“HUL is an emotion that has been a big part of me for the last ten years, a sentiment that my wife Mona Mehta and I will forever cherish,” Hindustan Unilever Limited’s former CEO and MD Sanjiv Mehta said in a LinkedIn post as he bid goodbye to the FMCG major and handed over the baton to Rohit Jawa. Rohit Jawa took charge as the Managing Director and Chief Executive Officer of HUL on 27th June and Sanjiv Mehta retired from the company on 26th June after HUL’s 90th annual general meeting.
Mehta wrote a rather emotional post on LinkedIn on his decade long journey with the company while also cheering on his successor and his team, as he left behind a legacy of growth, innovation and social impact. However, he is looking forward to his next innings. “Many of you have been asking me how I feel about leaving HUL, and the fact is, parting is such sweet sorrow – the enjoyable part is I look forward to my next innings, and of course, the sad part is the Goodbyes. As I sign off, I take comfort in the fact that I’m leaving HUL, making it stronger than before and our impact on society and India much larger,” stated in the said post.
He further wrote, “I also express my profound appreciation for the unwavering dedication and the unputdownable spirit of the people of HUL and everyone who has been part of my journey. All our people gave their best to me, and today, I celebrate each of them. With a heart of gratitude, I bid farewell to my workplace and karma bhumi.”
Earlier, during the company’s AGM, he acknowledged the company’s ‘impressive performance’ FY 2022-23. “In a challenging macroeconomic environment, marked by geopolitical uncertainties, high commodity inflation and tepid market growth, we delivered yet another year of strong results. We kept our focus laser sharp on meeting the evolving needs of our consumers and at the same time, protecting our business model,” he said while addressing the shareholders.
HUL posted a turnover of Rs 58,154 crore for the financial year, up 16 per cent on-year which is a 2X growth in the last decade. The FMCG firm registered profit after tax of Rs 9,962 crore, up 13 per cent on-year, posting a 3X growth in the last decade. EBITDA margin remained healthy at 23.4 per cent despite the unprecedented inflation during the year. “The Board of Directors proposed a final dividend of Rs 22 per share, subject to approval of shareholders at the AGM. Together with an interim dividend of Rs 17 per share, the total dividend for the year amounts to Rs 39 per share, an increase of 15 per cent vs FY’22,” he said.
Sanjiv Mehta, during his address at the AGM exuded confidence in HUL’s strategies to grow inn a rapidly changing and challenging business environment. “Going forward, in a rapidly changing and challenging business environment, I truly believe that our clear and compelling Compass strategy, underlined by our purpose to make sustainable living commonplace, will hold us in good stead, making us more resilient and agile. I would like to thank our people who tirelessly work in our offices, our factories, our salesforce and the extended value chain for making us the number one FMCG business in India over the years,” he said.