19th October, 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 19th October, 2023

This is further to our letter dated 5th October, 2023, intimating the date of Board Meeting for
consideration of Unaudited Standalone and Consolidated Financial Results for the quarter and
half year ended 30th September, 2023. Pursuant to Regulation 30 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(‘Listing Regulations’), we would like to inform you that the Board today:

1. approved the Unaudited Standalone and Consolidated Financial Results for the quarter
and half year ended 30th September, 2023. We enclose herewith a copy of the approved
Unaudited Standalone and Consolidated Financial Results along with the Limited Review
Report of the Auditors.

We are arranging to publish these results in the newspapers as per Regulation 47 of

Listing Regulations.

2. declared an interim dividend of Rs. 18/- per equity share of face value of Re. 1/- each for
the financial year ending 31st March, 2024. As intimated vide our letter dated 5th October,
2023, the record date for the purpose of determining the entitlement of the shareholders
for the interim dividend has been fixed as Thursday, 2nd November, 2023, and dividend
will be paid to the shareholders on or after Thursday, 16th November, 2023.
Please take the above information on record.

Thanking You.

Yours faithfully,

For Hindustan Unilever Limited

Digitally signed by DEVOPAM
DEVOPAM NARENDRA BAJPAI
NARENDRA BAJPAI Date: 2023.10.19 15:28:27
+05'30'

Dev Bajpai
Executive Director, Legal & Corporate Affairs
and Company Secretary
DIN : 00050516 / Membership No. F3354
Encl: as above
 14th Floor, Central B Wing and North C Wing
B S R & Co. LLP Nesco IT Park 4, Nesco Center
Western Express Highway
Chartered Accountants Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

Limited Review Report on unaudited standalone financial results of Hindustan

Unilever Limited for the quarter ended 30 September 2023 and year to date results
for the period from 01 April 2023 to 30 September 2023 pursuant to Regulation 33 of
Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To the Board of Directors of Hindustan Unilever Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of
Hindustan Unilever Limited (hereinafter referred to as “the Company”) for the quarter ended 30
September 2023 and year to date results for the period from 01 April 2023 to 30 September 2023
(“the Statement”).
2. This Statement, which is the responsibility of the Company’s management and approved by its Board
of Directors, has been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under
Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India
and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).
Our responsibility is to issue a report on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Standards on Auditing and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be identified
in an audit. Accordingly, we do not express an audit opinion.
4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with the recognition and measurement
principles laid down in the aforesaid Indian Accounting Standard and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in terms of
Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it
contains any material misstatement.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Digitally signed by
ANIRUDDHA ANIRUDDHA
SHREEKANT SHREEKANT GODBOLE
Date: 2023.10.19
GODBOLE 14:55:45 +05'30'

Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
19 October 2023 UDIN:23105149BGYFSI6059

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 1
 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2023
(Rs in Crores)
Unaudited Results for the Unaudited Results for Unaudited Results for Audited Results for the
quarter ended the quarter ended Particulars six months ended year ended
30th September 30th June 30th September 31st March
2023 2022 2023 2023 2022 2023
Revenue from operations
15,027 14,514 14,931 Sale of products 29,958 28,530 58,154
249 237 217 Other operating revenue 466 493 990
283 115 185 Other income 468 252 640
15,559 14,866 15,333 TOTAL INCOME 30,892 29,275 59,784
EXPENSES
4,412 5,197 4,471 Cost of materials consumed 8,883 9,916 19,229
2,843 3,136 2,893 Purchases of stock-in-trade 5,736 6,066 11,968
(34) (339) 224 Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 190 (474) (53)
708 709 651 Employee benefits expense 1,359 1,306 2,665
72 25 47 Finance costs 119 51 101
269 248 257 Depreciation and amortisation expense 526 508 1,030
Other expenses
1,720 1,041 1,481 Advertising and promotion 3,201 2,369 4,859
1,933 1,630 1,907 Others 3,840 3,216 6,844
11,923 11,647 11,931 TOTAL EXPENSES 23,854 22,958 46,643

3,636 3,219 3,402 Profit before exceptional items and tax 7,038 6,317 13,141
(5) (28) (37) Exceptional items (net charge) (42) (40) (62)
3,631 3,191 3,365 Profit before tax 6,996 6,277 13,079
Tax expenses
(873) (516) (842) Current tax (1,715) (1,276) (2,922)
(41) (59) (51) Deferred tax charge (92) (96) (195)
2,717 2,616 2,472 PROFIT FOR THE PERIOD (A) 5,189 4,905 9,962

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss

9 10 10 Remeasurements of the net defined benefit plans 19 19 (17)
(3) (3) (2) Tax on above (5) (5) 4

Items that will be reclassified subsequently to profit or loss

(1) 2 2 Fair value of debt instruments through other comprehensive income 1 (5) (1)
0 (1) (0) Tax on above (0) 1 0

(0) (77) 4 Fair value of cash flow hedges through other comprehensive income 4 (46) (21)
0 16 (2) Tax on above (2) 18 9

5 (53) 12 OTHER COMPREHENSIVE INCOME FOR THE PERIOD (B) 17 (18) (26)

2,722 2,563 2,484 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B) 5,206 4,887 9,936

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

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

11.56 11.13 10.52 Basic (in Rs.) 22.08 20.87 42.40
11.56 11.13 10.52 Diluted (in Rs.) 22.08 20.87 42.40
 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

(Rs in Crores)
Unaudited Results for the Unaudited Results for Unaudited Results for Audited Results for
quarter ended the quarter ended six months ended the year ended
Particulars
30th September 30th June 30th September 31st March
2023 2022 2023 2023 2022 2023

Segment Revenue (Sales and Other operating income)

5,312 5,143 5,425 - Home Care 10,737 10,074 21,230
5,809 5,561 5,601 - Beauty & Personal Care 11,410 10,925 21,831
3,851 3,755 3,797 - Foods & Refreshment 7,648 7,382 14,876
304 292 325 - Others (includes Exports, Consignment, etc.) 629 642 1,207
15,276 14,751 15,148 Total Segment Revenue 30,424 29,023 59,144

Segment Results
995 889 991 - Home Care 1,986 1,758 3,875
1,581 1,396 1,472 - Beauty & Personal Care 3,053 2,807 5,597
720 744 681 - Foods & Refreshment 1,401 1,322 2,662
129 100 120 - Others (includes Exports, Consignment, etc.) 249 229 468
3,425 3,129 3,264 Total Segment Results 6,689 6,116 12,602
(5) (28) (37) Less: Exceptional Items (net charge) (42) (40) (62)
(72) (25) (47) Less: Finance Costs (119) (51) (101)
283 115 185 Add: Other Income 468 252 640
3,631 3,191 3,365 Total Profit Before Tax 6,996 6,277 13,079

Segment Assets
4,356 4,085 4,206 - Home Care 4,356 4,085 4,349
6,739 6,563 6,248 - Beauty & Personal Care 6,739 6,563 6,224
49,757 49,758 49,752 - Foods & Refreshment 49,757 49,758 50,299
713 632 689 - Others (includes Exports, Consignment, etc.) 713 632 675
14,886 9,834 11,773 - Unallocable corporate assets 14,886 9,834 10,278
76,451 70,872 72,668 Total Assets 76,451 70,872 71,825

Segment Liabilities
4,329 3,870 4,240 - Home Care 4,329 3,870 4,086
6,577 5,969 6,303 - Beauty & Personal Care 6,577 5,969 5,978
3,539 3,394 3,369 - Foods & Refreshment 3,539 3,394 3,131
280 404 424 - Others (includes Exports, Consignment, etc.) 280 404 429
11,466 8,077 10,793 - Unallocable corporate liabilities 11,466 8,077 7,980
26,191 21,714 25,129 Total Liabilities 26,191 21,714 21,604

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 30th September 2023, 30th June 2023, 31st March 2023 and 30th September 2022. Unallocable corporate assets less Unallocable
corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

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
 STANDALONE BALANCE SHEET AS AT 30TH SEPTEMBER, 2023
(Rs in Crores)
Unaudited Audited
Statement of Assets and Liabilities As at As at
30th September, 2023 31st March, 2023

A ASSETS

1 Non-current assets
Property, plant and equipment 6,561 6,189
Capital work-in-progress 900 1,020
Goodwill 17,316 17,316
Other intangible assets 27,890 27,900
Financial assets
- Investments in subsidiaries, associates and joint venture 981 981
- Investments 2 2
- Loans 296 339
- Other financial assets 705 715
Non-current tax assets (net) 1,098 1,115
Other non-current assets 274 199
Total - Non-current assets 56,023 55,776

2 Current assets
Inventories 3,367 4,031
Financial assets
- Investments 4,581 2,811
- Trade receivables 2,909 2,735
- Cash and cash equivalents 1,529 586
- Bank balances other than cash and cash equivalents mentioned above 5,756 3,836
- Loans 30 35
- Other financial assets 1,452 1,391
Other current assets 792 612
Assets held for sale 12 12
Total - Current assets 20,428 16,049

TOTAL - ASSETS 76,451 71,825

B EQUITY AND LIABILITIES

1 EQUITY

Equity share capital 235 235

Other equity 50,025 49,986
Total - Equity 50,260 50,221

2 LIABILITIES

Non-current liabilities
Financial liabilities
- Lease liabilities 801 746
- Other financial liabilities 389 495
Provisions 1,480 1,335
Deferred tax liabilities (net) 6,426 6,325
Non-current tax liabilities (net) 3,903 1,076
Total - Non-current liabilities 12,999 9,977

Current liabilities
Financial liabilities
- Lease liabilities 293 293
- Trade payables
total outstanding dues of micro enterprises and small enterprises 237 89
total outstanding dues of creditors other than micro enterprises and small
10,128 9,302
enterprises
- Other financial liabilities 1,027 829
Other current liabilities 807 735
Provisions 315 379
Current tax liabilities (net) 385 -
Total - Current liabilities 13,192 11,627

TOTAL - EQUITY AND LIABILITIES 76,451 71,825

 UNAUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30th SEPTEMBER, 2023

(Rs in Crores)
Six months ended Six months ended
30th September, 2023 30th September, 2022
A CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax 6,996 6,277
Adjustments for:
Depreciation and amortisation expenses 526 515
(Profit) / loss on sale of property, plant and equipment 9 (35)
Contingent consideration true up for business combination - (0)
Finance income (248) (213)
Dividend income (102) -
Other non operating income - Fair value gain on investments (118) (39)
Interest expense 119 51
Movement of provision towards litigations (159) -
Inventory written off net of Provision/ (write back) for Inventory 89 85
Bad debts/assets written off net of Provision/ (write back) 7 5
Mark-to-market gain on derivative financial instruments (3) (14)
Cash generated from operations before working capital changes 7,116 6,632

Adjustments for:
(Increase)/decrease in Non-Current Assets 1 (7)
(Increase)/decrease in Current Assets (375) (677)
(Increase)/decrease in Inventories 579 (455)
Increase/(decrease) in Non-Current Liabilities 111 (211)
Increase/(decrease) in Current Liabilities 1,187 919
Cash flows generated from operations 8,619 6,201
Net taxes (paid) / refunds 1,515 (1,241)
Net cash flows generated from operating activities - [A] 10,134 4,960

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (566) (421)
Sale proceeds of property, plant and equipment - 40
Purchase of Intangible assets (3) -
Contingent consideration paid on business combination - (35)
Purchase of current investments (10,856) (12,593)
Sale Proceeds of current investments 9,204 12,634
Loans given to subsidiaries (206) (175)
Loans repaid by subsidiaries 242 338
Loans given to others 0 (1)
Investment in term deposits (having original maturity of more than 3 months) (5,354) (532)
Redemption/maturity of term deposits (having original maturity of more than 3 months) 3,437 1,824
Interest received 211 125
Dividend received from subsidiaries 100 -
Dividend received from others 2 -
Net cash flows (used in) / generated from investing activities - [B] (3,789) 1,204

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (5,169) (4,464)
Principal payment of lease liabilities (190) (243)
Interest paid on lease liabilities (43) (38)
Net cash flows used in financing activities - [C] (5,402) (4,745)

Net increase in cash and cash equivalents - [A+B+C] 943 1,419

Add: Cash and cash equivalents at the beginning of the year 586 988
Cash and cash equivalents at the end of the period 1,529 2,407

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'.
Notes:

1. Total sales at Rs.15,027 crores grew by 4% during the quarter.

2. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter at Rs. 3,694 crores (SQ 22: Rs. 3,377 crores)
grew by 9%. EBITDA margin at 24.6 % increased by 130 bps vs SQ 22.

3. Profit after tax before exceptional items for the quarter at Rs. 2,668 crores (SQ 22: Rs. 2,379 crores) grew by 12%.

4. Exceptional items in SQ 23 include restructuring expenses of Rs. 57 crores (SQ 22: Rs. 56 crores), acquisition and disposal related
credit of Rs. 52 crores (SQ 22: Rs. 6 crores cost) and profit from sale of surplus properties Nil (SQ 22: Rs. 34 crores).

5. Profit after tax for the quarter at Rs. 2,717 crores (SQ 22: Rs. 2,616 crores) grew by 4%.

6. The reported numbers include a one-off credit from favourable resolution of a past indirect tax litigation. This benefitted reported
turnover and PAT growth by 1% and 4% respectively.

7. The Board of Directors declared an interim dividend of Rs. 18 /- per equity share of face value of Re.1/- each for the financial year
ending 31st March, 2024 at its meeting held on 19th October, 2023. The record date for the purpose of determining the entitlement
for payment of interim dividend is fixed as 2nd November, 2023.

8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 19th
October 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 19th October 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

ROHIT Digitally signed by ROHIT JAWA
Date: 2023.10.19 14:46:27 +05'30'
JAWA
Place: Mumbai Rohit Jawa
Date: 19th October 2023 Managing Director and Chief Executive Officer
[DIN: 10063590]
Digitally signed by
ANIRUDDHA ANIRUDDHA
SHREEKANT SHREEKANT
GODBOLE
GODBOLE Date: 2023.10.19
14:56:27 +05'30'
 14th Floor, Central B Wing and North C Wing
B S R & Co. LLP Nesco IT Park 4, Nesco Center
Western Express Highway
Chartered Accountants Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

Limited Review Report on unaudited consolidated financial results of Hindustan

Unilever Limited for the quarter ended 30 September 2023 and year to date results
for the period from 01 April 2023 to 30 September 2023 pursuant to Regulation 33 of
Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To the Board of Directors of Hindustan Unilever Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of
Hindustan Unilever Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent
and its subsidiaries together referred to as “the Group”) and its share of the net loss after tax and total
comprehensive loss of its joint venture for the quarter ended 30 September 2023 and year to date
results for the period from 01 April 2023 to 30 September 2023 (“the Statement”), being submitted by
the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s
Board of Directors, has been prepared in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”),
prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility
is to express a conclusion on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Standards on Auditing and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be identified
in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the Securities and Exchange
Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
4. The Statement includes the results of the following entities :

Name of the entity Relationship

Hindustan Unilever Limited Parent

Unilever India Exports Limited Wholly owned subsidiary

Lakme Lever Private Limited Wholly owned subsidiary

Pond’s Exports Limited Wholly owned subsidiary

Unilever India Limited Wholly owned subsidiary

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

Limited Review Report (Continued)

Hindustan Unilever Limited

Daverashola Estates Private Limited Wholly owned subsidiary

Jamnagar Properties Private Limited Wholly owned subsidiary

Levindra Trust Limited Wholly owned subsidiary

Levers Associated Trust Limited Wholly owned subsidiary

Hindlever Trust Limited Wholly owned subsidiary

Hindustan Unilever Foundation Wholly owned subsidiary

Bhavishya Alliance Child Nutrition Initiatives Wholly owned subsidiary

(voluntary liquidation resolution passed by Board
of Directors and shareholders w.e.f 8 December
2022)

Zywie Ventures Private Limited (including its Subsidiary

following subsidiary) (w.e.f 10 January 2023)
Zenherb Labs Private Limited (w.e.f 10 January
2023)

Unilever Nepal Limited Subsidiary

Nutritionalab Private Limited (w.e.f 4 January Joint Venture

2023)

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based
on the consideration of the review report of the other auditors referred to in paragraph 6 below, nothing
has come to our attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in the aforesaid Indian
Accounting Standard and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including
the manner in which it is to be disclosed, or that it contains any material misstatement.
6. We did not review the interim financial information of one subsidiary, Unilever Nepal Limited, included
in the Statement, whose interim financial information reflect total assets (before consolidation
adjustments) of Rs 452 crores as at 30 September 2023 and total revenues (before consolidation
adjustments) of Rs 134 crores and Rs 265 crores, total net profit after tax (before consolidation
adjustments) of Rs 30 crores and Rs 67 crores and total comprehensive income (before consolidation
adjustments) of Rs 30 crores and Rs 67 crores, for the quarter ended 30 September 2023 and for the
period from 01 April 2023 to 30 September 2023 respectively, and net cash outflows (before
consolidation adjustments) of Rs 11 crores for the period from 01 April 2023 to 30 September 2023
as considered in the Statement. This interim financial information has been reviewed by other auditors
whose report has been furnished to us by the Parent’s management and our conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary,
is based solely on the report of the other auditors and the procedures performed by us as stated in
paragraph 3 above.

Page 2 of 3
B S R & Co. LLP

Limited Review Report (Continued)

Hindustan Unilever Limited
Our conclusion is not modified in respect of this matter.
7. The Statement also includes the Group’s share of net loss after tax of Rs 2 crores and Rs 3 crores
and total comprehensive loss of Rs 2 crores and Rs 3 crores, for the quarter ended 30 September
2023 and for the period from 01 April 2023 to 30 September 2023 respectively, as considered in the
Statement, in respect of one joint venture, Nutritionalab Private Limited, based on its interim financial
information which has not been reviewed. According to the information and explanations given to us
by the management, this interim financial information is not material to the Group.
Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

ANIRUDDHA Digitally
ANIRUDDHA
signed by

SHREEKANT SHREEKANT GODBOLE

Date: 2023.10.19
GODBOLE 14:57:19 +05'30'
Aniruddha Godbole
Partner
Mumbai Membership No.: 105149
19 October 2023 UDIN:23105149BGYFSJ4164

Page 3 of 3
 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2023
(Rs in Crores)
Unaudited Results for Unaudited Results Unaudited Results for Audited Results for
the quarter ended for the quarter Particulars six months ended the year ended
30th September 30th June 30th September 31st March
2023 2022 2023 2023 2022 2023
Revenue from operations
15,340 14,872 15,240 Sale of products 30,580 29,203 59,443
24 24 27 Sale of services 51 50 106
259 248 229 Other operating revenue 488 515 1,031
183 109 183 Other income 366 242 512
15,806 15,253 15,679 TOTAL INCOME 31,485 30,010 61,092
EXPENSES
4,799 5,436 4,820 Cost of materials consumed 9,619 10,304 20,212
2,636 3,100 2,643 Purchases of Stock-in-Trade 5,279 6,040 11,579
(90) (339) 216 Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 126 (483) (75)
766 758 705 Employee benefits expense 1,471 1,394 2,854
88 28 50 Finance costs 138 56 114
297 272 286 Depreciation and amortisation expense 583 553 1,137
Other expenses
1,742 1,053 1,505 Advertising and promotion 3,247 2,387 4,907
1,973 1,657 1,942 Others 3,915 3,245 6,954
12,211 11,965 12,167 TOTAL EXPENSES 24,378 23,496 47,682

Profit before exceptional items and tax and before share of equity accounted
3,595 3,288 3,512 investee 7,107 6,514 13,410
(2) - (1) Share of loss of equity accounted investee, net of tax (3) - (1)
3,593 3,288 3,511 Profit before exceptional items and tax 7,104 6,514 13,409
(5) (29) (37) Exceptional items (net charge) (42) (41) (64)
3,588 3,259 3,474 Profit before tax from continuing operations 7,062 6,473 13,345
Tax expenses
(889) (530) (864) Current tax (1,753) (1,317) (3,001)
(42) (59) (54) Deferred tax charge (96) (95) (200)
2,657 2,670 2,556 Profit after tax from continuing operations (A) 5,213 5,061 10,144

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

2,657 2,670 2,556 PROFIT FOR THE PERIOD (A+B) 5,213 5,061 10,143

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss
9 10 10 Remeasurements of the net defined benefit plans 19 19 (17)
(3) (3) (2) Tax on above (5) (5) 4

Items that will be reclassified subsequently to profit or loss

(1) 2 2 Fair value of debt instruments through other comprehensive income 1 (5) (1)
0 (1) (0) Tax on above (0) 1 0

(0) (77) 4 Fair value of cash flow hedges through other comprehensive income 4 (46) (21)
0 16 (2) Tax on above (2) 18 9

5 (53) 12 OTHER COMPREHENSIVE INCOME FOR THE PERIOD (C) 17 (18) (26)

2,662 2,617 2,568 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B+C) 5,230 5,043 10,117

Net Profit attributable to

2,656 2,665 2,554 a) Owners of the Holding Company 5,210 5,046 10,120
1 5 2 b) Non-controlling interest 3 15 23

Other comprehensive income attributable to

5 (53) 12 a) Owners of the Holding Company 17 (18) (26)
- (0) - b) Non-controlling interest - (0) 0

Total comprehensive income attributable to

2,661 2,612 2,566 a) Owners of the Holding Company 5,227 5,028 10,094
1 5 2 b) Non-controlling interest 3 15 23

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

Earnings per equity share from continuing operations (Face value of Re. 1 each)
11.30 11.35 10.87 Basic (in Rs.) 22.17 21.48 43.07
11.30 11.35 10.87 Diluted (in Rs.) 22.17 21.48 43.07

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

Earnings per equity share from continuing and discontinued

operations (Face value of Re. 1 each)
11.30 11.35 10.87 Basic (in Rs.) 22.17 21.48 43.07
11.30 11.35 10.87 Diluted (in Rs.) 22.17 21.48 43.07
 CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
(Rs in Crores)
Unaudited Results for Unaudited Results for Unaudited Results for Audited Results for
the quarter ended the quarter ended Particulars six months ended the year ended
30th September 30th June 30th September 31st March
2023 2022 2023 2023 2022 2023
Segment Revenue (Sales and Other operating income)
5,308 5,142 5,421 - Home Care 10,729 10,072 21,223
5,873 5,595 5,668 - Beauty & Personal Care 11,541 11,001 22,022
3,851 3,755 3,797 - Foods & Refreshment 7,648 7,382 14,876
591 652 610 - Others (includes Exports, Consignment, etc.) 1,201 1,313 2,459
15,623 15,144 15,496 Total Segment Revenue 31,119 29,768 60,580

Segment Results
1,014 885 1,013 - Home Care 2,027 1,750 3,913
1,582 1,407 1,472 - Beauty & Personal Care 3,054 2,834 5,647
720 744 681 - Foods & Refreshment 1,401 1,322 2,662
184 171 213 - Others (includes Exports, Consignment, etc.) 397 422 790
3,500 3,207 3,379 Total Segment Results 6,879 6,328 13,012
(2) - (1) Less: Share of loss of equity accounted investee, net of tax (3) - (1)
(5) (29) (37) Less: Exceptional Items (net charge) (42) (41) (64)
(88) (28) (50) Less: Finance Costs (138) (56) (114)
183 109 183 Add: Other Income 366 242 512
3,588 3,259 3,474 Total Profit Before Tax From Continuing Operations 7,062 6,473 13,345

Segment Assets
4,772 4,501 4,614 - Home Care 4,772 4,501 4,785
7,737 6,998 7,192 - Beauty & Personal Care 7,737 6,998 7,140
49,757 49,758 49,752 - Foods & Refreshment 49,757 49,758 50,299
1,464 1,464 1,482 - Others (includes Exports, Consignment, etc.) 1,464 1,464 1,435
14,113 9,215 11,010 - Unallocable corporate assets 14,113 9,215 9,428
77,843 71,936 74,050 Total Assets 77,843 71,936 73,087

Segment Liabilities
4,357 3,913 4,273 - Home Care 4,357 3,913 4,075
6,732 6,076 6,470 - Beauty & Personal Care 6,732 6,076 6,117
3,539 3,394 3,369 - Foods & Refreshment 3,539 3,394 3,131
615 718 688 - Others (includes Exports, Consignment, etc.) 615 718 722
12,015 8,195 11,325 - Unallocable corporate liabilities 12,015 8,195 8,520
27,258 22,296 26,125 Total Liabilities 27,258 22,296 22,565

Notes:

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 30th September 2023, 30th June 2023, 31st March 2023 and 30th September 2022. Unallocable corporate assets less
Unallocable corporate liabilities mainly represent investment of surplus funds, cash and bank balances and tax assets and liabilities.

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 30TH SEPTEMBER, 2023
(Rs in Crores)
Unaudited Audited
Statement of Assets and Liabilities As at As at
30th September, 2023 31st March, 2023

A ASSETS

1 Non-current assets
Property, plant and equipment 7,322 6,949
Capital work-in-progress 1,047 1,132
Goodwill 17,316 17,316
Goodwill on consolidation 150 150
Other intangible assets 28,252 28,263
Investments accounted for using the equity method 66 69
Financial assets
- Investments 2 2
- Loans 92 98
- Other financial assets 744 725
Deferred tax assets 7 10
Non-current tax assets (net) 1,148 1,164
Other non-current assets 292 211
Total Non-current assets 56,438 56,089

2 Current assets
Inventories 3,581 4,251
Financial assets
- Investments 4,607 2,811
- Trade receivables 3,207 3,079
- Cash and cash equivalents 1,651 714
- Bank balances other than cash and cash equivalents mentioned above 5,920 3,964
- Loans 31 36
- Other financial assets 1,480 1,386
Current tax assets (net) 6 -
Other current assets 910 745
Assets held for sale 12 12
Total - Current assets 21,405 16,998

TOTAL - ASSETS 77,843 73,087

B EQUITY AND LIABILITIES

1 EQUITY

Equity share capital 235 235

Other equity 50,129 50,069
Non-controlling interests 221 218
Total - Equity 50,585 50,522

2 LIABILITIES

Non-current liabilities
Financial liabilities
- Lease liabilities 862 807
- Other financial liabilities 770 860
Provisions 1,508 1,363
Deferred tax liabilities 6,517 6,421
Non-current tax liabilities (net) 3,907 1,086
Total - Non-current liabilities 13,564 10,537

Current liabilities
Financial liabilities
- Borrowings 96 98
- Lease liabilities 314 314
- Trade payables
total outstanding dues of micro enterprises and small enterprises 258 100
total outstanding dues of creditors other than micro enterprises and small enterprises 10,376 9,474
- Other financial liabilities 1,094 889
Other current liabilities 840 764
Provisions 324 389
Current tax liabilities (net) 392 -
Total - Current liabilities 13,694 12,028

TOTAL - EQUITY AND LIABILITIES 77,843 73,087

 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2023
(Rs in Crores)

Six Months ended Six Months ended

30th September, 2023 30th September, 2022

A CASH FLOWS FROM OPERATING ACTIVITIES:

Profit before tax from continuing operations 7,062 6,473
Adjustments for:
Depreciation and amortisation expenses 583 561
(Profit) / loss on sale of property, plant and equipment 9 (33)
Contingent Consideration true up for business combination - (0)
Finance income (245) (204)
Dividend income (2) -
Other non operating income - Fair value gain on investments (120) (39)
Interest expense 138 55
Movement in provision towards litigations (159) -
Payment from Retirement Benefit Scheme Reserve (0) -
Share of loss of joint venture 3 -
Inventory written off net of Provision/(write back) for Inventory 82 91
Bad debts/assets written off net of Provision/(write back) 1 10
Mark-to-market (gain)/ loss on derivative financial instruments (5) (13)
Cash Generated from operations before working capital changes 7,347 6,901

Adjustments for:
(Increase)/decrease in Non-Current assets (29) (16)
(Increase)/decrease in Current Assets (340) (753)
(Increase)/decrease in Inventories 592 (456)
Increase/(decrease) in Non-Current Liabilities 110 (207)
Increase/(decrease) in Current Liabilities 1,280 918
Cash flows generated from operations 8,960 6,387
Net taxes (paid) / refunds 1,465 (1,287)
Profit/(Loss) from discontinued operations (0) (0)
Net cash flows generated from operating activities - [A] 10,425 5,100

B CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment (642) (521)
Sale proceeds of property, plant and equipment - 40
Purchase of intangible assets (3) -
Contingent consideration paid on business combination - (35)
Purchase of current investments (10,882) (12,635)
Sale proceeds of current investments 9,206 12,684
Loans given to others 0 (1)
Investment in term deposits (having original maturity of more than 3 months) (5,475) (529)
Redemption/maturity of term deposits (having original maturity of more than 3 months) 3,523 1,886
Interest received 208 116
Dividend received from others 2 -
Net cash flows (used in)/generated from investing activities - [B] (4,063) 1,005

C CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (5,169) (4,464)
Amount taken for short term purpose 96 105
Repayment of amount taken for short term purpose (97) -
Principal payment of lease liabilities (207) (253)
Interest paid on lease liabilities (47) (42)
Interest paid other than on lease liabilities (2) -
Net cash flows used in financing activities - [C] (5,426) (4,654)

Net Increase in cash and cash equivalents - [A+B+C] 936 1,451

Add: Cash and cash equivalents at the beginning of the year 714 1,147
Cash and cash equivalents at the end of the period 1,650 2,598

Components of cash and cash equivalents:

Cash and cash equivalents as per Consolidated Balance Sheet 1,651 2,598
Less: Bank overdraft (1) -
Cash and cash equivalents for Consolidated Statement of Cash Flows 1,650 2,598

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.15,364 crores grew by 3% during the quarter.

2. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter at Rs. 3,797 crores (SQ 22: Rs. 3,479 crores)
grew by 9%. EBITDA margin at 24.7 % increased by 140 bps vs SQ 22.

3. Exceptional items in SQ 23 include restructuring expenses of Rs. 57 crores (SQ 22: Rs. 56 crores), acquisition and disposal related
credit of Rs. 52 crores (SQ 22: Rs. 6 crores cost) and profit from sale of surplus properties Nil (SQ 22: Rs. 34 crores).

4. Profit after tax for the quarter at Rs. 2,657 crores (SQ 22: Rs. 2,670 crores) was marginally lower year on year.

5. The reported numbers include a one-off credit from favourable resolution of a past indirect tax litigation. This benefitted reported
turnover and PAT growth by 1% and 4% respectively.

6. The Board of Directors declared an interim dividend of Rs. 18 /- per equity share of face value of Re.1/- each for the financial year
ending 31st March, 2024 at its meeting held on 19th October, 2023. The record date for the purpose of determining the entitlement
for payment of interim dividend is fixed as 2nd November, 2023.

7. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 19th
October 2023.

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

9. The text of the above statement was approved by the Board of Directors at their meeting held on 19th October 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 ROHIT

ROHIT JAWA JAWA

Date: 2023.10.19 14:49:24
+05'30'

Place: Mumbai Rohit Jawa

Date: 19th October 2023 Managing Director and Chief Executive Officer
[DIN: 10063590]
ANIRUDDHA Digitally
ANIRUDDHA
signed by

SHREEKANT SHREEKANT GODBOLE

Date: 2023.10.19
GODBOLE 14:57:53 +05'30'