Hindustan Unilever reported a robust performance in last fiscal year despite facing a challenging macroeconomic environment characterized by erratic rainfall and subdued agricultural output, which impacted rural demand, as stated in its annual report.
Nitin Paranjpe, chairman at HUL said in its annual report, “We observed a gradual deflation in commodity prices within certain segments of our portfolio following an extended period of high inflation. However, cumulative inflation continued to remain high.”
In the fiscal year 2023-24, the remuneration for Rohit Jawa, the managing director of HUL, increased by 4% to reach INR 22.39 crore. This amounted to a salary 153 times greater than the average remuneration of HUL employees, as per the report. Comparatively, his annual remuneration stood at INR 21.43 crore a year earlier.
Continue Exploring: Hindustan Unilever shifts focus to bigger brands in pursuit of volume growth
As of March 31, 2024, HUL had 7,215 permanent employees, a rise from 6,697 employees the previous year.
The median remuneration witnessed a 7.38% increase for FY24. Moreover, during the fiscal year, HUL saw a 3% growth, resulting in sales of INR 59,579 crore.
“HUL successfully steered through a challenging macro-economic landscape in the fiscal year 2023-24 by prioritizing key strategic initiatives,” stated Rohit Jawa. “These initiatives include enhancing our core through unbeatable brand excellence, leading market innovation, refining our portfolio towards premium segments, and reinforcing our position as leaders in emerging future channels.”
The country’s largest consumer goods firm disclosed that it has 19 brands generating annual sales surpassing INR 1000 crore.
Continue Exploring: Hindustan Unilever’s net profit dips 1.53% to INR 2,561 Crore in Q4 FY24
