Hindustan Unilever Ltd (HUL), a leading FMCG maker, has received GST demands and penalties totaling Rs 447.5 crore from authorities in five states. The orders, received on December 30 and 31, 2023, include issues such as the disallowance of GST credit and taxation on expat salaries.
JFL also announced the appointment of Suman Hegde as its executive vice president and chief financial officer on Tuesday. Hedge will be moving from Hindustan Unilever in her role as vice president of finance - beauty, wellbeing and personal care, South Asia. Hedge's appointment is effective from March 1, 2024
By roping in former revenue secretary Tarun Bajaj at the beginning of this month, Hindustan Unilever (HUL) became the second Nifty 50 and third FMCG company in the past six months to appoint a former bureaucrat as an independent director.
Goenka will be succeeding L Krishnakumar who retired as Finance function of Tara Consumer Products on October 31st, 2023. Krishnakumar will continue as Senior Advisor until March 31st, 2024.
HUL is not alone, with other leading stock exchange-listed consumer goods companies such as Colgate-Palmolive and Marico also expanding their advertising spend by 26-32% year-on-year in the September quarter. Most companies have been increasing advertising expenses with the improvement in margins due to the reduction in input cost pressures, industry executives said.
Rohit Jawa underscored the role of a consistent policy push in ensuring robust growth in Asia's third-biggest economy, pointing to coordinated action by both North Block and the Reserve Bank of India (RBI) in guiding the nation's finances through the Covid disruptions.
Nestle India is actively seeking acquisitions that align with its existing portfolio and meet valuation expectations, according to the company's managing director, Suresh Narayanan. The food manufacturer, known for brands such as Maggi noodles and KitKat chocolate, has expressed interest in acquiring Capital Foods. Narayanan also addressed competition from local rivals in categories such as noodles.
Hindustan Unilever (HUL) managing director, Rohit Jawa, stated that all the categories in which the company operates will experience an S-curve of growth driven by increased per-capita consumption and higher rural contribution. He mentioned that HUL has already shown this growth curve in categories such as home care and fabric conditioners, and sees similar opportunities in new demand spaces.
New smaller packs are "placing extra burden on retailers as they have to keep on adding new packs, leading to inventory management challenges, and impacting distribution efficiency," said Dhairyashil Patil, national president of All India Consumer Products Distributors Federation (AICPDF).
At present, the making of cosmetics is regulated under a system of inspection and licensing by the state licensing authorities, and products including soaps, skin care and cosmetics are treated to the highest levels of regulatory control like drugs under the Drugs and Cosmetics Act.
Will buy around 70% in first tranche; existing shareholders finalising rollover plans. Nestle, Kraft Heinz were the other contenders in fray. The potential buyout will pit Tata co against Nestle’s Maggi, which leads the Rs 5,000 crore branded instant noodles market.
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