Hindustan Unilever
BSE SENSEX
33,043
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm/ Vol m
Free float (%)
S&P CNX
10,295
HUVR IN
2,164.3
2,750.9 / 42.4
1287 / 783
-1/25/35
1283
32.8
25 October 2017
2QFY18 Results Update | Sector: Consumer
CMP: INR1,274 TP: INR1,440(+13%)
Remarkable growth in EBITDA augurs well for future
Buy
Financials & Valuations (INR b)
Y/E Mar
2017 2018E 2019E
313.0 336.9 384.2
Net Sales
60.5
70.4
83.7
EBITDA
42.5
49.4
59.7
PAT
19.6
22.8
27.6
EPS (INR)
1.9
16.2
21.0
Gr. (%)
30.0
30.1
32.6
BV/Sh (INR)
66.5
75.9
88.0
RoE (%)
88.5
101.1 116.3
RoCE (%)
64.9
55.8
46.2
P/E (x)
42.5
42.3
39.1
P/BV (x)
Estimate change
TP change
Rating change
HUVR’s 2QFY18 net sales rose 5.9% YoY to INR83.1b.
Domestic consumer
business grew 10% YoY, with 4% underlying volume growth. EBITDA increased
19.5% YoY to INR16.8b (est. of INR15.6b) and PAT (bei) by 14.2% YoY to
INR12.4b (est. of INR11.9b). EBIT margin expanded by 390bp YoY for Home
care, 130bp for Personal care, 110bp by Foods and 280bp for Refreshment.
Segmental performance:
Home care and Personal care revenues were up 13%
and 8% YoY, respectively. Sales of Foods and Refreshments – the relatively
small segments – were up 10% and 11% YoY, respectively.
Gross margin expanded 320bp YoY to 52.7%.
High ad spends (+150bp YoY) and
a slight increase in employee costs (+20bp YoY) were partially offset by lower
other expenditure (-70bp YoY). Thus, EBITDA margin expanded 230bp YoY to
20.2%. Comparable margin expanded 180bp YoY.
1HFY18 comparable domestic consumer business grew 8% YoY,
with EBITDA
margin expansion of 170bp YoY.
Concall highlights:
(1) Expect gradual improvement in rural demand. (2) Input
costs starting to inflate. Management expects further inflation. (3) Lever Ayush
now available nationally across channels, but with a focus on urban areas.
Valuation view:
Revival of rural growth is already underway, and is likely to
pick up steam. HUL has all the levers for earnings revival in place, especially
when the imminent rural recovery is allied with the benefits of low base of
preceding years, return of price part of sales growth, lower promotion spends
and continuing premiumization. 2QFY18 again demonstrated the company’s
ability to grow volumes in a difficult operating environment, increase
advertising levels and yet report robust profitable growth. Consequently, we
expect EPS CAGR of 18% over FY17-20, well above 6.1%/10.6%/10.1% on 3-
year/5-year/10-year EPS CAGR. Return ratios and dividend yield are best-of-
breed. We maintain target multiple at 10% premium to 3-year average
(effectively 48x Sep 2019E EPS), leading to a TP of INR1,440. Maintain
Buy.
(INR Million)
4Q
4.0
82,130
6.4
16,510
12.2
20.1
1,080
60
830
16,200
4,360
26.9
11,180
7.6
11,830
1Q
0.0
85,290
4.9
18,660
14.1
21.9
1,140
60
1,130
18,590
5,630
30.3
12,920
14.6
12,830
FY18
2Q
3QE
4.0
9.0
83,090 85,537
5.9
11.0
16,820 16,335
19.7
20.5
20.2
19.1
1,150
1,173
60
60
2,040
902
17,650 16,004
5,250
4,881
29.7
30.5
12,360 11,123
14.2
20.9
12,760 11,123
4QE
7.0
89,461
8.9
18,543
12.3
20.7
1,148
62
946
18,279
5,396
29.5
12,883
15.2
12,883
FY17 Ind AS FY18 Ind AS Estimate
Variance
2QE
0.8
5.1
4.0
318,887
343,377
78,427
5.9%
2.7
7.7
0.0
60,463
70,358
15,615
7.7%
5.1
16.4
11.2
19.0
20.5
19.9
3,958
4,611
1,163
219
242
60
5,254
5,018
2,781
61,541
70,522
17,173
2.8%
19,058
21,157
5,238
31.0
30.0
30.5
42,474
49,366
11,935
3.6%
3.2
16.2
10.3
44,893
49,366
11,935
Quarterly performance
Y/E March
Domestic volume growth (%)
Net Sales
YoY Cha nge (%)
EBITDA
YoY Cha nge (%)
Ma rgi ns (%)
Depreci a ti on
Interes t
Other Income
PBT
Ta x
Ra te (%)
Adjusted PAT
YoY Cha nge (%)
Reported Profit
E: MOSL Estimates
1Q
4.0
81,270
3.6
16,347
8.1
20.1
933
60
1,076
16,431
5,411
32.9
11,277
6.1
11,727
FY17
2Q
3Q
-1.0
-4.0
78,427 77,060
1.4
-0.7
14,046 13,560
5.1
-5.2
17.9
17.6
945
1,000
49
50
2,528
820
15,580 13,330
4,807
4,480
30.9
33.6
10,818
9,199
9.3
-10.2
10,956 10,380
Krishnan Sambamoorthy – Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 6129 1545
Vishal Punmiya – Research Analyst
(Vishal.Punmiya@MotilalOswal.com); +91 22 6129 1547
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Hindustan Unilever
Key Quarterly Charts
Exhibit 1:
Consumer business sales growth of 10% minus
volume growth of 4% minus ~3% price reduction in 2QFY18
plus ~3% input credit is equal to ~6% realization growth
Pricing growth %
5.0
Underlying volume growth (%)
4.0
49.6
51.8
Exhibit 2:
Gross margin expanded 320bp YoY
Gross margin (%)
52.1
51.0
52.7
3.0 6.0
4.0 0.0
51.2
51.3
49.5
51.4
6.0 7.0 6.0
6.0 6.0
5.4 4.6
4.0 4.0 3.0 4.0 4.0
3.0
(1.0) (2.0) (2.7) (0.4)
0.0
(1.0)
(4.0)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Domestic sales impacted by GST-led effect on channel toward the start of the quarter
Domestic FMCG Sales Growth (%)
Source: Company, MOSL
Exhibit 4: Underlying volumes grew 4% YoY
Underlying volume growth (%)
Source: Company, MOSL
25 October 2017
2

Hindustan Unilever
Exhibit 5:
A&P spends up 150bp YoY, mostly to support
‘Lever Ayush’ national expansion…
Advertising & promotion (%)
11.9
11.9
11.2
10.8
10.9
12.3
11.5
10.4
10.6
4.9
5.1
5.7
5.2
Exhibit 6: …employee expenses up 20bp…
Staff Cost (%)
5.0
5.3
4.7
4.9
5.2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: …other expenses were down 70bp YoY…
Other expenditure (%)
16.4
15.5
15.2
15.1
17.0
15.7
15.8
14.7
14.9
Exhibit 8:
…leading to EBITDA margin expansion of 230bp YoY
EBITDA margin (%)
17.3
18.4
19.1
20.1
17.9
17.6
20.1
21.9
20.2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: Segmental growth
Segmental Reported Sales Growth (%)
Home care
Personal care
Refreshment
Foods
Domestic Consumer
2QFY17
4.0
(1.0)
8.0
2.0
2.0
3QFY17
1.0
(3.0)
8.0
1.0
0.0
4QFY17
8.0
8.0
11.0
2.0
8.0
1QFY18
6.0
3.0
11.0
4.0
6.0
2QFY18
(1.0)
(3.0)
5.0
1.0
(2.0)
Note: Sales growth=Segment t/o growth excluding other operational income; Excludes impact of A&D
Source: Company, MOSL
Exhibit 10: Comparable segmental sales growth for the quarter
Source: Company, MOSL
25 October 2017
3

Hindustan Unilever
Exhibit 11: Segmental EBIT
Segmental EBIT margin (%)
- Home Care
- Personal Care
- Foods
- Refreshments
- Others (includes Exports, Infant & Feminine Care Products, etc)
Total
2QFY17
10.1
22.9
4.9
14.8
4.2
16.5
3QFY17
8.7
23.1
9.4
14.7
(8.5)
16.1
4QFY17
12.9
24.1
9.5
16.8
(2.0)
18.2
1QFY18
14.7
24.7
14.4
18.9
(3.6)
19.7
2QFY18
14.0
24.2
6.0
17.5
(4.0)
18.7
YoY
change
3.9
1.3
1.1
2.8
(8.2)
2.2
QoQ
change
(0.7)
(0.5)
(8.4)
(1.4)
(0.4)
(1.0)
Source: Company, MOSL
Exhibit 12: Price reduction taken in Personal care in 2QFY18
Source: Company, MOSL
Exhibit 13: Price reduction taken in Home care and Foods & Refreshments in 2QFY18
Source: Company, MOSL
25 October 2017
4

Hindustan Unilever
Concall highlights
Outlook
Expect gradual improvement in rural demand.
Rural growth in line with urban growth. Management believes it needs to grow
faster, but as of now, it has recovered from lower levels.
Input costs starting to inflate. Management expects inflation to continue.
Company believes that improvement in oral care sales is a few quarters away. In
our view, the company seems to have given up after yet another re-launch of
Pepsodent; now banking on Lever Ayush oral care products.
MSP increase in wheat is another significant positive.
Premium portfolio is only 25% of total. Thus, there is huge room to grow in the
longer term. Premiumization trend continues even in recent quarters, where
volumes, including in rural, have recovered.
No update of remaining 42% of fiscal benefit that was available earlier as credit.
More highlights from results
Company cut prices even in body lotion to boost growth, despite effective GST
rate for the category at 28%.
8% comparable sales growth in 1HFY17.
Input taxes to be added back to sales in order to arrive at adjusted sales include
octroi, cenvat and CST – many of which were part of costs earlier.
Gross profit also increased strongly, partly because of a weak base.
The quarter saw 15 days of no buying from CSD. Now, CSD back to 85-90% of
normal levels.
Tax reduction on turnover was set-off by price reduction. Hence, 6% YoY
realization growth in 1QFY18 was retained in 2QFY18 as well.
Market shares up in many categories – the only challenge is oral care.
Bulk of growth is coming from the core categories.
Difference between segmental EBIT growth of 11% and overall EBIT growth is on
account of an increase in unallocable expenses.
New launches
Indulekha has attained clinical results to actually be able to regrow hair.
Indulekha growing ahead of initial targets.
Pleased with initial response to national rollout of Lever Ayush. It is focused on
urban consumer and across channels.
Guidance
Tax rate will be ~30% in FY18.
25 October 2017
5

Hindustan Unilever
Valuation and view
Revival of rural growth is already underway and is likely to pick up steam going
forward. HUL has all the levers for earnings revival in place especially when the
imminent rural recovery is allied with benefits of low base of preceding years,
return of price part of sales growth, lower promotion spends and continuing
premiumization.
2QFY18 again demonstrated the company’s ability to grow volumes in a difficult
operating environment, increase advertising levels and yet report robust
profitable growth. Consequently, we expect EPS CAGR to be 18% between
FY17-FY20, well above the 6.1%/10.6%/10.1% respectively on 3 year/ 5 year/10
years EPS CAGR. Return ratios and dividend yield are best of breed.
We maintain target multiple at 10% premium to 3 year average (effectively 48x
September 2019 EPS) leading to target price of INR 1,440. Maintain BUY.
Exhibit 14: There is no significant change in our EPS numbers
FY18E
343,377
70,358
49,366
New
FY19E
391,391
83,746
59,723
FY20E
446,172
98,044
70,066
FY18E
352,709
70,488
49,651
Old
FY19E
399,818
83,513
59,186
FY20E
453,458
97,194
69,019
FY18E
-2.6%
-0.2%
-0.6%
Change
FY19E
-2.1%
0.3%
0.9%
FY20E
-1.6%
0.9%
1.5%
Sales
EBITDA
PAT
Source: Company, MOSL
Exhibit 15: HUVR P/E (x)
55.0
45.0
35.0
25.0
15.0
32.8
24.2
18.7
P/E (x)
Min (x)
Avg (x)
+1SD
41.4
Max (x)
-1SD
49.8 49.8
Exhibit 16: Consumer sector P/E (x)
45.0
37.0
29.0
21.0
13.0
P/E (x)
Min (x)
Avg (x)
+1SD
36.9
Max (x)
-1SD
41.2
30.1
23.2
17.1
39.0
Source: Bloomberg, Company, MOSL
Source: Bloomberg, Company, MOSL
25 October 2017
6

Hindustan Unilever
Exhibit 17: Valuation Matrix
Company
Consumer
Asian Paints
Britannia Inds.
Colgate-Palm.
Dabur India
Emami
Godrej Cons.
Hind. Unilever
ITC
Jyothy Lab.
Marico
Nestle India
P & G Hygiene
Page Industries
Pidilite Inds.
United Breweries
United Spirits
Retail
Jubilant Food.
Titan Company
Sell
Neutral
1,603
591
960
590
-40
0
106
538
1.6
8.3
-32.1
18.5
48.0
15.8
40.0
20.0
160.2
65.4
108.3
56.5
77.3
47.1
8.2
20.6
0.2
0.5
Neutral 1,203 1,280
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
4,635 5,165
1,038 1,328
323
922
330
1,005
1,170 1,400
6
11
28
2
20
9
-6
13
8
10
11
-14
6
5
4
8
7
2
1,171
555
287
561
258
635
208
2,751
3,245
68
404
698
281
224
23
410
227
365
18.0
8.5
4.4
8.6
4.0
9.8
3.2
42.4
50.0
1.1
6.2
10.8
4.3
3.5
0.4
6.3
3.5
5.6
8.7
7.3
-5.7
1.9
4.5
12.4
0.9
1.9
9.4
175.7
12.1
-1.6
2.3
15.0
-46.4
6.7
-23.0
87.1
2.6
15.8
10.2
6.7
1.4
14.0
1.3
16.2
10.4
-12.6
8.5
-2.5
14.0
23.4
152.6
7.9
13.9
29.1
19.8
22.6
22.1
18.3
23.1
14.6
15.2
21.0
11.4
13.2
20.9
16.1
16.1
35.2
37.0
14.0
41.5
49.3
57.2
62.9
48.9
44.5
44.1
48.8
31.5
64.9
32.1
33.2
50.1
60.6
65.3
85.3
74.6
47.8
105.6
95.0
55.7
54.3
44.4
41.7
43.5
42.8
31.1
55.8
29.1
38.0
46.2
62.2
57.2
69.1
29.5
44.3
92.7
73.6
46.5
44.3
36.4
35.3
35.3
37.4
27.0
46.2
26.1
33.5
38.2
53.5
49.3
51.1
21.6
38.8
65.5
49.3
28.5
36.9
50.4
28.4
35.8
24.6
22.2
66.5
23.5
21.1
36.7
39.0
39.3
40.0
6.0
28.2
10.2
21.3
0.8
0.0
1.0
0.8
0.7
0.6
1.1
1.3
2.1
1.6
1.0
0.9
3.7
0.4
0.0
0.6
0.1
0.0
Reco
CMP
(INR)
TP
Mkt Cap
USD B
EPS Growth YoY (%)
FY17 FY18E FY19E FY17
P/E (x)
FY18E
FY19E
RoE
(%)
FY17
Div.
(%)
FY17
(INR) Upside (%) INR B
GlaxoSmith C H L Neutral 4,924 4,630
1,274 1,440
269
373
315
290
410
350
Neutral 7,153 6,160
Neutral 8,674 9,200
Buy
Neutral
Buy
20,370 21,310
269
799
917
280
865
980
Parag Milk Foods Neutral
Neutral 2,539 2,600
Source: Company, MOSL
25 October 2017
7

Hindustan Unilever
Financials and valuations
Income Statement
Y/E March
Net Sales
Other Oper. Income
Total Revenue
Change (%)
COGS
Gross Profit
Gros Margin (%)
Operating Exp
% of sales
EBIDTA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Non-rec. (Exp)/Income
Reported PAT
FY15
301,705
6,351
308,056
9.9
156,236
151,821
49.3
99,738
32.4
52,082
16.4
16.9
2,867
168
6,184
55,231
15.1
18.3
19,060
-338
33.9
36,510
2.7
12.1
6,643
43,153
FY16
304,990
5,619
310,609
0.8
153,053
157,556
50.7
100,070
32.2
57,486
10.4
18.5
3,208
150
5,640
59,769
8.2
19.6
18,160
-70
30.3
41,679
14.2
13.7
-310
41,369
FY17
312,980
5,920
318,900
2.7
156,850
162,050
50.8
101,580
31.9
60,470
5.2
19.0
3,960
220
5,260
61,550
3.0
19.7
18,650
410
31.0
42,490
1.9
13.6
2,410
44,900
FY18E
336,865
6,512
343,377
7.7
162,866
180,511
52.6
110,154
32.1
70,358
16.4
20.5
4,611
242
5,018
70,522
14.6
20.9
20,663
494
30.0
49,366
16.2
14.7
0
49,366
FY19E
384,228
7,163
391,391
14.0
183,977
207,414
53.0
123,668
31.6
83,746
19.0
21.4
4,818
242
6,633
85,319
21.0
22.2
24,998
597
30.0
59,723
21.0
15.5
0
59,723
(INR Million)
FY20E
438,293
7,880
446,172
14.0
207,392
238,780
53.5
140,736
31.5
98,044
17.1
22.0
4,958
242
7,249
100,094
17.3
22.8
29,327
701
30.0
70,066
17.3
16.0
0
70,066
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Investment in Subsidiaries
Current Investments
Deferred Charges
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
FY15
2,164
35,084
37,248
37,248
44,306
-19,731
24,575
4,790
6,541
26,238
1,960
72,236
26,027
7,829
25,376
13,005
99,093
48,515
29,828
20,749
-26,857
37,248
0
(INR Million)
FY16
2,164
60,630
62,794
62,794
50,774
-21,627
29,147
3,860
3,130
24,670
1,680
76,509
25,284
10,645
27,590
12,990
76,202
54,980
12,382
8,840
307
62,794
0
FY17
2,164
62,740
64,904
64,904
65,827
-25,587
40,240
2,030
2,540
35,250
1,600
65,130
23,620
9,280
16,710
15,520
81,886
60,060
13,106
8,720
-16,756
64,904
0
FY18E
2,164
63,046
65,210
65,210
67,827
-30,198
37,629
2,030
2,540
35,750
1,600
67,596
28,792
11,927
10,857
16,020
81,934
58,453
13,761
9,720
-14,339
65,211
0
FY19E
2,164
68,337
70,501
70,501
69,827
-35,016
34,811
2,030
2,540
37,750
1,600
89,683
30,314
13,604
26,107
19,658
97,914
72,744
14,449
10,720
-8,231
70,500
0
FY20E
2,164
78,906
81,070
81,070
71,827
-39,974
31,853
2,030
2,540
39,750
1,600
107,376
34,579
15,518
36,957
20,321
104,079
77,187
15,172
11,720
3,297
81,070
0
25 October 2017
8

Hindustan Unilever
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
439
FY15
16.9
18.2
17.2
15.0
88.9
501
FY16
19.3
20.7
29.0
15.5
80.5
511
FY17
19.6
21.5
30.0
16.5
84.0
593
FY18E
22.8
24.9
30.1
19.5
85.5
718
FY19E
27.6
29.8
32.6
21.5
77.9
842
FY20E
32.4
34.7
37.5
23.5
72.6
75.5
70.0
9.0
52.3
74.0
1.2
66.1
61.4
8.9
47.4
43.9
1.2
64.9
59.4
8.7
45.3
42.5
1.3
55.8
51.1
8.1
39.0
42.3
1.5
46.2
42.7
7.1
32.6
39.1
1.7
39.3
36.7
6.2
27.7
34.0
1.8
104.3
140.6
4,018.2
9
8.1
83.3
108.5
263.3
13
4.9
66.5
88.5
108.6
11
4.8
75.9
101.1
98.5
13
5.2
88.0
116.3
123.3
13
5.4
92.5
122.8
164.2
13
5.4
0.0
0.0
0.0
0.0
0.0
0.0
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Int./Div. Received
Depreciation
Interest Paid
Direct Taxes Paid
(Incr)/Decr in WC
CF from Operations
Extraordinary Items
(Incr)/Decr in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Invest.
Change in Networth
Change in equity
Change in reserves
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
FY15
55,231
-6,184
2,867
168
-19,060
2,816
35,839
6,643
-4,269
31,569
-1,838
536
137
1
136
-38,812
5,467
-33,208
3,166
22,210
25,376
FY16
59,769
-5,640
3,208
150
-18,160
-24,949
14,378
-310
-5,537
8,840
4,979
-868
24,262
0
24,262
-40,085
4,528
-11,295
2,215
25,376
27,590
FY17
61,550
-5,260
3,960
220
-18,650
6,183
48,003
2,410
-13,223
34,780
-9,990
-20,803
-150
0
-150
-42,640
4,711
-38,080
-10,880
27,590
16,710
FY18E
70,522
-5,018
4,611
242
-20,663
-8,270
41,425
0
-2,000
39,425
-500
-2,500
310
0
310
-49,369
4,282
-44,777
-5,853
16,710
10,857
FY19E
85,319
-6,633
4,818
242
-24,998
9,142
67,890
0
-2,000
65,890
-2,000
-4,000
0
0
0
-54,433
5,793
-48,640
15,250
10,857
26,107
(INR Million)
FY20E
100,094
-7,249
4,958
242
-29,327
-678
68,039
0
-2,000
66,039
-2,000
-4,000
0
0
0
-59,496
6,307
-53,189
10,850
26,107
36,957
25 October 2017
9

Hindustan Unilever
Corporate profile
Company description
HUL is the largest company in the FMCG industry,
with market leadership in soaps, detergents and
personal care categories. The company is a
subsidiary of Anglo Dutch FMCG giant Unilever. It
has over 35 brand spanning 20 distinct categories;
the company is a part of the everyday life of
millions of consumers across India. It has strong
brands, with market leadership in most of the
categories it operates in. It has a large distribution
network with direct reach of over 1m retail outlets.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Sep-17
Promoter
DII
FII
Others
67.2
5.8
13.3
13.7
Jun-17
67.2
5.6
13.5
13.8
Sep-16
67.2
5.2
13.8
13.8
Source: Capitaline
Exhibit 3: Top holders
Holder Name
LIFE INSURANCE CORPORATION OF INDIA
NA
NA
NA
NA
% Holding
1.9
0.0
0.0
0.0
0.0
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Harish Manwani
Sanjiv Mehta
P B Balaji
Dev Bajpai
Designation
Chairman
Managing Director & CEO
ED (Finance & IT) and CFO
Company Secretary
Exhibit 5: Directors
Name
Aditya Narayan
O P Bhatt
Sanjiv Misra
Name
Kalpana Morparia
S Ramadorai
Pradeep Banerjee
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
BSR & Co LLP
RA & Co
Type
Statutory
Cost Auditor
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL
forecast
22.8
27.6
32.4
Consensus
forecast
23.2
27.2
31.8
Variation (%)
-1.7
1.3
1.8
Source: Bloomberg
Source: Capitaline
25 October 2017
10

Hindustan Unilever
NOTES
25 October 2017
11

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Hindustan Unilever
Disclosure of Interest Statement
Analyst ownership of the stock
Hindustan Unilever
No
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25 October 2017
12