Hindustan Unilever Limited,

Unilever House,
B D Sawant Marg, Chakala,
Andheri East, Mumbai 400 099

Tel: +91 (22) 50433000 I Web: www.hul.co.in I CIN: L15140MH1933PLC002030

27th April, 2023

Stock Code- BSE: 500696

NSE: HINDUNILVR
ISIN: INE030A01027

BSE Limited, National Stock Exchange of India Ltd

Corporate Relationship Department, Exchange Plaza, 5th Floor,
2nd Floor, New Trading Wing, Plot No. C/1, G Block,
Rotunda Building, P.J. Towers, Bandra – Kurla Complex,
Dalal Street, Bandra (E),
Mumbai – 400 001 Mumbai – 400 051

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on 27th April, 2023

This is further to our letter dated 14th April, 2023, wherein we had intimated to the Exchange,
the date of Board Meeting for consideration of Audited Standalone and Consolidated Financial
Results for the quarter and financial year ended 31st March, 2023.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Listing Regulations, 2015), this is to inform you that the Board of Directors in their meeting
held today have:

1. approved the annual accounts for the financial year ended 31st March, 2023:

− The Company’s turnover for the financial year ended 31st March, 2023 was
Rs. 58,154 crores as against turnover of Rs. 50,336 crores for the financial year ended
31st March, 2022.

− The Profit before tax was Rs. 13,079 crores as against Rs. 11,739 crores for the
corresponding year. Depreciation / amortization for the year was Rs. 1,030 crores as
against Rs. 1,025 crores in the corresponding year. Exceptional Items for the period
amounted to a loss of Rs. 62 crores as against loss of Rs. 34 crores in the
corresponding year.

− Provision for taxation (including deferred tax) is Rs. 3,118 crores (Last Year: Rs. 2,921
Crores). Profit after Tax and Net Profit increased to Rs. 9,962 crores (Last Year - Rs.
8,818 Crores).

− Recommended a final dividend of Rs. 22/- for the financial year ended 31st March,
2023 on Equity Shares of Re. 1/- each. The Company had earlier paid an interim
Hindustan Unilever Limited,
Unilever House,
B D Sawant Marg, Chakala,
Andheri East, Mumbai 400 099

Tel: +91 (22) 50433000 I Web: www.hul.co.in I CIN: L15140MH1933PLC002030

dividend of Rs. 17/- per share on 17th November, 2022. The total dividend for the said
period amounts to Rs. 39/- per Equity Share of face value of Re. 1/- each.

2. The Auditors of the Company, M/s. B S R & Co. LLP, Chartered Accountants, have issued
the Audit Reports for Standalone and Consolidated Financial Statements as prepared
under the Companies Act, 2013 and Standalone and Consolidated Financial Results as
prepared under Listing Regulations, 2015 for the financial year ended 31st March, 2023
with an unmodified opinion.

Please find enclosed herewith a copy of the Audited Standalone and Consolidated
Financial Results of the Company for the financial year ended 31st March, 2023 along
with the copy of the Auditor’s Report.

3. Decided to hold the 90th Annual General Meeting on Monday, 26th June, 2023.

Further, the Register of Members of the Company will remain closed from Tuesday, 20th June,
2023 to Monday, 26th June, 2023 (both days inclusive) for the purpose of payment of Final
Dividend and Annual General Meeting of the Company.

You are requested to take the above information on your record.

Thanking You.

Yours faithfully,
For Hindustan Unilever Limited
DEVOPAM Digitally signed by
DEVOPAM
NARENDRA NARENDRA BAJPAI
Date: 2023.04.27
BAJPAI 12:06:19 +05'30'

Dev Bajpai
Executive Director, Legal & Corporate Affairs
and Company Secretary
DIN: 00050516 / FCS No.: 3354
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000
Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010
Western Express Highway, Goregaon (East),
Mumbai - 400 063, India

Independent Auditors’ Report

To the Board of Directors of Hindustan Unilever Limited
Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Hindustan Unilever Limited
(hereinafter referred to as the “Company”) for the year ended 31 March 2023, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the net profit and other comprehensive loss and other financial information for the year ended
31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our
opinion on the standalone annual financial results.

Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial
Results

These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profit/
loss and other comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of
the Act and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 3
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
presentation of the standalone annual financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are
responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the standalone annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the standalone annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Page 2 of 3
 B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
Other Matters

a. The standalone annual financial results include the results for the quarter ended 31 March 2023 being
the balancing figure between the audited figures in respect of the full financial year and the published
unaudited year to date figures up to the third quarter of the current financial year which were subject
to limited review by us.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Digitally signed by
ANIRUDDHA ANIRUDDHA
SHREEKANT SHREEKANT GODBOLE
Date: 2023.04.27
GODBOLE 11 :47:17 +05'30'

Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
27 April 2023 UDIN:23105149BGYFQZ9638

Page 3 of 3
 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
(Rs in Crores)
Aud ited Results for the Unaudited Results for Aud ited Results for the
quarter ended the quarter ended Particulars year ended
31st March 31st December 31st March
2023 2022 2022 2023 2022
Revenue from operations
14,638 13,190 14,986 Sale of products 58,154 50,336
255 272 242 Other operating revenue 990 857
160 122 228 Other Income 640 393
15,053 13,584 15,456 TOTAL INCOME 59,784 51,586
EXPENSES
4,546 4,351 4,767 Cost of materials consumed 19,229 15,869
3,010 2,489 2,892 Purchases of stock-in-trade 11,968 9,274
Changes in inventories of finished goods, work-in-progress and Stock
83 (48) 338 in-Trade (53) (19)

683 542 676 Employee benefits expense 2,665 2,399

24 36 26 Finance costs 101 98
262 261 260 Depreciation and amortisation expense 1,030 1,025
Other expenses
1,290 1,290 1,200 Advertising and promotion 4,859 4,718
1,810 1,593 1,818 Others 6,844 6,449
11 ,708 10,514 11,977 TOTAL EXPENSES 46,643 39,813

3,345 3,070 3,479 Profit before exceptional Items and tax 13,141 11 ,773
80 58 (102) Exceptional items [net crediV (charge)] (62) (34)
3,425 3,128 3,377 Profit before tax 13,079 11,739
Tax expenses
(814) (762) (832) Current tax (2,922) (2,778)
(59) (39) (40) Deferred tax crediV(charge) (195) (143)
2,552 2,327 2,505 PROFIT FOR THE PERIOD (A) 9,962 8,818

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss
(45) 36 9 Remeasurements of the net defined benefit plans (17) 41
11 (9) (2) Tax on above 4 (10)

Items that will be reclassified subsequently to profit or loss

0 0 4 Fair value of debt instruments through other comprehensive income (1) (1)
0 0 (1) Tax on above 0 0

(6) 33 31 Fair value of cash flow hedges through other comprehensive income (21) 85
1 (3) (10) Tax on above 9 (0)

(39) 57 31 OTHER COMPREHENSIVE INCOME FOR THE PERIOD (B) (26) 115

2,513 2,384 2,536 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B) 9,936 8,933

235 235 235 Paid up Equity Share Capital (Face value Re. 1 per share) 235 235
Other Equity 49,986 48.525

Earnings per equity share (Face value of Re. 1 each)

10.86 9.90 10.67 Basic (in Rs.) 42.40 37.53
10.86 9.90 10.67 Diluted (in Rs.) 42.40 37.53
 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

(Rs in Crores)
Audited Results for the Unaudited Results for Audited Results for the
quarter ended the quarter ended year ended
Particulars
31st March 31st December 31st March
2023 2022 2022 2023 2022

Segment Revenue (Sales and Other operating income)

5,638 4,750 5,518 -Home Care 21,230 16,578
5,188 4,712 5,718 - Beauty & Personal Care 21,831 19,460
3,794 3,698 3,700 - Foods & Refreshment 14,876 14,105
273 302 292 - Others (includes Exoorts, Consianment, etc.l 1,207 1,050
14 893 13462 15 228 Total Segment Revenue 59144 51193

Segment Results
1,056 939 1,061 -Home Care 3,875 3,193
1,353 1,236 1,437 - Beauty & Personal Care 5,597 5,354
679 713 661 - Foods & Refreshment 2,662 2,623
121 96 118 - Others (includes Exoorts, Consianment, etc.l 468 308
3,209 2,984 3,277 Total Segment Results 12,602 11,478
80 58 (102) Add/(Less): Exceptional Items (net credit/ (charge)] (62) (34)
(24) (36) (26) Less: Finance Costs (101) (98)
160 122 228 Add: Other Income 640 393
3 425 3128 3 377 Total Profit Before Tax 13 079 11 739

Segment Assets
4,349 3,694 3,979 -Home Care 4,349 3,694
6,224 5,811 5,966 - Beauty & Personal Care 6,224 5,811
50,299 49,669 49,629 - Foods & Refreshment 50,299 49,669
675 620 671 - Others (includes Exports, Consignment, etc.) 675 620
10,278 9,943 9,732 - Unallocable coroorate assets 10,278 9,943
71,825 69 737 69 977 Total Segment Assets 71 825 69 737

Segment Liabilities
4,086 3,728 4,303 -Home Care 4,086 3,728
5,978 5,565 6,359 - Beauty & Personal Care 5,978 5,565
3,131 3,140 3,278 - Foods & Refreshment 3,131 3,140
429 373 425 - Others (includes Exports, Consignment, etc.) 429 373
7,980 8,171 7,902 - Unallocable corporate liabilities 7,980 8,171
21,604 20,977 22,267 Total Se!'.lment Llabllltles 21,604 20,977

1. Segment Revenue, Results, Assets and Liabilities represent amounts identifiable to each of the segments. Other Income mainly includes interest income,
dividend income and income from current investments (net).

Segment Assets and Segment Liabilities are as at 31st March 2023, 31st December 2022 and 31st March 2022. Unallocable corporate assets less Unallocable
corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

2.The figures of the last quarter in each of the years is the balancing figure between audijed figures in respect of full financial year and the unaudited published
year to date figures up to the third quarter of the respective financial year.

Registered Office : Unilever House, B.D. Sawant Marg, Chakala, Andheri East, Mumbai 400 099.
CIN: L 15140MH1933PLC002030. Tel : +91 (22) 5043 3000.
Email: levercare.shareholder@unilever.com
 STANDALONE BALANCE SHEET ASAT 31ST MARCH. 2023
(Rs in Crores)
Audited
Statement of Assets and Liabilities Asal Asal
31st March, 2023 31st March 2022

A ASSETS

1 Non-current assets
Property, plant and equipment 6,189 5,813
Capital work-in-progress 1,020 901
Goodwill 17,316 17,316
Other intangible assets 27,900 27,905
Financial assets
- Investments in subsidiaries, associates and joint venture 981 610
- Investments 2 2
- Loans 339 541
- Other financial assets 715 720
Non-current tax assets (net) 1,115 1,107
Other non-eurrent assets 199 175
Total - Non-current assets 55,776 55,090

2 Current assets
Inventories 4,031 3,890
Financial assets
- Investments 2,811 3,510
- Trade receivables 2,735 1,932
- Cash and cash equivalents 586 988
- Bank balances other than cash and cash equivalents mentioned above 3,836 2,630
- Loans 35 34
- Other financial assets 1,391 1,070
Other current assets 612 580
Assets held for sale 12 13
Total - Current assets 16,049 14,647

TOTAL -ASSETS 71,825 69,737

B EQUITY AND LIABILITIES

1 EQUITY

Equity share capital 235 235

Other equity 49,986 48,525
Total - Equity 50,221 48,760

2 LIABILITIES

Non-current liabilities
Financial liabilities
- Lease liabilities 746 686
- Other financial liabilities 495 329
Provisions 1,335 1,553
Deferred tax liabilities (net) 6,325 6,141
Non-current tax liabilities (net) 1,076 1,324
Total - Non-current liabilities 9,977 10,033

Current liabilities
Financial liabilities
- Lease liabilities 293 285
- Trade payables
total outstanding dues of micro enterprises and small enterprises 89 56
total outstanding dues of creditors other than micro enterprises and
9,302 8,808
small enterprises
- Other financial liabilities 829 823
Other current liabilities 735 638
Provisions 379 334
Total - Current liabilities 11,627 10,944

TOTAL - EQUITY AND LIABILITIES 71,825 69,737

 AUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH. 2023

(Rs in Crores)
Year ended Year ended
31st March 2023 31st March 2022
A CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax 13,079 11 ,739
Adjustments for:
Depreciation and amortisation expenses 1,045 1,040
(Profit)/ loss on sale of property, plant and equipment (102) (99)
Contingent consideration true up for business combination (2) (9)
Finance income (425) (207)
Dividend income (118) (131)
Other non operating income - Fair value (gain)~oss on investments (97) (55)
Interest expense 101 98
Provision for expenses on employee stock options - (1)
Profit on sale of brand rights (60) (29)
Inventory written off net of Provision/ (write back) for Inventory 176 145
Bad debts/ assets written off net of Provision/ (write back) (34) (17)
Transaction cost on acquisition 2 -
Mar1<-to-market (gain)/ loss on derivative financial instruments (8) (1)
Cash generated from operations before working capital changes 13,557 12,473

Adjustments for:
(Increase)/ decrease in Non-Current Assets (13) 2
(Increase)/ decrease in Current Assets (1 ,099) (257)
(Increase)/ decrease in Inventories (332) (737)
Increase/ (decrease) in Non-Current Liabilities (115) 92
Increase/ (decrease) in Current Liabilities 696 111
Cash nows generated from operations 12,694 11 ,684
Taxes paid (net of refunds) (3,068) (2,720)
Net cash nows generated from operating activities - [AJ 9,626 8,964

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (1 ,023) (916)
Sale proceeds of property, plant and equipment 120 146
Purchase of Intangible assets (18) (3)
Sale proceeds of intangible assets (brand rights) 60 29
Investment in subsidiary (264) (300)
Transaction cost on acquisition (2) -
Investment in Joint Venture (70) -
Contingent consideration paid on business combination (40) (41)
Purchase of current investments (22,561) (47,928)
Sale Proceeds of current investments 23,363 47,173
Loans given to subsidiaries (493) (436)
Loans repaid by subsidiaries 678 284
Loans given to others (1) (4)
Investment in term deposits (having original maturity of more than 3 months) (3,627) (3,619)
Redemption/ maturity of term deposits (having original maturity of more than 3 months) 2,425 3,582
Investment in non-eurrent deposits with banks - (1)
Interest received 273 171
Dividend received from subsidiaries 116 130
Dividend received from others 2 1
Net cash nows used In Investing activities - [BJ (1,062) (1,732)

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (8,459) (7,519)
Principal payment of lease liabilities (431) (388)
Interest paid on lease liabilities (76) (75)
Interest paid other than on lease liabilities - (2)
Proceeds from share allotment under employee stock options/ performance share schemes - 0
Net cash nows used In financing activities - [CJ (8,966) (7,984)

Net decrease In cash and cash equivalents - (A+B+CJ (402) (752)

Add : Cash and cash equivalents at the beginning of the year 988 1,740
Cash and cash equivalents atthe end of the year 586 988

Note: The above Standalone Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash
Flows'.
1. Total sales at Rs. 14,638 crores grew by 11 % during the quarter.

2. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter at Rs. 3,471 crores (MQ 22: Rs. 3,245 croresl
grew by 7%. EBITDA margin at 23.7% declined by 90 bps vs MQ 22.

3. Profit after tax before exceptional items for the quarter at Rs. 2,471 crores (MQ 22: Rs. 2,283 croresl grew by 8%.

4. Exceptional items in MQ 23 include restructuring expenses of Rs. 27 crores (MQ 22: Rs. 58 crores), acquisition and disposal related
cost of Rs. 26 crores (MQ 22 : Rs. 21 crores), profit from sale of surplus properties Rs. 73 crores (MQ 22 : Rs. 137 crorel and profit
from sale of brand rights Rs. 60 crores (MQ22: Nill.

5. Profit after tax for the quarter at Rs. 2,552 crores (MQ22 : Rs. 2,327 croresl grew by 10%.

6. During FY 2022-23 total sales at Rs. 58,154 crores grew 16%. Earnings before interest, tax, depreciation and amortization (EBITDA)
grew 9%, Profit after tax before exceptional items grew 11 %, Profit after tax grew 13%.

7. The Board of Directors at their meeting held on Thursday, 27 th April 2023 recommended a final dividend of Rs. 22/- per share, for
the financial year ended 31 st March 2023. Together with the interim dividend of Rs.17 per share paid on 21 st November 2022, the
total dividend for the financial year ended 31 st March 2023 amounts to Rs 39/- per share . Final dividend is subject to approval of
shareholders.

8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 27 th
April 2023.

9. The statutory auditors have issued an unmodified report on the above results.

10. The text of the above statement was approved by the Board of Directors at their meeting held on
27 th April 2023.

For more details on Results, visit Investor Relations section of our website at http://www.hul.co.in and Financial Results under
Corporates section of www.nseindia.com and www.bseindia.com .

By order of the Board of Directors

Digitally signed by
SANJ Iv Sos HI L SANJIV SOSH IL MEHTA
MEHTA Date:2023.04.27
11 :39:51 +05'30'
Place : Mumbai Sanjiv Mehta
Date: 27 th April 2023 Managing Director and Chief Executive Officer
[DIN : 06699923]

ANIRUDDHA Digitallysignedby
ANIRUDDHA
SHREEKANT SHREEKANT GODBOLE
Date: 2023.04.27
GODBOLE 11 :48:08 +05'30'
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000
Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010
Western Express Highway, Goregaon (East),
Mumbai - 400 063, India

Independent Auditors’ Report

To the Board of Directors of Hindustan Unilever Limited
Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Hindustan Unilever Limited
(hereinafter referred to as the “Holding Company”) and its subsidiaries (Holding Company and its
subsidiaries together referred to as “the Group”), and its joint venture for the year ended 31 March 2023,
attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation
33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of report of other auditors on separate audited financial statements of the
subsidiary referred to in paragraph (a) of "Other Matters" section below, the aforesaid consolidated
annual financial results:
a. include the annual financial results of the following entities

Sr. No Name of the entity Relationship

1 Unilever India Exports Limited Wholly owned subsidiary

2 Lakme Lever Private Limited Wholly owned subsidiary

3 Pond’s Exports Limited Wholly owned subsidiary

4 Unilever India Limited Wholly owned subsidiary

5 Daverashola Estates Private Limited Wholly owned subsidiary

6 Jamnagar Properties Private Limited Wholly owned subsidiary

7 Levindra Trust Limited Wholly owned subsidiary

8 Levers Associated Trust Limited Wholly owned subsidiary

9 Hindlever Trust Limited Wholly owned subsidiary

10 Hindustan Unilever Foundation Wholly owned subsidiary

11 Bhavishya Alliance Child Nutrition Initiatives Wholly owned subsidiary

12 Unilever Nepal Limited Subsidiary

13 Zywie Ventures Private Limited (w.e.f. 10 Subsidiary

January 2023)

14 Nutritionalab Private Limited Joint Venture

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
(w.e.f. 04 January 2023)

b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of consolidated net profit and other comprehensive loss and other financial information of the
Group for the year ended 31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our
report. We are independent of the Groupand its joint venture, in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us, along with the consideration of report of
the other auditors referred to in paragraph (a) of the “Other Matters” paragraph below, is sufficient
and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management’s and Board of Directors Responsibilities for the Consolidated Annual Financial
Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual
financial statements.
The Holding Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated annual financial results that give a true and fair view of the consolidated
net profit/ loss and other comprehensive income and other financial information of the Group including its
joint venture in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective
Management and Board of Directors of the companies included in the Group and of its joint venture are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of each company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated annual financial
results that give a true and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated annual financial results by
the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of
Directors of the companies included in the Group and of its joint venture are responsible for assessing the
ability of each company to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of Directors either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its joint venture is
responsible for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
Page 2 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the consolidated annual financial results made by the
Management and Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the consolidated annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group and its joint venture to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated annual financial results,
including the disclosures, and whether the consolidated annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
– Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the
Group and its joint venture to express an opinion on the consolidated annual financial results. We are
responsible for the direction, supervision and performance of the audit of financial results of such
entities included in the consolidated annual financial results of which we are the independent auditors.
For the other entity included in the consolidated annual financial results, which has been audited by
other auditors, such other auditors remain responsible for the direction, supervision and performance
of the audit carried out by them. We remain solely responsible for our audit opinion. Our
responsibilities in this regard are further described in paragraph (a) of the “Other Matters” paragraph
in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated annual financial results of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the
Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.

Page 3 of 5
 B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited
Other Matters

a. The consolidated annual financial results include the audited financial statements of one subsidiary,
whose financial statements reflects total assets (before consolidation adjustments) of Rs 380 crores
as at 31 March 2023, total revenue (before consolidation adjustments) of Rs 543 crores and total net
profit after tax (before consolidation adjustments) of Rs 131 crores and net cash outflows (before
consolidation adjustments) of Rs 20 crores for the year ended on that date, as considered in the
consolidated annual financial results, which have been audited by its independent auditor's. The
independent auditor’s report on financial statements of this entity have been furnished to us by the
management. Our opinion on the consolidated annual financial results, in so far as it relates to the
amounts and disclosures included in respect of this entity, is based solely on the report of such
auditors and the procedures performed by us are as stated in paragraph above.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to our reliance on the work done and the report of the other auditors.
b. The consolidated annual financial results include the unaudited financial statements of one subsidiary,
whose financial statements reflects total assets (before consolidation adjustments) of Rs 138 crores
as at 31 March 2023, total revenue (before consolidation adjustments) of Rs 22 crores, total net loss
after tax (before consolidation adjustments) of Rs 7 crores and net cash outflow (before consolidation
adjustments) of Rs 102 crores for the year ended on that date, as considered in the consolidated
annual financial results. These unaudited financial statements have been furnished to us by the Board
of Directors. The consolidated annual financial results also include the Group's share of total net loss
after tax of Rs 1 crores for the year ended 31 March 2023, as considered in the consolidated annual
financial results, in respect of one joint venture. These unaudited financial statements have been
furnished to us by the Board of Directors. Our opinion on the consolidated annual financial results,
in so far as it relates to the amounts and disclosures included in respect of this subsidiary and a joint
venture is based solely on such unaudited financial statements. In our opinion and according to the
information and explanations given to us by the Board of Directors, these financial statements are
not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to the financial statements certified by the Board of Directors.
C. The consolidated annual financial results include the results for the quarter ended 31 March 2023
being the balancing figure between the audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial year which
were subject to limited review by us.

Page 4 of 5
B S R & Co. LLP

Independent Auditor’s Report (Continued)

Hindustan Unilever Limited

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Digitally signed by
ANIRUDDHA ANIRUDDHA SHREEKANT
SHREEKANT GODBOLE
Date: 2023.04.27 11 :48:58
GODBOLE +05'30'

Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
27 April 2023 UDIN:23105149BGYFRA2383

Page 5 of 5
 ~ U~e.r ~
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2023
fRs In CroresJ
Audited Results for Unaudited Results for Audited Results for the
the quarter ended the quarter ended Particulars year ended
31st March 31st December 31st March
2023 2022 2022 2023 2022
Revenue from operations
14,926 13,468 15,314 Sale of products 59,443 51,472
27 22 29 Sale of services 106 76
262 277 254 other operating revenue 1,031 698
160 79 110 other Income 512 258
15,375 13,8.6 15,707 TOTAL INCOME 61 ,092 52,704
EXPENSES
4,908 4,501 5,000 Cost of materials consumed 20,212 16,446
2,797 2,505 2,742 Purchases of stock-in-trade 11 ,579 9,311
42 (50) 366 Changes in inventories of finished goods, w ork-in-progress and Stock-in-Trade (75) (22)
738 579 722 Employee benefits expenses 2,854 2,545
29 38 29 Finance costs 114 106
291 278 293 Depreciation and amortisation expense 1,137 1,091
other expenses
1,311 1,296 1,209 Advertising and promotion 4,907 4,744
1,845 1,635 1,864 others 6,954 6,565
11,961 10,782 12,225 TOTAL EXPENSES 47,682 40,786

3,414 3,064 3,482 Profit before exceptional items and tax and before share of equity accounted investee 13,410 11,918
(1) Share of loss of equity accounted investee, net of tax (1)
3,413 3,064 3,482 Profit before exceptional items and tax 13,409 11,918
80 55 (103) Exceptional items [net credit/ (charge)] (84) (44)
3,493 3,119 3,379 Profit before tax from continuing operations 13,345 11,874
Tax expenses
(832) (773) (852) Current tax (3,001) (2,840)
(59) (41) (46) Deferred tax credit/(charge) (200) (147)
2,602 2,305 2,481 Profit after tax from continuing operations (A) 10,144 8,887

(1) (0) Profit/(Loss) from discontinued operations before tax (1) 3

2 Tax credit/(expenses) of discontinued operations 2
(1) 2 (0) Profit/(Loss) from discontinued operations after tax (B) (1) 5

2,601 2,307 2,481 PROFIT FOR THE PERIOD (A+B) 10,143 8,892

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss
(45) 36 9 Remeasurements of the net defined benefit plans (17) 41
11 (9) (2) Tax on above 4 (10)

Items that will be reclassified subsequently to profit or loss

0 (0) 4 Fair value of debt instruments through other comprehensive income (1) (1)
0 (1) Tax on above 0 0

(6) 33 31 Fair value of cash flow hedges through other comprehensive income (21) 85
1 (3) (10) Tax on above 9 (0)

(39) 57 31 OTHER COMPREHENSIVE INCOME FOR THE PERIOD (C) (26) 115

2,562 2,364 2,512 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B+C) 10,117 9,007

Net Profit attributable to

2,600 2,304 2,474 a) Owners of the Holding Company 10,120 8,879
1 3 7 b) Non-controlling interest 23 13

Other comprehensive income attributable to

(39) 57 31 a) Owners of the Holding Company (26) 115
0 0 (0) b) Non-controlling interest 0 0

Total comprehensive income attributable to

2,561 2,361 2,505 a) Owners of the Holding Company 10,094 8,994
1 3 7 b) Non-controlling interest 23 13

235 235 235 Paid up Equity Share Capital (face value Re. 1 per share) 235 235
Other Equity 50,069 48,826

Earnings per equity share from continuing operations (Face value of Re. 1 each)
11.06 9.80 10.53 Basic(in Rs.) 43.07 37.77
11.06 9.80 10.53 Diluted (in Rs.) 43.07 37.77

Earnings per equity share from discontinued operations (Face value of Re. 1 each)
(0.00) 0.01 (0.00) Basic(in Rs.) (0.00) 0.02
(0.00) 0.01 (0.00) Diluted (in Rs.) (0.00) 0.02

Earnings per equity share from continuing and discontinued

operations (Face value of Re. 1 each)
11.06 9.81 10.53 Basic(in Rs. ) 43.07 37.79
11.06 9.81 10.53 Diluted (in Rs.) 43.07 37.79
 CONSOLIDATED SEGMENT WISE REVENUE RESULTS ASSETS AND LIABILITIES

Audited Resutts for Unaudited Results for Audited Resutts for the
the quarter ended the quarter ended year ended
Particulars
31st March 31st December 31st March
2023 2022 2022 2023 2022

Segment Revenue (Sales and Other operating income)

5,637 4,743 5,514 - Home Care 21 ,223 16,570
5,257 4,743 5,764 - Beauty & Personal Care 22,022 19,567
3,794 3,698 3,700 - Foods & Refreshment 14,876 14,105
527 583 619 - Others (includes Exoorts Consianment etc.) 2459 2 204
15 215 13 767 15 597 Total Seamen! Revenue 60 580 52446

Segment Results
1,072 932 1,091 - Home Care 3,913 3,183
1,365 1,252 1,448 - Beauty & Personal Care 5,647 5,392
679 713 661 - Foods & Refreshment 2,662 2,623
167 126 201 - Others (includes Exoorts Consianment etc.) 790 568
3,283 3,023 3,401 Total Segment Resutts 13,012 11,766
(1) . . Add/(Less): Share of loss of equity accounted investee, net of tax (1)
80 55 (103) Add/(Less): Exceptional Items [net crediV(charge)] (64) (44)
(29) (38) (29) Less: Finance Costs (114) (106)
160 79 110 Add: Other Income 512 258
3493 3119 3 379 Total Profit Before Tax From Continuina Ooerations 13 345 11874

Segment Assets
4,785 3,999 4,402 - Home Care 4,785 3,999
7,140 6,239 6,401 - Beauty & Personal Care 7,140 6,239
50,299 49,669 49,629 - Foods & Refreshment 50,299 49,669
1,435 1,413 1,492 - Others (includes Exports, Consignment, etc.) 1,435 1,413
9428 9197 9 022 - Unallocable coroorate assets 9428 9197
73 087 70517 70946 Total Seamen! Assets 73 087 70517

Segment Liabillties
4,075 3,755 4,313 - Home Care 4,075 3,755
6,117 5,670 6,478 - Beauty & Personal Care 6,117 5,670
3,131 3,140 3,278 - Foods & Refreshment 3,131 3,140
722 682 702 - Others (includes Exports, Consignment, etc.) 722 682
8 520 8183 8 013 - Unallocable con,orate liabilities 8 520 8183
22 565 21430 22784 Total Seamen! Liabillties 22 565 21430

1. Segment Revenue, Results , Assets and Liabilities represent amounts identifiable to each of the segments. Other Income mainly includes interest income,
dividend income and income from current investments (net).
Segment Assets and Segment Liabilities are as at 31st March 2023, 31st December 2022, and 31st March 2022. Unallocable corporate assets less Unallocable
corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

2. The figures of the last quarter in each of the years is the balancing figure between audited figures in respect of full financial year and the unaudited
published year to date figures up to the third quarter of the respective financial year.

Registered Office : Unilever House, B.D. Sawant Marg, Chakala, Andheri East, Mumbai 400 099.
CIN : L15140MH1933PLC002030. Tel : +91 (22) 5043 3000.
Email: levercare.shareholder@unilever.com
 CONSOLIDATED BALANCE SHEET AS AT 31 ST MARCH. 2023
(Rs in Crores)
Audited
Statement of Assets and Liabilities Asal Asat
31st March 2023 31st March 2022

A ASSETS

1 Non-current assets
Property, plant and equipment 6,949 6,169
Capital work-in-progress 1,132 1,313
Goodwill 17,316 17,316
Goodwill on consolidation 150 81
Other intangible assets 28,263 27,907
Investments accounted for using the equity method 69 -
Financial assets
- Investments 2 2
- Loans 98 115
- Other financial assets 725 729
Defenred tax assets 10 11
Non-cunrent tax assets (net) 1,164 1,158
Other non-cunrent assets 211 194
Total Non-current assets 56,089 54,995

2 Current assets
Inventories 4,251 4,096
Financial assets
- Investments 2,811 3,519
- Trade receivables 3,079 2,236
- Cash and cash equivalents 714 1,147
- Bank balances other than cash and cash equivalents mentioned above 3,964 2,699
- Loans 36 35
- Other financial assets 1,386 1,089
Other current assets 745 688
Assets held for sale 12 13
Total - Current assets 16,998 15,522

TOTAL • ASSETS 73,087 70,517

B EQUITY AND LIABILITIES

1 EQUITY

Equity share capital 235 235

Other equity 50,069 48,826
Non-controlling interests 218 26
Total • Eauitv 50,522 49,087

2 LIABILITIES

Non-current liabilities
Financial liabilities
- Lease liabilities 807 741
- Other financial liabilities 860 357
Provisions 1,363 1,580
Defenred tax liabilities 6,421 6,141
Non-current tax liabilities (net) 1,086 1,331
Total - Non-current liabilities 10,537 10,150

Current liabilities
Financial liabilities
- Borrowings 98 -
- Lease liabilities 314 302
- Trade payables
total outstanding dues of micro enterprises and small enterprises 100 60
total outstanding dues of creditors other than micro enterprises and small enterprises 9,474 9,008
- Other financial liabilities 889 899
Other current liabilities 764 665
Provisions 389 346
Total - Current liabilities 12,028 11,280

TOTAL· EQUITY AND LIABILITIES 73,087 70,517

 ~ U~w ~

AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2023
(Rs in Crorea)
Year ended Year ended
31st March, 2023 31st March 2022
A CASH FLOWS FROM OPERATING ACTIVITIES:
Prof'rt before tax from continuing operations and before share of equity accounted
13,346 11,874
Investee
Adjustments for:
Depreciation and amortisation expenses 1,152 1,106
(Profl1:) / loss on sale of property, plant and equipment (100) (97)
Contingent Consideration true up for business combination (2) (9)
Finance income (411) (198)
Dividend income (2) (1)
other non operating income - Fair value (gain)/loss on investments (99) (59)
Interest expense 114 106
Provision for expenses on employee stock options 1 (1)
Profit on sale of brand rights (60) (29)
Payment from Retirement Benefit Scheme Reserve (1)
Transaction cost from acquisition 2
Inventory written off net of Provision/(write back) for Inventory 184 156
Bad debts/assets written off net of Provision/(write back) (27) (15)
Mark-tc>market (gain)/loss on derivative financial instruments (8) (4)
Cash Generated from operations before working capital changes 14,089 12,829

Adjustments for:
(lncrease)/decrease in Non-Current assets (14) 3
(lncrease)/decrease in Current Assets (1 ,111) (480)
(lncrease)/decrease in Inventories (339) (758)
lncrease/(decrease) in Non-Current Liabilities (116) 86
lncrease/(decrease) in Current Liabilities 622 149
Cash flows generated from operations 13,131 11 ,829
Taxes paid (net of refunds) (3,138) (2,784)
Profit / (Loss) from Joint venture (1)
Profit / (Loss) from discontinued operations (1) 3
Net cash flows generated from ooeratina activities - [Al 9,991 9,048

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (1 ,174) (1 ,225)
Sale proceeds of property, plant and equipment 121 146
Purchase of intangible assets (18) (3)
Sale proceeds of intangible assets (brand rights) 60 29
Investment in subsidiary (264)
Transaction cost on acquisition (2)
Investment in joint venture (70)
Contingent consideration paid on business combination (40) (41)
Purchase of current investments (22,649) (48,522)
Sale proceeds of current investments 23,462 47,786
Loans given to others (1) (4)
Investment in tenn deposits (having original maturity of more than 3 months) (3,668) (3,711)
Redemption/maturity of tenn deposits (having original maturity of more than 3 months) 2,488 3,656
Investment in non--current deposits with banks (1)
Interest received 259 161
Dividend received from others 2 1
Net cash flows used in investina activities - IBl {1 ,494) {1 ,728)

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (8,474) (7,526)
Amount taken for short tenn purpose 286 55
Repayment of amount taken for short tenn purpose (201) (55)
Borrowings repaid (7)
Principal payment of lease liabilities (467) (407)
Interest paid on lease liabilities (84) (80)
Interest paid other than on lease liabilities (4) (2)
Employee stock options paid (2)
Proceeds from share allotment under employee stock options/ pertonnance share schemes 0
Net cash flows used in financing activities - rc1 {8,953) {8,015)

Net decrease in cash and cash equivalents - [A+B+C] {456) {695)

Add : Cash and cash equivalents at the beginning of the year 1,147 1,842
Add : Cash acquired under Business Combination 10
Cash and cash eauivalents at the end of the vear 701 1,147

Components of cash and cash equivalents

Cash and cash equivalents as per Consolidated Balance Sheet 714 1,147
Less: Bank overdraft (13)
Cash and cash equivalents for Consolidated statement of Cash Flows 701 1,147

Note: The above Consolidated Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'.
Notes:

1. Total sales at Rs. 14,953 crores grew by 11 % during the quarter.

2. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter at Rs. 3,574 crores (MQ 22: Rs. 3,301 croresl
grew by 8%.

3. Exceptional items in MQ 23 include restructuring expenses of Rs. 27 crores (MQ 22 : Rs. 61 crores), acquisition and disposal related
cost of Rs. 26 crores (MQ 22 : Rs. 21 croresl. profit from sale of surplus properties Rs. 73 crores (MQ 22 : Rs. 137 crorel and profit
from sale of brand rights Rs.60 crores (MQ22: Nill.

4. Profit after tax for the quarter at Rs. 2,601 crores (MQ22: Rs. 2,307 croresl grew by 13%.

5. During the FY 2022-23 total sales at Rs.59,549 crores grew 16%. Earnings before interest, tax, depreciation and amortization
(EBITDA) grew 10%, Profit after tax grew 14%.

6. The company completed the acquisition of 51 % shareholding (fully diluted basis) of Zywie Ventures Private Limited as of 10 th
January 2023. The same has been accounted as a Subsidiary in the Consolidated Financial Statements from the said date.

7. The company completed the acquisition of 19.8% shareholding (fully diluted basis) of Nutritionalab Private Limited as of 4th January
2023. The same has been accounted as a Joint Venture in the Consolidated Financial Statements from the said date.

8. The Board of Directors at their meeting held on Thursday, 27 th April 2023 recommended a final dividend of Rs. 22/- per share, for
the financial year ended 31 st March 2023. Together with the interim dividend of Rs.17 per share paid on 21 st November 2022, the
total dividend for the financial year ended 31 st March 2023 amounts to Rs. 39/- per share. Final dividend is subject to approval of
shareholders.

9. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 27 th
April 2023.

10. The statutory auditors have issued an unmodified report on the above results.

11 . The text of the above statement was approved by the Board of Directors at their meeting held on
27th April 2023.

For more details on Results, visit Investor Relations section of our website at http :ljwww.hul.co.in and Financial Results under
Corporates section of www.nseindia.com and www.bseindia .com .

By order of the Board of Directors

Digitallysignedby
SANJIV SOSHIL SANJIV SOSHIL MEHTA
MEHTA Date: 2023.04.27
11 :40:37 +05'30'

Place: Mumbai Sanjiv Mehta

Date: 27 th April 2023 Managing Director and Chief Executive Officer
[DIN : 06699923]

ANIRUDDHA Digitally signed by

ANIRUDDHA
SHREEKANT SHREEKANT GODBOLE
Date: 2023.04.27
GODBOLE 11 :49:40 +05'30'