BALANCE SHEET

AS AT MARCH 31, 2012

Note As at As at
March 31, 2012 March 31, 2011
Rs. Crore Rs. Crore
A. EQUITY & LIABILITIES:
1. Shareholders' Funds :
(a) Share Capital 216.25 216.15
(b) Reserves and Surplus 2,457.77 3,296.78
Total 2,674.02 3,512.93
2. Non-Current Liabilities:
(c) Other Long Term Liabilities 476.25 329.69
(d) Long-term Provisions 706.34 666.95
Total 1,182.59 996.64
3. Current Liabilities:
(a) Short-term Borrowings 0.00 0.00
(b) Trade Payables 5,167.69 4,622.96
(c) Other Current Liabilities 616.15 546.77
(d) Short-term Provisions 1,872.02 1,278.97
Total 7,655.86 6,448.70
TOTAL 11,512.47 10,958.27

B. ASSETS
1. Non-Current Assets :
Fixed Assets
(i) Tangible Assets 2,256.79 2,117.53
(ii) Intangible Assets 36.11 29.94
(iii) Capital Work-in-Progress 205.32 205.13
(iv) Intangible assets under development 10.32 10.32
Total 2,508.54 2,362.92
Non-Current Investments 548.03 186.31
Deferred tax assets (net) 204.78 214.24
Long-term Loans & Advances 384.29 401.27
Other non-current assets 296.84 0.00
Total 3,942.48 3,164.74
2. Current Assets:
(a)Current Investments 1,782.63 2,251.90
(b) Inventories 2,526.99 2,516.65
(c) Trade Receivables 833.48 678.99
(d) Cash & Bank Balances 1,707.89 1,830.04
(e) Short Term Loans & Advances 648.26 480.70
(f) Other Current Assets 70.74 35.25
Total 7,569.99 7,793.53
TOTAL 11,512.47 10,958.27

0.00 0.00
1264.08
8254.96
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED MARCH 31, 2012
Note Year Ended Year Ended
March 31, 2012 March 31, 2011
Rs. Crore Rs. Crore
Revenue from Operations (Gross) 27,283.59 23,181.09
Less: Excise duty -1,473.38 -1,064.72
1. Revenue from Operations(Net) 25,810.21 22,116.37
2. Other Income B10 606.90 278.31
3. Total Revenue (1 +2) 26,417.11 22,394.68
4.Expenses :
(a) Cost of Materials Consumed B11 10,284.66 8,584.89
(b) Purchases of stock in trade B11 3,235.31 3,024.14
(c) Changes in Inventories of Finished
Goods,Intermediaries and Work in Process B12 -31.13 128.73
(d) Employee Benefit Expenses B11 1,318.34 1,107.28
(e) Finance Cost B13 25.15 1.24
(f) Depreciation & Amortization expenses B5 236.02 218.25
(g) Other Expenses B11 6,999.28 5,979.99
Total Expenses 22,067.63 19,044.52

Profit before exceptional items and tax 4,349.48 3,350.16

Exceptional items 608.40 118.87
5. Profit before Tax (3 - 4) 4,957.88 3,469.03
6. Tax Expenses
(a) Current Tax Expense -1,167.59 -784.52
(b)Deferred Tax -9.45 -0.76
(c)Tax adjustments for prior years 15.83 7.65
Total tax -1,161.21 -777.63
Profit for the Year (5-6) 3,796.67 2,691.40
Earnings per Share of Re 1 each:
(a) Basic C22
(b) Diluted 17.56 12.46
17.55 12.45
-0.234215 -0.224164
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED MARCH 31, 2012
Year Ended
March 31, 2012
Rs. Crore
Revenue from Operations (Gross) 27,283.59
Less: Excise duty -1,473.38
Revenue from Operations(Net) 25,810.21

Operating Expenses :
(a) Cost of Materials Consumed 10,284.66
(b) Purchases of stock in trade 3,235.31
(c) Changes in Inventories of Finished
Goods,Intermediaries and Work in Process -31.13
(d) Employee Benefit Expenses 1,318.34
(e) Depreciation & Amortization expenses 236.02
(f) Other Expenses 6,999.28
Total operating Expenses 22,042.48

Operating Profit before tax 3,767.73

Tax on Operating profit

Current year Income tax 1,161.21
Deduct: Tax on Other income 196.91
Deduct: Tax on Exceptional items 197.40
Add: Tax on Finance cost 8.16 775.07
Net Operating Profit after tax (NOPAT) 2,992.66

NOPAT 2,992.66
Add:Other income (net of tax) 409.99
Less;Finance cost (net of tax) 16.99
Profit after tax before exceptional items 3,385.67

Add: Exceptional Items (net of tax) 411.00

Profit for the year 3,796.67

Other Income 606.90

Finance Cost 25.15
Exceptional items 608.40
Profit Margin /Return on Sales 13.12%
Operating profit margin 11.59%

Average Total Assets 11,435.09

Average Investments 2,384.44
Operating Assets 9,050.66

return on assets 29.61%

return on operating assets 33.07%

Asset turnover 2.2571

Operating asset turnover 2.8518

Important Note: return on assets can also be calculated on total assets as on B/s date instead of average of open
Maintain consistency. Either take total for both years or average for both years.
 Year Ended
March 31, 2011
Rs. Crore
23,181.09
-1,064.72
22,116.37

8,584.89
3,024.14

128.73
1,107.28
218.25
5,979.99
19,043.28

3,073.09

777.63
90.30
38.57
0.40 649.17 31.5
2,423.92 32.445

2,423.92
188.01
0.84
2,611.10

80.30
2,691.40

278.31
1.24
118.87
 11.81%
10.96%

9,606.62
1,851.15
7,755.47

27.18%
31.25%

2.3022
2.8517

date instead of average of opening and closing assets.

BALANCE SHEET
AS AT MARCH 31, 2012
Note As at As at
March 31, 2012 March 31, 2011
Rs. Crore Rs. Crore
A. EQUITY & LIABILITIES:
1. Shareholders' Funds :
(a) Share Capital 216.25 216.15
(b) Reserves and Surplus 2,457.77 3,296.78
Total 2,674.02 3,512.93
2. Non-Current Liabilities:
(c) Other Long Term Liabilities 476.25 329.69
(d) Long-term Provisions 706.34 666.95
Total 1,182.59 996.64
3. Current Liabilities:
(a) Short-term Borrowings 0.00 0.00
(b) Trade Payables 5,167.69 4,622.96
(c) Other Current Liabilities 616.15 546.77
(d) Short-term Provisions 1,872.02 1,278.97
Total 7,655.86 6,448.70
TOTAL 11,512.47 10,958.27

B. ASSETS
1. Non-Current Assets :
Fixed Assets
(i) Tangible Assets 2,256.79 2,117.53
(ii) Intangible Assets 36.11 29.94
(iii) Capital Work-in-Progress 205.32 205.13
(iv) Intangible assets under development 10.32 10.32
Total 2,508.54 2,362.92
Non-Current Investments 548.03 186.31
Deferred tax assets (net) 204.78 214.24
Long-term Loans & Advances 384.29 401.27
Other non-current assets 296.84 0.00
Total 3,942.48 3,164.74
2. Current Assets:
(a)Current Investments 1,782.63 2,251.90
(b) Inventories 2,526.99 2,516.65
(c) Trade Receivables 833.48 678.99
(d) Cash & Bank Balances 1,707.89 1,830.04
(e) Short Term Loans & Advances 648.26 480.70
(f) Other Current Assets 70.74 35.25
Total 7,569.99 7,793.53
TOTAL 11,512.47 10,958.27

11,512.47 10,958.27
 Change
Amount %

0.10 0%
-839.01 -25%
-838.91 -24%

146.56 44%
39.39 6%
185.95 19%

544.73 12%
69.38 13%
593.05 46%
1,207.16 19%
554.20 5%

139.26 7%
6.17 21%
0.19 0%
0.00 0%
145.62 6%
361.72 194%
-9.46 -4%
-16.98 -4%
296.84
777.74 25%

-469.27 -21%
10.34 0%
154.49 23%
-122.15 -7%
167.56 35%
35.49 101%
-223.54 -3%
554.20 5%
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED MARCH 31, 2012
Note Year Ended Year Ended
March 31, 2012 March 31, 2011
Rs. Crore Rs. Crore
1. Revenue from Operations(Net) 25,810.21 22,116.37
2. Other Income 606.90 278.31
3. Total Revenue (1 +2) 26,417.11 22,394.68
4.Expenses :
(a) Cost of Materials Consumed 10,284.66 8,584.89
(b) Purchases of stock in trade 3,235.31 3,024.14
(c) Changes in Inventories of Finished
Goods,Intermediaries and Work in Process -31.13 128.73
(d) Employee Benefit Expenses 1,318.34 1,107.28
(e) Finance Cost 25.15 1.24
(f) Depreciation & Amortization expenses 236.02 218.25
(g) Other Expenses 6,999.28 5,979.99
Total Expenses 22,067.63 19,044.52

Profit before exceptional items and tax 4,349.48 3,350.16

Exceptional items 608.40 118.87
5. Profit before Tax (3 - 4) 4,957.88 3,469.03
6. Tax Expenses
(a) Current Tax Expense -1,167.59 -784.52
(b)Deferred Tax -9.45 -0.76
(c)Tax adjustments for prior years 15.83 7.65
Total tax -1,161.21 -777.63
Profit for the Year (5-6) 3,796.67 2,691.40
Earnings per Share of Re 1 each:
(a) Basic
(b) Diluted 17.56 12.46
17.55 12.45
 Change
Amount %

3,693.84 17%
328.59 118%
4,022.43 18%

1,699.77 20%
211.17 7%

-159.86 -124%
211.06 19%
23.91 1928%
17.77 8%
1,019.29 17%
3,023.11 16%

999.32 30%
489.53 412%
1,488.85 43%

-383.07 49%
-8.69
8.18 107%
-383.58 49%
1,105.27 41%

5.10 41%
BALANCE SHEET
AS AT MARCH 31, 2012
Note As at As at
March 31, 2012 March 31, 2011
Rs. Crore Rs. Crore
A. EQUITY & LIABILITIES:
1. Shareholders' Funds :
(a) Share Capital 216.25 1.88% 216.15
(b) Reserves and Surplus 2,457.77 21.35% 3,296.78
Total 2,674.02 23.23% 3,512.93
2. Non-Current Liabilities:
(c) Other Long Term Liabilities 476.25 4.14% 329.69
(d) Long-term Provisions 706.34 6.14% 666.95
Total 1,182.59 10.27% 996.64
3. Current Liabilities:
(a) Short-term Borrowings
(b) Trade Payables 5,167.69 44.89% 4,622.96
(c) Other Current Liabilities 616.15 5.35% 546.77
(d) Short-term Provisions 1,872.02 16.26% 1,278.97
Total 7,655.86 66.50% 6,448.70
TOTAL 11,512.47 100.00% 10,958.27

B. ASSETS
1. Non-Current Assets :
Fixed Assets
(i) Tangible Assets 2,256.79 19.60% 2,117.53
(ii) Intangible Assets 36.11 0.31% 29.94
(iii) Capital Work-in-Progress 205.32 1.78% 205.13
(iv) Intangible assets under development 10.32 0.09% 10.32
Total 2,508.54 21.79% 2,362.92
Non-Current Investments 548.03 4.76% 186.31
Deferred tax assets (net) 204.78 1.78% 214.24
Long-term Loans & Advances 384.29 3.34% 401.27
Other non-current assets 296.84 2.58% 0.00
Total 3,942.48 34.25% 3,164.74
2. Current Assets:
(a)Current Investments 1,782.63 15.48% 2,251.90
(b) Inventories 2,526.99 21.95% 2,516.65
(c) Trade Receivables 833.48 7.24% 678.99
(d) Cash & Bank Balances 1,707.89 14.84% 1,830.04
(e) Short Term Loans & Advances 648.26 5.63% 480.70
(f) Other Current Assets 70.74 0.61% 35.25
Total 7,569.99 65.75% 7,793.53
TOTAL 11,512.47 100% 10,958.27
 1.97%
30.08%
32.06%

3.01%
6.09%
9.09%

42.19%
4.99%
11.67%
58.85%
100.00%

19.32%
0.27%
1.87%
0.09%
21.56%
1.70%
1.96%
3.66%
0.00%
28.88%

20.55%
22.97%
6.20%
16.70%
4.39%
0.32%
71.12%
100%
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED MARCH 31, 2012
Year Ended
March 31, 2012
Rs. Crore
Revenue from Operations (Gross) 27,283.59
Less: Excise duty -1,473.38
Revenue from Operations(Net) 25,810.21 100.00%

Operating Expenses :
(a) Cost of Materials Consumed 10,284.66 39.85%
(b) Purchases of stock in trade 3,235.31 12.54%

(c) Changes in Inventories of Finished

Goods,Intermediaries and Work in Process -31.13 -0.12%
(d) Employee Benefit Expenses 1,318.34 5.11%
(e) Depreciation & Amortization expenses 236.02 0.91%
(f) Other Expenses 6,999.28 27.12%
Total operating Expenses 22,042.48 85.40%

Operating Profit before tax 3,767.73 14.60%

Tax on Operating profit 775.07 3.00%
Net Operating Profit after tax (NOPAT) 2,992.66 11.59%
Add:Other income (net of tax) 409.99 1.59%
Less;Finance cost (net of tax) 16.99 0.07%
Profit after tax before exceptional items 3,385.67 13.12%
Add: Exceptional Items (net of tax) 411.00 1.59%
Profit for the year 3,796.67 14.71%
Year Ended
March 31, 2011
Rs. Crore
23,181.09
-1,064.72
22,116.37 100.00%

8,584.89 38.82%
3,024.14 13.67%

128.73 0.58%
1,107.28 5.01%
218.25 0.99%
5,979.99 27.04%
19,043.28 86.10%

3,073.09 13.90%
649.17 2.52%
2,423.92 10.96%
188.01 0.85%
0.84 0.00%
2,611.10 11.81%
80.30 0.36%
2,691.40 12.17%
 Profitability Ratios

Amounts in Rs. Crores

Ratio Formula 2012-2013

A Return on Equity Profit After Tax 3,385.67 126.61%

Total Shareholders Funds 2,674.02

B Profit After Tax 3,385.67 13.12%

Net Profit Margin (%) or Return On Sales
Sales 25,810.21

C Operating Profit Margin (%) NOPAT 2,992.66 11.59%

Sales 25,810.21

D Return on Assets Profit After Tax 3,385.67 29.61% Alternately you can calculate on total assets on 31s
Average Total Assets 11,435.09

Profit margin Profit After Tax 3,385.67 13.12%

Sales 25,810.21

Asset Turnover Ratio Sales 25,810.21 2.257 0.296

Total Assets 11,435.09

* Profit excluding exceptional items

Also refer NOPAT sheet

Extended Dupont Analysis

Return on Equity Profit After Tax 3,385.67 126.61%
Equity 2,674.02

Profit margin Profit After Tax 3,385.67 13.12%

Sales 25,810.21

Asset Turnover Ratio Sales 25,810.21 2.26

Total Assets 11,435.09

Leverage Total Assets 11,435.09 4.28 1.27

Total Equity 2,674.02
assets on 31st mar instead of average assets
 Liquidity Ratios

Amounts in Rs. Crores

Ratio Formula 2012-2013 2011-12

A Current Ratio Total Current Assets 7,569.99 0.99 : 1 7,793.53 1.21 : 1

Total Current Liabilities 7,655.86 6,448.70

B Quick Test Ratio Current Assets- Inventory 5,043.00 0.66 : 1 5,276.88 0.82 : 1
Current Liabilites 7,655.86 6,448.70

C Inventory Turnover Ratio Sales 25,810.21 10.21 Times 22,116.37 8.79 Times Alternately can be calculated
Inventory 2,526.99 2,516.65

D Inventory Holding Period No of days in a year 365 35.74 Days 365 41.53 Days
Inventory Turnover Ratio 10.21 8.79

E Debtors Turnover Ratio Sales Turnover 25,810.21 30.97 Times 22,116.37 32.57 Times Alternately can be calculated
Sundry Debtors 833.48 678.99

F Debtors Holding Period No of days in a year 365 11.79 Days 365 11.21 Days
Debtors Turnover Ratio 30.97 32.57
calculated on average inventory(opening+closing)/2}

calculated on average receivables(opening+closing)/2}

 Solvency Ratios

Amounts in Rs. Crores

Ratio Formula 2011-12 2011-12

A Debt to equity ratio Total Borrowings there are no loans taken by the company. Hence this ratio is not applicable to HUL
Sharholders' Funds

B Liabilities to Equity Ratio Total Liabilities. 11,722.89 4.38 : 1

Sharholders' Funds 2,674.02

C Leverage Total Assets 11,512.47 4.31 : 1

Total Equity 2,674.02

D Interest Coverage Ratio PBIT(from pg.29) 3,767.73 149.81 times

Interest Expense 25.15

-
 Capital Market Ratios

Amounts in Rs. Crores

Ratio Formula 2011-12 2010-11

A Earnings Per Share

(a) Basic 17.56 12.46
(b) Diluted 17.55 12.45

C Price Earnings Ratio Market Price 466.1 26.54 409.9 32.90 Refer pg 4
Earnings Per Share 17.56 12.46

D Dividend Yield Ratio Dividend per Share 18.5 3.97% 7.5 1.83%
Market Price 466.1 409.9