Professional Documents
Culture Documents
Sample project 6
PROJECT REPORT
(Submitted for the degree of B.Com. Honours in Accounting & Finance under
the University of Calcutta)
SUBMITTED BY
CU ROLL NO : 181047-11-0247
SUPERVISED BY
JULY , 2021
Annexure-I
Supervisor’s Certificate
This is to certify that PRAGATI SHAW, a student of B.Com 6th Semester Honours in
Accounting & Finance of SIVANATH SASTRI COLLEGE under the University of
Calcutta has worked under my supervision and guidance for her Project Work and prepared a
Project Report with the title FINANCIAL STATEMENT ANALYSIS OF HINDUSTAN
UNILEVER LIMITED which she is submitting, is her genuine and original work to the best
of my knowledge.
ANNEXURE-II
Student’s Declaration
I hereby declare that the Project Work with the title FINANCIAL STATEMENT
ANALYSIS OF HINDUSTAN UNILEVER LIMITED submitted by me foe the partial
fulfilment of the degree of B.Com. Honours in Accounting & Finance under the University of
Calcutta in my original work and has not been submitted earlier to any other University /
Institution for the fulfilment of the requirement for any course of study.
I also declare that no chapter of this manuscript in whole or in part has been incorporated in
this report from any earlier work done by others or by me. However, extracts of any literature
which is used for this report has been duly acknowledged providing details of such literature
in the references.
SASTRI COLLEGE
ACKNOWLEDGEMENT
I would like to thank University of Calcutta for providing with such a wonderful opportunity
to prepare the project by including this as part of our study curriculum. I am very grateful to
my college and my principal.
I am also very thankful to my supervisor Prof. Sayantani Bagchi for her valuable and timely
guidance throughout the project. Her feedbacks, guidance and support have been very useful.
I would thank her for being my mentor in doing this project. This project has allowed me a
practical exposure in the corporate field and a brief introduction in the day to day working of
an organisation.
Last but not the least I would like to thank my parents and friends for their support and
guidance.
CONTENTS
1. INTRODUCTION 6 – 11
1.1 Background of the study 7
1.2 Need of the study 7
1.3 Literature Review 7–9
1.4 Objectives of the study 9 – 10
1.5 Research Methodology 10
1.6 Limitation of study 11
1.7 Chapter Planning 11
2. CONCEPTUAL FRAMEWORK ( 12 – 24 )
2.1 Meaning of Financial Statement Analysis 13
2.2 Objectives of Financial Statement Analysis 13–14
2.3 Signification of Financial Analysis 14–15
2.4 Advantages of Financial Statement Analysis 16
2.5 Limitation of Financial Analysis 16
2.6 Tools and Techniques of Financial Statement 17–19
Analysis
2.7 Uses of Financial Statement Analysis 19 -20
2.8 Parties Interested in Financial Analysis 20-22
2.9 Company Profile 23-24
3. PRESENTATION OF DATA, (25-39)
ANALYSIS & FINDINGS
4.1 CONCLUSION 41
4.2 RECOMMENDATIONS 41
BIBLIOGRAPHY 42
Profit & Loss Account 43
Balance Sheet 44
Cash Flow Statement 45
CHAPTER – 1
INTRODUCTION
HUL was established in 1931 as Hindustan Vanaspati Manufacturing Co. and following a
merger of constituent groups in 1956, it was renamed Hindustan Lever Limited. The
company was renamed in June 2007 as Hindustan Unilever Limited.
simply through the medium of their published works. A number of research studies have been
carried out on different aspects of performance appraisal by the researchers, economists and
academicians in India and abroad. Different authors have analysed performance in different
perspectives.
Rajesh (2017) in this “study on financial performance of care it solution private limited”.
The objective of this study is liquidity, stability and profitability position, common size, and
financial strength of the company. The gives a clear idea of the financial performance of the
company over last 5 years. It can be suggested that the company improve their customer
services and technology they will come up with the standard level. The study conclude that
findings and recommendations which would be useful for the development and improvement
to the company.
Pavithra et al., (2017) in her “study on the analysis of financial performance with reference
to Jeppiaar Cements Pvt Ltd”. The study has been carried out for the period of 5 years and it
is not sufficient enough to analyze the entire aspect of the company. The objective of their
study is overall profitability position, trend financial analysis of the company. It can be
suggested that the company must be made more vigilant to maintain or improve the present
situation because if there is any further fall in the current ratio. It may be a serious problem
for the company. The study concluded that company overall financial performance
normal.The current assets have to properly maintain to bring the current ratio to the normal.
Zafar S.M.Tariq & Khalid S.M (2012) The study explored that ratios are calculated from
financial statements which are prepared as desired policies adopted on depreciation and stock
valuation by the management. Ratio is simple comparison of numerator and a denominator
that cannot produce complete and authentic picture of business. Results are manipulated and
also may not highlight other factors which affect performance of firm by promoters.
electricity, gas, water, railways and ports industries as a result of these changes. The study
reveals that it does not appear to have been a noticeable enhancement in the financial
performance of most of this business,although railways have improved slightly, from a low
base.
Ritu Sharma , Ankita Jain (2018) The main objectives of this paper is to examine the
preference of consumers towards flagship brands of Hindustan Unilever Limited (HUL) and
Procter & Gamble (P&G), and identify the impact of various factors which influence the
buying choices of consumers. Hair care and home care (detergents) product categories were
selected for the purpose of this study. It is found that the flagship brands of both HUL and
P7G command sizeable market shares, and the market shares of the corresponding flanker
brands are considerably lower. It is also found that there is a significant difference in the
preference of consumers towards the flagship and flanker brands of HUL and P&G on the
basis of price, quality and brand image.
Aloke Gupta, Debasish Sur (2013) Competitive forces with the unleashing of the
liberalisation policy have made analysis of business and financial risk essential for survival
and growth of business houses in India. In this backdrop, the present paper seeks to evaluate
empirically the business and financial risks associated Hinhustan Unilever Ltd. (HUL), the
largest private sector company in Indian Fast Moving Consumer Goods (FMCG) industry
during the 10 year period from 2002-03 to 2011-12 . It has also been attempted to see how
the return of the company reacted to the changes in aforesaid during the period. It has been
observed that HUL managed to keep the all over business risk and financial risk at moderate
level during the study period.
To know the short term and long term financial position of the company.
To identify the reasons for change in profitability and financial position of the firm.
SECONDARY DATA
The secondary data are those which have already been collected by someone else and
which have already been passed through the statistical process. Thus the data has been
collected through company document, annual reports and records. Source like magazines,
books, articles, journals, etc,.
10
❖ Company have its own secrecy, so the interpretation given may not be accurate.
❖ Due to change in accounting policies during the year, the data may not be comparable
from year to year.
INTRODUCTION
CONCEPTUAL FRAMEWORK
11
CHAPTER-2
CONCEPTUAL
FRAMEWORK
12
13
company are reviewed. Analysis helps in finding out the earning capacity & operating
performance of the company.
➢ Predicting growth & profitability prospects: The top management is concerned with
future prospects of the company. Financial analysis helps them in reviewing the
investment alternatives for judging the earning potential of the enterprise. With the
help of financial statement analysis, assessment and prediction of the bankruptcy
and probability of business failure can be done.
➢ Loan Decision by Financial Institutions and Banks: Financial analysis helps the
financial institutions, loan agencies & banks to decide whether a loan can be given to
the company or not. It helps them in determining the credit risk, deciding the terms and
conditions of a loan if sanctioned, interest rate, maturity date etc.
Top Management
To assess whether the resources of the firm are used in the most efficient manner
Whether the financial condition of the firm is sound
To determine the success of the company’s operations
Appraising the individual’s performance
evaluating the system of internal control
To investigate the future prospects of the enterprise.
14
Trade Payables
Appraising the ability of the company to meet its short-term obligations
Judging the probability of firm’s continued ability to meet all its financial obligations
in the future.
Firm’s ability to meet claims of creditors over a very short period of time.
Evaluating the financial position and ability to pay off the concerns.
Lenders
To ascertain the profitability of the company over a period of time,
For determining a company’s ability to generate cash, to pay interest and repay the
principal amount
To assess the relationship between various sources of funds (i.e. capital structure
relationships)
To assess financial statements which contain information on past performances and
interpret it as a basis for forecasting future rates of return and for assessing risk.
For determining credit risk, deciding the terms and conditions of a loan if sanctioned,
interest rate, and maturity date etc.
Investors
Investors, who have invested their money in the firm’s shares, are interested in the firm’s
earnings and future profitability. Financial statement analysis helps them in predicting
the bankruptcy and failure probability of business enterprises. After being aware of the
probable failure, investors can take preventive measures to avoid/minimize losses.
Labour Unions
15
▪ It helps to know the trend of business: Financial statement analysis help to know
the business trends by comparing various types of data such as net profit, sales,
purchases, etc. for two or more years. This helps to know how much the
▪ progress business is doing.
16
Comparative Statements
Comparative statements deal with the comparison of different items of the Profit and Loss
Account and Balance Sheets of two or more periods. Separate comparative statements are
prepared for Profit and Loss Account as Comparative Income Statement and for Balance
Sheets.
As a rule, any financial statement can be presented in the form of comparative statement such
as comparative balance sheet, comparative profit and loss account, comparative cost of
production statement, comparative statement of working capital and the like.
Three important information are obtained from the Comparative Income Statement. They are
Gross Profit, Operating Profit and Net Profit. The changes or the improvement in the
profitability of the business concern is find out over a period of time. If the changes or
improvement is not satisfactory, the management can find out the reasons for it and some
corrective action can be taken.
The financial condition of the business concern can be find out by preparing comparative
balance sheet. The various items of Balance sheet for two different periods are used. The
assets are classified as current assets and fixed assets for comparison. Likewise, the liabilities
are classified as current liabilities, long term liabilities and shareholders’ net worth. The term
shareholders’ net worth includes Equity Share Capital, Preference Share Capital, Reserves
and Surplus and the like.
17
The total assets or total liabilities or sales is taken as 100 and the balance items are compared
to the total assets, total liabilities or sales in terms of percentage. Thus, a common size
statement shows the relation of each component to the whole. Separate common size
statement is prepared for profit and loss account as Common Size Income Statement and for
balance sheet as Common Size Balance Sheet.
Trend Analysis
The ratios of different items for various periods are find out and then compared under this
analysis. The analysis of the ratios over a period of years gives an idea of whether the
business concern is trending upward or downward. This analysis is otherwise called as
Pyramid Method.
Average Analysis
Whenever, the trend ratios are calculated for a business concern, such ratios are compared
with industry average. These both trends can be presented on the graph paper also in the
shape of curves. This presentation of facts in the shape of pictures makes the analysis and
comparison more comprehensive and impressive.
The extent of increase or decrease of working capital is identified by preparing the statement
of changes in working capital. The amount of net working capital is calculated by subtracting
the sum of current liabilities from the sum of current assets. It does not detail the reasons for
changes in working capital
Fund flow analysis deals with detailed sources and application of funds of the business
concern for a specific period. It indicates where funds come from and how they are used
during the period under review. It highlights the changes in the financial structure of the
company.
18
Cash flow analysis is based on the movement of cash and bank balances. In other words, the
movement of cash instead of movement of working capital would be considered in the cash
flow analysis. There are two types of cash flows. They are actual cash flows and notional
cash flows.
Ratio Analysis
This analysis discloses the prevailing relationship among sales, cost and profit. The cost is
divided into two. They are fixed cost and variable cost. There is a constant relationship
between sales and variable cost. Cost analysis enables the management for better profit
planning.
Financial statements of a company perform several important functions. Firstly, they reflect
the true state of affairs of the company. They also help in taking important financial
information. From shareholders and investors to government and creditors, many people use
them. Let us understand some uses of financial statements.
19
• Assessment Of Current Position: Financial statement analysis shows the current position
of the firm in terms of the types of assets owned by a business firm and the different
liabilities due against the enterprise.
There are different users of financial statement analysis. These can be classified into internal
and external users. Internal users refer to the management of the company who analyzes
financial statements in order to make decisions related to the operations of the company.
On the other hand, external users do not necessarily belong to the company but still hold
some sort of financial interest. These include owners, investors, creditors, government,
employees, customers, and the general public. These users are elaborated on below:
Management
The managers of the company use their financial statement analysis to make intelligent
decisions about their performance. For instance, they may gauge cost per distribution
channel, or how much cash they have left, from their accounting reports and make decisions
from these analysis results.
20
Owners
Small business owners need financial information from their operations to determine whether
the business is profitable. It helps in making decisions like whether to continue operating the
business, whether to improve business strategies or whether to give up on the business
altogether.
Investors
People who have purchased stock or shares in a company need financial information to
analyse the way the company is performing. They use financial statement analysis to
determine what to do with their investments in the company. So depending on how the
company is doing, they will either hold onto their stock, sell it or buy more.
Creditors
Creditors are interested in knowing if a company will be able to honor its payments as they
become due. They use cash flow analysis of the company’s accounting records to measure
the company’s liquidity, or its ability to make short-term payments.
Government
Governing and regulating bodies of the state look at financial statement analysis to determine
how the economy is performing in general so they can plan their financial and industrial
policies. Tax authorities also analyse a company’s statements to calculate the tax burden that
the company has to pay.
Employees
Employees need to know if their employment is secure and if there is a possibility of a pay
raise. They want to be abreast of their company’s profitability and stability. Employees may
also be interested in knowing the company’s financial position to see whether there may be
plans for expansion and hence, career prospects for them.
21
Customers
Customers need to know about the ability of the company to service its clients into the future.
The need to know about the company’s stability of operations is heightened if the customer
(i.e. a distributor or procurer of specialized products) is dependent wholly on the company for
its supplies.
General Public
Anyone in the general public, like students, analysts and researchers, may be interested in
using a company’s financial statement analysis. They may wish to evaluate the effects of the
firm on the environment, or the economy or even the local community. For instance, if the
company is running corporate social responsibility programs for improving the community,
the public may want to be aware of the future operations of the company.
22
FY2017–18.
23
Researches Facilities
The Hindustan Unilever Research Centre (HURC) was set
Bangalore.
Unilever R&D Centre in Bangalore
Awards
❖ HUL was one of the eight Indian companies to be featured on the Forbes list of
World's Most Reputed companies in 2007.
❖ In July 2012 Hindustan Unilever Limited won the Golden Peacock Occupational
Health and Safety Award for 2012 in the FMCG category for its safety and health
initiatives and continuous improvement on key metrics.
❖ In May 2012, HUL received the silver award for 'Creating Consumer Value through
Joint Promotional and Event Forecasting' at the 13th ECR Efficient Consumer
Response
❖ HUL won three awards at the 'CNBC Awaaz Storyboard Consumer Awards' in 2011 –
Most Recommended FMCG Company of the Year; Most Consumer Conscious
Company of the Year and Digital Marketer of the Year.
HUL is one of the country's largest exporters; it has been recognised as a Golden Super
Star Trading House by the Government of India.
24
CHAPTER-3
PRESENTATION
OF DATA,
ANALYSIS &
FINDINGS
25
I. LIQUIDITY RATIO
a) Current Ratio
The current ratio is the ratio between the current assets and current liabilities of a
company. The current ratio is used to indicate the liquidity of an organization in being
able to meet its debt obligations in the upcoming twelve months. A higher current ratio
will indicate that the organization is highly capable of repaying its short-term debt
obligations.
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑹𝒂𝒕𝒊𝒐 =
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔
SOURCE: www.moneycontrol.com
26
CURRENT RATIO
1.4 1.36
( CURRENT RATIO )
1.35 1.31
1.3
1.29
1.3 1.26
1.25
1.2
2017 2018 2019 2020 2021 CURRENT RATIO
( YEARS )
SOURCE : www.moneycontrol.com
• INTERPRETATION
Current ratio in all the years is below standard ratio of 2:1 . So it can be concluded
that short term solvency position of the company is not favourable.
A higher current ratio is always more favourable than a lower current ratio because it
shows the company can more easily make current debt payments.
From the graph we can see that the current ratio of HUL for the Year 2017, 2018,
2019, 2020, 2021 are 1.30, 1.29, 1.36, 1.31 and 1.26 respectively.
b) QUICK RATIO
It measures the ability of a company to use its near cash or quick assets to
extinguish or retire its current liabilities immediately. It is defined as the ratio
between quickly available or liquid assets and current liabilities. Quick assets are
current assets that can presumably be quickly converted to cash at close to their
book values.
𝑸𝒖𝒊𝒄𝒌 𝑨𝒔𝒔𝒆𝒕𝒔
𝑸𝒖𝒊𝒄𝒌 𝑹𝒂𝒕𝒊𝒐 =
𝑸𝒖𝒊𝒄𝒌 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔
27
SOURCE: www.moneycontrol.com
QUICK RATIO
2021 0.95
2020
1.02
2019
( YEARS )
1.07
2018
1.02
2017
0.97
0.85
0.9
0.95
1
1.05
1.1
QUICK RATIO
SOURCE: www.moneycontrol.com
• INTERPRETATION
Standard ratio is 1:1. It is seen that the company’s quick asset is fluctuating over the
years.
The ratio increases and decreases over the years due to increase and decrease in cash
and cash equivalents.
28
SOURCE : www.moneycontrol.com
0.04
0.04
0.035
(DEBT EQUITY RATIO)
0.03
0.025
0.02
0.015 0.01
0.01
0.005 0 0 0
0
2017 2018 2019 2020 2021
(YEARS)
SOURCE: www.moneycontrol.com
29
• INTERPRETATION:
The standard norm for the ratio is 2:1. The HINDUSTAN UNILEVER LTD do not
have any debt capital in the capital structure. Therefore we cannot calculate debt
equity ratio.
Therefore we can say that the firm is losing the benefit of having debt capital. The
benefit of debt financing is that it allows a business to leverage a small amount of
money into a much larger sum, enabling more rapid growth than might otherwise be
possible. In addition, payments on debt are generally tax-deductible.
The ratio is very meaningful to debentureholders and lenders of long-terms funds. The
objective of calculating this ratio is toascertain the amount of profit available to cover
interest on long-term debt. A high ratio is considered better for the lenders as it means
higher margin to meet interest cost.
SOURCE: www.moneycontrol.com
30
93.69 179.34
80.43
2017
2018
268.64 283.19
2019
2020
2021
SOURCE: www.moneycontrol.com
• INTERPRETATION:
Interest Coverage Ratio was 179.34, 283.19, 268.64, 80.43,and 93.69 in respective
year of 2017, 2018, 2019, 2020 and 2020. We can observe that the ratio was
increasing up to 2018 then it is again decreasing.
𝑺𝒂𝒍𝒆𝒔
𝑨𝒔𝒔𝒆𝒕𝒔 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 𝑹𝒂𝒕𝒊𝒐 =
𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔
31
SOURCE: www.moneycontrol.com
4
ASSETS
3 TURNOVER
1.66 RATIO
2
0
2016-17 2017-18 2018-19 2019-20 2020-21
( YEARS)
SOURCE: www.moneycontrol.com
• INTERPRETATION
Total assets turnover ratio fluctuates over the year.
Investments in fixed assets should not be properly utilized and there should be
increase in sales
32
Inventory turnover ratio or stock turnover ratio indicates the relationship between cost
of goods sold‖ and average inventory‖. It indicates how efficiently the firm’s
investment in inventories is converted to sales and thus depicts the inventory
management skills of the organization.
It is both an activity and efficiency ratio. This ratio helps to determine stock related
issues such as overstocking and overvaluation.
STOCK
TURNOVER 14.60 14.93 15.78 14.71 13.60
RATIO
SOURCE: www.moneycontrol.com
15 14.6 14.93
14.71
14
13 STOCK
13.6 TURNOVER
12 RATIO
MAR'17
MAR'18
MAR'19
MAR'20
MAR'21
( YEARS)
SOURCE: www.moneycontrol.com
33
• INTERPRETATION
It is observed that the ratio increases rapidly on MAR’19 ,after that it goes on a
decline mood.
The Company should improve its inefficient inventory management and should also
increase its sales.
SOURCE: www.moneycontrol.com
34
8 7.38
7.09
6.98
6
5.64
4
2
0
0.89
MAR'17
MAR'18
MAR'19
MAR'20
MAR'21
( YEARS )
FIXED ASSETS TURNOVER RATIO
SOURCE : www.moneycontrol.com
• INTERPRETATION
According to the figure it can be concluded that the ratio fluctuates over the year
Therefore, the company investment is ineffective in fixed assets.
It is the ratio between net profit and sales. Here net profit refers to net profit after tax
and sales means sales i.e. sales less sales return and excise duty and it is calculated as
follows:
𝑵𝑬𝑻 𝑷𝑹𝑶𝑭𝑰𝑻
𝑵𝑬𝑻 𝑷𝑹𝑶𝑭𝑰𝑻 𝑹𝑨𝑻𝑰𝑶 =
𝑵𝑬𝑻 𝑺𝑨𝑳𝑬𝑺
35
SOURCE: www.moneycontrol.com
14
12
10
8
6
4
2
0
2017 2018 2019 2020 2021
( YEARS )
SOURCE: www.moneycontrol.com
• INTERPRETATION:
After observing the figure, the ratio fluctuates over the year. It was maximum in 2020
Company has maximum net profit in the year 2020 & 2021 because sales are
maximum in this year. The overall ratio is showing a good position of profitability of
the company.
36
b) RETURN ON ASSESTS
𝑵𝑬𝑻 𝑷𝑹𝑶𝑭𝑰𝑻
𝑹𝑬𝑻𝑼𝑹𝑵 𝑶𝑵 𝑨𝑺𝑺𝑬𝑺𝑻𝑺 =
𝑻𝑶𝑻𝑨𝑳 𝑨𝑺𝑺𝑬𝑺𝑻𝑺
TABLE NO : 9 RETURN ON ASSESTS
YEARS 2017 2018 2019 2020 2021
RETURN
ON 30.43 30.53 33.78 34.37 11.67
ASSESTS
SOURCE : www.moneycontrol.com
RETURN ON ASSESTS
40
30.43 33.78 34.37
( RETURN ON ASSESTS )
30.53
30
20
10
11.67
0
2017
2018
2019
2020
2021
( YEARS)
SOURCE : www.moneycontrol.com
• INTERPRETATION
Return on asset ratio are 30.43 , 30.53 , 33.78 , 34.37 and 11.67 in respective
year of 2017 , 2018 , 2019 , 2020 and 2021, so the company achieved maximum
Return on asset ratio in 2020.
37
RETURN ON
CAPITAL 81.82 86.53 92.27 89.49 18.90
EMPLOYED
SOURCE : www.moneycontrol.com
81.82
92.27
86.53
SOURCE: www.moneycontrol.com
• INTERPRTATION
The return on capital employed ratio are increasing as the years are moving
forward but in 2021 , it falls rapidly.
Companies' returns should always be high than the rate at which they are
borrowing to fund the assets.
38
3.2 FINDINGS
• The net profit ratio is showing a good position of profitability of the company.
• Return on capital employed was highest in the 2019 then there was a fall then again the
ratio was increasing.
• Current ratio fluctuates over the year.
• The Company should improve its inefficient inventory management and should also
increase its sales.
• In debt equity ratio it can be observed that the company has lowly geared capital structure
because proportion of debt capital is lower than equity.
• Fixed Assest Turnover Ratio fluctuates over the year. Therefore, the company
investment is ineffective in fixed assets.
• The company must imply efficient working capital management.
• Total assets turnover ratio fluctuates over the years.
39
CHAPTER- 4
CONCLUSION &
RECOMMENDATIONS
40
4.1 CONCLUSION
Hindustan Unilever Ltd is a leading FMCG company in India and from last five consecutive
years has shown accelerated growth in portfolio. Customers in India are also spending more in
their standard of living is growing. HUL has placed itself successfully in the position of market
leader in FMCG products. Though there was some downfall in sales and profit of the company in
the beginning of this decade but after that HUL has shown considerable rise in both sales and
profit. The future of the company is also looking bright as FMCG market in India is still
expanding and so we can safely conclude that HUL will be able to secure its number one position
in FMCG product.
4.2 RECOMMENDATIONS
To increase the net profit, carefully designed risk management system and cost control.
41
BIBLIOGRAPHY:
The project has been prepared on the basis of secondary data which
was collected from the following:
Articles:
Sharma, Ritu and Jain, Ankita, Flagship and Flanker Brands :
Consumer Preference Study of Hindustan Unilever Limited and
Procter & Gamble (September 2018). The UPI Journal of Brand
Management, Vol. XV, NO.3, September 2018, pp. 7-22.
WEBSITES:
www.moneycontrol.com
www.investopedia.com
www.capitalmarket.com
www.hul.co.in
www.financialexpress.com
www.accountingcapital.com
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43
44
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