MAM
HLL goes in for a name change, to be now called HUL
MUMBAI: After 51 years of being known in India as Hindustan Lever Ltd or HLL, the FMCG giant is going in for a name change: HUL is what it will be known as henceforth – short for Hindustan Unilever Limited.
The name change, announced by the HLL board yesterday alongside its quarterly results, is subject to shareholder approval.
An official announcement made by the company states that the proposed name change provides the optimum balance between maintaining the heritage of the company and the future benefits and synergies of global alignment with the corporate name of Unilever. Most importantly the proposed name retains “Hindustan” as the first word in its name to reflect the company’s continued commitment to local economy, consumers and customers and employees.
HLL chairman and Unilever Asia Amet president Harish Manwani said, “The name change is a significant milestone. It retains the company’s continued commitment towards its local roots while leveraging the global scale and reputation of Unilever with its consumers and other stakeholders in India.”
Additionally, HLL announced its results for December quarter 2006.
Total sales grew by 6.1 per cent, while growth in continuing businesses (i.e. after eliminating impact of disposals) was higher at 6.9 per cent. The FMCG business grew by 8.5 per cent for this quarter, while also ahead of other categories. For the full year FMCG saw 12.8 per cent growth.
An official announcement issued by the company stated that the HPC business grew at 8 per cent, led by double digit growth in laundry and toothpaste, with brands like Close Up leading growth in toothpaste category and Lifebuoy, Pears and Lux leading the growth in the personal wash segment. Strong innovations continued during the quarter and included the relaunch of Breeze, Vaseline body lotion, Lux body wash, scalp oil control variant of Clinic All-Clear and Ponds Age Miracle at the top end of the skin care market.
The foods business grew by 10.9 per cent. In Beverages, Taaza was relaunched during the quarter aiding growth witnessed in Tea.
For full year 2006, sales from continuing businesses were 10 per cent higher than in the previous year. FMCG business had a 12.8 per cent increase with broad based growth across categories leading to both HPC and Foods businesses growing by 13.7 per cent and 9 per cent respectively. Improved mix, selective price increases and robust cost saving initiatives led to higher gross margins. A significant part of this gross margin improvement was redeployed in supporting brands for driving sales growth. Consequently advertising and promotion expenditure increased by 26.6 per cent, adds the release.
Manwani added, “Our continuing business has witnessed double digit growth for the second consecutive year with broadbased growth in both home and personal care and foods.
“Consumer relevant innovations, effective market activation and appropriate brand support were the key drivers for this growth. Market growth has been encouraging. We also recognize the challenge of cost escalation, and in the competitive context, achieving cost leadership across the extended supply chain continues to be a key priority.
“We will continue to leverage our focused portfolio of powerful brands to market leadership and grow across categories.”
MAM
PwC India announces leadership change in Deals practice
Shashank Jain steps down as co-leader after nearly three decades with the firm.
MUMBAI: When one dealmaker steps off the pitch, another is ready to take the baton because in the fast-moving world of transactions, the game never really stops. PwC India has announced a leadership transition in its Deals practice, with Shashank Jain stepping down from his role as co-leader to pursue an opportunity in the industry. The practice will continue to be led by Mohit Chopra, ensuring continuity and sustained growth momentum.
PwC India partner and leader for advisory dinesh Arora paid tribute to Jain’s contributions. “We deeply appreciate the significant contributions made by Shashank over close to three decades he has spent with PwC, particularly his defining role in shaping and strengthening our Transaction Services practice in India,” he said. Arora highlighted Jain’s support for clients through some of the most complex and significant transactions in the Indian market, noting his deep technical expertise, sound judgment and nuanced understanding of the evolving M&A landscape.
The Deals practice remains a key growth driver for PwC India, and the firm expects continued expansion under Mohit Chopra’s leadership. He will continue to guide clients through complex transactions and transformational business moments, building on the strong foundation established over the years.
Reflecting on his journey, Shashank Jain said, “I have had an exceptional journey at PwC. I owe my growth and learning to the nurturing environment and leadership development that PwC provided.” He added that he had been working closely with Mohit and the larger team to ensure a smooth transition and expressed confidence that Chopra would take the Deals practice to newer heights.
From intern to respected deals leader, Shashank Jain has clearly closed many successful transactions and now, it seems, he’s ready to strike a new deal of his own.
