HUL well placed to partner India growth story, says Chairman Nitin Paranjpe

Paranjpe said that HUL is well-placed to partner the India growth story and is committed to playing its role in creating a sustainable and equitable future

The country’s largest fast-moving consumer goods company, Hindustan Unilever (HUL) said it is well placed to partner with the India growth story.

“India comes out as a bright spot in the global economy. Having completed 75 years of independence, India is marching ahead at a fast pace to take its place as one of the leading economies in the world,” Nitin Paranjpe, chairman, HUL, said in its annual report.

Paranjpe added that HUL is well-placed to partner the India growth story and is committed to playing its role in creating a sustainable and equitable future.

He also said that HUL demonstrated a strong and resilient performance in FY23. “We completed the ninth consecutive quarter of double-digit underlying sales growth and in the financial year, added nearly Rs 8,000 crores to our turnover, despite a volatile and high-inflationary external environment,” Paranjpe told shareholders in the annual report.

Sanjiv Mehta, MD & CEO at HUL also told the company's shareholders in the latest annual report that as economic activities normalised after the Covid-19 pandemic, in a high inflationary environment, the company witnessed consumers prioritising essentials over discretionary spending. “At the same time, macro trends such as digitisation and sustainability continued to play a major role in purchase decisions,” Mehta said.

During the year, Surf Excel became the first home and personal care brand in the country to cross $1 billion in turnover.

In FY23, Mehta’s salary stood at Rs 22.36 crore. He will retire from the company on June 26.