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Myntra’s net loss jumps 31% to INR 782 Crores in FY23, sales touch INR 4,375 Crores

By
M Haziq Pandit
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Myntra
Myntra

Flipkart-owned fashion ecommerce marketplace Myntra experienced a notable increase in its net loss, soaring over 30% in the financial year concluded on March 31, 2023. During the fiscal year 2022-23 (FY23), the Bengaluru-based e-commerce platform posted a net loss of INR 782.4 Crores, reflecting a significant rise of 31% compared to the INR 597.6 Crores reported in the previous fiscal year.

Myntra operates a fashion marketplace that facilitates third-party sellers in showcasing and selling their products to customers. Functioning as a marketplace service provider, the company derives its revenue primarily from transaction fees paid by vendors. Additionally, Myntra earns income through its logistics services, advertising services, and consultancy services. Notably, the platform has ventured into retailing products under its own label.

Myntra’s operating revenue recorded a remarkable 25% increase, reaching INR 4,375.3 Crores during the year under review, up from INR 3,501.2 Crores in the previous fiscal year. Considering other income, Myntra’s total revenue also saw a 25% rise, amounting to INR 4,509.2 Crores compared to INR 3,609.9 Crores in FY22.

Myntra’s Expenditure Overview in FY23

The total expenditure increased by 26%, reaching INR 5,290.1 Crores in the year under review, as compared to INR 4,206.9 Crores in the previous fiscal year.

The startup allocated 2,165.7 crore INR for procurement, marking a 22% rise from the 1,770 crore INR in FY22. Notably, Myntra possesses various private labels like Mast & Harbour, Harvard, Invictus, Moda Rapido, and Roadster.

In FY23, nearly 40% of Myntra’s operational revenue was dedicated to advertising. The advertising costs surged by 36%, reaching 1,758.8 crore INR, compared to 1,298 crore INR in FY22.

Employee costs saw a 21% rise to INR 631.8 Cr in FY23 from INR 522.5 Cr in the previous fiscal year. This category includes expenses related to employee salaries, gratuity, and other employee welfare benefits.

The startup’s EBITDA margin declined to -16.4% in FY23, compared to -15.75% in FY22.

To enhance its outreach, Myntra has been intensifying its emphasis on Tier-II and III cities. In a recent interview, Myntra CEO Nandita Sinha mentioned that 40% of international brand orders on the platform originated from these cities.

In addition to bringing new brands on board, Myntra has been introducing fresh features and verticals such as Myntra Minis and FWD. This strategy aims to enhance user experience and appeal to GenZ customers.

Myntra competes with Reliance-owned AJIO, Nykaa Fashion, and Tata CLiQ.

Read Other Articles: Myntra hits 60 Million monthly users, 75 Million new app users milestone amidst festive season boom

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French dairy giant Danone sells US organic dairy assets to Platinum Equity

By
M Haziq Pandit
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Danone

French dairy conglomerate Danone has offloaded its US-based Horizon Organic and Wallaby units to the local investment firm Platinum Equity for an undisclosed sum.

The owner of the Alpro and Activia brands said that the disposal is part of its Renew Danone turnaround strategy, announced in March 2022. The strategy includes the disposal of what CEO Antoine de Saint-Affrique described at the time as “under-performers.”

Announcing the deal today, Danone mentioned that the organic dairy units make up approximately 3% of its global revenues. The company plans to retain a minority stake in the business.

De Saint-Affrique said, “As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation.

“Today marks an important milestone in delivering this commitment, while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership.

“This sale, once completed, will allow us to concentrate further on our current portfolio of strong, health-focused brands and reinvest in our growth priorities.”

The Colorado-based organic units, specializing in the production of milk, yogurt, creamers, butter, and cheese, were initially considered for sale around this time last year. Danone stated that these units had a “dilutive” impact on sales growth and were undergoing strategic review.

De Saint-Affrique said at the time, “Both Horizon Organic and Wallaby are strong, much-loved brands with compelling growth opportunities. That said, seen through the lens of our renew strategy, which requires us to stay disciplined in how we allocate our resources, they fall outside our priority growth areas of focus.”

Danone acquired the Horizon Organic unit as part of its $12.5 billion acquisition of the US group WhiteWave Foods in July 2016. This deal effectively doubled its size in the US market.

In October, Danone increased its revenue guidance for 2023, citing the success of the Renew turnaround strategy.

Danone’s Future Plans and Portfolio Optimization:

The company stated that it anticipates like-for-like sales growth to reach 6-7% this year, a revision from the earlier estimate of 4-6%.

De Saint-Affrique said at the time, “Eighteen months after the launch of Renew Danone, the benefits of our strategy are starting to show. This quarter is the seventh consecutive quarter of delivery, with sales up 6.2% on a like-for-like basis.”

Danone reported a three-month revenue of €6.9 billion (then $7.3 billion) following a 6.2% increase in third-quarter like-for-like sales. This surpassed the analyst consensus, which had anticipated a 4.7% rise.

In December, Danone disclosed discussions about the potential sale of its French baked goods business, Michel et Augustin, to the Belgian holding company CTH Invest, which is associated with Ferrero.

Read Other Articles: Danone teams up with Else Nutrition to expand plant-based infant formula in Europe

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Steakholder Foods introduces world’s first plant-based 3D-printed eel, paving the way for sustainable seafood innovation

By
M Haziq Pandit
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3D-printed eel

Steakholder Foods, an Israeli company specializing in cultivated meat products, has unveiled what it asserts to be “the world’s first” plant-based 3D-printed eel.

As per the company, Steakholder achieves the faithful recreation of the intricate texture of eel using meticulous layering and a distinctive blend of materials in its exclusive 3D printing technology. Presently, the eel product relies on plant materials, with intentions to integrate cultivated eel cells in the future, “as economies of scale permit price-competitive cell development,” stated the company.

Steakholder’s printing process allows for a significant reduction in ingredients compared to typical plant-based alternatives in its 3D-printed product.

Steakholder Foods‘ Partnership Plan

The Israeli company expressed its intent to form partnerships for the commercialization of its plant-based printed eel. It aims to offer proprietary 3D printers and ink, capable of generating immediate revenues. Steakholder anticipates that its partners and customers, leveraging the company’s existing technological capabilities, can attain extensive production of 3D-printed eel at a competitive price. This approach is designed to help them overcome the cost challenges linked to the current global prices of eel.

Arik Kaufman, CEO of Steakholder, said, “The launch of our printed eel marks a pivotal moment in the seafood industry, showcasing the vast potential of our DropJet technology – Steakholder Foods’ solution for fish and seafood printing”.

He continued, “This technology is designed to enable partners to generate products on a potential industrial scale of hundreds of tons monthly, not only at lower costs compared to wild eel, but also with the flexibility to create a variety of printed products using the same production line. Such versatility could significantly boost profitability for food companies and lead the way to a shift towards more efficient and sustainable practices in the industry. This product exemplifies the broader possibilities our technology offers our partners.

Read Other Articles: Alternative-seafood producers launch Future Ocean Foods, a global initiative for sustainable and innovative seafood solutions

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Roastery Coffee House enters Finland, marking a historic milestone as India’s first coffee brand in the European continent

By
M Haziq Pandit
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Roastery Coffee House

Established in 2017 as a Specialty Coffee Roaster in Hyderabad with the aim of nurturing coffee culture and uniting coffee enthusiasts, Roastery Coffee House is now extending its legacy to Finland.

The brand has become the first coffee house in India to ever expand to the European continent with its entry into the land of Finns, also known for having the highest per-capita coffee consumption globally.

The expansion plans are already underway and began with an impressive 3-day coffee pop-up event in Helsinki on the 15th, 16th, and 17th of December 2023, held at ISO Roobertinkatu 30.

The pop-up, drawing a robust footfall of around 300 people, showcased India’s finest specialty coffee, “Monsoon Malabar,” as the crowd favorite. This overwhelming response highlighted the potential of introducing high-quality Indian coffee to the discerning Finnish market.

“This is more than just coffee; it’s about creating an experience, and a journey of flavors. What started as a small venture dream to make specialty coffee accessible in India, Roastery Coffee House is now set to make global waves by creating a name for an Indian brand in Europe. Our decision to expand to Finland stems from a shared passion for premium coffee between the two countries,” shared Nishant Sinha, Founder of Roastery Coffee House.

Future Plans of Roastery Coffee House:

Roastery Coffee House is set to hold regular pop-ups until March 2024, in conjunction with its operational website, setting the stage for the grand opening of the Roastery Coffee House Cafe in Helsinki. They are committed to fostering a sustainable, zero-waste ethos and providing customers with a diverse array of Indian coffee from estates like Thogarihunkal estate, Baarbara estate, and Tribo estate.

This initiative goes beyond providing a typical café experience; it aims to curate a cross-cultural coffee journey. As the rich and intense flavors of Indian Arabica coffee blend with the sophisticated Finnish palate, customers can delve into a carefully chosen collection of Indian artifacts and exquisite pashmina stoles from Kashmir, available on the brand’s official Finnish website.

Roastery Coffee House holds a robust presence in Hyderabad, Kolkata, Noida, Lucknow, and Jaipur.

Read Other Articles: Indian specialty coffee brand Blue Tokai eyes 130 outlets and new overseas markets

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Arrow redefines shopping experience with fresh identity stores

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M Haziq Pandit
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Arrow

Arrow, the American men’s fashion brand, has unveiled its latest store identity, showcasing a significant transformation in aesthetics, density, and overall allure, as highlighted in a press release on Tuesday.

The most noteworthy change involves a shift in the color palette, moving away from the traditional blue to black, white, and beige (BWB). Another notable aspect of the newly unveiled store identity is the enhanced utility and density. Spanning an average size of 1200 sq. ft., these stores feature a layout conducive to efficiently organizing ensembles.

Digital Integration at Arrow Stores:

Arrow has also embraced digital technology by incorporating digital screens at its new identity stores, creating an interactive and engaging shopping environment for customers. The inclusion of digital screens enables dynamic displays, offering customers real-time information on the latest trends, promotions, and styling tips.

“We are thrilled to unveil our new identity stores, representing a significant evolution in the Arrow shopping experience. The BWB colour scheme, enhanced store layout, and integration of digital screens reflect our commitment to providing our customers with a more immersive and enjoyable fashion journey. We believe these changes will resonate with our customers and elevate their Arrow shopping experience,” said Anand Aiyer, chief executive officer of Arrow.

Read Other Articles: Menswear brand Arrow appoints Anand Aiyer as the new CEO

Among the recently unveiled new identity stores are Mall of Asia (Bengaluru), Mall of Ranchi (Ranchi), CP67 (Mohali), Gandhinagar, Twin Star (Rajkot), Forum Mall (Kochi), and Pavilion Mall (Ludhiana), with Ahmedabad Airport poised to join the list shortly.

In 1993, Arrow made its debut in India through the textile company Arvind Fashions Ltd. Today, with three decades of providing attire for Indian men, the brand boasts approximately 200 exclusive stores and is present in over 1,000 multi-brand outlets across 109 cities throughout India.

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Rising competition spurs FMCG firms to strengthen rural distribution networks

By
M Haziq Pandit
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FMCG
(Representative Image)

Major FMCG companies are intensifying their focus on direct distribution in rural markets, especially when rural consumption trends continue to trail behind urban consumption. The renewed emphasis on deepening rural reach also comes at a time when competition from small and regional players has heightened.

In an analyst note published on Monday, Abneesh Roy, Executive Director at Nuvama Institutional Equities, noted, “The efforts to expand direct distribution in rural markets have been stepped up. FMCG companies hope this would help them tide over the challenges of slowing rural demand, which has been further aggravated by the stressed wholesale trade channel due to the liquidity crunch.”

Mayank Shah, Vice-President of Parle Products, stated that prominent FMCG companies have experienced heightened competition from smaller and regional players lately, primarily because of their aggressive promotional strategies.

“With moderation of inflationary pressures, some price-corrections have been taken by large players. But there is still some impact being felt in terms of volume growth by large players because there is still a price difference in the offerings of small players. As a result, most FMCG companies are looking at getting back their volume share. At one end they are looking to strengthen their play in emerging channels, at the other end ramping up direct rural reach is a huge opportunity,” Shah explained.

He additionally mentioned that Parle, with its already robust presence in rural areas, aims to further enhance its direct outreach in villages.

FMCG companies are anticipated to make substantial investments in enhancing the quality of rural distribution this year.

Read Other Articles: FMCG companies anticipate volume recovery in next fiscal despite lingering inflation, banking on strategic price cuts

Mohit Malhotra, CEO, Dabur India said, “ We have been investing ahead of the curve to enhance our distribution footprint in the hinterland. We are now reaching 107,000 villages directly up from 100,000 villages in March 2023.”

The company has set a short-term goal to expand its direct reach to 120,000 villages.

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The best cafés to explore in Bangalore 2024

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SnackTeam
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café bangalore

Bangalore, often called the Silicon Valley of India, is well known for its advanced technology and vibrant café culture. As you stroll through the charming downtown streets, the aroma of freshly made coffee fills the air, tempting you to immerse yourself in the rich café culture. Our goal in compiling this directory is to help you find the best cafés in Bangalore, where you can have a satisfying cup of coffee and an immersive experience.

Here are the best cafés in Bangalore:

1. Matteo Coffea – Artistic Haven 

Matteo Coffea, located on Church Street in Bangalore, is a creative haven for coffee lovers seeking more than just caffeinated beverages. It is one of the best cafes in Bangalore. It showcases artwork by local artists; the café becomes a visual feast with these artworks. The aroma of freshly ground coffee beans will welcome you inside. Welcome to a world where each cup is a blank canvas waiting to be infused with taste. Its warm, vibrant ambience encourages customers to linger and appreciate the coffee culture and artwork. 

Magnificent espresso beverages and novel coffee concoctions await you on the inventive menu of Matteo Coffea. Friendly baristas at Matteo Coffea are always eager to assist customers in choosing the perfect cup of coffee, ensuring that every visit is special and unforgettable. If you’re looking for a coffee shop that also showcases the vibrant culture of Bangalore, go no further than this cafe. 

Location – Church Street, Bangalore

2. Tranquil Vibes at Cinnamon 

Cinnamon is a culinary and coffee hotspot located in the heart of Bangalore’s buzzing HSR Layout. An inviting atmosphere greets you as soon as you enter this wonderful café, where an aroma of freshly made coffee fills the air, preparing you for a great experience. Aside from its warm welcome, Cinnamon’s dedication to quality is what really makes it appealing. 

The commitment to excellence is evident in every item they serve, from carefully made espressos to delicious cappuccinos and a variety of tasty desserts. Customers who love both coffee and food will find a welcoming space at this café thanks to its extensive menu, high-quality beans, and attractive design. It has become the best cafe to visit in Bangalore. Cinnamon provides a welcoming setting where each snack and drink recalls Bangalore’s vibrant café culture, making it ideal for both solo reflection and social gatherings. 

Location – HSR, Bangalore

3. Culinary Adventure at B Café 

The B Café in Bangalore’s Shangri-La Hotel is an exotic and luxurious gastronomic paradise that goes above and beyond the usual. B Café, located inside the posh Shangri-La, expertly combines modern style with a friendly, welcoming atmosphere. Featuring a variety of different cuisines served with accuracy and flare, the café presents an exhaustive menu crafted to suit varied palates. 

B Café takes fine dining to a new level with its gourmet breakfast selections and lavish all-day menu. An exquisite setting for a once-in-a-lifetime meal, with stylish furnishings, outstanding service, and stunning views of the city. Every dish at B Café at Shangri-La Hotel tells a tale of culinary skill and refinement, taking diners on a perfect trip for a romantic dinner, business lunch, or a leisurely breakfast. 

Location – Shangri-La Hotel, Bangalore

4. Discover Urban Charm: The Hole In The Wall Cafe

In the middle of Bangalore, you’ll find The Hole In The Wall Cafe, a hidden gem known for its unexpected charm and unforgettable cuisine. Entering this hidden treasure is like stepping into a magical world where a delicious mystery awaits around every curve. The colourful paintings and eccentric furniture create an atmosphere perfect for a one-of-a-kind meal. 

Indulge in a culinary journey with the menu’s medley of international flavours and regional specialities. The Hole In The Wall Cafe elevates everyday eating to an ode to city life with its delicious brunch options and handcrafted coffees. This café is more than simply a place to get food; it’s a thrilling adventure into Bangalore’s vibrant culinary scene, thanks to its warm atmosphere and constantly changing menu. 

Location – Koramangala, 4th Block, Bangalore

5. Indulgence Redefined: Café Noir, Where Every Sip Tells a Story

Café Noir is the epicentre of sophisticated dining in central Bangalore, and it is the perfect place to start your culinary adventure. An ambience that expertly blends French charm with urban style greets you right away when you step foot in. An exquisite dining experience is put in motion by the luxurious décor of golden colours and velvety furniture. 

The menu at Café Noir is a culinary symphony with French cuisine as its inspiration, from delectable pastries to aromatic coffees. The careful attention to detail that describes this restaurant is evident in every bite and drink. Indulge in a world where cuisine and atmosphere are passionately intertwined at Café Noir, whether you’re enjoying a leisurely breakfast or having a tête-à-tête over dessert. You’ll leave with an unforgettable taste of international elegance. 

Location – UB City, Bangalore

Read Other Articles: These mind-blowing filter coffee spots in Bangalore will make you forget Starbucks!

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Mumbai grapples with milk shortage as truckers’ strike disrupts supply lines

By
M Haziq Pandit
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Milk
Milk

Residents of Mumbai faced a shortage of milk on the second day of a truckers’ strike. Thousands of trucks carrying chilled milk were unable to reach the city and remain stranded on national, inter-state, or state highways, causing a major disruption in milk supply, officials reported on Tuesday.

Consequently, many Mumbaikars had to begin their day without their customary morning beverages, such as tea, coffee, or plain milk. Local retailers faced difficulties in delivering the essential nourishment, resulting in delayed deliveries in some areas, often extending beyond 10 a.m.

As per the Mumbai Milk Producers Association (MMPA), drivers have abandoned most trucks transporting chilled milk from cooperatives, farms, and a few corporates in the hinterland of Maharashtra, Gujarat, and Madhya Pradesh since the morning of January 1. These trucks play a crucial role in bringing chilled milk in insulated tankers from districts like Kolhapur, Sangli, Nashik, Satara (Maharashtra), Indore, Dewas (both Madhya Pradesh), or Anand, Banaskantha, Surat, and Mehsana (all Gujarat).

“Mumbai requires approximately 50-60 lakh litres of chilled milk per day, with 60 percent being cow milk and the remaining buffalo milk. Thousands of trucks are currently stuck, some haven’t started their consignments, and many more are experiencing delays along the way,” explained Chandan Hausilasingh Singh, a committee member of MMPA.

Every insulated milk tanker can transport up to 20 tonnes of milk to its destination. Upon arrival, the milk is unloaded into mini-tankers with a capacity ranging from two to three tonnes, facilitating distribution to last-mile retailers.

Buffalo Milk Remains Unaffected:

Although the shortage has impacted chilled milk supplies, the availability of fresh buffalo milk, produced in local farms within the city or on the outskirts, remains unaffected so far. Mumbai consumes more than 400,000 liters of this fresh buffalo milk, known for its comparatively higher cost and creamier texture.

Chandan Singh, the proprietor of the Shree Modern Dairy chain of milk retail in Vasai town, Palghar, pointed out that although most household consumers can cope for a day without milk, the scarcity is anticipated to have a significant impact on major stakeholders such as large hoteliers, restaurants, schools, colleges, canteens in both public and private sector offices, and even street vendors selling tea.

There is an apprehension that if the abandoned milk tankers are left on the roads under the scorching sun for long hours, the post-pasteurization chilled milk stocks, which usually remain unaffected for up to 100 hours (4 days), may spoil, leaving no choice but to discard them entirely.

Apart from the milk shortage, several regions in Maharashtra are grappling with a severe scarcity of petrol and diesel since Monday evening, with certain areas depleting their fuel supplies. This has prompted worries among vehicle owners and consumers, as the availability and prices of vegetables, fruits, food grains, and other essentials could also be impacted.

Extended lines of vehicles are seen at petrol stations as drivers of fuel tankers participate in the protest against the recently enforced Motor Vehicles Act regulations. These rules prescribe severe penalties, including a 10-year imprisonment and a INR 7 lakh fine, for hit-and-run accident cases.

The new legislation has faced strong criticism from notable personalities, such as Nana Patole, the President of Maharashtra Congress, Dr. Jitendra Awhad, the General Secretary of the Nationalist Congress Party, and Kishore Tiwari from Shiv Sena (UBT). Additionally, farmers’ unions and transport organizations have joined in, collectively urging the swift repeal of the law.

Read Other Articles: FSSAI prohibits protein binders in milk and milk products to safeguard quality and nutrition

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Apparel retail sector is likely to face another quarter of slowdown: ICICI Securities Report

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M Haziq Pandit
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Apparel
Apparel

Apparel retail sector is anticipated to undergo another quarter of slowdown, with the majority of establishments reporting flat to low single-digit growth in same-store sales during Q3FY24, as noted by ICICI Securities.

This can be attributed mainly to reduced footfall during the peak season, the influence of the World Cup on weekends, and the delayed onset of the winter season.

Early End-of-Season Sales in the Apparel Sector:

Consequently, the majority of brands have initiated their end-of-season sale, providing discounts of up to 65%, two weeks ahead of schedule in December 2023, as opposed to the usual one-month EOSS period in January.

Read Other Articles: Flash sales take center stage as apparel retailers struggle with year-end demand slump

According to the Retailers Association of India (RAI) survey, retail sales in October and November 2023 exhibited a 7% increase compared to the corresponding period in 2022.

“We believe higher discounts are reflective of the relative stress in the underlying inventory, and hence, may be a leading indicator of business performance in the near term,” ICICI securities has said in its latest report.

The company surveyed the top seven retail companies, namely Shoppers Stop, Reliance Trends, Lifestyle, Pantaloons, VMART, Max, and Westside. Shoppers Stop leads the pack, offering the highest discount among its peers at 66%, ranging from 20-40%.

Reliance Trends, Lifestyle, and Pantaloons provided discounts of 40%, 41%, and 42%, respectively. This can be attributed mainly to Shoppers Stop engaging in more assertive private label discounting.

For branded products such as W, Aurelia, and Biba, Reliance Trends has presented the highest discount at 51%, surpassing the 45% offered by Shoppers Stop, Lifestyle, and Pantaloons on the same products.

VMART presented the lowest discount at 23%.

Private label retailers such as TRENT and VMART, exclusively dealing in their own brands, adhere to a stringent discounting-window policy, refraining from participating in the early end-of-season sale.

“We expect TRENT to keep its discounting window short (2-3 weeks) while maintaining focus on selling fresh products rest of the time. We reckon that Westside is experimenting with its EOSS model through late EOSS participation; during Q2FY24 it started EOSS from Aug 1 while its competitors started in Jul 23. Interestingly, Marks and Spencer and Reliance Trends have resorted to reverse strategy; long-period discounting (2 months),” ICICI securities has said.

Over the past 6-8 months, there has been a trend among most companies to either reduce price tags or offer substantial discounts, aiming to clear unsold inventory following price increases across all apparel categories last year.

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Hindustan Unilever faces INR 447.5 Crore GST demands and penalties from five states

By
M Haziq Pandit
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Unilever
Unilever

Hindustan Unilever Ltd, a leading FMCG manufacturer, has received GST demands and penalties totaling INR 447.5 crore from authorities in five states. In a regulatory filing made late on Monday night, HUL, which owns well-known brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond’s, and Dove, has acknowledged these developments. The company stated that these orders are currently appealable, and it plans to assess the situation and determine its course of action accordingly.

The company received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to expats etc on Friday and Saturday last week.

“The orders were received by the company on 30th December, 2023 and 31st December, 2023, respectively and the intimation is being submitted today i.e. 1st January, 2024, being the first working day after receipt of the orders,” said HUL.

This includes the demand for tax “on salaries including allowances paid to expats amounting to INR 372.82 crore and penalty amounting to INR 39.90 crore” from the Joint Commissioner, CGST and Central Excise, Mumbai East

Besides, Deputy Commissioner of Commercial Tax Officer, Bengaluru has issued a demand of tax “on the grounds of excess GST credit availed amounting to INR 8.90 crore and penalty amounting to 89.08 lakh”.

Excise and Taxation Officer, Sonipat, Rohtak, Haryana, has issued a demand order “wherein GST credit amounting to INR 12.94 crore has been disallowed and a penalty amounting to INR 1.29 crore has been imposed”.

While Additional Commissioner, Central Tax and Central Excise, Kochi Commissionerate has also disallowed GST credit and turnover adjustment amounting to INR 8.65 crore and imposed a penalty amounting to INR 87.50 lakh.

Impact on Hindustan Unilever:

According to HUL, these GST demands and penalties would have “no material impact on financial, no impact on operation” or other activities of the company due to the intimation of tax payable.

“These orders are currently appealable & we will make an assessment to exercise our right to appeal,” said HUL.

For the financial year which ended on March 31, 2023, HUL’s (Hindustan Unilever Ltd) revenue was at INR 59,144 crore.

Read Other Articles: Hindustan Unilever restructures beauty and personal care division into separate entities

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