Brands
HUL records six per cent YoY revenue growth in Q1
Mumbai: Hindustan Unilever (HUL) has recorded a 6.24 per cent growth in revenue in the first quarter ended 30 June 2023, compared to the same quarter last year.
In its financial report released on Thursday, HUL’s total sales grew seven per cent during the first quarter compared to the corresponding quarter in the last FY.
While HUL’s revenue from home care products rose by about 10 per cent from Rs 4,931 crore in June 30, 2022, to Rs 5,425 crore as on June 30, 2023, the beauty and personal care revenue grew by 4 per cent to Rs 5,601 crore.
The company’s advertising and promotion expenses have increased just one per cent from Rs 1,328 crore as on 30 June 2022, to Rs 1481 crore as on 30 June 2023.
The company also said that they continue to manage their business dynamically to drive savings harder and provide the right price-value equation to their consumers and remain focused on building back their gross margin and investing competitively in A&P.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
