The document is an industry analysis report on the fast-moving consumer goods (FMCG) sector in India, highlighting its significance as the fourth largest sector, characterized by low costs, quick turnover, and extensive distribution networks. It includes detailed company analyses, listing key players such as Hindustan Unilever, ITC, and Nestle India, and discusses the broader manufacturing industry's classification and development. The report underscores the FMCG sector's rapid growth and its impact on employment and economy.

1. INDUSTRY ANALYSIS REPORT
ON
FMCG SECTOR
Submitted in partial fulfillment for Business Practice I course
MBA- I Honours
(Batch: 2014-2015)
FACULTY OF MANAGEMENT
Pacific Academy of Higher Education and Research
Pacific Hills, Airport Road
Pratap Nagar Extension
Udaipur 313003
Submitted by :
Ekta Agrawal
MBA- HONOURS

2. INDEX
SR. NO. PARTICULARS PAGE NO.
1. Executive Summary 1
2. Introduction of Industry/Sector 2
3. List of 25 Industries/Sectors 4
4. Introduction of FMCG Industry 9
5. List of Companies under FMCG Industry 10
6. List of Five Companies Under Study 10
7. Analysis of Companies 11
7.1 Hindustan Unilever 11
7.2 ITC 26
7.3 Nestle India 39
7.4 Britannia 48
7.5 Cadbury India/Mondelez International 59
8. Key Learning’s 65
9. Conclusion 66

3. EXECUTIVE SUMMARY
Products which have a quick turnover, and relatively low cost are known as Fast
Moving Consumer Goods (FMCG). FMCG products are those that get replaced within
a year. Examples of FMCG generally include a wide range of frequently purchased
consumer products such as toiletries, soap, cosmetics, tooth cleaning products, shaving
products and detergents, as well as other non-durables such as glassware, bulbs,
batteries, paper products, and plastic goods. FMCG may also include pharmaceuticals,
consumer electronics, packaged food products, soft drinks, tissue paper, and chocolate
bars.
India’s FMCG sector is the fourth largest sector in the economy and creates
employment for more than three million people in downstream activities. Its principal
constituents are Household Care, Personal Care and Food & Beverages.
The total FMCG market is in excess of Rs. 85,000 Crores. It is currently growing at
double digit growth rate and is expected to maintain a high growth rate. FMCG
Industry is characterized by a well-established distribution network, low penetration
levels, low operating cost, lower per capita consumption and intense competition
between the organized and unorganized segments.

4. INTRODUCTION OF INDUSTRY
Industry is the production of a good or service within an economy. Manufacturing industry
became a key sector of production and labour in European and North American countries during
the Industrial Revolution, upsetting previous mercantile and feudal economies. This occurred
through many successive rapid advances in technology, such as the production of steel and coal.
Following the Industrial Revolution, perhaps a third of the world's economic output is derived
from manufacturing industries. Many developed and many developing/semi-developed countries
(People's Republic of China, India etc.) depend significantly on manufacturing industry.
Industries, the countries they reside in, and the economies of those countries are interlinked in a
complex web of interdependence.
Classification of industry
Industries can be classified in a variety of ways. At the top level, industry is often classified into
sectors: Primary or extractive, secondary or manufacturing, and tertiary or services.
Some authors add quaternary (knowledge) or even quinary (culture and research)
sectors. Over time, the fraction of a society's industry within each sector changes.
They are-
Sector Definition
Primary
This involves the extraction of resources directly from the Earth; this includes
farming, mining and logging. They do not process the products at all.
They send it off to factories to make a profit.
Secondary
This group is involved in the processing products from primary industries. This
includes all factories—those that refine metals, produce furniture, or pack
farm products such as meat.
Tertiary
This group is involved in the delivery and sale of goods. They include truck drivers
and retail workers, for example.
Quaternary
This group is involved in the research of science and technology and other high level
tasks. They include scientists, doctors, and lawyers.

5. INTRODUCTION OF COMPANY
A company is an association or collection of individuals, whether natural persons, legal persons,
or a mixture of both. Company members share a common purpose and unite in order
to focus their various talents and organize their collectively available skills or
resources to achieve specific, declared goals. Companies take various forms such as:
 Voluntary associations which may nonprofit organization
 A group of soldiers
 Business entities with an aim of gaining a profit
 Financial entities and banks
A company or association of persons can be created at law as legal person so that the company in
itself can accept Limited liability for civil responsibility and taxation incurred as
members perform (or fail) to discharge their duty within the publicly declared "birth
certificate" or published policy because companies are legal persons, they also may
associate and register themselves as companies - often known as a corporate group.
When the company closes it may need a "death certificate" to avoid further legal
obligations.

6. LIST OF 25 INDUSTRIES/SECTORS
INDUSTRY 5 COMPANIES LOCATION
CEMENT INDUSTRY Binani Cement Ltd Kolkata, West Bengal
JK Lakshmi Cement Ltd Sirohi Dist, Rajasthan
UltraTech Cement Limited Mumbai, Maharashtra
Ambuja Cements Limited Junagadh ,Gujarat
Shree Cement Ltd. Beawar, Rajasthan
PAINT INDUSTRY Kansai Nerolac Paints Ltd. Mumbai, Maharashtra
Dulux India Paints Gurgaon ,Haryana
Asian Paints India Santacruz (E), Mumbai
Berger Paints Kolkata, West Bengal
Shalimar Paints Mumbai, Maharashtra
BANKING INDUSTRY State Bank of India Mumbai, Maharashtra
ICICI Bank Ltd. Vadodara, Gujarat
Axis Bank Ltd. Ahmedabad, Gujarat
HDFC Bank Ltd. Mumbai, Maharashtra
IDBI Bank Ltd Mumbai, Maharashtra
AUTOMOBILE
INDUSTRY
Mahindra & Mahindra Limited Mumbai, Maharashtra
Maruti Suzuki India Ltd New Delhi, Delhi
Tata Motors Limited Mumbai, Maharashtra
Swaraj Mazda Ltd Nawanshahar, Punjab
Ashok Leyland Limited Chennai, Tamil Nadu
PAPER INDUSTRY Agio Paper & Industries Ltd Kolkata, West Bengal
Bio Green Papers Ltd. Hyderabad, Andhra Pradesh
J K Paper Limited Tapi, Gujarat
Rainbow Papers Ltd Ahmedabad, Gujarat
Genus Paper Products Ltd. Moradabad, Uttar Pradesh
POWER (ENERGY)
SECTOR
Krisons Electronic Systems Ltd. New Delhi, Delhi
Star Delta Transformers Ltd Bhopal, Madhya Pradesh
Maurya Industrial Resources Ltd. New Delhi, Delhi

7. Globus Power Generation Ltd. New Delhi, Punjab
Epic Energy Ltd. Mumbai, Maharashtra
TELECOM SECTOR Bharti Airtel New Delhi, Delhi
Tata Communications Ltd Mumbai, Maharashtra
Spice Communications Ltd. New Delhi, New Delhi
Reliance Communications Ltd. Mumbai, Maharashtra
Idea Cellular Ltd. Gandhinagar, Gujarat
COAL INDUSTRY Neyveli Lignite Coorporation Ltd. Chennai, Tamil Nadu
Eastern Coalfields Limited Burdwan, W.B.
Coal India ltd. Kolkata, West Bengal
Singareni Collieries Company Ltd. Hyderabad
Mahanadi Coalfields ltd. Brajraj Nagar, Brajrajnagar
REALTY/ESTATE
SECTOR
DLF Limited Gurgaon, Haryana
Pearl Apartments Ltd. New Delhi, Delhi
Alchemist Realty Ltd Mumbai, Maharashtra
Omaxe Limited Gurgaon, Haryana
Phoenix Township Ltd. Panaji, Goa
PHARMACEUTICAL
SECTOR
Cipla Ltd. Mumbai, Maharashtra
Dr. Reddy's Laboratories Limited Hyderabad, Andhra Pradesh
Wyeth Ltd. Mumbai, Maharashtra
GlaxoSmithKline Pharmaceuticals
Limited
Mumbai, Maharashtra
Novartis India Limited Mumbai, Maharashtra
OIL & GAS SECTOR Indian Oil Corporation Ltd. New Delhi, Delhi
Bharat Petroleum Corporation
Limited
Mumbai, Maharashtra
Oil India ltd. Noida
Oil and Natural gas Corporation Dehradun

8. Gujarat State Petroleum
Corporation
Gandhinagar, Gujarat
STEEL INDUSTRY Jindal Steel and Power Limited Hisar, Haryana
Bhushan Steel Ltd. Mumbai, Maharashtra
Tata Steel Limited Mumbai, Maharashtra
Steel Authority of India Limited New Delhi, Delhi
Steelco Gujarat Ltd Bharuch, Gujarat
NON FERROUS
METAL INDUSTRY
EXCEPT ALUMINIUM
Novelis Pune
Mcreller Industry Incorporation Mumbai, Maharashtra
ALCOA New Delhi, Delhi
Encore Wire Corporation Mumbai, Maharashtra
Olin Corporation New Delhi, Delhi
IT SECTOR Infosys Technologies Ltd. Bengaluru, Karnataka
TECH MAHINDRA Mumbai, Maharashtra
Tata Consultancy Services Mumbai, Maharashtra
Aplab Ltd. Thane, Maharashtra
HCL Technologies Ltd. New Delhi, Delhi
ALUMINIUM SECTOR HINDALCO Mumbai, Maharashtra
NALCO Bhubaneswar
PG Foils Pali, Rajasthan
Hind Aluminium Mumbai, Maharashtra
Sacheta metals Mumbai, Maharashtra
TYRE SECTOR Apollo Tyres Gurgaon, Haryana
MRF Tyres Chennai
Ceat Tyres Mumbai, Maharashtra
Goodyear Faridabad
Balkrishna Industry Thane, Maharashtra
TEXTILE INDUSTRY Denim Fashions Ltd. Vadodara, Gujarat
Kavita Fabrics Ltd. Surat, Gujarat

9. The Birla Cotton Spinning &
Weaving Mills Ltd.
New Delhi, Delhi
Binny Mills Ltd. Chennai, Tamil Nadu
Reid & Taylor (India) Ltd Mumbai, Maharashtra
FMCG SECTOR ITC Limited Kolkata, West Bengal
Marico Ltd Mumbai, Maharashtra
Britannia Industries Ltd Kolkata, West Bengal
Nestle India Ltd New Delhi, Delhi
Hindustan Unilever Limited Mumbai, Maharashtra
HEALTHCARE
SECTOR
GlaxoSmithKline Consumer
Healthcare Ltd
Nabha, Punjab
Piramal Healthcare Ltd Mumbai, Maharashtra
Procter & Gamble Hygiene and
Health Care Limited
Mumbai, Maharashtra
Amrutanjan Health Care Ltd. Chennai, Tamil Nadu
Cadila Healthcare Limited Ahmedabad, Gujarat
CONSUMER
DURABLES SECTOR
Samsung India Electronics Pvt. Ltd. Gurgaon, Delhi
Whirlpool Gurgaon, Delhi
Philips India Limited Chennai, Tamil Nadu
LG Electronics Greater Noida, U.P.
Godrej Industries Limited Vikhroli, Mumbai
PSU SECTOR Bengal Chemicals &
Pharmaceuticals
Kolkata, West Bengal
Central Warehousing Corporation Hauz Khas, New Delhi
Eastern Coalfields Burdwan, W.B.
Bharat Earth Movers Byculla, Mumbai
Central Inland Water Transport
Corporation
Kolkata, West Bengal
AVIATION SECTOR Kingfisher Airlines Ltd Bengaluru, Karnataka

10. SpiceJet Ltd. Gurgaon, Haryana
Jet Airways (India) Ltd. Mumbai, Maharashtra
Indigo/Deccan Aviation ltd. Gurgaon, Haryana
Air Charter India New Delhi, Delhi
HOTEL
(HOSPITALITY)
SECTOR
Hotel Leela Venture Limited Mumbai, Maharashtra
Taj GVK Hotels and Resorts Hyderabad
Royal Orchid Bangalore, Karnataka
Jindal Hotels Vadodara, Gujarat
ITC Hotels New Delhi, Delhi
ACCOUNTING
COMPANY
(INCLUDING BIG-4)
Ernst & Young Kolkata, West Bengal
KPMG Mumbai, Maharashtra
Arthur Anderson Dublin, Republic of Ireland
PWC Mumbai, Maharashtra
Delloite Ahmedabad, Gujarat

11. INTRODUCTION OF FMCG INDUSTRY
Fast Moving Consumer Goods (FMCG), also known as Consumer Packaged Goods (CPG),
are products that are sold quickly at relatively low cost. Though the absolute profit made on
FMCG products is relatively small, they generally sell in large quantities, so the cumulative
profit on such products can be large.
Examples of FMCG generally include a wide range of frequently purchased consumer products
such as toiletries, soap, cosmetics, teeth cleaning products, shaving products and detergents, as
well as other non-durables such as glassware, light bulbs, batteries, paper products and plastic
goods. FMCG may also include pharmaceuticals, consumer electronics, packaged food products
and drinks, although these are often categorized separately.
FMCG have a short shelf life, either as a result of high consumer demand or because the product
deteriorates rapidly. Some FMCGs—such as meat, fruits and vegetables, dairy products, and
baked goods—are highly perishable. Other goods such as alcohol, toiletries, pre-packaged foods,
soft drinks, and cleaning products have high turnover rates. An excellent example is a
newspaper—every day's newspaper carries different content, making one useless just one day
later, necessitating a new purchase every day.
Main characteristics of FMCGs:
 From the consumers' perspective:
o Frequent purchase
o Low involvement (little or no effort to choose the item – products with strong
brand loyalty are exceptions to this rule)
o Low price
 From the marketers' angle:
o High volumes
o Low contribution margins
o Extensive distribution network
o High stock turnover

12. LIST OF THE COMPANIES UNDER THE FMCG SECTOR
 Hindustan Unilever
 ITC Ltd.
 Pidilite Industries
 Amul
 Godrej Consumer Products Limited
 Dabur India Ltd.
 Emami
 Colgate Palmolive India Ltd.
 Zydus Wellness
 Britannia
 GlaxoSmithKline Consumer Healthcare Ltd. (India)
 Wipro Consumer Care & Lighting Ltd.
 Marico
 CavinKare
 Parle Agro
 Haldiram's
 Nirma
 Himalaya Healthcare Ltd
 Nestle India
 Cadbury India
5 Companies under Study
 Hindustan Unilever
 ITC Ltd.
 Britannia
 Cadbury India/Mondelez International
 Nestle India

13. ANALYSIS
HINDUSTAN UNILEVER LIMITED
HISTORY OF HINDUSTAN UNILEVER LIMITED
1888 - Sunlight soap introduced in India.
1895 - Lifebuoy soap launched; Lever Brothers appoints agents in Mumbai, Chennai, Kolkata,
and Karachi.
1902 -Pears soap introduced in India.
1903 - Brooke Bond Red Label tea launched.
1905 - Lux flakes introduced.
1913 -Vim scouring powder introduced.
1914 - Vinolia soap launched in India.
1918 - Vanaspati introduced by Dutch margarine manufacturers like Van den Berghs, Jurgens,
Verschure Creameries, and Hartogs.
1922 - Rinso soap powder introduced.
1924 - Gibbs dental preparations launched.
1925 - Lever Brothers gets full control of North West Soap Company.
1926 - Hartogs registers Dalda Trademark.
1930 - Unilever is formed on January 1 through merger of Lever Brothers and Margarine Unie,
less than four years after William Hesketh Lever launched Sunlight Soap in England,
his newly-founded company, Lever Brothers, started exporting the revolutionary
laundry soap to India. By the time the company merged with the Netherlands-based
Margarine Unie in 1930 to form Unilever, it had already carved a niche for itself in the
Indian market. Coincidentally, Margarine Unie also had a strong presence in India, to
which it exported Vanaspati (hydrogenated edible fat).
1931 - Vanaspati manufacturing company registered on November 27; Sewri factory site bought.
Vanaspati manufacture starts at Sewri.

14. 1933 - Incorporated on 17th October, under the name of a Lever Brothers (India) Pvt., Ltd.
(LBIL) was the wholly owned subsidiary of Unilever Ltd. London, UK; Lever
Brothers India Limited (LBIL) incorporated in India to manufacture Soaps.
1934 - Soap manufacture begins at Sewri factory in October; North West Soap Company's
Garden Reach Factory, Kolkata rented and expanded to produce Lever brands.
1939 - Garden Reach Factory purchased outright; concentration on building up Dalda Vanaspati
as a brand.
1943 - Personal Products manufacture begins in India at Garden Reach Factory.
1944 - Reorganization of the three companies with common management but separate marketing
operations.
1947 - Pond’s Cold Cream launched.
1957 - Unilever Special Committee approves research activity by Hindustan Unilever.
1958 - Research Unit starts functioning at Mumbai Factory.
1959 - Surf launched.
1962 - Formal Exports Department starts.
1963 - Head Office building at Backbay Reclamation, Mumbai opened.
1964 - Etah dairy set up, Anik ghee launched; Animal feeds plant at Ghaziabad; Sunsilk
shampoo launched.
1965 - Signal toothpaste launched; Indian shareholding increases to 14%.
1966 - Lever's baby food, more new foods introduced; Nickel catalyst production begins.
1967 - Hindustan Unilever Research Centre opens in Mumbai.
1969 - Rin bar launched; Fine Chemicals Unit starts production; Bru coffee launched
1971 - Mr. V. G. Rajadhyaksha presents plan for diversification into chemicals to Unilever
Special Committee - plan approved; Clinic shampoo launched.

15. 1975 - Ten-year modernization plan for soaps and detergent plants; Jammu project work begins;
statutory price control on Vanaspati and baby foods withdrawn; Close-up toothpaste
launched.
1976 - Construction work of Haldia chemicals complex begins; Taloja chemicals unit begins
functioning.
1977 - On February synthetic detergents plant in Jammu was commissioned. Plant for
manufacture of linalool from betapinere, pheneyl ethyl alcohol and eaters
commissioned at Jammu.
1983- Fair & Lovely skin cream launched.
1983 - A new plant for synthetic detergents in Chindwara district of M.P commissioned Co. took
on lease a detergent and toilet soap factory at the request of Punjab govt. owned by a
joint sector Co. Stephan Chemicals Ltd.; A new fine chemical unit was commissioned.
1984- Foods, Animal Feeds businesses transferred to Lipton.
1986 - Lux toilet soap was launched.; Agri-products unit at Hyderabad starts functioning - first
range of hybrid seeds comes out; Khamgaon Soaps unit and Yavatmal Personal
Products unit start production.
1992- Lifebouy Personal and Breez soaps launched.
1992- Entered in dental product market by introducing Pepsodent, Mentadent G etc.; A factory
to manufacture leather garments and other leather based products including wool-on-leather
garments and wool-on-leather was set up in Chennai.; The Company undertook to
set up a large scale aquaculture centre at Tanjavur in Tamil Nadu for farming and
processing catfish for the U.S. markets in technical collaboration with FFDA, Florida, USA
who also provide a full buy-back guarantee.
1993- Temporary shutdown of Haldia Plant due to duty free import of DAP. Entered skin
product market by introducing fair & lovely and hair care product by introducing sunsilk
salon treatment & clinic super gel. Close-up confident toothbrush also introduced on the
same year.; During the year Company entered into joint selling agreement with Ponds India
Ltd. for distributing their products.; Company set up rice millong facilities in the free trade
zone of Kandla.; Company entered male toiletries segment with the launch of Denim after
shave & Ean Dee Toilette.; Wool-on-leather and wool-on-garment plant was

16. commissioned; The Company entered into joint venture agreement with Kimberly-Clark
Corporation, USA to promote a joint company `Kimberly-Clark Lever Ltd.' with 50%
equity participation by the company.
1994- In technical collaboration with Shinto Corporation, a subsidiary of Toya Suisan, Japan,
the Co. undertook to set up a Surimi (Fish Paste) project at an initial cost of Rs.15 crores
near Veraval in Gujarat State. The collaborators provided 100% buy-back guarantee for
the output of this unit which seeks to upgrade the hitherto wasted fishery resources of the
country. The plant was commissioned in the second quarter; The Company entered into
joint venture agreement with Lakme Lever Ltd. to undertake the manufacturing and
distribution of colour cosmetics and other personal care products; The Company also
entered into an agreement with S C Johnson & Son USA, for manufacture and sales of
insecticides such as insect repellents, disinfectants and similar products in India; The
Company received the President's Award for Outstanding performance in Agri
Commodities for the year 1994-95;
1996 - The Company entered into joint venture S C Johnson & Son USA. The Joint Venture named Lever
Johnson Consumer products Pvt. Ltd.
1997 - Company received the Solvent Extractors' Association Award for being the highest
exporter of Rice Bran Extractions during 1996-97.
1998- The Directors of Hindustan Lever Limited at their meeting held on 16th March,
considered and approved the proposal for amalgamation of Ponds India Limited with
Hindustan Lever Limited. HLL's tea business is among the biggest in the world; The
Department of Agriculture and co-operation under the ministry of agriculture has
directed Lever Johnson (Consumer Products) Ltd., a subsidiary of Hindustan Lever
Limited, and Icon Household Products Pvt. Ltd. to withdraw from the market, the
mosquito mat repellent raid from Domex on charges of having grossly violated the
conditions of registration; HLL has also taken several initiatives in raising awareness of
oralcare and hygiene in India. One of these programmes is the free dental check-up
programme, which is conducted in collaboration with the Indian Dental Association;
Unilever set up the Hindustan Vanaspati Manufacturing Company, its first subsidiary in
India, and established two more subsidiaries, lever Brothers India Ltd. and United
Traders Ltd; Hindustan Lever Ltd (HLL) has signed the Fuel Supply Agreement (FSA)

17. with public sector Indian Oil Corporation (IOC) for the entire fuel and lubricant
requirements of its manufacturing unit in Orai. This the first time that two giants, one
from public sector and other from the private sector, have joined hands as partners in
progress, and also augurs future partnerships between IOC and HLL; Hindustan Lever is
the largest manufacturer of Lifebuoy, Lux, Breeze, Rexona and Haman in the country,
under a division christened the personal products division;
1998 - Group company, Pond's India Ltd, merges with HLL. HLL acquires Lakme brand, factories and
Lakme Ltd's 50% equity in Lakme Lever Ltd. HLL acquires manufacturing rights of Kwality
icecream. Appellate Authority of Government of India absolves HLL of insider trading
charges, made by SEBI in 1997, in the BBLIL merger.
1999- The Company will be the largest e-tailer in the next two years; The company has
entered into a five-year wet lease agreement with the Hyderabad-based Premier
Explosives (PEL) to operate the latter's mushroom farms near Hyderabad; The
Company has launched a `ready to drink' (RTD) tea brand Lipton Ice Tea in Hyderabad
with lemon and mango flavours; The Company has launched a new brand of toopaste –
Aim; The Company has unveiled the country's first liquid detergent for daily washing
needs Surf Excel Liquid detergent in the Indian Market; The Company launched the
International Lux Skincare range, Sunscreen Formula; The Company has launched Surf
Excel Liquid Detergent, for daily washing of clothes; HLL markets more than 110
brands, in 950 packs the products are sold in one million retail outlets, directly covering
India's entire urban population and about 50,000 villages; FMCG major Hindustan
Lever Ltd will mark its entry into the softy ice cream segment by setting up softy kiosks
in all major metros starting with Chennai; The Company has re launched its tea brand,
Brooke Bond Red Label, with Assam Super Tasters; Hindustan Lever Ltd's Pepsodent
toothpaste has introduced games at McDonald's outlets; The Company has introduced
New Hi-Power Vim Bar with enhanced grease cutting power and lime juice; The
Company has launched Aim toothbrush in South India; The Company has launched an
innovative scheme with gold coins embedded in tablets of its Lux brand of soap; The
Company has launched the new Nutririch Fair & Lovely fairness reviving lotion.
2000– HLL has launched the new Fair & Lovely Fairness Soap -- which will help make the
skin fairer, safely and gently; Hindustan Lever's, Pond's Magic Deo Talc, has been

18. launched with a new enhanced deodorant protection; The Company has launched
International Rexona 24 HR Intensive, in India; The Company has launched Pond's
Light n' Fresh talc.
2001The Company has launched the new Lakme Sunscreen Lotion with ultraviolet rays
guard and Alpine Mint.
2002- The Board of Hindustan Lever Ltd (HLL) had approved the transfer of its undertaking
engaged in seeds business to its subsidiary Paras Extra Growth Seeds Ltd; The company
has signed an agreement with ICI India, a subsidiary of ICI plc, UK, for sale of Nickel
Catalyst business and Adhesives business, a sub-unit of Specialty Chemicals Division of
the company's Chemicals and Agri operations for a consideration of Rs.21 crore and Rs
9 crores respectively.
2003- Ties up with Pepsi for distribution, signs a memorandum of understanding with Pepsi, to
leverage each other’s strengths in distribution. The agreement provides Pepsi access to
the HLL’s institutional accounts; Sells GLUCOVITA, a brand in the glucose powder
market, to Wipro; Unilever hands over global marketing of Pears to HLL; Relaunches
Surf Excel as a low-foam detergent to target markets facing severe water crisis; Begins
supplying Unilever's tea bags;; Entered into an agreement with Beeyu Overseas Ltd
(BOL) which agreed to market coffee in Poland; HLL extended its Knorr Annapurna
range into soup powders at Rs 5. Sporting flavours such as Tomato Tease, Spicy
Vegetable, Chicken Punch and Peppery Chicken; The company has introduced a new
mango drink 'Mr Fruit'.
2003-Relaunches Rin Shakti Powder and Rin Shakti Bar; HLL unveils new festival package
for its coffee brands; Hindustan Lever Ltd tied up with the private sector power utility,
CESC Ltd, for sampling of Pepsodent toothpaste. `Touchbase with Kolkata' project said
that with its April bills CESC would be sending out 14.1 lakh covers carrying the
Pepsodent label and a small 15 gm tube of toothpaste with a new flavor; HLL to ink
MoU with Pepsi; Hindustan Lever Ltd has introduced its new active Gel Close Up in the
market; HLL unveils 2 imported products under Lakme brand; HLL enters into kids'
personal care market; HLL's Modern Food unveils diet bread; Launches Dove Ultra
Moisturizing Body Wash.

19. 2004-HLL introduce iced tea in glass bottles; Brookefields food operations moved to
Mumbai.
2007 -Hindustan Lever Ltd. has appointed Mr. Ashok K. Gupta as Officer who is in default for
the purposes of Compliance with section 5(f) of the Companies Act, 1956; Company
name has been changed from Hindustan Lever Ltd to Hindustan Unilever Ltd.
2009- Hindustan Unilever on Jan 26 said it has appointed R Sridhar as its Chief Financial
Officer by succeeding D Sundaram. Sridhar was serving as the Vice-President,
Finance and Controller for Unilever (Asia), Africa and Central & Eastern Europe
region. He joined HUL in 1989; Hindustan Unilever decided to license 'Lakme' and
'Lever Ayush', brands to its subsidiary, Lakme Lever Private Limited, for the Beauty
and Wellness services business.
2010- Hindustan Unilever said it exited from BPO firm Capgemini Business Services
India by selling its remaining 49% stake to IT consultancy firm Cap Gemini SA. The
India born, Manvinder Singh Banga who is better known as Vindi Banga, will leave
Unilever with service of 33years to the Company in May this year; Fast Moving
Consumer Goods major Hindustan Unilever Ltd launched a new affordable variant of
water purifier brand Pureit, known as ‘Pureit Compact’ with a price tag of Rs 1,000
in the Indian market; Hindustan Unilever Ltd. (HUL) has stepped forward to divest
part of its stake in Hindustan Field Services (HFS).
2011- HUL comes up with ‘Bru World Café; With the objective of doubling the sales by
2015, the FMCG major, Hindustan Unilever (HUL) is eyeing at strategies, which
includes re-launches, moves ahead with its plans, Hindustan Unilever has re-launched
its popular Lifebuoy talcum powder brand.
2012-HUL taps banks and telecom firms to penetrate deeper into rural India; HUL to enter
into agreement with Unilever to market Brylcreem in India; Hindustan Unilever
Limited (HUL) and entities of Piramal Realty (Ajay Piramal Group) have signed an
agreement for assignment of HUL's leasehold rights of the land and building named
Gulita situated at Worli Sea Face, Mumbai.
CORPORATE INFORMATION

20. PRODUCTS OF HINDUSTAN UNILEVER LIMITED
FOOD AND DRINK
NAME DESIGNATION
Mr. Harish Manwani Chairman
Mr. Sanjiv Mehta CEO and Managing Director
Mr. P.B. Balaji Chief Financial Officer
Mr. Pradeep Banerjee Chief Executive-Supply Chain
Mr. Aditya Narayan Independent Director
Mr. S. Ramadorai Independent Director
Mr. O.P.Bhatt Independent Director
Dr. Sanjeev Misra Independent Director

21. HOME CARE
PERSONAL CARE

22. WATER PURIFIER
PUREIT
HINDUSTAN UNILEVER’S SHAREHOLDING PATTERN

23. Promoters,
52.5
Govt., 0
Institutions,
10.31
Others,
3.59
FII, 19.43
Individuals,
14.17
SHARE HOLDING PATTERN (% of Shares Held)
CATEGORY OF SHAREHOLDER
Total Number of
Shares
Percentage Share
Holding (%)
Promoter
Foreign Promoter 1,45,44,12,858 67.24
Total Promoter 1,45,44,12,858 67.24
Non Promoter
Institutions
Mutual Funds / UTI 44,62,582 0.21
FI/Bank/Insurance 8,41,01,967 3.88
Govt 20 0
FII 31,53,92,703 14.58
Total Institutions 40,39,57,272 18.67
Non-Institution
Bodies Corporate 2,18,58,599 1.01
Individuals (upto Rs. 1 lakh) 26,80,29,610 12.39
Individuals (in excess of Rs. 1 lakh) 53,25,530 0.25
NRIs/OCBs 76,27,325 0.35
Others 27,52,51,746 12.73
Total Non-Institution 30,47,37,670 14.09
Total Non Promoter 70,86,94,942 32.76
Total 2,16,31,07,800 100

24. FINANCIAL RESULT
BALANCE SHEET
Parameters
MAR'14 MAR'13 MAR'12 MAR'11 MAR'10
(Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.)
EQUITY AND LIABILITIES
Share Capital 216.27 216.25 216.15 215.95 218.17
Shareholder's Funds 3,277.05 2,674.02 3,512.93 2,659.52 2,583.52
Deferred Tax Assets / Liabilities -161.73 -204.78 -214.24 -209.66 -248.82
Other Long Term Liabilities 278.82 476.25 329.69 219.2 0
Long Term Provisions 838.69 706.34 666.95 663.87 0
Total Non-Current Liabilities 955.78 977.81 782.4 673.41 -248.82
Trade Payables 5,793.89 5,167.69 4,622.96 5,009.05 5,222.99
Current Liabilities
Other Current Liabilities 852.94 616.15 546.77 554.59 68.67
Short Term Provisions 1,957.01 1,872.02 1,278.97 1,056.43 1,441.55
Total Current Liabilities 8,603.84 7,655.86 6,448.70 6,620.07 6,733.21
Total Liabilities 12,836.67 11,307.69 10,744.03 9,953.00 9,067.91
ASSETS
Gross Block 4,442.85 4,134.20 3,811.68 3,759.62 3,581.96
Less: Accumulated Depreciation 2,020.79 1,841.30 1,664.21 1,590.52 1,419.85
Net Block 2,422.06 2,292.90 2,147.47 2,169.10 2,162.11
Capital Work in Progress 312.08 205.32 205.13 216.59 273.96
Intangible assets under
development 7.7 10.32 10.32 72.17 0
Non Current Investments 636.17 548.03 186.31 120.58 99.84
Long Term Loans & Advances 605.51 384.29 401.27 400.31 0
Other Non Current Assets 0.68 296.84 0 0 0
Total Non-Current Assets 3,984.20 3,737.70 2,950.50 2,978.75 2,535.91

25. Total Reserves 3,018.09 2,419.50 3,261.01 2,415.03 2,362.19
Current Assets Loans &
Advances
Currents Investments 2,457.95 1,782.63 2,251.90 1,140.09 1,164.24
Inventories 2,747.53 2,526.99 2,516.65 2,810.77 2,179.93
Cash and Bank 2,220.97 1,707.89 1,830.04 1,628.47 1,892.21
Other Current Assets 240.05 204.53 219.69 178 16.62
Short Term Loans and Advances 369.54 514.47 296.26 273.71 607.4
Total Current Assets 8,852.47 7,569.99 7,793.53 6,974.25 6,532.00
Net Current Assets (Including
Current
Investments) 248.63 -85.87 1,344.83 354.18 -201.21
Total Current Assets Excluding
Current Investments 6,394.52 5,787.36 5,541.63 5,834.16 5,367.76
Total Assets 12,836.67 11,307.69 10,744.03 9,953.00 9,067.91
Contingent Liabilities 896.13 768.87 743.67 748.96 468.49
Book Value (in Rs.) 14.95 0 16.08 12.18 11.82
Adjusted Book Value (in Rs.) 14.95 0 16.08 12.18 11.82
DIVIDEND SUMMARY
For the year ending March 2014, Hindustan Unilever has declared an equity dividend of
1300.00% amounting to Rs 13 per share. At the current share price of Rs 757.50 these results in
a dividend yield of 1.72%. The company has a good dividend track report and has consistently
declared dividends for the last 5 years.

26. ANNUAL REPORT
Results
(Rs. crores)
For the year ended For the year ended
Revenue from operations, net of
excise
Profit before exceptional items
and tax
Profit for the year 3,867.49 3,796.67
Dividend (including tax on
distributed profits)
Transfer to General Reserve (386.75) (379.67)
Profit and loss balance carried
forward
Summarised Profit and Loss Account
31st March, 2014 31st March, 2013
28,019.13 25,810.21
4,799.71 4,349.48
743.05 535.28
(Rs. crores)
For the year ended For the year ended
31st March, 2014 31st March, 2013
Sale of products less excise duty 27,408.29 25206.38
Other operational income 610.84 603.83
Total Revenue 28,019.13 25,810.21
Operating Costs (23,543.87) (21,806.46)
Profit before Depreciation,
4,475.26 4003.75
Interest, Tax (PBDIT)
Depreciation (260.55) (236.02)
Profit after Interest & Tax (PBIT) 4,214.71 3767.73
Other Income (net) 585.00 581.75
Profit before exceptional items 4,799.71 4349.48
Exceptional items 228.68 608.40
Profit Before Tax (PBT) 5,028.39 4957.88
Taxation (1,160.90) (1,161.21)
Profit for the year 3,867.49 3,796.67
Basic EPS (Rs.) 17.88 17.56

27. DIVIDEND DECLARED
Announcement Effective Dividend Dividend Remarks
Date Date Type (%)
28-04-14 11-06-14 Final 750 Rs.7.5000 per share(750%)Final
Dividend
15-10-13 31-10-13 Interim 550 Rs.5.5000 per
share(550%)Interim
Dividend
29-04-13 10-07-13 Final 600 Rs.6.0000 per share(600%)Final
Dividend
18-10-12 01-11-12 Interim 1,250.00 Rs.4.5000 per
share(450%)Interim
Dividend & Rs.8.0000
per
share(800%)Special
Dividend
1/5/2012 4/7/2012 Final 400 -
17-10-11 04-11-11 Interim 350 -
9/5/2011 8/7/2011 Final 350 -
14-10-10 01-11-10 Interim 300 -
25-05-10 8/7/2010 Final 350 -
15-10-09 06-11-09 Interim 300 -
11-05-09 12-06-09 Final 400 -
15-07-08 4/8/2008 Interim 350 -
13-02-08 17-03-08 Final 300 -
23-10-07 07-11-07 Interim 300 Dividend (Platinum Jubliee)
23-07-07 7/8/2007 Interim 300 -
20-02-07 20-04-07 Final 300 AGM
10-07-06 8/8/2006 Interim 300 -
14-02-06 28-04-06 Final 250 AGM
25-07-05 8/8/2005 Interim 250 -
11-02-05 7/6/2005 Final 250 AGM
20-07-04 13-08-04 Interim 250 -

28. 17-02-04 14-05-04 Final 300 -
16-07-03 14-08-03 Interim 250 -
16-10-01 20-06-03 Final 276 Bonus issue of Debentures &
Special Dividend
276%
29-01-03 4/4/2003 Final 300 AGM
10-07-02 7/8/2002 Interim 250 -
BONUS SUMMARY
The last bonus that Hindustan Unilever had announced was in 1991 in the ratio of 1:2.The share
has been quoting ex-bonus from July 19, 1991.
Bonus History
Announcement
Date
Bonus
R
a
t
i
o
Record Date
Ex-Bonus
D
a
t
e
30-09-1991 1:02 21-08-1991 19-07-1991
22-06-1987 1:01 - -
22-06-1983 3:05 - -
22-06-1979 1:03
FUTURE PROSPECTS OF HUL
India is a fast developing country with a huge population whose per capita income is growing
rapidly and there is huge opportunity for FMCG companies.

29. The opportunities are as follows:
 Increasing per capita income is driving FMCG growth in India
 India’s consuming class is growing rapidly
 Changing consumption pattern: Per capita income of Indian customer is increasing and
FMCG products are relatively elastic in nature hence the expected sale should increase.
FUTURE PROJECTS OF HUL:
As competition is increasing day by day, it’s difficult to maintain the leader position & to
further strengthen the distribution network HUL made a project called project
SHAKTI which will serve the following purpose:
A) To Reach:
 Small, scattered settlements and poor infrastructure make distribution difficult.
 Over 500,000 villages not reached directly by HUL.
B) To Communicate:
 Low literacy hampers effectiveness of print media.
 Poor media-reach: 500 million Indians lack TV & radio.
C) To Influence:
 Low category penetration, consumption.
C) Awareness:
 Per capita consumption in Unilever categories is 33% of urban level.
ITC
HISTORY OF ITC
ITC was incorporated on August 24, 1910 under the name Imperial Tobacco Company of India
Limited. As the Company's ownership progressively Indianised, the name of the
Company was changed from Imperial Tobacco Company of India Limited to India
Tobacco Company Limited in 1970 and then to I.T.C. Limited in 1974. In recognition
of the Company's multi-business portfolio encompassing a wide range of businesses -
Fast Moving Consumer Goods comprising Foods, Personal Care, Cigarettes and
Cigars, Branded Apparel, Education and Stationery Products, Incense Sticks and
Safety Matches, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business

30. and Information Technology - the full stops in the Company's name were removed
effective September 18, 2001. The Company now stands rechristened 'ITC Limited,
‘where ‘ITC’ is today no longer an acronym or an initialized form.
A Modest Beginning
The Company's beginnings were humble. A leased office on Radha Bazar Lane, Kolkata, was the
centre of the Company's existence. The Company celebrated its 16th birthday on
August 24, 1926, by purchasing the plot of land situated at 37, Chowringhee, (now
renamed J.L. Nehru Road) Kolkata, for the sum of Rs 310,000. This decision of the
Company was historic in more ways than one. It was to mark the beginning of a long
and eventful journey into India's future. The Company's headquarter building,
'Virginia House', which came up on that plot of land two years later, would go on to
become one of Kolkata's most venerated landmarks.
1925: Packaging and Printing: Backward Integration.
Though the first six decades of the Company's existence were primarily devoted to the growth
and consolidation of the Cigarettes and Leaf Tobacco businesses, ITC's Packaging &
Printing Business was set up in 1925 as a strategic backward integration for ITC's
Cigarettes business. It is today India's most sophisticated packaging house.
1975: Entry into the Hospitality Sector - A 'Welcom' Move.
The Seventies witnessed the beginnings of a corporate transformation that would usher in
momentous changes in the life of the Company. In 1975, the Company launched its
Hotels business with the acquisition of a hotel in Chennai which was rechristened
'ITC-Welcomgroup Hotel Chola' (now renamed My Fortune, Chennai). The objective
of ITC's entry into the hotels business was rooted in the concept of creating value for
the nation. ITC chose the Hotels business for its potential to earn high levels of foreign
exchange, create tourism infrastructure and generate large scale direct and indirect
employment. Since then ITC's Hotels business has grown to occupy a position of
leadership, with over 100 owned and managed properties spread across India under

31. four brands namely, ITC Hotels - Luxury Collection, WelcomHotels, Fortune Hotels
and WelcomHeritage.
1979: Paperboards & Specialty Papers - Development of a Backward Area.
In 1979, ITC entered the Paperboards business by promoting ITC Bhadrachalam Paperboards
Limited. Bhadrachalam Paperboards amalgamated with the Company effective March
13, 2002 and became a Division of the Company, Bhadrachalam Paperboards
Division. In November 2002, this division merged with the Company's Tribeni
Tissues Division to form the Paperboards & Specialty Papers Division. ITC's
paperboards' technology, productivity, quality and manufacturing processes are
comparable to the best in the world. It has also made an immense contribution to the
development of Sarapaka, an economically backward area in the state of Andhra
Pradesh. It is directly involved in education, environmental protection and community
development. In 2004, ITC acquired the paperboard manufacturing facility of BILT
Industrial Packaging Co. Ltd (BIPCO), near Coimbatore, Tamil Nadu. The Kovai Unit
allows ITC to improve customer service with reduced lead time and a wider product
range.
1985: Nepal Subsidiary - First Steps beyond National Borders
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint venture. In
August 2002, Surya Tobacco became a subsidiary of ITC Limited and its name was
changed to Surya Nepal Private Limited (Surya Nepal). In 2004, the company
diversified into manufacturing and exports of garments.
1990: Paperboards & Specialty Papers - Consolidation and Expansion
In 1990, ITC acquired Tribeni Tissues Limited, a Specialty paper manufacturing company and a
major supplier of tissue paper to the cigarette industry. The merged entity was named
the Tribeni Tissues Division (TTD). To harness strategic and operational synergies,
TTD was merged with the Bhadrachalam Paperboards Division to form the
Paperboards & Specialty Papers Division in November 2002.
1990: Agri Business - Strengthening Farmer Linkages.

32. Also in 1990, leveraging its agri-sourcing competency, ITC set up the Agri Business Division for
export of agri-commodities. The Division is today one of India's largest exporters.
ITC's unique and now widely acknowledged e-Choupal initiative began in 2000 with
soya farmers in Madhya Pradesh. Now it extends to 10 states covering over 4 million
farmers. Also, through the 'Choupal Pradarshan Khet' initiative, the agri services
vertical has been focusing on improving productivity of crops while deepening the
relationship with the farming community.
2002: Education & Stationery Products - Offering the Greenest products
ITC launched line of premium range of notebooks under brand Paperkraft in 2002. To augment
its offering and to reach a wider student population, the Classmate range of notebooks
was launched in 2003. Classmate over the years has grown to become India's largest
notebook brand and has also increased its portfolio to occupy a greater share of the
school bag. Years 2007- 2009 saw the launch of Practical Books, Drawing Books,
Geometry Boxes, Pens and Pencils under the 'Classmate' brand. In 2008, ITC
positioned the business as the Education and Stationery Products Business and
launched India's first environment friendly premium business paper under the
'Paperkraft' Brand. 'Paperkraft' offers a diverse portfolio in the premium executive
stationery and office consumables segment. In 2010, Colour Crew was launched as a
new brand of art stationery.
2000: Lifestyle Retailing - Premium Offerings
ITC also entered the Lifestyle Retailing business with the Wills Sport range of international
quality relaxed wear for men and women in 2000. The Wills Lifestyle chain of
exclusive stores later expanded its range to include Wills Classic formal wear (2002)
and Wills Clublife evening wear (2003). ITC also initiated a foray into the popular
segment with its men's wear brand, John Players, in 2002. In 2006, Wills Lifestyle
became title partner of the country's most premier fashion event - Wills Lifestyle India
Fashion Week - that has gained recognition from buyers and retailers as the single
largest B-2-B platform for the Fashion Design industry. To mark the occasion, ITC
launched a special 'Wills Signature', taking the event forward to consumers.

33. In 2000, ITC spun off its information technology business into a wholly
owned subsidiary, ITC Infotech India Limited, to more aggressively pursue emerging
opportunities in this area. Today ITC Infotech is one of India's fastest growing global
IT and IT-enabled services companies and has established itself as a key player in
offshore outsourcing, providing outsourced IT solutions and services to leading global
customers across key focus verticals - Banking Financial Services & Insurance
(BFSI), Consumer Packaged Goods (CPG), Retail, Manufacturing, Engineering
Services, Media & Entertainment, Travel, Hospitality, Life Sciences and
Transportation & Logistics.
2001: Branded Packaged Foods - Delighting Millions of Households
ITC's foray into the Foods business is an outstanding example of successfully blending multiple
internal competencies to create a new driver of business growth. It began in August
2001 with the introduction of 'Kitchens of India' ready-to-eat Indian gourmet dishes.
In 2002, ITC entered the confectionery and staples segments with the launch of the
brands mint-o and Candyman confectionery and Aashirvaad atta (wheat flour). 2003
witnessed the introduction of Sunfeast as the Company entered the biscuits segment.
ITC entered the fast growing branded snacks category with Bingo! in 2007. In 2010,
ITC launched Sunfeast Yippee! to enter the Indian instant noodles market. In just over
a decade, the Foods business has grown to a significant size under seven distinctive
brands, with an enviable distribution reach, a rapidly growing market share and a solid
market standing.
2002: Agarbattis & Safety Matches - Supporting the Small and Cottage Sector
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the entire value
chain found yet another expression in the Safety Matches initiative. ITC now markets
popular safety matches brands like iKno, Mangaldeep and Aim.
ITC's foray into the marketing of Agarbattis (incense sticks) in 2003 marked
the manifestation of its partnership with the cottage sector. Mangaldeep is a highly
established national brand and is available across a range of fragrances like Rose,
Jasmine, Bouquet, Sandalwood and 'Fragrance of Temple'.

34. 2005: Personal Care Products - Expert Solutions for Discerning Consumers
ITC entered the Personal Care Business in 2005. In eight years, the Personal Care portfolio has
grown under 'Essenza Di Wills', 'Fiama Di Wills', 'Vivel' and 'Superia' brands which
have received encouraging consumer response and have been progressively extended
nationally. In May 2013, the business expanded its product portfolio with the launch
of Engage - one of India's first ranges of 'couple deodorants'
2010: Expanding the Tobacco Portfolio
In 2010, ITC launched its handrolled cigar, Armenteros, in the Indian market. Armenteros cigars
are available exclusively at tobacco selling outlets in select hotels, fine dining
restaurants and exclusive clubs.
CORPORATE INFORMATION
Name Designation
Yogesh Chander Deveshwar Chairman
Pradeep Vasant Dhobale Executive Director
Anil Baijal Non Executive Director
Serajul Haq Khan Non Executive Director
Sahibzada Syed Habib-ur-Rehman Non Executive Director
S B Mainak Non Executive Director
Pillappakkam Bahukutumbi Ramanujam Non Executive Director
Krishnamoorthy Vaidyanath Non Executive Director
Nakul Anand Executive Director
Kurush Noshir Grant Executive Director
Angara Venkata Girija Kumar Non Executive Director
Sunil Behari Mathur Non Executive Director
Robert Earl Lerwill Non Executive Director

35. Meera Shankar Non Executive Director
Anthony Ruys Non Executive Director
PRODUCTS OF ITC
FMCG:
 CIGARETTES
 CIGARS
 FOODS

36.  LIFESTYLE RETAILING
 PERSONAL CARE
 EDUCATION AND STATIONARY:

37.  SAFETY MATCHES
 AGARBATTIS
HOTELS:

38. PAPERBOARDS & SPECIALITY PAPERS
PACKAGING
AGRI-BUSINESS
ITC’S SHAREHOLDING PATTERN

39. Promoters
Sales
0% Individuals
11%
Institutions
34%
FII
Others
38%
Govt. 17%
0%
SHARE HOLDING PATTERN (% OF SHARES HELD)
CATEGORY OF
SHAREHOLDER
Total Number of Shares
Percentage ShareHolding
(%)
Institutions
Mutual Funds / UTI 1,03,49,21,991 13.01
FI/Bank/Insurance 1,74,94,21,442 21.99
FII 1,53,03,23,687 19.24
Total Institutions 4,31,46,67,120 54.24
Non-Institution
Bodies Corporate 32,90,28,616 4.14
Individuals (upto Rs. 1 lakh) 68,07,19,308 8.56

40. Individuals (in excess of Rs. 1 lakh) 13,34,06,576 1.68
NRIs/OCBs 4,45,21,939 0.56
Others 3,24,60,23,045 40.80
Total Non-Institution 3,61,95,73,600 45.50
Total Non Promoter 7,93,42,40,720 99.74
Depository Receipts 2,07,75,620 0.26
Total 7,95,50,16,340 100.00
FINANCIAL RESULTS
BALANCE SHEET
Parameters
MAR'14
MAR'13
(
R
s
.
C
r
.
)
MAR'12
(
R
s
.
C
r
.
)
(
R
s
.
C
r
.
)
MAR'11
(
R
s.
C
r.
)
MAR'10
(R
s.
Cr
.)
EQUITY AND LIABILITIES
Share Capital 795.32 790.18 781.84 773.81 381.82
Shareholder's Funds 26,262.02 22,287.85 18,791.89 15,953.27 14,064.38
Unsecured Loans 51.00 66.40 77.32 86.58 107.71
Deferred Tax Assets / Liabilities 1,296.96 1,203.72 872.72 801.85 785.01
Other Long Term Liabilities 5.09 1.79 15.52 20.82 0.00
Long Term Trade Payables 0.00 1.32 0.00 0.00 0.00
Long Term Provisions 110.00 125.62 107.12 93.82 0.00
Total Non-Current Liabilities 1,463.05 1,398.85 1,072.68 1,003.07 892.72
Trade Payables 1,987.59 1,668.98 1,424.84 1,395.31 3,392.39
Current Liabilities
Other Current Liabilities 3,631.88 3,528.62 3,371.27 3,067.77 122.03

41. Short Term Borrowings 0.14 0.00 1.77 1.94 0.00
Short Term Provisions 5,884.71 5,133.13 4,303.95 4,012.46 4,549.94
Total Current Liabilities 11,504.32 10,330.73 9,101.83 8,477.48 8,064.36
Total Liabilities 39,229.39 34,017.43 28,966.40 25,433.82 23,021.46
ASSETS
Less: Accumulated Depreciation 6,532.13 5,735.04 5,045.16 4,420.75 3,825.46
Net Block 12,012.74 11,209.34 9,099.19 8,345.11 8,142.40
Capital Work in Progress 2,272.94 1,472.80 2,269.26 1,322.60 1,008.99
Intangible assets under development 22.79 14.99 7.49 10.80 0.00
Non Current Investments 2,512.17 2,000.86 1,953.28 1,563.30 1,356.85
Long Term Loans & Advances 1,480.02 1,727.97 1,193.61 1,146.47 0.00
Total Non-Current Assets 18,300.66 16,425.96 14,522.83 12,388.28 10,508.24
Total Reserves 25,466.70 21,497.67 18,010.05 15,179.46 13,682.56
Current Assets Loans & Advances
Currents Investments 6,311.26 5,059.43 4,363.31 3,991.32 4,370.02
Inventories 7,359.54 6,600.20 5,637.83 5,269.17 4,549.07
Cash and Bank 3,289.37 3,615.00 2,818.93 2,243.24 1,126.28
Other Current Assets 269.69 216.36 136.89 93.26 649.01
Short Term Loans and Advances 1,533.51 937.14 500.59 563.45 945.49
Total Current Assets 20,928.73 17,591.47 14,443.57 13,045.54 12,513.22
Net Current Assets (Including Current
Investments)
9,424.41 7,260.74 5,341.74 4,568.06 4,448.86
Total Current Assets Excluding Current
Investments
14,617.47 12,532.04 10,080.26 9,054.22 8,143.20
Total Assets 39,229.39 34,017.43 28,966.40 25,433.82 23,021.46
Contingent Liabilities 361.50 466.54 287.08 255.17 285.13
Total Debt 66.54 77.67 89.12 99.20 107.71
Book Value (in Rs.) 32.95 0.00 23.97 20.55 36.69
Adjusted Book Value (in Rs.) 32.95 0.00 23.97 20.55 18.35

42. ANNUAL REPORT
(Rs. in Crores)
PROFITS 2014 2013
a) Profit Before Tax 12659.11 10684.18
b) Tax Expense
- Current Tax 3791.13 2934.79
- Deferred Tax 82.77 331.00
c) Profit for the year 8785.21 7418.39
SURPLUS IN STATEMENT OF PROFIT AND LOSS
a) At the beginning of the year 3788.10 1972.59
b) Add : Profit for the year 8785.21 7418.39
c) Less:
- Transfer to General Reserve 880.00 750.00
- Proposed Dividend {Rs. 6.00(2013-Rs. 5.25)
4771.91 4148.46
per share}
- Current Year 810.99 705.03
- Earlier year''s provision no longer required (28.68) (0.61)
d) At the end of the year 6139.09 3788.10
DIVIDEND SUMMARY
For the year ending March 2013, ITC has declared an equity dividend of 525.00% amounting to
Rs 5.25 per share. At the current share price of Rs 355.65 these results in a dividend yield of
1.48%. ITC had last declared a dividend of 525.00% for the year ending March 2013.
DIVIDEND DECLARED
Announcement Effective Dividend Dividend Remarks
Date Date Type (%)
23-05-14 3/6/2014 Final 600 Rs.6.0000 per share(600%)Dividend
17-05-13 31-05-13 Final 525 Rs.5.2500 per share(525%)Dividend
25-05-12 11-06-12 Final 450 -
20-05-11 10-06-11 Final 445 Recommended a Special Dividend of
Rs. 1.65 per Ordinary Share
of Re. 1/- each and a
Dividend of Rs. 2.80 per

43. Ordinary Share of Re.1/-
each.
21-05-10 9/6/2010 Final 1,000.00 Special Centenary dividend of Re. 5.50
per Ordinary Share of Re 1/-
each and a dividend of Re.
4.50 per Ordinary Share for
the financial year ended
March 31, 2010.
22-05-09 13-07-09 Final 370 -
23-05-08 16-07-08 Final 350 -
25-05-07 16-07-07 Final 310 AGM
26-05-06 10-07-06 Final 265 AGM
27-05-05 18-07-05 Final 310 AGM
13-05-04 19-07-04 Final 200 AGM
8/5/2003 14-07-03 Final 150 -
14-05-02 12-07-02 Final 135 AGM
BONUS SUMMARY
The last bonus that ITC had announced was in 2010 in the ratio of 1:1.The share has been quoting ex-bonus
from August 3, 2010.
Bonus History
Announcement Date Bonus Ratio Record Date Ex-Bonus Date
18-06-2010 1:01 4/8/2010 3/8/2010
17-06-2005 1:02 28-09-2005 21-09-2005
12-07-1994 1:01 06-10-1994 12-09-1994
30-09-1991 3:05 15-01-1992 12-12-1991
29-04-1989 1:01 - 31-08-1989
29-04-1980 1:05 - -
FUTURE PROSPECTS OF ITC

44. ITC has a tremendous growth prospectus in future. All business profiles except cigarettes, has a
tremendous growth prospects in next two-three years down the line. Earlier ITC is
used to be treated as a cigarette company and always Budget is used to be very bad for
cigarette. Because with a blind eye, one is going to say that excise duty is going to get
increase on the cigarettes. Now the company has shifted in their many other areas like
retailing, paper, hotel, which are in fact contributing to a great extent. All their
business profiles, minus cigarettes, has a tremendous growth prospects in time to
come, maybe in two-three years down the line. On top of it, they have huge cash
inflow, which they can productively deploy in the other areas.
NESTLE
HISTORY OF NESTLE INDIA
Nestle has its presence in India for around nine decades, making it one of the oldest company in
India. Nestlé India is a subsidiary of Nestlé SA of Switzerland.
The company has its headquarters at Gurgaon near Delhi and has seven factories spread all over
India. It started its journey in India in 1912 by entering into the dairy business.
Nestlé India, one the biggest players in FMCG segment, has a presence in milk & nutrition,
beverages, prepared dishes & cooking aids & chocolate & confectionery segments.
Nestlé India manufactures products of truly international quality under internationally
famous brand names such as NESCAFÉ, MAGGI, MILKYBAR, KIT KAT, BAR–
ONE, MILKMAID and NESTEA and in recent years the Company has also
introduced products of daily consumption and use such as NESTLÉ Milk, NESTLÉ
SLIM Milk, NESTLÉ Dahi and NESTLÉ Jeera Raita.
Nestle has created brands like Nestlé Milkmaid, Nestlé Everyday, Maggi Noodles, Maggi
Soups, Polo, Kit Kat, Nescafe & many more.
As per the market–wise position Nestlé India stands first in instant noodles & ketchups, second
in healthy soups, No.1 in instant coffee, & No.2 in overall chocolate category.

45. Nestle India continuously focuses on understanding changing lifestyles in India. This helps it to
foresee needs in its product offerings. The company innovates new product &
renovates existing one providing high quality, safe food products at affordable prices.
Milestones achieved
 CNBC Awaaz Consumer Awards has honoured Nescafe as the most preferred coffee
brand.
 Business India has rated Nestlé India as No.1 on Return On Capital Employed amongst
Super 100 companies.
 In 2006–2007 Nestlé India was awarded the ‘Best Exporter of Instant Coffee’, ‘Highest
Exporter to Russia and CIS”, ‘Highest Exporter to Far East Countries’.
 In 2009 Nestle India Board approved Proposal To acquire Healthcare Nutrition Business
of Specialist Foods.
 In 2010 Nestlé Inaugurates New Culinary Plant at Nanjangud.
 2010–12 CNBC Awaaz Consumer Awards Business India has rated Nestle India as No.1
on Return on Capital Employed amongst Super 100 companies.
The company has introduced products in milk segment for daily consumption and use such as
Nestle Milk, Nestle Slim Milk, Nestle Fresh 'n' Natural Dahi and Nestle Jeera
Raita.
CORPORATE INFORMATION
NAME DESIGNATION
Mr. Antonio Helio Waszyk Chairman and Non-Executive Director
Mr. Etinne Benet Managing Director
Mr. Shobinder Duggal Director-Finance & control and CFO
Mr. Aristides Protonotarios Director - Technical
Mr. Michael W.O. Garrett Non-Executive and Independent Director
Mr. R. V. Kanoria Non-Executive and Independent Director
Mr. Ashok Kumar Mahindra Non-Executive and Independent Director
Mr. Ravinder Narain Non-Executive and Independent Director
Dr. Swati A. Piramal Non-Executive and Independent Director

46. PRODUCTS OF NESTLE INDIA
MILK PRODUCTS AND NUTRITION
BEVERAGES
PREPARED DISHES AND COOKING AIDS

47. CHOCOLATES AND CONFECTIONERY
NESTLE’S SHAREHOLDING PATTERN
Shareholdings
Promoters
Govt.
Individuals
Institutions
FII
Others

48. SHARE HOLDING PATTERN (% of Shares Held)
CATEGORY OF
SHAREHOLDER
Total Number of
Shares
Percentage Share
Holding (%)
Foreign Promoter 6,05,15,079 62.76
Total Promoter 6,05,15,079 62.76
Non Promoter
Institutions
Mutual Funds / UTI 4,97,791 0.52
FI/Bank/Insurance 43,29,328 4.49
Govt 39,045 0.04
FII 1,40,03,998 14.52
Other 0 0.00
Total Institutions 1,88,70,162 19.57
Non-Institution
Bodies Corporate 22,06,799 2.29
Individuals (upto Rs. 1 lakh) 93,66,576 9.71
Individuals (in excess of Rs. 1 lakh) 49,41,841 5.13
NRIs/OCBs 5,03,030 0.52
Others 1,43,20,646 14.85
Total Non-Institution 1,70,30,475 17.66
Total Non Promoter 3,59,00,637 37.24
Total 9,64,15,716 100.00
FINANCIAL RESULTS
BALANCE SHEET
Parameters
DEC'13 DEC'12 DEC'11 DEC'10 DEC'09
(Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.)

49. EQUITY AND LIABILITIES
Share Capital 96.42 96.42 96.42 96.42 96.42
Shareholder's Funds 2,368.75 1,798.41 1,273.96 855.41 581.27
Unsecured Loans 1,189.48 1,049.95 724.95 0 0
Deferred Tax Assets / Liabilities 215.47 162.08 50.22 33.27 32
Long Term Provisions 1,193.39 1,014.75 885.13 0 0
Total Non-Current Liabilities 2,598.34 2,226.78 1,660.30 33.27 32
Trade Payables 633.04 539.4 480.83 745.44 581.73
Current Liabilities
Other Current Liabilities 500.25 558.03 528.7 16.23 5.86
Short Term Borrowings 0.01 0.24 245.92 0 0
Short Term Provisions 213.88 41.06 212.07 907.94 834.79
Total Current Liabilities 1,347.18 1,138.73 1,467.52 1,669.61 1,422.38
Total Liabilities 6,314.27 5,163.92 4,401.78 2,558.29 2,035.65
ASSETS
Gross Block 4,903.16 4,427.56 2,552.21 1,854.70 1,640.79
Less: Accumulated Depreciation 1,523.91 1,216.44 976.46 841.96 744.59
Less: Impairment of Assets 9.94 6.85 0 0 0
Net Block 3,369.31 3,204.27 1,575.75 1,012.74 896.2
Capital Work in Progress 294.71 344.08 1,371.78 348.91 79.63
Non Current Investments 224.12 0 0 0 0
Long Term Loans & Advances 123.94 125.45 163.91 0 0
Total Non-Current Assets 4,012.55 3,673.80 3,111.44 1,361.65 975.83
Total Reserves 2,272.33 1,701.99 1,177.54 759 484.85
Current Assets Loans & Advances
Currents Investments 626.96 364.86 134.37 150.68 203.26
Inventories 735.93 745.58 734.04 575.95 498.74

50. Cash and Bank 749.36 236.96 227.21 255.29 155.59
Other Current Assets 10.06 5.18 19.48 0 0
Short Term Loans and Advances 95.14 49.97 59.82 151.44 138.05
Total Current Assets 2,301.72 1,490.12 1,290.34 1,196.65 1,059.81
Net Current Assets (Including
Current Investments) 954.54 351.39 -177.18 -472.96 -362.57
Total Current Assets Excluding
Current Investments 1,674.76 1,125.26 1,155.97 1,045.97 856.56
Total Assets 6,314.27 5,163.92 4,401.78 2,558.29 2,035.65
Contingent Liabilities 12.76 11.7 0 0 0
Total Debt 1,189.49 1,050.19 970.87 0 0
Book Value (in Rs.) 0 0 132.13 88.72 60.29
Adjusted Book Value (in Rs.) 245.67 0 132.13 88.72 60.29

51. ANNUAL REPORT
(Rs. in Millions)
2013 2012
Net Sales 90,619.0 83,022.6
Add: Other Operating Income 391.5 322.7
Less: Operating Expenses 74,114.3 67,536.5
Less: Impairment loss on fixed assets 99.4 68.5
Less: Net provision for contingencies from
413.1 339.9
operations)
Profit from operations 16,383.7 15,400.4
Add: Other Income 830.9 310.3
Less: Finance costs 365.1 266.0
Less/Add: Net provision for contingencies -
others
207.4 (81.5)
Profit before exceptional items and taxation 16,642.1 15,526.2
Add: Exceptional items 138.1 -
Less: Tax Expense 5,608.9 4,846.9
Net Profit after tax 11,171.3 10,679.3
Add: Profit Brought Forward 10,745.5 6,568.9
Less: Interim Dividends 3,471.0 4,676.2
Less: Final Dividend Proposed 1,205.2 -
Less: Dividend Distribution Tax 794.7 758.6
Less: Transfer to General Reserve 1,117.1 1,067.9
Earnings per Share (Rs.) 115.87 110.76
Dividend per Share (Rs.) 48.50 48.50
DIVIDEND SUMMARY
For the year ending December 2013, Nestle India has declared an equity dividend of 485.00%
amounting to Rs 48.5 per share. At the current share price of Rs 6517.15 these results in a
dividend yield of 0.74%.
The company has a good dividend track report and has consistently declared dividends for the
last 5 years.

52. Dividend Declared
Announcement Effective Dividend Dividend Remarks
Date Date Type (%)
3/9/2014 15-09-14 Interim 300 Rs.30.0000 per share (300%) Second
Interim Dividend
14-02-14 15-05-14 Final 125 Rs.12.5000 per share(125%)Final Dividend
26-04-14 15-05-14 Interim 125 Rs.12.5000 per share(125%)Interim
Dividend
18-10-13 01-11-13 Interim 180 Rs.18.0000 per share(180%)Second Interim
Dividend
8/7/2013 31-07-13 Interim 180 Rs.18.0000 per share(180%)Interim
Dividend
15-02-13 25-02-13 Interim 125 Rs.12.5000 per share(125%)Third Interim
Dividend
07-12-12 12-12-12 Interim 180 Rs.18.0000 per share (180%) Second
Interim Dividend
17-07-12 1/8/2012 Interim 180 Rs.18.00 per share(180%)Interim Dividend
14-02-12 21-03-12 Final 125 -
24-11-11 12-12-11 Interim 270 Second Interim Dividend
18-02-11 21-04-11 Final 215 Declared an interim dividend of Rs. 9.00
per Equity Share for the year
2011, which shall be paid on and
from May 06, 2011 along with
Final Dividend for 2010 of Rs.
12.50 per Equity Share.
19-10-10 03-11-10 Interim 270 Second Interim Dividend
19-02-10 23-04-10 Final 215 Final Dividend Rs. 12.50 (125%) per share
+ Interim Dividend of Rs. 9/-
(90%) per share.
15-10-09 04-11-09 Interim 270 Second Interim Dividend
9/3/2009 29-04-09 Final 210 210% Dividend (120% Final Div. & 90%
Interim Div.) & A.G.M.
31-10-08 14-11-08 Interim 220 (2nd Int.Div.145% & Special Div.under
Sch. of Arrangement 75%)

53. 4/3/2008 23-04-08 Final 110 Total Dividend is Rs. 11 i.e Final Dividend
for 2007 Rs. 2.50 & Interim
Dividend for the year 2008 Rs.
8.50.
26-11-07 13-12-07 Interim 240 Second Interim Dividend
5/3/2007 20-03-07 Interim 80 (15% Third Interim Dividend for the year
2006 + 65% Interim Dividend for
the year 2007) The Board has not
recommended any final dividend
for 2006.
21-11-06 08-12-06 Interim 180 Second Interim Dividend
7/3/2006 19-04-06 Final 80 AGM {interim dividend of Rs. 6/- for F.Y
2006-2007 + Rs.2/- as Final
Dividend for the year 2005.)
18-11-05 09-12-05 Interim 180 Second Interim Dividend
14-03-05 20-04-05 Final 95 AGM & Dividend 95% (Interim Dividend
for 2005 of Rs 5/- per equity
share and the Special Dividend
for 2004 of Rs 4.50 per equity
share)
23-11-04 10-12-04 Interim 100 Second Interim Dividend
29-06-04 20-07-04 Interim 100 Interim Dividend
10-11-03 10-12-03 Interim 100 Second Interim Dividend
8/7/2003 5/8/2003 Interim 100 -
BONUS SUMMARY
The last bonus that Nestle India had announced was in 1996 in the ratio of 1:2.The share has
been quoting ex-bonus from July 15, 1996.
Bonus History (Nestle India)
Announcement
Date
Bonus
R
a
t
i
o
Record Date Ex-Bonus Date

54. 23-04-1996 1:02 13-08-1996 15-07-1996
30-09-1993 1:04 16-10-1993 10-09-1993
18-07-1989 3:05 - 09-10-1989
18-07-1986 1:01 - -
18-07-1983 3:05

55. FUTURE PROSPECTS OF NESTLE INDIA
Nestle is focused on product expansion and improvement of distribution efficiency. The Dairy
business is being expanded and is expected to drive growth in the long run, although short-term
profitability may be impacted in the investment stage. The company’s entry into the mineral
water segment is a concern, as the segment is already overcrowded and the company faces stiff
competition especially from the Cola manufacturers. Acquisition of an established brand could
catapult Nestlé’s position in the segment. In categories like beverages, culinary products and
chocolate confectionery, the company is looking at driving growth through launch of smaller
SKU’s, thus enabling affordability to a wide section of the population.
BRITANNIA
1918 - The Company was incorporated on 21st March, as a public limited company under the
Indian Companies Act, VII of 1913. The Company Manufacture bakery and soya
bean products, export of cashew Kernels marine products, general merchandise items
and computer software.
1921 - The Company obtained a priority of Certificate and imported new machinery thereby
becoming the first biscuit company in India to install and run a gas oven plant.
1924 - A new factory was established at Kasara Pier Road in Mumbai. In the same year, the
Company became a subsidiary of Peek, Frean & Co. Ltd., U.K., a leading biscuit
manufacturing company, and further strengthened its position by expanding the
factories at Calcutta and Mumbai.
1952 - The Calcutta Factory was shifted from Dum Dum to spacious grounds at Taratola Road
in the suburbs of Calcutta. During the same year automatic plants were installed there
and later in Mumbai in 1954.
1954 - The development of high quality sliced and wrapped bread in India was pioneered by the
Company and was first manufactured at Delhi.
1961 - Manufacture of bread was started in Mumbai and a new bread bakery was set up at Delhi
in 1965.

56. 1976 - Britannia bread was introduced in Calcutta and Chennai.
1979 - With effect from 3rd October, the name of the Company was changed from the Britannia
Biscuit Co., Ltd., to Britannia Industries Ltd.
1980 - The Company signed a 10 year technical collaboration agreement with Nebico Pvt. Ltd.,
Nepal, for the supply of know-how relating to manufacturing, packaging and
marketing of biscuits and selection of plant and machinery.
1986 - The turnover increased by 19.4% over the the previous year to Rs 192.15 crores. Sales of
biscuits, in terms of volume, registered a satisfactory growth. Good Day, a new
biscuit launched during the year met with good market response.
 Production of bread at Delhi unit was adversely affected due to launched pure refined
cooking oil under the brand name of Vital.
1989 - The Company launched new brand of biscuit, namely, `CIRCUT'. Another brand PURE
MAGIC was extended nationally and posta badam was added to GOOD DAY range of
biscuits. Bread production and affected for some time at Delhi factory due to
industrial unrest.
1990 - Two new brands of biscuits,Elaichi Creamand Petit Beurre were launched. Also, a new
cashew badam variant of the brand Milk Bikis and brand extension of Pure magic
biscuit Vanilla cream were launched. Fruit bread was launched in Delhi and was well
received.
1991 - The Company launched two new specialty brands viz., Britannia milk bread and Britannia
brown bread in Delhi and extended nationally its main brands Petit Beurre and elaichi
cream.
 The Company proposed to invest in the equity capital of Britco Company Pvt. Ltd., a
joint venture with JMRPCO Ltd., Hongkong, for manufacture of beverage bases and
essence for Coca Cola, Fanta & Sprite and to export processed snack foods.
1992 - The Company launched a new brand of biscuit, namely `Little Hearts' which carved a
niche in the market.

57. 1993 - The Company launched new brand of biscuit, namely, `Fifty-Fifty'. Bread market
remained depressed. To revive the market, the Company launched a speciality brand
viz. `Premium Bake' in both Delhi and Mumbai. During the year, the company has
started exporting Basmati Rice under the name `Britannia Indian Pearl'.
1994 - During the year, the bakery division launched `Bakers Choice' a sweet biscuit and
`Thinlite' a light semi-sweet biscuit aimed at fitness concious consumers.
1995 - Under the `Pure Magics' Umbrella, the company launched a new sandwich cream biscuit
with two-in-one flavour viz. double cream and this was well received in the market.
In the cake market, under the premium segment, the company launched with Groupe
Danone's technological input a Swissroll Cake Mini Roule which was also met with
good response.
1996 - Mariegold biscuits registered quantum growth in volumes and milk bikis milk cream
launched during the year was well received.
1997 - The Company launched `Tiger' range of biscuits for mass market category, `Jim-Jam' and
` `Chekkers' in the premium segment. The Company also launched Butter in Delhi
during the year.
 Britannia Industries Ltd (BIL) will shortly enter the cheese and milk products market
with an alliance proposed between itself and the Mumbai-based Dynamix Dairy Ltd.
1998 - The company has launched Half/Half, a soft cake filled with cream in two variants,
chocolate-vanilla and vanilla-orange. Half/Half comes in a twin-cake pack (Rs.6) and
a tray pack containing five cakes.
 Britannia Industries Ltd has launched a festival offer for Britannia Dairy Whitener in
Kerala.
1999 - Britannia Industries Ltd has rolled out its flavoured milk brand `Zip-Sip' in tetrapaks.
Zip-Sip has been launched in Mumbai and some markets in the South.
 In a move meant to sharply increase its India-profile, `knowledge major' Encyclopaedia
Britannica Inc plans to come out - for the first time - with India and south Asia-specific
volumes targeted at school children as well as institutions and the general `knowledge-seeker'.

58. 2000 - Britannia Industries, in its second coming in the Indian dairy market under the `Milkman'
brand, is introducing a range of products many in desi flavours to woo the Indian
consumer.
 The Company has launched Vita Mariegold, a semi-sweet biscuit which reportedly has
10 essential vitamins, milk protein and 58 cereals.
 Britannia's Milk Bikis Funland biscuits an innovative extension of the Milk Bikis brand.
 Britannia Industries has launched Britannia Milkman Butter, a product under the
Milkman brand.
 The Company has lauched two new dairy products Milkman Cold Coffee and Milkman
Sweet lassi.
 Britannia Industries Ltd. has introduced a new range of traditional namkeens called
Britannia Snaz in Mumbai.
2001 - Britannia Industries has launched Britannia Milkman Milk in Delhi.
2002 -Britannia's new COO is Nikhil Sen.
2003 - Board of Directors of Britannia Industries Ltd has passed a resolution to terminate the
employment of Mr S K Alagh as Managing Director of the company with immediate
effect. Britannia New Zealand Foods, a joint venture of Britannia Industries and
Fonterra Co-operative group of New Zealand has launched Britannia MilkMan fresh
milk.
2004 -Britannia accorded the status of being a 'Superbrand'
Volumes cross 3,00,000 tons of biscuits .
Good Day adds a new variant - Choconut - in its range
2005 -Britannia New Zealand launches health drink for adult.
 Re-birth of Tiger - 'Swasth Khao, Tiger Ban Jao' becomes the popular chant.
 Britannia launched 'Greetings' range of premium assorted gift packs.
2006 -Britannia Industries Ltd has forged a strategic alliance with CCD Daily Bread Pvt Ltd a
Bangalore based Company engaged in manufacturing and retailing of premium breads,
cakes and high end ready to eat foods and snacks.

59.  Britannia re-launched NutriChoice Hi-Fibre Digestive biscuits in an international large
sized biscuit pack.
2007 -Britannia NutriChoice SugarOut range introduced - 1st of its kind of biscuits to be
launched in India with No Added Sugar (Variants - Chocolate Cream, Orange Cream,
and Lifetime)
2008 -Britannia NutriChoice 5 Grain biscuits launched - Biscuits with the goodness of 5 health
Cereals, and sweetened with Natural honey. Britannia Nutrichoice promised
consumers Bhook Bhagao, Kuch Healthy Khao.
 Britannia launched Iron fortified 'Tiger Banana' biscuits, 'Good Day Classic Cookies',
Low Fat Dahi and renovated 'MarieGold'.
2009 -Britannia NutriChoice Nature Spice Crackers launched - Your favorite Cream Crackers,
now made even more exciting with the addition of Sabut Ajwain and Jeera spices.
2010 -Britannia NutriChoice launches a New Year pack - the Health Starter Kit created for
everyone who makes New Year resolutions and doesn’t follow. The Health Starter Kit
contains 1 pack each of NutriChoice Hi-Fiber Digestive, NutriChoice 5 Grain,
NutriChoice Nature Spice Cracker bundled together with a Fit Sip Sipper and a fitness
chart.
2011 -Britannia received the Most Respected Company Award 2011 from Businessworld.
 Bourbon received the Most Popular Confectionery Product Preferred by Youth (Biscuit)
Award.
 BRITANNIA was honored with `CREATIVE HR PRACTICES AWARD' by Employer
Branding Institute, India, on the occasion of 6th Employer Branding Awards ceremony
held on the 10th of December 2011 at Hotel Taj Deccan, Hyderabad.
2012 -IMC Ramakrishna Bajaj National Quality Award 2011 was awarded to Britannia
Industries Limited.
CORPORATE INFORMATION
Name Designation
Nusli N Wadia Chairman
S S Kelkar Director

60. Nimesh N Kampani Director
Keki Dadiseth Director
Nasser Munjee Director
Vijay L Kelkar Director
A K Hirjee Director
Avijit Deb Director
Jeh N Wadia Director
Ajai Puri Director
Ness N Wadia Director
Varun Berry Executive Director
PRODUCTS
 BRITANNIA BASKET OF GOODIES

62.  BRITANNIA Healthy Start
 Daily Delights

63. SHAREHOLDING PATTERN
Category of
Shar
ehol
der
No. of
S
h
a
r
e
-
h
o
l
d
e
r
s
Total No.
Total No.
o
f
S
h
a
r
e
s
Sha
res
hel
d in
De
ma
teri
aliz
ed
For
m
Total
Shar
ehol
ding
As a
% of
tota
l no.
of
shar
es
Shares
p
l
e
d
g
e
d
o
r
o
t
h
e
r
w
i
s
e
e
n
c
u
m
b
e
r
e
d
As
AS A%
A
%
o
f
(
No. of
o
f
(
A
+
B
S
h
a
r
e
s
As A%
o
f
t
o
t
a

64. A
+
B
)
+
C
)
l
n
o
.
o
f
S
h
a
r
e
s
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Individuals (Non-
Resid
ents
Indivi
duals
/
Forei
gn
Indivi
duals)
1 2,250 2,250 - - - -
Bodies Corporate
6 60,866,095 60,866,095 50.75 50.75 - -
Sub Total 7 60,868,345 60,866,345 50.75 50.75 - -
Total
share
holdi
ng of
Prom
oter
and
Prom
oter
7 60,868,345 60,868,345 50.75 50.75 - -

65. Grou
p (A)
(B) Public Shareholding
(1) Institutions
Mutual Funds /
UTI
81 4,548,750 4,547,500 3.79 3.79 - -
Financial
Instit
ution
s /
Banks
16 170,290 164,940 0.14 0.14 - -
Insurance
Comp
anies
8 5,437,763 5,437,263 4.53 4.53 - -
Foreign
Instit
ution
al
Invest
ors
143 24,590,371 24,590,371 20.5 20.5 - -
Sub Total 248 34,747,174 34,740,074 28.97 28.97 - -
(2) Non-Institutions
Bodies Corporate
1,071 3,642,770 3,597,815 3.04 3.04 - -
Individual
share
holde
rs
holdi
ng
nomi
nal
share
capita
l up
to Rs.
1 lakh 44,016
16,163,879 13,218,986 13.48 13.48 - -

66. Individual
share
holde
rs
holdi
ng
nomi
nal
share
capita
l in
exces
s of
Rs. 1
lakh 37
4,480,502 3,093,827 3.74 3.74 - -
Any Others
(Spec
ify)
8 23,145 23,145 0.02 0.02 - -
T
rusts 8
23,145 23,145 0.02 0.02 - -
Sub Total 45,132 24,310,296 19,933,773 20.27 20.27 - -
Total Public
share
holdi
ng (B)
45,380 59,057,470 54,673,847 49.25 49.25 - -
Total (A)+(B) 45,387 119,925,815 115,542,192 100 100 - -
(C) Shares held
by
Custo
dians
and
again
st
whic
h
Depo
sitory
Recei
pts
have
been
issue
d-m
- - - - - - -

67. Total (A)+(B)+(C)
45,387 119,925,815 115,542,192 - 100 - -

68. ANNUAL REPORT
Rs. in crores
Year ended Year ended
Particulars 31
March''14
31 March''13
Sale of Products 6,347.85 5,649.66
Other Operating Revenues 75.30 51.11
Other Income 34.82 55.47
Profit from Operations (PBT
533.24 314.45
before other income, finance costs
and exceptional items)
Profit Before Tax 542.62 332.18
Less: Tax Expense 172.79 98.31
Net Profit 369.83 233.87
Add: Profit brought forward 326.89 235.35
Profit available for Appropriation 696.72 469.22
Less: Proposed Dividend 143.91 101.66
Less: Tax on Proposed 24.46 17.28
Less: Dividend (including tax on
dividend) for previous year on
equity shares issued under ESOS
after the year end
0.22 -
Less: Transfer to General Reserve 36.98 23.39
Balance carried forward to Balance
491.15 326.89
sheet
Net Cash Flow from Operating
Activities
614.51 272.01
DIVIDEND DECLARED
Announcement
Date
Effective
Dividend
D
a
t
e
Dividend
T
y
p
e
(
%
)
Remarks
27-05-14 23-07-14 Final 600.00 Rs.12.0000 per share(600%)Dividend
24-05-13 23-07-13 Final 425.00 Rs.8.5000 per share(425%)Dividend
28-05-12 17-07-12 Final 425.00 -

69. 27-05-11 19-07-11 Final 325.00 Rs.6.50 per share(325%)Dividend
28-05-10 23-07-10 Final 250.00 -
27-05-09 09-06-09 Interim 400.00 -
29-05-08 14-07-08 Final 180.00 -
30-05-07 30-08-07 Final 150.00 -
31-05-06 18-07-06 Final 150.00 AGM (Revised)
27-05-05 08-07-05 Final 140.00 -
29-06-04 05-08-04 Final 110.00 AGM (Revised)
13-06-03 23-07-03 Final 100.00 Voluntary Delisting of Shares
05-06-02 18-07-02 Final 75.00 AGM
BONUS SUMMARY
The last bonus that Britannia Industries had announced was in 1999 in the ratio of 1:2.The share
has been quoting ex-bonus from September 27, 1999.
BONUS HISTORY
Announcement Date Bonus Ratio
Record Date Ex-Bonus Date
26-05-1999 1:2
12-10-1999 27-09-1999
07-10-1990 1:2
03-01-1990 -
07-10-1987 2:5
23-06-1987 -
26-07-1983 2:5
FUTURE PROSPECTS OF BRITANNIA

70. Despite a strong focus on the lucrative foods segment, Britannia Industries is among the cheapest
FMCG stocks, with its current market price of Rs 1700 discounting expected 12-
month earnings by just 14 times. This is a steep discount not only to Nestle India (32
times), but also to every other leading player in the FMCG space. After ceding
significant market share to ITC in biscuits until 2006, Britannia Industries has
regained some market share over the past couple of years. A host of new product
rollouts (iron fortified Tiger, Good Day Classic), expansion of the premium portfolio
(Good Day and Treat), the positioning of Nutri Choice as a snacking alternative and
the launch of Nano packs at Rs 2 and Rs 5 price points have all helped revive
Britannia’s sales. Going ahead, an expanding cakes and rusks portfolio (the business
has doubled in two years), further expansion of the Daily Bread bakery business and
new markets for Britannia’s brands in West Asia and Africa (through acquired
subsidiaries), offer growth opportunities. Though Britannia has managed to stabilize
its market share and add new product lines, strong top line growth hasn’t translated
into earnings growth. A sharp spiral in prices of commodity inputs such as wheat
flour, vegetable oils/fats and milk has resulted in earnings growth (12 per cent)
lagging sales (25 per cent). However, a moderation in wheat prices and sharp decline
in global prices of vegetable oils and milk have now significantly moderated cost
pressures. The lag effect of these, as well as the price increases taken in
September/October, may contribute to much better margins in the coming quarters.
For investors seeking a defensive option in choppy markets, the stock of Britannia
Industries is an attractive buy. With a product basket comprising biscuits, bakery and
dairy products and brands straddling several price points, Britannia’s portfolio is
among the least vulnerable, even within FMCGs, to any consumption slowdown. A
slew of product launches, efforts to position biscuits as snacking alternatives for adults
and forays into new segments have helped the company register healthy sales growth
and ward off threat to its market share. Low margins and spiraling input costs have
been the only point of concern in the company’s financials in recent quarters. Here,
signs of moderation in prices of key inputs promise a reprieve.
CADBURY

71. HISTORY OF CADBURY INDIA
1948 - The Company was incorporated on 19th July, as a private limited company under the
name of Cadbury-Fry (India) Private Limited and commences business soon
thereafter. Manufacturing facilities were set up gradually.
1964- The Company undertook at its own cost and responsibility the development of cocoa
growing in the country. A specialist cocoa advisory service was created. A cocoa
research centre was also created together with seeding nurseries and distribution centers;
Through its subsidiary, Induri Farm Ltd., the Company had set up facilities near Pune to
breed cattle that would give improved yield of milk at economic feeding costs.
1967 - Cadbury introduced the `Five Star and Gems' chocolates in 1967 and 1968 respectively.
1977 - The name of the Company was changed from Cadbury-Fry (India) Pvt. Ltd., to Cadbury
India Pvt. Ltd., on 7th June. It was converted into a public limited company on 11th
June. An agreement was entered into with Cadbury Overseas Ltd., (COL) U.K., on
3rd May, for technical services concerning new products and processes.
1979 - Industrial license for the apple juice project was received and the project was
commissioned on 16th September, 1980.
1981 - The Company received a certificate to manufacture 2,200 tonnes of chocolates at Indori.
1982 - On 17th December, the name of the Company was changed from Cadbury India Ltd., to
Hindustan Cocoa Products Ltd., consequent to 60% of its shares being held by the
Indian public.
1984 - The company launched its dairy milk chocolate, which has now become the flagship
brand of the company. A diversification into the ice-cream market in 1989 by
introducing Dollops was undertaken in a strategic alliance with Brooke Bond India (a
subsidiary of Unilever), which was sold off to the latter in 1992.
1985 - The Company explored the possibilities of entering into the business of software export.
1987 - In chocolate group, the Company launched new products such as `Crackle', `Orange',
`Strawberry Krisp', `Mello', and `Wildlife bar'. For every `Wildlife bar' sold, the

72. Company makes a contribution to the Wildlife fund, as per an agreement entered into
with the fund. In the foods drinks, the Company launched `Choc O Cheer.
1988 - The Chocolate division introduced some more new products to upper and lower ends of
the market. In the food drinks area, a higher protein drink under the brand name
`Enriche' was successfully introduced. The Company diversified into ice-cream
market and a product under the brand name `Dollops' was test marketed in Hyderabad
on New Year’s Day. In order to meet the growing demand for the Company's food
drink products, it was decided to establish a new factory at Malanpur, Bhind District
in the State of Madhya Pradesh.
1989 - The product of the food drinks was marketed under the brand name `Enriche'.
1993 - With effect from 18th July, the Company's Ice Cream business comprising manufacturing
arrangements with two well known brands Dollops & Lopstop was transferred to
Brooke Bond India Ltd. for a consideration of Rs 1062.65 lakhs and an assurance from
the company to Brooke Bond that they would not make or sell Ice creams for a period
of 8 years.
1995 - `Perk' was launched from its Malanpur plant. Towards the end of 1996, the Company has
launched a new range of sugar confectionery, `Googly', a trangy, fizzy fruit flavoured
candy in Chennai under the brand name `Trebor'.
1997- Cadbury India Ltd has launched Truffle - flavored soft centre molded chocolate bar. The
product was launched in Calcutta, Mumbai and New Delhi during October with subsequent
launches planned in Bangalore, Chennai, Hyderabad and other mini-metros in a phased-manner
in November; Cadbury India is launching its well-known beverage Bournvita in
sachets.
1998- Cadbury's launches Picnic: Cadbury India Ltd on March 23 announced the launch of
Picnic in Karnataka. It is being made at a specially imported new line in the state-of-the-art
factory near Gwalior; Cadbury India is celebrating its golden jubilee in India. To
commemorate the occasion, the company has organized a series of events for the
employees and business associates in Mumbai, the branch offices and plant sites.
1999 The Board of directors of Campco have approved the proposal to enter into an agreement
with Cadbury.

73. 2000- Cadbury India Ltd has launched a new product, `Nice Crem', under its sugar confectioner
business. The sugar candy has been launched only in Mumbai; During 1994-95, Cadbury's
entire ranges of products were introduced in Bangladesh. Its new wafer product, Perk, was
launched in Sep.'95, in Mumbai, Delhi, Calcutta, Pune and Goa. The company launched a
new range of sugar confectionery, Googly a tangy, fizzy, fruit flavored candy in Tamil
Nadu under the Trebor umbrella brand name.
2001- Cadbury's has introduced Perk Slims, a slimmer version of the wafe; The Company has
relaunched Perk, its chocolate-coated wafer, it has four new layers covered in Cadbury
Dairy Milk Chocolate; Cadbury India Ltd. has launched a range of gift packs for Diwali.
2002 - The Company has launched Sweet Nothings range of gift packs for Valentine Day.
2003 -Cadbury India launches Cadbury's Heroes, which is a blend of company's leading brands.
Adams will now be a part of the mass markets division of Cadbury India.
2004 -Amitabh Bachchan new brand ambassdor for Cadbury Dairy Milk
2007- Cadbury India has rolled out a wafer-based chocolate called 'Ulta Perk' nationally. 'Ulta
Perk' has been test marketed in southern states like Tamil Nadu and Karnataka for
over 6 months and is now being launched in other parts of India. The product is
targeted towards teenagers and youth. 'Ulta Perk' will be the second product offering
from Cadbury in the chocolate-wafer segment, after the 'Perk' brand.
CORPORATE INFORMATION
Name Designation
C Y Pal Chairman / Chair Person
Harsh Mariwala Non Executive Director
Suresh Talwar Non Executive Director
V Chandramouli Executive Director
Jaiboy Phillips Executive Director
Sunil Sethi Executive Director

74. Anand Kripalu Managing Director
Radhakrishnan Menon Non Executive Director
Atul Bhatia Executive Director
Rajesh Garg Executive Director
Rajesh Ramanathan Executive Director
Narayan Sundararaman Executive Director
PRODUCTS OF CADBURY INDIA/MONDELEZ INTERNATIONAL

75. FINANCIAL RESULTS
BALANCE SHEET
Rs. Crores
Dec '09
Dec '08
Dec '07
Dec '06
Dec '05
12 Months
12 Months
12 Months
12 Months
12 Months
Sources Of Funds
Total Share Capital 31.07
32.18
33.20
34.36
35.71
Equity Share Capital 31.07
32.18
33.20
34.36
35.71
Reserves 499.73
432.22
372.94
357.73
398.10
Revaluation Reserves 0.00
0.00
0.00
0.00
0.00
Net worth 530.80
464.40
406.14
392.09
433.81
Secured Loans 2.28
32.02
1.28
3.26
3.71
Unsecured Loans 9.89
9.68
7.48
6.75
4.51
Total Debt 12.17
41.70
8.76
10.01
8.22
Total Liabilities 542.97
506.10
414.90
402.10
442.03
Dec '09
Dec '08
Dec '07
Dec '06
Dec '05
12 Months
12 Months
12 Months
12 Months
12 Months
Application Of Funds
Gross Block 724.75
586.94
544.77
430.21
395.50
Less: Accum. Depreciation 372.09
335.55
299.18
265.13
234.88
Net Block 352.66
251.39
245.59
165.08
160.62
Capital Work in Progress 152.53
123.86
25.58
82.18
29.55
Investments 18.01
2.92
298.49
253.42
258.21
Inventories 199.82
222.81
151.02
122.08
102.33
Sundry Debtors 31.09
19.67
13.14
11.37
10.68
Cash and Bank Balance 271.50
269.59
8.90
11.20
18.40

76. Total Current Assets 502.41
512.07
173.06
144.65
131.41
Loans and Advances 74.20
69.82
72.34
44.27
53.39
Fixed Deposits 0.00
0.00
0.62
0.62
0.00
Total CA, Loans & Advances 576.61
581.89
246.02
189.54
184.80
Current Liabilities 534.02
433.56
370.89
275.84
205.09
Provisions 22.83
20.40
29.91
25.96
13.41
Total CL & Provisions 556.85
453.96
400.80
301.80
218.50
Net Current Assets 19.76
127.93
-154.78
-112.26
-33.70
Miscellaneous Expenses 0.00
0.00
0.00
13.68
27.35
Total Assets 542.96
506.10
414.88
402.10
442.03
Contingent Liabilities 150.97
113.74
106.12
84.75
66.54
Book Value (Rs) 1,708.53
144.30
122.32
114.12
121.48
DIVIDEND SUMMARY
For the year ending December 2009, Cadbury India has declared an equity dividend of 20.00%
amounting to Rs 2 per share. Cadbury India had last declared a dividend of 20.00% for the year
ending December 2009.
BONUS SUMMARY
The last bonus that Cadbury India had announced was in 2000 in the ratio of 1:2.The share has
been quoting ex-bonus from June 19, 2000.
BONUS HISTORY
Announcement Date Bonus Ratio
Record Date Ex-Bonus Date
25-05-2000 1:2
04-07-2000 19-06-2000
02-04-1996 3:5
06-08-1996 08-07-1996
25-07-1988 1:1
FUTURE PROSPECTS OF CADBURY INDIA
Cadbury India expects strong growth in India in future. The company plans to increase the
franchise of its existing brands and continue to explore new product opportunities
including adjacent market opportunities. Cadbury India is also looking for more
opportunities in the SAARC region.

78. KEY LEARNING’S
 Identify pressure that is driving business to become more sustainable.
 Always set mission, vision and objectives before starting.
 People with a single focus: create joy

79. CONCLUSION
This sector will continue to see growth as it depends on an ever-increasing internal market for
consumption, and demand for these goods remains more or less constant, irrespective
of recession or inflation. Hence this sector will grow, though it may not be a smooth
growth path, due to the present world-wide economic slowdown, rising inflation and
fall of the rupee. This sector will see good growth in the long run and hiring will
continue to remain robust.
Fast Moving Consumer Goods (FMCG) goods are popularly named as consumer packaged
goods. Items in this category include all consumables (other than groceries/pulses)
people buy at regular intervals. The most common in the list are toilet soaps,
detergents, shampoos, toothpaste, shaving products, shoe polish, packaged foodstuff,
and household accessories and extends to certain electronic goods. These items are
meant for daily of frequent consumption and have a high return. The Indian FMCG
sector is the fourth largest sector in the economy with a total market size in excess of
US$ 13.1 billion. It has a strong MNC presence and is characterized by a well
established distribution network, intense competition between the organized and
unorganized segments and low operational cost. Availability of key raw materials,
cheaper labour costs and presence across the entire value chain gives India a
competitive advantage. The FMCG market is set to treble from US$ 11.6 billion in
2003 to US$ 33.4 billion in 2015. Penetration level as well as per capita consumption
in most product categories like jams, toothpaste, skin care, hair wash etc in India is
low indicating the untapped market potential. Burgeoning Indian population,
particularly the middle class and the rural segments, presents an opportunity to makers
of branded products to convert consumers to branded products. Growth is also likely
to come from consumer 'upgrading' in the matured product categories. With 200
million people expected to shift to processed and packaged food by 2010, India needs
around US$ 28 billion of investment in the food-processing industry.