Uneven rainfall affected rural demand, says HUL chairman Nitin Paranjpe

Hindustan Unilever reported a resilient performance last fiscal year in a challenging macroeconomic environment marked by uneven rainfall resulting in subdued agricultural output which affected rural demand, the leading packaged consumer goods said in its annual report.

"We witnessed gradual deflation in commodity prices in parts of our portfolio after a long period of high inflation. However, cumulative inflation continued to remain high," Nitin Paranjpe, chairman at HUL said in its annual report.

In 2023-24, remuneration of HUL managing director Rohit Jawa grew 4% to Rs 22.39 crore. His salary was 153 times higher than the average of the remuneration of HUL employees, according to the report. A year ago, his annual remuneration was Rs 21.43 crore.


HUL had 7215 permanent employees as on March 31, 2024, compared to 6697 employees a year earlier.

The percentage increase in the median remuneration of employees for FY24 was 7.38%, it said. During the fiscal, HUL grew 3% to post sales of Rs 59,579 crore.

"HUL in financial year 2023-24, navigated a challenging macro-economic environment by focusing on key strategic thrusts - growing our core through unmissable brand superiority, driving market making, reshaping our portfolio into premium spaces and strengthening leadership in channels of the future," said Rohit Jawa.

The country's biggest consumer goods firm said it has 19 brands with more than Rs1000 crore annual sales.