,650 19,434 21,971 22,450 15,053 16,045 18,724 21,886 30,252 27,071 27,302
• Depreciation 0 0 553 580 1,010 1,288 1,309 1,447 1,341 1,248 1,209 1,245 1,302 1,384 1,953 1,840 2,208
• Chg in debtors 0 0 -1,435 -19 -475 -408 -308 -1,603 569 -1,030 -184 -336 825 -30 -935 -1,347 -2,716
• Chg in inventory 0 0 -9,041 -1,408 -1,008 -1,643 1,279 -579 -387 -1,139 -778 1,487 -2,259 -4,058 -5,754 3,489 -6,313
• Chg in loans & advances 0 0 -5,670 1,446 -1,704 -331 -1,183 -541 26 262 1,749 549 -2,034 757 -749 1,416 -2,161
• Chg in other current assets 0 0 -105 -40 -29 -137 -174 -21 43 -162 97 289 22 93 -33 -9 -187
• Chg in other deferred assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other non-current assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -70 70
• Chg in current liabilities 0 0 12,939 5,244 2,519 3,291 1,231 3,773 1,109 1,324 -364 3,868 2,977 6,329 4,879 10,578 5,121
• Chg in provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other deferred liabilities 0 0 1,776 -1,776 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in other non-current liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4
• Total tax paid 0 0 -1,662 -2,246 -3,246 -3,082 -2,327 -7,692 -5,552 -4,185 -2,892 -2,709 -3,319 -4,265 -6,006 -5,982 -2,723
+ Other operating activities -1,507 -131 -2,263 -2,691 -3,471 -2,856 -4,295 -4,878 2,143 1,412 -1,744 1,580 821 -1,610 0
• Cash flow from operating activities (a) 0 0 1,901 10,152 6,092 10,182 13,007 11,361 14,826 13,890 16,034 21,850 14,493 23,677 24,426 35,375 20,604
• Capital expenditure 0 0 -7,770 -1,303 -3,607 -1,621 -2,472 -2,613 -1,364 -1,719 -2,690 -904 -1,576 -3,355 -5,660 -5,412 -2,426
• Chg in investments 0 0 -2,760 -547 508 127 -1,107 -12,581 -7,288 -2,102 3,454 2,154 -3,997 9,731 11,081 -9,314 34
• Chg in associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Chg in marketable securities 0 0 -528 -1,481 -2,168 -3,213 -6,529 13,919 0 0 0 0 0 0 0 0 0
+ Proceeds from sale of assets
+ Acquisition/Disposal of subsidiaries
+ Other investing activities
• Cash flow from investing activities (b) 0 0 -11,057 -3,331 -5,267 -4,708 -10,109 -1,274 -8,652 -3,821 764 1,249 -5,574 6,376 5,421 -14,727 -2,392
• Free cash flow (a+b) 0 0 -9,157 6,821 826 5,474 2,899 10,086 6,174 10,069 16,797 23,099 8,919 30,054 29,848 20,649 18,212
• Equity raised/(repaid) 0 0 9,915 752 3,717 3,005 3,643 4,584 5,942 -7,706 -1,988 162 5,657 -6,781 2,008 -2,802 -11,597
• Chg in minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Debt raised/(repaid) 0 0 2,601 -735 777 -870 -657 -279 -254 16,460 -2,332 -14,142 355 -40 3,334 -4,219 0
• Dividend (incl. tax) 0 0 -1,325 -3,127 -4,483 -5,172 -8,769 -10,481 -11,568 -19,733 -13,562 -12,550 -13,988 -23,412 -16,936 -17,643 -16,497
+ Other financing activities
• Cash flow from financing activities (c) 0 0 11,191 -3,109 11 -3,038 -5,783 -6,176 -5,879 -10,979 -17,882 -26,529 -7,976 -30,233 -11,593 -24,664 -28,094
• Net chg in cash (a+b+c) 0 0 2,034 3,711 837 2,437 -2,885 3,910 295 -910 -1,084 -3,430 943 -179 18,254 -4,015 -9,882
• Check ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡
• Balancing item 0 0 0 0 -914 1 1 0 -451 0 0 -324 -1,982 -2,489 5,164 7,245
DEBT STRUCTURE
• Short-term debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
• Long-term debt 0 0 2,601 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 0
• Total debt 0 0 2,601 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 0
• Cash & bank 2,034 5,745 6,582 8,105 5,221 9,132 9,426 8,065 6,980 3,550 4,169 2,009 17,773 18,922 16,285
+ Marketable securities at market value
• Net debt/(cash) 0 0 567 -3,879 -3,939 -6,332 -4,105 -8,294 -8,843 8,978 7,731 -2,981 -3,245 -1,123 -13,554 -18,922 -16,285
BALANCE SHEET
+ Cash & bank 2,034 5,745 6,582 8,105 5,221 9,132 9,426 8,065 6,980 3,550 4,169 2,009 17,773 18,922 16,285
+ Marketable securities at cost 528 2,009 4,176 7,390 13,919
+ Debtors 1,435 1,455 1,929 2,337 2,645 4,248 3,679 4,709 4,893 5,228 4,404 4,434 5,369 6,716 9,432
+ Inventory 9,041 10,449 11,457 13,100 11,821 12,400 12,787 13,926 14,704 13,218 15,477 19,535 25,289 21,799 28,113
+ Loans & advances 5,670 4,224 5,928 6,258 7,441 7,982 7,956 7,693 5,944 5,395 7,429 6,672 7,421 6,006 8,167
+ Other current assets 105 145 174 311 485 506 463 625 528 239 217 124 157 166 354
• Total current assets 0 0 18,813 24,027 30,247 37,501 41,532 34,268 34,311 35,018 33,050 27,630 31,697 32,773 56,010 53,609 62,350
+ Investments 2,760 3,307 2,799 2,671 3,778 16,359 23,647 25,749 22,296 20,142 24,139 14,408 3,327 12,641 12,607
+ Associates
+ Gross fixed assets 9,542 10,358 13,841 14,811 16,687 19,359 19,944 21,417 23,142 23,751 24,627 26,691 28,817 35,820 37,596
- Less: Depreciation -3,264 -3,288 -4,207 -4,979 -5,949 -7,263 -7,789 -8,461 -8,911 -9,896 -10,619 -11,466 -12,750 -14,199 -15,905
+ Add: Capital WIP 939 871 904 1,040 1,297 1,105 1,069 738 944 980 1,103 1,856 4,721 2,740 2,888
• Net fixed assets 0 0 7,217 7,941 10,538 10,872 12,035 13,201 13,223 13,695 15,176 14,835 15,110 17,081 20,789 24,361 24,579
+ Deferred tax assets 0 0 0 0 0 2,465 2,699 2,674 2,260 2,201 2,245 2,124 2,548 2,487 2,097
+ Other deferred assets
+ Other non-current assets 70
• Total non-current assets 0 0 9,977 11,248 13,337 13,543 15,813 32,025 39,570 42,118 39,731 37,179 41,495 33,613 26,664 39,558 39,282
• Total assets 0 0 28,789 35,274 43,583 51,044 57,345 66,292 73,881 77,136 72,781 64,809 73,191 66,386 82,673 93,167 101,631
+ Creditors 10,640 15,018 17,518 19,335 19,242 21,508 20,834 18,406 20,292 23,450 24,638 28,785 33,050 43,737 57,828
+ Notes payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ ST Debt/Lease financing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Tax payable 264 718 402 500 1,722 519 0 673 574 746 692 338 0 0 2,656
+ Dividends payable 1,295 1,892 2,723 3,747 4,401 5,503 6,604 6,604 5,503 5,503 6,629 6,532 8,720 7,636 7,558
+ Other current liabilities 2,300 3,165 3,184 4,658 5,982 7,488 9,271 13,023 10,773 11,483 13,272 15,455 16,069 15,959 6,989
• Total current liabilities 0 0 14,498 20,794 23,827 28,239 31,347 35,018 36,709 38,706 37,143 41,183 45,231 51,110 57,838 67,332 75,031
+ LT Debt/Lease financing 2,601 1,866 2,643 1,773 1,116 837 583 3,836 1,504 569 925 885 4,219 0 0
+ Bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Convertible bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Preference share capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debentures 0 0 0 0 0 0 0 13,207 13,207 0 0 0 0 0 0
+ Retirement provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other deferred liabilities 1,776 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Other non-current liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 4
• Total non-current liabilities 0 0 4,376 1,866 2,643 1,773 1,116 837 583 17,043 14,711 569 925 885 4,219 0 4
• Total liabilities 0 0 18,874 22,659 26,470 30,012 32,463 35,855 37,292 55,749 51,854 41,752 46,155 51,995 62,058 67,332 75,035
+ Paid-up capital 1,992 1,992 2,196 2,201 2,201 2,201 2,201 2,201 2,201 2,201 2,207 2,177 2,180 2,182 2,160
+ Share premium
+ Retained earnings 0 1,948 2,729 3,643 3,849 4,820 5,480 -2,015 -488 1,479 0 -5,638 3,342 8,023 12,357
+ Revaluation reserves
+ Other reserves 7,924 8,676 12,189 15,189 18,831 23,415 29,357 21,651 19,664 19,826 25,478 18,726 15,094 15,632 12,080
• Reserves & surplus 0 0 7,924 10,623 14,918 18,831 22,681 28,235 34,837 19,636 19,176 21,305 25,478 13,088 18,436 23,655 24,437
- Less: Misc. exp.
• Shareholders' equity 0 0 9,915 12,615 17,113 21,032 24,881 30,436 37,039 21,837 21,377 23,506 27,685 15,265 20,616 25,836 26,596
+ Minorities
• Total shareholders' equity 0 0 9,915 12,615 17,113 21,032 24,881 30,436 37,039 21,837 21,377 23,506 27,685 15,265 20,616 25,836 26,596
• Total equity & liabilities 0 0 28,789 35,274 43,583 51,044 57,344 66,291 74,330 77,586 73,231 65,258 73,840 67,260 82,673 93,168 101,631
• Check ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡
• Balancing item 0 0 0 0 0 1 1 1 -450 -450 -450 -450 -649 -874 0 -1 0
CY 1994 CY 1995 CY 1996 CY 1997 CY 1998 CY 1999 CY 2000 CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 CY 2008e CY 2009e CY 2010e
Operational & financials ratios
• Reported EPS (Rs) 1.9 2.5 3.7 4.9 6.0 7.4 8.0 8.0 5.4 6.4 8.5 9.0 11.5 10.1 10.6
• Man EPS (Rs) 1.9 2.6 3.8 4.9 6.0 6.8 7.7 7.7 5.3 5.8 7.0 8.2 11.5 9.6 9.9
• FDEPS (Rs) 1.9 2.6 3.8 4.9 6.0 6.8 7.7 7.7 5.3 5.8 7.0 8.2 11.5 9.6 9.9
• CEPS (Rs) 2.1 2.9 4.3 5.5 6.5 7.3 8.2 7.9 5.7 6.2 7.6 8.8 12.4 10.5 10.9
• CFPS (Rs) 1.3 4.4 3.6 5.6 7.2 6.2 8.4 8.1 6.0 8.9 6.7 9.4 10.8 17.0 9.4
• DPS (Rs) 1.1 1.5 2.2 2.9 3.5 5.0 5.5 7.2 5.0 5.0 6.0 9.1 7.5 6.5 6.5
• Book NAV/share (Rs) 4.5 5.7 7.8 9.6 11.3 13.8 16.8 9.9 9.7 10.7 12.5 7.0 9.5 11.9 12.2
+ Appraised NAV/share (Rs) 4.5 5.7 7.8 9.6 11.3 13.8 16.8 9.9 9.7 10.7 12.5 7.0 9.5 11.9 12.2
• Tax rate (%) 31.8 31.8 26.0 22.9 21.3 20.7 21.8 21.8 21.3 18.3 17.2 18.4 17.3 22.3 21.1
• Dividend payout ratio (%) 60.1 60.4 60.1 59.6 58.8 67.1 69.0 90.3 91.9 78.5 71.0 100.4 65.5 64.4 61.2
• Imports/Raw material (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• Exports/Net sales (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth ratios
• Net sales growth (%) 18.5 21.3 7.0 4.5 0.6 -6.7 1.8 -2.1 11.4 9.4 13.3 47.5 -13.4 10.6
• EBITDA growth (%) 28.0 35.6 17.6 18.3 17.4 14.7 3.6 -26.1 1.0 16.6 17.8 48.5 -10.7 1.8
• EBIT growth (%) 28.0 35.6 17.6 18.3 17.4 14.7 3.6 -26.1 1.0 16.6 17.8 48.5 -10.7 1.8
• EBIDA growth (%) 22.6 49.0 20.9 20.4 18.6 13.4 4.1 -23.7 3.4 18.2 16.2 52.7 -15.7 3.5
• NOPLAT growth (%) 28.1 47.1 22.5 20.7 18.3 13.0 3.7 -25.7 4.8 18.2 16.0 50.5 -16.1 3.4
• PBT growth (%) 40.5 32.8 23.1 19.8 16.7 13.1 2.2 -32.9 6.6 16.7 16.9 38.2 -10.5 0.9
• Net profit growth (%) 35.3 43.5 33.3 22.3 25.3 7.0 0.9 -32.4 17.2 33.0 5.4 26.9 -11.8 4.7
• EPS growth (%) 40.6 44.0 28.2 22.3 14.7 12.4 0.1 -31.3 10.3 20.7 16.7 39.9 -15.9 2.3
• Invested capital growth (%) -31.1 54.6 -4.7 3.6 1.5 -14.3 15.2 10.4 -60.9 18.7 -23.7 174.7 -106.5 -998.0
Margin ratios
• EBITDA margin (%) 9.6 10.4 11.6 12.8 14.4 16.8 20.7 21.0 15.9 14.4 15.3 15.9 16.0 16.5 15.2
• EBIT margin (%) 9.6 10.4 11.6 12.8 14.4 16.8 20.7 21.0 15.9 14.4 15.3 15.9 16.0 16.5 15.2
• EBIDA margin (%) 6.7 6.9 8.5 9.6 11.1 13.1 15.9 16.2 12.6 11.7 12.7 13.0 13.4 13.1 12.3
• NOPLAT margin (%) 6.6 7.1 8.6 9.8 11.4 13.4 16.2 16.5 12.5 11.7 12.7 13.0 13.3 12.8 12.0
• Pre-tax margin (%) 9.2 10.9 11.9 13.7 15.7 18.2 22.1 22.1 15.2 14.5 15.5 16.0 14.9 15.4 14.1
Performance ratios
• ROA (%) 30.8 18.7 21.7 23.0 24.3 25.0 24.6 23.8 16.9 19.2 22.5 25.8 33.8 24.0 22.1
• ROE (%) 41.6 46.0 48.8 50.9 52.7 49.5 45.8 77.7 54.5 54.6 56.0 117.0 121.3 81.4 81.0
• ROIC (%) 98.8 74.9 106.1 109.6 133.1 153.6 185.7 193.8 127.9 183.6 352.9 427.9 397.1 486.3 399.8
• RoIC/Cost of capital (x) 5.7 4.4 6.9 7.0 9.3 11.1 16.8 18.8 13.5 17.8 31.8 37.2 35.0 45.9 37.7
• ROIC - Cost of capital (%) 81.6 57.9 90.6 93.9 118.8 139.8 174.6 183.5 118.4 173.3 341.8 416.4 385.8 475.7 389.2
• ROCE (%) 62.1 41.7 49.9 51.0 54.0 54.0 50.0 47.0 33.8 44.0 58.9 80.5 122.8 83.2 82.1
• Wtd avg cost of cap (%) 17.2 17.0 15.5 15.6 14.4 13.9 11.1 10.3 9.5 10.3 11.1 11.5 11.3 10.6 10.6
• ROCE - WACC (%) 44.8 24.7 34.5 35.4 39.7 40.1 38.9 36.7 24.3 33.7 47.8 69.0 111.5 72.6 71.5
Efficiency ratios
• Asset turnover (x) 15.1 10.6 12.35 11.14 11.72 11.51 11.48 11.77 10.24 15.6 27.80 32.92 29.96 37.86 33.29
• Sales/Total assets (x) 4.6 2.4 2.4 2.1 2.0 1.7 1.4 1.3 1.3 1.6 1.8 2.0 2.7 2.0 2.0
• Sales/Net FA (x) 18.3 10.3 10.3 9.5 9.3 8.5 7.5 7.5 6.9 7.4 8.1 8.5 10.7 7.8 7.9
• Working capital/Sales (x) 0.0 -0.1 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.1 -0.1 -0.1 -0.2 -0.1
• Fixed capital/Sales (x) 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2
• Receivable days 8 7 7 8 9 15 13 17 18 17 13 12 10 14 18
• Inventory days 50 49 44 47 41 42 47 50 54 44 47 52 46 45 53
• Payable days 65 78 76 79 77 88 95 82 87 89 86 89 69 107 124
Financial stability ratios
• Foreign debt/Total debt (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• Operating cash flow/Total debt (%) 73.1 544.1 230.5 574.4 1,165.4 1,357.0 2,543.1 81.5 109.0 3,837.2 1,567.0 2,674.5 578.9
• Total debt/Equity (%) 26.2 14.8 15.4 8.4 4.5 2.8 1.6 78.0 68.8 2.4 3.3 5.8 20.5 0.0 0.0
• Net debt/Equity (%) 5.7 -30.8 -23.0 -30.1 -16.5 -27.3 -23.9 41.1 36.2 -12.7 -11.7 -7.4 -65.7 -73.2 -61.2
• Current ratio (x) 1.3 1.2 1.3 1.3 1.3 1.0 0.9 0.9 0.9 0.7 0.7 0.6 1.0 0.8 0.8
• Quick ratio (x) 0.7 0.7 0.8 0.9 0.9 0.6 0.6 0.5 0.5 0.3 0.4 0.3 0.5 0.5 0.5
• Interest cover (x) 15.4 n/a n/a n/a n/a n/a n/a n/a 39.9 n/a 80.3 120.5 388.8 11,376.8
• Dividend cover (x) 1.7 1.7 1.7 1.7 1.7 1.4 1.4 1.1 1.1 1.2 1.2 0.9 1.5 1.5 1.5
• Net debt/Market capitalisation #DIV/0! #DIV/0! 0.0 -0.2 -0.2 -0.4 -0.3 -0.5 -0.5 0.5 0.5 -0.2 -0.2 -0.1 -0.8 -1.2 -1.0
• Gross debt/Market capitalisation #DIV/0! #DIV/0! 0.2 0.1 0.2 0.1 0.1 0.1 0.0 1.0 0.9 0.0 0.1 0.1 0.3 0.0 0.0
RATIOS: VALUATIONS
• PER (x) n/a n/a 397.5 282.7 196.3 153.1 125.2 109.1 97.1 97.0 141.2 128.1 106.1 90.9 65.0 77.3 75.5
• PEG (x) - y-o-y growth n/a n/a n/a 7.0 4.5 5.4 5.6 7.4 7.8 1,022.2 -4.5 12.5 5.1 5.4 1.6 -4.9 32.5
• PCE (x) 350.6 257.1 175.1 136.7 113.9 102.3 91.4 94.2 130.4 119.5 97.9 84.4 60.3 71.1 68.5
• PCF (x) 592.9 170.9 207.4 134.1 104.0 120.9 88.6 92.0 124.0 83.4 111.4 79.5 68.8 43.9 79.2
• Price/Book (x) 165.5 130.1 95.9 78.0 65.9 54.0 44.4 75.3 77.0 70.0 59.4 106.3 78.8 62.9 61.2
• Yield (%) 0.2 0.2 0.3 0.4 0.5 0.7 0.7 1.0 0.7 0.7 0.8 1.2 1.0 0.9 0.9
• EV/Net sales (x) 24.9 20.9 17.2 16.0 15.3 15.3 16.4 16.3 16.7 14.8 13.6 11.8 8.0 9.2 8.3
• EV/EBITDA (x) 258.8 201.5 148.4 125.8 106.0 91.1 79.4 77.6 104.9 103.2 88.5 74.2 49.7 55.4 54.6
• EV/EBIT (x) 258.8 201.5 148.4 125.8 106.0 91.1 79.4 77.6 104.9 103.2 88.5 74.2 49.7 55.4 54.6
• EV/EBIDA (x) 371.7 302.0 202.3 166.8 138.1 117.5 103.6 100.6 131.7 126.6 107.1 91.0 59.2 70.0 67.8
• EV/NOPLAT (x) 379.5 295.2 200.5 163.1 134.8 114.9 101.6 99.1 133.3 126.4 106.9 91.0 60.1 71.4 69.2
• EV/OPFCF -354.6 204.0 473.1 180.6 142.9 188.4 108.7 112.6 154.4 90.4 124.4 93.6 88.6 50.7 88.8
• EV/CE 114.8 112.9 82.6 71.3 62.4 52.3 43.5 42.5 45.8 68.2 57.4 100.4 64.9 62.2 60.5
• EV/IC (x) 374.9 221.2 212.6 178.7 179.4 176.6 188.7 192.1 170.4 232.0 377.1 389.4 238.6 347.0 276.6
• GEM (x) - y-o-y growth
(Rs mn) Earlier estimates Revised estimatesUpgrade/(downgrade) (%)
FY17E FY18E FY17E FY18E FY17E FY18E
Net Sales 344646.00 384113.00 339,681 374,689 (1.4) (2.5)
EBITDA 68200.00 76223.00 Err:523 Err:523 Err:523 Err:523
Adj PAT 44960.00 50328.00 Err:523 Err:523 Err:523 Err:523
Adj EPS (Rs) 20.70 23.20 #VALUE! ###
736
770
808.5
Growth (in % yoy) FY16 FY17 FY18
Toilet Soaps 7.1 10.3 11.3
- Volume 5.0 5.0 6.0
- Price 2.0 5.0 6.0
Detergents (1.1) 10.2 11.2

- Volume 2.0 6.0 7.0
- Price (3.0) 4.0 5.0
Personal Products 13.3 14.4 15.4

- Volume 10.0 10.0 11.0
- Price 3.0 4.0 5.0
Beverages 11.3 11.3 12.3

- Volume 7.0 7.0 8.0
- Price 4.0 4.0 5.0
Packaged Foods 12.7 14.5 15.5

- Volume 7.7 9.4 10.4
- Price 4.6 4.6 5.6
Year 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 2QCY05 3QCY05 4QCY05 1QCY06 2QCY06 3QCY06 4QCY06 1QCY07 2QCY07 3QCY07 4QCY07 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Year Rs mn 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 3,913 3,186 3,362 3,727 3,465 2,970 2,703 3182 2950 2868 2937 3087 3030 2695 2914 3306 3024 3122 3240 3388 3177 3006 3455 3670 3705 3633 3905 4085 4310 4214 4422 5106 4893 4,996 5,216 5,511 5,702 5,378 5,700 6,022 6,347 6,086 6,542 6,704 6,832 6,541 7,196
Processed foods 1,735 1,738 2,028 2,441 1,616 1,758 1,842 1929 1674 1768 1503 1080 795 822 611 622 674 783 815 865 882 973 973 1022 1311 1334 1289 1443 1520 1500 1739 1715 1634 1,721 1,739 1,872 1,976 2,111 2,195 2,219 3,173 3,721 3,323 3,067 3,481 4,370 3,663
Ice Cream 383 641 330 243 263 405 232 172 199 360 218 157 201 351 207 131 204 376 230 172 265 505 338 263 322 622 371 292 370 720 466 343 453 886 504 378 553 1,046 549 481 -
Exports 4,351 5,064 4,200 3,892 3,019 3,055 2,801 3685 3156 3216 2881 3147 3112 3338 2957 3202 3421 3225 2731 3573 2755 3287 3274 3473 3519 3331 3136 3437 3989 3934 2961 2668 2205 2,575 2,270 2,653 2,555 2,648 2,647 2,909 - - - - -
13 18 20 21 26 26 16 9 1 (2) (2) 2 6 6 12 13 22
Segmental growth Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents 11.6 12.9 21.9 20.8 28.4 23.7 22.3
Beverages 11.3 13.1 14.8 11.3 7.6 7.5 10.0
Processed foods 60.6 76.2 51.4 38.2 9.7 17.4 10.2
Ice Cream
Exports
Others (includes chemicals agri plantations) 429.8 311.6 205.3 359.6 (23.9) (43.0) (38.1)
Total segment revenue 13.4 14.9 17.9 16.1 16.1 14.0 12.3
Segment results (Rs mn) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 527 523 515 171 601 593 542 701 620 546 481 601 605 507 534 691 634 539 567 678 620 407 529 722 556 569 562 630 498 615 626 651 655 703 887.3 817.3 790 695 876 1,014 992.80 754.00 877 1,052 984 950 1,031
Processed foods 31 1 (97) 135 (58) (91) (74) (66) (52) 48 (34) 44 (71) (274) (215) (344) (21) (45) (62) (34) 3 42 41 64 74 (19) 31 102 17 38 26 (39) (45) (13) (9.30) -12.5 79 106 100 (161) 46.50 173.80 165 (60) (38) 248 9
Ice Cream (63) (29) (86) (87) (78) 49 (16) (100) 73 24 (40) (54) (32) 28 (4) (39) (31) 51 26 (12) 8 109 47 28 13 107 5 12 (29) 137 21 (28) (19) 155 25.2 -37.4 (16) 153 55 (6)
Exports 192 158 110 361 231 228 117 383 203 147 28 237 118 89 39 151 60 23 20 213 80 156 221 205 133 34 63 243 177 288 317 156 144 205 171.7 75.3 133 227 189 227 236.80 446
Total 4,115 4,520 4,611 5,848 4,410 5,520 5,105 6,841 4,786 5,759 5,041 6,953 4,012 4,012 3,932 4,983 3,359 4,220 4,355 5,580 4,052 5,020 5,023 5,843 4,393 5,710 5,006 7,107 5,200 6,768 5,940 7,900 6,218 7,285 6,836 7,877 6,054 6,790 6,678 7,351 6,494 7,632 8,357 9,776 8,590 9,763 9,822
0.21 0.26 0.02 0
Segment results growth (%) Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents -34.8 -8.3 -39.2 -34.7 -5.1 28.4 110.2 93.9 63.2 41.2
Beverages -1.1 -1.3 24.0 25.7 8.4 0.2 3.7 -0.9 25.9 17.5
Processed foods -924.2 -1178.5 1184.8 -41.1 64.7 64.2 -62.8 -181.5 42.6 -94.5
Ice Cream
Exports
Others (includes chemicals agri plantations)
Total -6.8 -2.3 -6.7 7.3 12.4 25.1 33.0 32.3 27.9 17.5
Segment margins (%) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 13.5 16.4 15.3 4.6 17.3 20.0 20.0 22.0 21.0 19.0 16.4 19.5 20.0 18.8 18.3 20.9 21.0 17.3 17.5 20.0 19.5 13.5 15.3 19.7 15.0 15.7 14.4 15.4 11.6 14.6 14.1 12.8 13.4 14.1 17.0 14.8 13.8 12.9 15.4 16.8 15.6 12.4 13.4 15.7 14.4 14.5 14.3
Processed foods 1.8 0.0 -4.8 5.5 -3.6 -5.2 -4.0 -3.4 -3.1 2.7 -2.3 4.1 -8.9 -33.3 -35.1 -55.3 -3.1 -5.8 -7.6 -3.9 0.4 4.3 4.2 6.3 5.6 -1.4 2.4 7.0 1.1 2.5 1.5 -2.3 -2.7 -0.7 -0.5 -0.7 4.0 5.0 4.6 -7.2 1.5 4.7 5.0 -1.9 -1.1 5.7 0.2
Ice Cream -16.4 -4.5 -26.1 -35.8 -29.6 12.2 -6.8 -57.8 36.8 6.7 -18.1 -34.4 -15.9 8.0 -2.0 -29.7 -15.2 13.5 11.4 -6.9 3.2 21.5 13.8 10.7 4.1 17.1 1.4 3.9 -7.8 19.0 4.5 -8.3 -4.1 17.5 5.0 -9.9 -2.8 14.6 10.0 -1.2 #DIV/0!
Total 15.2 14.6 17.5 20.9 18.6 20.7 21.1 25.5 19.9 21.1 20.0 26.4 16.8 15.4 16.2 18.9 13.2 14.7 15.8 18.5 14.3 16.1 16.2 18.1 13.7 16.2 14.7 18.8 13.5 15.8 13.8 18.1 15.4 16.1 16.0 17.2 13.8 14.0 14.0 14.4 13.1 13.7 14.9 16.4 14.9 15.3 15.6
Hindustan Unilever Q1FY17 Q4FY16 QoQ (%) Q1FY16 YoY%
Volume Growth YoY % 4.0 4.0 6.0
Price Growth YoY % 0.0 (1.0) 1.0
Revenues 79,877 75,849 5.3% 77,127 3.6%
Gross Profit 40,323 38,161 5.7% 38,151 5.7%
Gross Margin % 50.5 50.3 49.5
Advertising Expenses 8,798 8,655 1.7% 8,927 -1.5%
Ad to Sales Ratio % 11.0 11.4 11.6
EBITDA 16,359 14,703 11.3% 15,120 8.2%
EBITDA Margin % 20.1 19.0 19.3
Reported PAT 11,739 11,135 10,692 9.8%
Adjusted PAT 11,280 10,310 9.4% 10,628 6.1%
Adjusted EPS (Rs.) 5.21 4.76 9.4% 4.91 6.1%

PC yoy growth
estimates
(Rs mn) Q1FY17 Q4FY16 qoq
PC yoy growth Street yoy

estimates growth estimates
growth %
5.0%
Volume growth (% yoy) 4.0 4.0
0.0%
Price growth (%yoy) - (1.0)
5.0% 6.8%
Net Sales 79,877 75,849 5.3
6.9%
Gross Profits 40,323 38,161 5.7
Gross Margin (%) 50.5 50.3

5.5%
Staff costs 4,265 4,426 (3.6)
Ad spends 8,798 8,655 1.7

8.4% 7.9%
Other operating expenses 12,306 11,740 4.8
EBITDA 16,359 14,703 11.3
EBITDA margin (%) 20.5 19.4

8.4% 9.0%
PBT 17,150 15,338 11.8
8.4%
Tax rate (%) 0.3 0.3
PAT 11,739 11,135 5.4
Adj. PAT 11,280 10,310 9.4

Q1FY16 yoy growth vs. expectations %
%
PC
Estimates
6.0 -100 bps

5
1.0 0 bps
0
77,127 3.6 (4.6)
83720.385
38,151 5.7 (7.4)
43529.888
49.5 -151 bps
51.994372
3,579 19.2 6.6
4000.5009
8,927 (1.5) (27.7)
12171.737
11,842 3.9 (1.0)
12427.088
15,120 8.2 0.2
16327.218
19.6 98 bps
19.502082
15,651 9.6 2.7
16691.719
0.3 0 bps
0.3165957
10,692 9.8 2.9
11407.193
10,628 6.1 (1.1)
11407.193
(Rs mn) Q4FY15 Q1FY16 Q3FY15 Q4FY15 QoQ% QoQ% Q4FY14
Net sales 75,550 79,734 75,792 75,550 -0.3 5.5 69,358
Growth, % 8.9 5.3 7.7 8.9 8.9
Total income 76,756 81,051 77,743 76,756 -1.3 5.6 70,941
Gross Profit 37,280 40,714 37,312 37,280 -0.1 9.2 32,050
Margin, % 49.3 51.1 49.2 49.3 46.2
Advertising Exp 10,279 11,534 9,771 10,279 5.2 12.2 8,403
as % of Sales 13.6 14.5 12.9 13.6 12.1
Operating expenses 15,026 15,433 16,177 15,026 -7.1 2.7 14,454
EBITDA 13,182 15,064 13,315 13,182 -1.0 14.3 10,776
Margin, % 17.4 18.9 17.6 17.4 15.5
Depreciation 705 749 731 705 -3.5 6.3 650
EBIT 12,477 14,315 12,584 12,477 -0.9 14.7 10,126
Margin, % 16.5 18.0 16.6 16.5 14.6
Interest paid 0 1 42 0 -100.0 #DIV/0! 53

Other Non-Operating Income 984 1,086 1,201 984 -18.0 10.4 1,506
Pre-tax profit 13,461 15,400 13,743 13,461 -2.1 14.4 11,579
Tax provided 5,074 4,907 5,187 5,074 -2.2 -3.3 3,479
Minority Interest
Net Profit 9,110 10,528 9,550 9,110 -4.6 15.6 8,100
Reported PAT 10,181 10,591 12,522 10,181 -18.7 4.0 8,752
Growth, % 12.5 3.1 0.8 12.5 3.7
Margin, % 12.1 13.2 12.6 12.1 11.7
Extraordinary items: Gains/(Losses) 1,794 98 3,966 1,794 660
Reported Fully Dilluted EPS, Rs 4.2 4.9 4.4 4.2 -4.6 15.5 3.7
Q1FY15 YoY, % YoY, %
75,708 8.9 5.3
13.2
77,163 8.2 5.0
35,812 16.3 13.7
47.3
9,449 22.3 22.1
12.5
14,653 4.0 5.3
13,165 22.3 14.4
17.4
667 8.5 12.3
12,498 23.2 14.5
16.5
63 -100.0 -98.9
2,021 -34.7 -46.3
14,457 16.3 6.5
4,285 45.9 14.5
10,208 12.5 3.1

10,569 16.3 0.2
15.3
13.5
396
4.7 12.5 3.1
Year Rs mn 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 3,913 3,186 3,362 3,727 3,465 2,970 2,703 3182 2950 2868 2937 3087 3030 2695 2914 3306 3024 3122 3240 3388 3177 3006 3455 3670 3705 3633 3905 4085 4310 4214 4422 5106 4893 4,996 5,216 5,511 5,702 5,378 5,700 6,022 6,347 6,086 6,542 6,704 6,832 6,541 7,196
Processed foods 1,735 1,738 2,028 2,441 1,616 1,758 1,842 1929 1674 1768 1503 1080 795 822 611 622 674 783 815 865 882 973 973 1022 1311 1334 1289 1443 1520 1500 1739 1715 1634 1,721 1,739 1,872 1,976 2,111 2,195 2,219 3,173 3,721 3,323 3,067 3,481 4,370 3,663
Ice Cream 383 641 330 243 263 405 232 172 199 360 218 157 201 351 207 131 204 376 230 172 265 505 338 263 322 622 371 292 370 720 466 343 453 886 504 378 553 1,046 549 481 -
Exports 4,351 5,064 4,200 3,892 3,019 3,055 2,801 3685 3156 3216 2881 3147 3112 3338 2957 3202 3421 3225 2731 3573 2755 3287 3274 3473 3519 3331 3136 3437 3989 3934 2961 2668 2205 2,575 2,270 2,653 2,555 2,648 2,647 2,909 - - - - -
intersegment 537 791 739 608 163 268 (283) 0 0 0 0 0 0 0 0 0 0 28 29 -9 15 19 25 37 0 14 0 11 15 9 17 18 21 39 0 0
Net segment revenue 26,547 30,151 25,577 27,324 23,511 26,421 24,430 26826 24050 27238 25158 26381 23850 26049 24327 26380 25421 28615 27600 30241 28248 31156 30967 32209 32156 35209 33940 37721 38499 42719 42891 43710 40346 45303 42737.8 45860.8 43766.7 48609.1 47560.4 51218.1 49616.8 0.0
13 18 20 21 26 26 16 9 1 (2) (2) 2 6 6 12 13 22
Segmental growth Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents 11.6 12.9 21.9 20.8 28.4 23.7 22.3
Beverages 11.3 13.1 14.8 11.3 7.6 7.5 10.0
Processed foods 60.6 76.2 51.4 38.2 9.7 17.4 10.2
Ice Cream
Exports
Others (includes chemicals agri plantations) 429.8 311.6 205.3 359.6 (23.9) (43.0) (38.1)
Total segment revenue 13.4 14.9 17.9 16.1 16.1 14.0 12.3
Segment results (Rs mn) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 527 523 515 171 601 593 542 701 620 546 481 601 605 507 534 691 634 539 567 678 620 407 529 722 556 569 562 630 498 615 626 651 655 703 887.3 817.3 790 695 876 1,014 992.80 754.00 877 1,052 984 950 1,031
Processed foods 31 1 (97) 135 (58) (91) (74) (66) (52) 48 (34) 44 (71) (274) (215) (344) (21) (45) (62) (34) 3 42 41 64 74 (19) 31 102 17 38 26 (39) (45) (13) (9.30) -12.5 79 106 100 (161) 46.50 173.80 165 (60) (38) 248 9
Ice Cream (63) (29) (86) (87) (78) 49 (16) (100) 73 24 (40) (54) (32) 28 (4) (39) (31) 51 26 (12) 8 109 47 28 13 107 5 12 (29) 137 21 (28) (19) 155 25.2 -37.4 (16) 153 55 (6)
Exports 192 158 110 361 231 228 117 383 203 147 28 237 118 89 39 151 60 23 20 213 80 156 221 205 133 34 63 243 177 288 317 156 144 205 171.7 75.3 133 227 189 227 236.80 446
Total 4,115 4,520 4,611 5,848 4,410 5,520 5,105 6,841 4,786 5,759 5,041 6,953 4,012 4,012 3,932 4,983 3,359 4,220 4,355 5,580 4,052 5,020 5,023 5,843 4,393 5,710 5,006 7,107 5,200 6,768 5,940 7,900 6,218 7,285 6,836 7,877 6,054 6,790 6,678 7,351 6,494 7,632 8,357 9,776 8,590 9,763 9,822
0.21 0.26 0.02 0
Segment results growth (%) Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Soap and Detergents -34.8 -8.3 -39.2 -34.7 -5.1 28.4 110.2 93.9 63.2 41.2
Beverages -1.1 -1.3 24.0 25.7 8.4 0.2 3.7 -0.9 25.9 17.5
Processed foods -924.2 -1178.5 1184.8 -41.1 64.7 64.2 -62.8 -181.5 42.6 -94.5
Ice Cream
Exports
Others (includes chemicals agri plantations)
Total -6.8 -2.3 -6.7 7.3 12.4 25.1 33.0 32.3 27.9 17.5
Segment margins (%) 3QCY99 4QCY99 1QCY00 2QCY00 3QCY00 4QCY00 1QCY01 2QCY01 3QCY01 4QCY01 1QCY02 2QCY02 3QCY02 4QCY02 1QCY03 2QCY03 3QCY03 4QCY03 1QCY04 2QCY04 3QCY04 4QCY04 1QCY05 Q1FY06 Q2FY06 Q3FY06 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1Fy09 q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13
Beverages 13.5 16.4 15.3 4.6 17.3 20.0 20.0 22.0 21.0 19.0 16.4 19.5 20.0 18.8 18.3 20.9 21.0 17.3 17.5 20.0 19.5 13.5 15.3 19.7 15.0 15.7 14.4 15.4 11.6 14.6 14.1 12.8 13.4 14.1 17.0 14.8 13.8 12.9 15.4 16.8 15.6 12.4 13.4 15.7 14.4 14.5 14.3
Processed foods 1.8 0.0 -4.8 5.5 -3.6 -5.2 -4.0 -3.4 -3.1 2.7 -2.3 4.1 -8.9 -33.3 -35.1 -55.3 -3.1 -5.8 -7.6 -3.9 0.4 4.3 4.2 6.3 5.6 -1.4 2.4 7.0 1.1 2.5 1.5 -2.3 -2.7 -0.7 -0.5 -0.7 4.0 5.0 4.6 -7.2 1.5 4.7 5.0 -1.9 -1.1 5.7 0.2
Ice Cream -16.4 -4.5 -26.1 -35.8 -29.6 12.2 -6.8 -57.8 36.8 6.7 -18.1 -34.4 -15.9 8.0 -2.0 -29.7 -15.2 13.5 11.4 -6.9 3.2 21.5 13.8 10.7 4.1 17.1 1.4 3.9 -7.8 19.0 4.5 -8.3 -4.1 17.5 5.0 -9.9 -2.8 14.6 10.0 -1.2 #DIV/0!
Total 15.2 14.6 17.5 20.9 18.6 20.7 21.1 25.5 19.9 21.1 20.0 26.4 16.8 15.4 16.2 18.9 13.2 14.7 15.8 18.5 14.3 16.1 16.2 18.1 13.7 16.2 14.7 18.8 13.5 15.8 13.8 18.1 15.4 16.1 16.0 17.2 13.8 14.0 14.0 14.4 13.1 13.7 14.9 16.4 14.9 15.3 15.6
Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10
QoQ growth % -5.8 7.4 2.9 16.2 -1.7 6.9 -5.2 9.9 -9.4 3.4 -4.5
YoY growth % 18.3 20.3 21.1 26.3 25.7 15.8 9.5 0.9 -2.4 -1.7
Personal Products 8,978 8,876 10,643 10,189 10,680 10,496 11,923 10,386 12,255 11,902 13,770 12,552
QoQ growth % -1.1 19.9 -4.3 4.8 -1.7 13.6 -12.9 18.0 -2.9 15.7 -8.8
YoY growth % 19.1 23.9 19.0 18.3 12.0 1.9 14.7 13.4 15.5 20.9
Beverages 3,633 3,905 4,085 4,310 4,214 4,422 5,106 4,893 4,996 5,216 5,511 5,702
QoQ growth % 7.5 4.6 5.5 -2.2 4.9 15.5 -4.2 2.1 4.4 5.7 3.5
YoY growth % 11.3 16.3 16.0 13.2 25.0 13.5 18.6 18.0 7.9 16.5
Processed Foods 1,334 1,289 1,443 1,520 1,500 1,739 1,715 1,634 1,721 1,739 1,872 1,976
QoQ growth % -3.4 11.9 5.3 -1.3 15.9 -1.4 -4.7 5.3 1.1 7.6 5.5
YoY growth % 41.2 15.9 12.4 34.9 18.8 7.5 14.7 0.0 9.2 20.9
Exports+Others 639 642 941 755 1,475 2,961 739 675 794 1,071 958 644
QoQ growth % -51.9 -27.0 -47.7 -3.0 97.4 -57.5 -8.6 17.6 34.8 -10.5 -32.8
YoY growth % -82.6 -82.9 -76.9 -81.8 -62.8 -21.6 -83.1 -85.8 -85.3 -38.4 29.7 -4.5
Total 31,270 30,434 34,003 34,155 38,074 39,480 40,717 37,710 41,881 39,964 42,831 40,659
Contribution Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10
Soaps & Detergents 53.4 51.7 49.7 50.9 53.1 50.3 52.2 53.4 52.8 50.1 48.4 48.7
Personal Products 28.7 29.2 31.3 29.8 28.1 26.6 29.3 27.5 29.3 29.8 32.1 30.9
Beverages 11.6 12.8 12.0 12.6 11.1 11.2 12.5 13.0 11.9 13.1 12.9 14.0
Processed Foods 4.3 4.2 4.2 4.4 3.9 4.4 4.2 4.3 4.1 4.4 4.4 4.9
Exports 10.7 10.3 10.1 11.7 10.3 7.5 6.6 5.8 6.1 5.7 6.2 6.3
Exports+Others 2.0 2.1 2.8 2.2 3.9 7.5 1.8 1.8 1.9 2.7 2.2 1.6
Segment Results Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10
Segment Margins % 16.1 17.2 13.4 14.7 13.5 16.5 16.6 17.2 13.6 13.4 12.8
YoY change (in bps) 165.0 130.2 -137.6 -255.0 -76.0 319.9 254.3 9.0 -304.8 -380.2
Personal Products 2,632 2,147 3,553 2,517 2,973 2,555 3,914 2,389 2,699 3,134 4,399 2,734
Segment Margins % 24.2 33.4 24.7 27.8 24.3 32.8 23.0 22.0 26.3 31.9 21.8
YoY change (in bps) 152.7 1.0 -148.1 15.1 -55.1 -169.9 -581.7 198.7 -87.9 -122.7
Beverages 569 562 630 498 615 626 651 655 703 887 817 790
Segment Margins % 14.4 15.4 11.6 14.6 14.1 12.8 13.4 14.1 17.0 14.8 13.8
YoY change (in bps) -425.5 -344.9 -107.0 -24.0 -265.8 183.3 -51.2 286.6 207.7 46.0
Processed Foods (19) 31 102 17 38 26 (39) (45) (13) (9) (13) 79
Segment Margins % 2.4 7.0 1.1 2.5 1.5 -2.3 -2.7 -0.7 -0.5 -0.7 4.0
YoY change (in bps) 73.3 -449.0 396.7 -91.9 -931.0 -387.4 -326.4 -203.6 160.7 673.4
Exports+Others (297) (329) (345) (305) (254) (289) (255) (242) (279) (98) (150) (193)
Segment EBIT Growth YoY %

Soaps & Detergents (24.2)
Personal Products 14.4
Beverages 20.5
Processed Foods
Others
EBIT Contribution %
Soaps & Detergents 47.9 50.5 41.1 44.5 44.8 45.4 44.2 53.5 53.5 40.0 35.2 41.6
Personal Products 47.0 42.9 50.1 48.1 44.8 43.2 49.4 38.3 37.8 46.0 55.6 45.0
Beverages 10.2 11.2 8.9 9.5 9.3 10.6 8.2 10.5 9.9 13.0 10.3 13.0
Processed Foods -0.3 0.6 1.4 0.3 0.6 0.4 -0.5 -0.7 -0.2 -0.1 -0.2 1.3
Exports 0.6 1.3 3.4 3.4 4.3 5.4 2.0 2.3 2.9 2.5 1.0 2.2
Others -5.3 -6.6 -4.9 -5.8 -3.8 -4.9 -3.2 -3.9 -3.9 -1.4 -1.9 -3.2
Sum EBIT 5603 5000 7096 5229 6631 5919 7928 6237 7130 6811 7914 6070
Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12
22,645 21,294 21,929 22,075 25,576 25,961 26,481 28,344

14.5 -6.0 3.0 0.7 15.9 1.5 2.0 7.0
2.4 6.3 5.8 11.6 12.9 21.9 20.8 28.4
13,655 13,649 16,547 14,608 15,823 15,562 18,134 16,333
8.8 0.0 21.2 -11.7 8.3 -1.6 16.5 -9.9
11.4 14.7 20.2 16.4 15.9 14.0 9.6 11.8
5,378 5,700 6,022 6,347 6,086 6,542 6,704 6,832
-5.7 6.0 5.7 5.4 -4.1 7.5 2.5 1.9
7.7 9.3 9.3 11.3 13.1 14.8 11.3 7.6
2,111 2,195 2,219 3,173 3,721 3,323 3,067 3,481
6.9 4.0 1.1 43.0 17.3 -10.7 -7.7 13.5
22.7 26.2 18.6 60.6 76.2 51.4 38.2 9.7
1,126 1,527 1,111 3,414 4,634 4,662 5,104 2,599
74.7 35.6 -27.3 207.4 35.7 0.6 9.5 -49.1
41.8 42.7 15.9 429.8 311.6 205.3 359.6 -23.9
44,915 44,364 47,828 49,617 55,839 56,050 59,489 57,588

50.4 48.0 45.9 44.5 45.8 46.3 44.5 49.2
30.4 30.8 34.6 29.4 28.3 27.8 30.5 28.4
12.0 12.8 12.6 12.8 10.9 11.7 11.3 11.9
4.7 4.9 4.6 6.4 6.7 5.9 5.2 6.0
5.9 6.0 6.1 0.0 0.0 0.0 0.0 0.0
2.5 3.4 2.3 6.9 8.3 8.3 8.6 4.5

2,488 2,501 1,693 1,650 2,361 3,212 3,559 3,201
11.0 11.7 7.7 7.5 9.2 12.4 13.4 11.3
-626.4 -186.1 -571.7 -529.8 -175.5 62.8 571.8 381.6
3,388 3,140 4,769 3,652 4,107 3,965 4,881 4,555
24.8 23.0 28.8 25.0 26.0 25.5 26.9 27.9
279.0 -332.5 -312.9 322.0 114.7 247.2 -190.1 289.1
695 876 1,014 993 754 877 1,052 984
12.9 15.4 16.8 15.6 12.4 13.4 15.7 14.4
-115.0 -164.9 200.4 179.4 -53.8 -195.2 -114.5 -124.2
106 100 (161) 47 174 165 (60) (38)
5.0 4.6 -7.2 1.5 4.7 5.0 -1.9 -1.1
574.1 510.4 -656.8 -253.3 -32.6 38.7 528.9 -255.4
(266) (183) (185) 152 0 138 (103) (112)
(34.8) (8.3) (39.2) (34.7) (5.1) 28.4 110.2 93.9

25.5 0.2 8.4 33.6 21.2 26.3 2.4 24.7
(1.1) (1.3) 24.0 25.7 8.4 0.2 3.7 (0.9)
(62.8) (181.5)
37.5 37.8 23.0 25.4 30.9 38.4 36.4 37.3

51.0 47.4 64.8 56.2 53.8 47.4 49.9 53.0
10.5 13.2 13.8 15.3 9.9 10.5 10.8 11.5
1.6 1.5 -2.2 0.7 2.3 2.0 -0.6 -0.4
3.4 2.9 3.1 0.0 3.1 0.0 4.6 0.0
-4.0 -2.8 -2.5 2.3 0.0 1.6 -1.1 -1.3
6637 6623 7357 6494 7632 8357 9776 8590

Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13
Volume growth 11 14 13 14 8.3 9.8 9.1 10 9
Value growth 7.109758 10.70833 11.60568 13.39142 14.64406 17.84134 16.25817 15.66895 13.72366
Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16
7 5 6 4 5 4 3 6 5 3 6 6
11.59191 10.08468 12.4841 6.997272 9.614144 9.389479 8.931483 13.20809 10.64649 7.692767 8.927256 5.317682
20.00
18.00
16.00
14.00
12.00
10.00
8.00 Volume growth
Value growth
6.00
4.00
2.00
0.00
Revenue Gross ProfiEBITDA EBITDA Mar
Ad Spends% of sales Operating % of sales Free Cash % of sales (rhs)
CY01 106675.4 46171.86 17139.71 16.1% 8238.176 7.7% 8690.714 8.1% 10086.27 9.5%
CY02 99999.54 48043.28 20009.58 20.0% 8418.6 8.4% 15048.98 15.0% 6173.942 6.2%
CY03 101383.5 48531.11 19766.69 19.5% 7590.862 7.5% 14688.42 14.5% 10068.74 9.9%
CY04 99269.46 45148.68 14373.67 14.5% 8359.803 8.4% 10704.08 10.8% 16797.28 16.9%
CY05 110605.5 48984.15 14433.33 13.0% 10056.74 9.1% 18164.91 16.4% 23098.96 20.9%
CY06 121033.9 56006.07 16480.65 13.6% 12728.78 10.5% 13199.19 10.9% 8918.936 7.4%
CY07 137177.5 64492.11 19209.78 14.0% 14402.16 10.5% 17336.71 12.6% 30053.78 21.9%
FY09 202393.3 94292.86 26560.59 13.1% 21309.16 10.5% 18198.53 9.0% 29847.64 14.7%
FY10 175238 86459.1 25484.4 14.5% 23914.3 13.6% 31712.67 18.1% 20648.81 11.8%
FY11 193810.1 93029.2 23238.9 12.0% 27642.3 14.3% 18124.6 9.4% 18212.3 9.4%
FY12 217356 99978.4 29105.7 13.4% 26347.9 12.1% 30315.07 13.9% 18512.17 8.5%
FY13 252063.8 117175.4 33999.2 13.5% 32318.8 12.8% 38464.64 15.3% 36306.34 14.4%
FY14E 274082.9 130646.7 38644.2 14.1% 36136 13.2% 37888.07 13.8% 32838.77 12.0%
FY15E 301705 145469.5 45731.2 15.2% 38749.4 12.8% 35898.57 11.9% 33885.67 11.2%
Revenue Revenue Growth (rhs)

CY01 106675.4 0.6%
CY02 99999.54 -6.3%
CY03 101383.5 1.4%
CY04 99269.46 -2.1% Revenue Revenue Growth (rhs)
CY05 110605.5 11.4% 350000 20%
CY06 121033.9 9.4%
300000 15%
CY07 137177.5 13.3%
FY09 202393.3 18.0% 250000
10%
FY10 175238 8.2% 200000
FY11 193810.1 10.6% 5%
150000
FY12 217356 12.1% 0%
FY13 252063.8 16.0% 100000
FY14E 274082.9 8.7% 50000 -5%
FY15E 301705 10.1%
0 -10%
0 1 Y02 Y0 3 Y0 4 Y0 5 Y0 6 Y07 Y0 9 Y1 0 Y1 1 Y1 2 Y13 14 E 1 5E
CY C C C C C C F F F F F FY FY
Gross Profit % ofsales (rhs)

Gross Profi% ofsales (rhs) 160000 50%
CY01 46171.86 43% 49%
140000
CY02 48043.28 48% 48%
120000
CY03 48531.11 48% 47%
CY04 45148.68 45% 100000 46%
CY05 48984.15 44% 80000 45%
CY06 56006.07 46% 60000 44%
43%
CY07 64492.11 47% 40000
42%
FY09 94292.86 47% 20000 41%
FY10 86459.1 49% 0 40%
FY11 93029.2 48%
0 1 Y02 Y0 3 Y0 4 Y0 5 Y0 6 Y07 Y0 9 Y1 0 Y1 1 Y1 2 Y13 14 E 1 5E
FY12 99978.4 46% CY C C C C C C F F F F F FY FY
FY13 117175.4 46%
FY14E 130646.7 48%
FY15E 145469.5 48%
% of sales (rhs)
Operating Cash Flow % of sales (rhs)

50000 20%
18%
40000 16%
14%
30000 12%
10%
20000 8%
6%
10000 4%
2%
0 0%
0 1 Y0 2 Y0 3 Y0 4 Y05 Y0 6 Y0 7 Y0 9 Y1 0 Y1 1 Y1 2 Y1 3 1 4 E 1 5 E
h (rhs) EBITDA EBITDA Margin (rhs)

20% 50000 25%
15% 40000 20%
10% 30000 15%

5%
20000 10%
0%
10000 5%
-5%
0 0%
-10%
0 1 Y0 2 Y0 3 Y0 4 Y05 Y0 6 Y07 Y0 9 Y1 0 Y1 1 Y1 2 Y1 3 1 4E 5E
2 13 4E 5E CY C C C C C C F F F F F FY FY
1
FY FY1 FY1
Ad Spends % of sales (rhs)

(rhs)
50000 16%
50%
49% 14%
40000
48% 12%
47%
30000 10%
46%
8%
45%
20000 6%
44%
43% 4%
10000
42%
2%
41%
0 0%
40%
0 1 Y0 2 Y0 3 Y0 4 Y05 Y0 6 Y07 Y0 9 Y1 0 Y1 1 Y1 2 Y1 3 1 4 E 1 5E
2 13 4E 5E CY C C C C C C F F F F F FY FY
FY FY1 FY1
Free Cash Flow % of sales (rhs)
40000 25%
20%
30000
15%
20000
10%
10000
5%
0 0%
0 1 Y0 2 Y0 3 Y0 4 Y05 Y0 6 Y07 Y0 9 Y1 0 Y1 1 Y1 2 Y1 3 1 4 E 1 5E

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Income Statement (SA)

Balance Sheet (SA)

Current liabilities 78,180 75,590 79,988 81,802 88,287 95,616

Profitability, Productivity, Liquidity and

FY14 FY15 FY16E FY17E FY18E FY19E

EBITDA, Rs mn (LHS) Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 260,000

NOPLAT, Rs mn Err:523 Err:523 Err:523 Err:523 Err:523 Err:523

FY14 FY15 FY16E FY17E FY18E FY19E

(Rs mn) Earlier estimates Revised estimates Upgrade/(downgrade) (%)

EBITDA, Rs mn (LHS) EBITDA margin, % (RHS)

Net Sales, Rs mn (LHS) Asset Turnover, x (RHS)

Net Sales, Rs mn (LHS) Asset Turnover, x (RHS)

2,000 Avg invested capital, Rs mn (LHS) WACC, % (RHS) RO IC, %

5 Discounted Cash Flow Model

6 Profit and Loss Statement Detailed

8 Cash Flow Statement

9 Segment wise Details

Naveen Kulkarni, CFA, FRM

Revenue Growth YoY %

Segment EBIT Growth YoY %

Segment EBIT Margins %

Raw Material Consumed

Chemicals & perfumes

Gross Purchase of Finished Goods

Raw Materials consumed

30,056 33,865 38,137 41,347 66,974 52,523

12.6 8.4 30.5 (21.6)

31.5 30.1 33.1 30.0

16,431 17,578 19,236 23,441 32,127 24,911

3,801 4,733 4,992 6,077 8,482 6,031

1,707 1,439 1,721 2,215 3,676 1,994

6.98 9.44 21.86 24.45

24.52 5.46 21.75 29.23

4981 6925 7255 5771 6882 8226 9260 14409 8293

0.52 0.58 0.61 0.70 0.63 0.56

58,854 66,833 82,882 89,122 94,359 89,033 94,495 103,117 113,035

12.1 13.6 24.0 7.5 5.9 (5.6) 6.1 9.1 9.6

30.4 30.7 32.9 32.5 31.3 28.3 27.8 27.5 27.3

(10.4) 8.2 8.2 8.2

(4.2) 6.0 10.8 11.3

3.0 7.1 8.2 9.2

30,906 32,897 35,605 36,326 40,101 43,400 Err:523 51,583 57,300

2,725 2,656 3,252 2,824 3,121 3,385 Err:523 4,023 4,469

24.07 6.44 8.23 2.03 10.39 8.23 Err:523 Err:523 11.08

31.0 0.0 6.0 8.1 5.0 10.2 10.2

11637 13270 16153 18539 20058 22720 25491 28871 32440

7017 7286 11075 12626 13888 14444 15888 17477 19224

358.5 517.9 616.3 708.8 800.9 901.0 1000.2 1100.2 1199.2

7868.9 8926.1 9997.2 11196.9 12540.5 14045.4 15730.8 17618.5 19732.8

15.0% 15.0% 15.0% 15.0%

Volume Growth YoY %

220,954 257,467 279,208 307,193 319,872 345,637

227,793 266,162 288,487 318,643 338,556 Err:523

4.0 5.0 5.8 Err:523

12.16 15.79 8.62 10.16 4.46 8.09

48.1 49.3 49.0 48.4 47.1 46.6

44.5 46.9 46.5 46.1 44.3 44.3

13.9 9.4 1.7 5.9 (4.0) 2.0

9.9 17.3 8.7 10.9 7.2 9.2

15.4 10.8 9.5 14.8 11.9 Err:523

42.5 10.0 12.5 14.0 15.0