Procter & Gamble Hygiene and Health Care Ltd
Directors Reports
#MDStart#
MANAGEMENT DISCUSSION & ANALYSIS
The Board of Directors have the pleasure of presenting the 59th
Annual Report and the Audited Financial Statements of the Company for the Financial Year
ended June 30, 2023.
FINANCIAL RESULTS
(Figures in Rs crores)
|
2022-23 |
2021-22 |
| Revenue from operations |
3,918 |
3,901 |
| Sale of products |
3,905 |
3,792 |
| Profit before tax (PBT) |
839 |
790 |
| Profit after tax (PAT) |
678 |
576 |
| Appropriations: |
|
|
| Opening Reserve |
280 |
267 |
| Profit for the year |
678 |
576 |
| Re-measurement gain/ loss on defined benefit plan (net of
tax) |
(7) |
5 |
| Dividend paid in the year |
(471) |
(568) |
| Balance carried to the Balance Sheet |
480 |
280 |
| Earnings per share |
|
|
| - Basic (?) |
208.91 |
177.37 |
| - Diluted (?) |
208.91 |
177.37 |
FINANCIAL YEAR
The Company's Financial Year is July 1st to June 30th.
DIVIDEND
During the Financial Year, the Board of Directors of the Company at its
meeting held on January 31, 2023, declared an interim dividend of ' 80 per equity share,
which was paid on February 21, 2023.
The Board of Directors of the Company, at its meeting held on August
28, 2023, have recommended a final dividend of ' 105 per equity share, for the Financial
Year ended June 30, 2023. This final dividend is subject to approval of the Members at the
ensuing 59th Annual General Meeting of the Company.
The aggregate dividend for the financial year ended June 30, 2023,
including the interim dividend of ' 80 per equity share paid on February 21, 2023 and the
final dividend of ' 105 per equity share recommended by the Board, amounts to ' 185 per
equity share.
ECONOMY AND MARKETS
The operating environment this year continued to be volatile, marked by
macro-economic challenges and high commodity inflation contributing to significant cost
headwinds. Consumers continued to face inflationary pressures during the year, leading to
consumer demand remaining tepid. Despite these headwinds, the Indian economy gained
momentum towards the end of the financial year, achieving a real GDP growth of 7.2%* in
fiscal year 2022-23.
Several initiatives and measures taken by the Government, including
higher Capital Expenditure (Capex) among others contributed to the economic growth as it
boosted private consumption and consumer confidence. Further, encouraging growth in the
country's digital and physical infrastructure, innovative measures such as PM
GatiShakti, the National Logistics Policy, and the Production-Linked Incentive schemes to
boost manufacturing output, have also contributed significantly to the economic growth.
* Source: Press release of Ministry of Statistics & Programme
Implementation dated May 31, 2023.
OPPORTUNITIES, RISK AND OUTLOOK
The International Monetary Fund (IMF) projects Indian economy to grow
by 6.3%A in 2023-24. With this, India continues to enjoy a positive outlook as
one of the fastest-growing major economies in the world, also reaffirmed by global
economic agencies.
The IMF projects that global headline inflation is expected to steadily
decline from its peak of 8.7%A in 2022 (annual average) to 6.9%A in
2023 and 5.8%A in 2024. Amidst this, it will be imperative to navigate through
uncertainties caused by external factors and leverage the opportunities with agility and
resilience. The long-term outlook for the FMCG sector remains positive. The Company is
well positioned to sustain and improve its performance with a resilient workforce,
leverage opportunities with agility, address challenges and overcome the risks.
A Source: IMF World Economic Outlook, October 2023.
FINANCIAL PERFORMANCE
In this Financial Year, the Company delivered sales of ? 3,905 crores,
up 3% vs year ago despite a pandemic-linked demand surge in the healthcare portfolio in
the base period. For the fiscal ended June 30, 2023, the Company reported Profit After Tax
(PAT) of ?678 crores, up 18% versus year ago including one-time tax impacts. Excluding
these one-time tax impacts, PAT is up 10% operationally. This was driven by premiumization
and productivity interventions, as the Company continued to make sequential progress in
profit growth, despite the challenging operating and cost environment.
FINANCIAL RATIOS
|
2022-23 |
2021-22 |
% Change |
| Debtors (trade receivables) turnover |
19.19 |
23.33 |
-18% |
| Inventory turnover |
17.27 |
16.14 |
7% |
| Return on investment |
0.05 |
0.04 |
22% |
| Return on capital employed |
0.81 |
0.97 |
-17% |
| Net capital turnover* |
9.54 |
14.66 |
-33% |
| Trade payables turnover |
1.88 |
2.01 |
-6% |
| Interest coverage ratio** |
0 |
0 |
NIL |
| Debt Equity Ratio** |
0 |
0 |
NIL |
| Current ratio |
1.38 |
1.32 |
4% |
| Operating profit margin |
22% |
20% |
5% |
| Net profit margin |
17% |
15% |
17% |
| Return on Networth |
81% |
79% |
2% |
* Variation is due to increase in operating cash flow vs previous year.
** The Company did not have any borrowings during the Financial Year.
INTEGRATED STRATEGIC CHOICES
The Company has delivered strong results over the years, in a volatile
macro environment against very capable competition, through focus on executing our
integrated strategies with excellence. We are focused on delighting and serving consumers,
customers and shareholders through five strategic and integrated choices: a portfolio of
products where performance drives brand choice; superiority across product, package, brand
communication, retail execution and value; productivity in everything we do; constructive
disruption across the value chain; and an agile, accountable and empowered organization.
These are not independent strategic choices. They reinforce and build on each other, and
when executed well, they lead to balanced top-line and bottom-line growth and value
creation. There is still meaningful opportunity for improvement and leverage in every
facet of this strategy, and we continue to work to strengthen our execution of these
choices.
Feminine Care Business
We continue to delight our consumers with strong innovation across the
portfolio. Whisper has continued to ensure superior product performance. Whisper premium
portfolio went through product innovation- Hygiene + Comfort, which was designed for
better comfort with boosted core and adding soft wings. The innovation improved not just
absorbency but enhanced comfort which helped us address the need for soft wings without
comprising on the protection.
The Company also significantly stepped up on the product performance of
the longer length products - Whisper Choice Ultra XL and Whisper Choice XL. With these
interventions, both products delivered superior protection, drier feel and better
integrity in- use, which enabled us to meet the consumer need on long lasting protection
(vs. earlier product). With the improved products, both Whisper Choice Ultra XL and
Whisper Choice XL have grown penetration vs last fiscal year.
The Company's super premium nights business continues to thrive
behind identification of the unmet consumer need- Night-time Leakage. Overnight period
panties saw a strong response through e-commerce channel.
Whisper's flagship campaign, #KeepGirlsInSchool initiative,
continued our commitment to be at the forefront of driving menstrual hygiene education in
India. Through the latest edition, The Missing Chapter 2.0, we highlighted one of the most
fundamental problems, taking a bolder and stronger stance - Period Awareness identified as
The Missing Chapter For Moms. Through a bold film, we brought the missing chapter to her -
proudly showing a model of female reproductive system assembled by two kids on screen, to
break taboos ingrained in the core of society.
Health Care Business
The Company's health care business delivered a muted growth this
Financial Year as the Cough & CoLd category faced correction post the increase in
consumption observed during the pandemic. Despite this, the Company continued to win
externally and grow market share in the Cough & CoLd category with strong off take
growth behind the strength of our portfolio, which includes Vicks VapoRub, Vicks Throat
Drops, Vicks Action 500 Advanced, Vicks Inhaler and Vicks Baby Rub.
With world-class communication, most of our sub- brands continued to
grow market share. Superior go- to-market strategy enabled enhanced presence in stores
with more visibility touch points per store. The business was further strengthened with
the launch of Vicks ZzzQuil, a nutraceutical sleep supplement. We also continue to grow
our recent launches like Vicks Roll-On Inhaler and Vicks Xtra Strong behind strong media
and go-to-market strategy.
The Company's health care business is continuously identifying the
opportunity to grow penetration across its entire range thereby bringing meaningful change
to the Lives of consumers.
Old Spice
Old Spice demonstrated double-digit growth led by 0% Gas Deodorants,
strengthening the brand's foothold in the category.
Overall, the Company continued to focus on driving consumer meaningful
innovations through new launches and expanded distribution backed by strong media thereby
delivering consistent growth.
Risk Management
The Company has set up a Risk Management Committee and has also adopted
a risk management policy. The Company's risk management policy is in Line with the parent
Company's global guidelines and as such adequate measures have been adopted by the
Company to anticipate, plan and mitigate the spectrum of risks it faces. The
Company's Risk Management process focuses on ensuring that these risks are identified
on a timely basis and adequately addressed.
For financing risks, the Company has a robust operational contingency
plan. It also undertakes Business Contingency Plan for key vendors and natural disasters.
The Company also has adequate insurance coverage to protect the value of its assets. The
Company has in place a very stringent and responsive system under which all its
distributors and vendors are assessed before being selected.
As part of the business sustainability and governance process, in order
to ensure a robust risk management system, in line with the applicable laws, the Company
follows a proactive risk management policy, aimed at protecting its employees, assets and
the environment, while at the same time ensuring growth and continuity of its business.
The risks are identified by a consistent process across functions and
the Company also strives to link each risk with a mitigation step to ensure business
continuity. Risk managers consistently map the risks to establish a risk management
culture. The risk report is reviewed at regular intervals, to ensure that risks are
planned for mitigation, for the fact that not all risks can be eliminated.
REGULATORY AND COMPLIANCE
The Company operates within the letter and spirit of all applicable
laws. General compliance with legal requirements is an important component of the
Company's Worldwide Business Conduct Manual (the WBCM) and the same expects the following
from its employees:
• To uphold our Purpose, Values, and Principles in our work and in
the business decisions we make;
• To do the right thing at all times;
• To follow standards set forth in the WBCM and the law at all
times;
• To know and fully comply with the laws, regulations, and Company
policies that apply to the employees' work;
• To be alert to any situations or actions that may violate the
law, the WBCM or Company policies, and to report them appropriately.
The Company has set in place the requisite mechanism for meeting with
the compliance requirements, periodic monitoring of compliance to avoid any deviations,
and regular updates to keep pace with the regulatory changes.
A number of training programs are conducted periodically for employees
with respect to various compliance related topics such as Global Anti- Corruption
Standards, Prevention of Sexual Harassment at Workplace, Whistle-blower Mechanism,
Conflict of Interest, Data Privacy, Data Integrity, Anti-Trust compliance etc.
SECURITY
The Company has implemented comprehensive security programs supported
by latest technology and trained manpower to protect employees and assets, at all its
offices and plant. During the Financial Year under review, no major security breaches or
incidents have occurred. A comprehensive security risk assessment is carried out regularly
and adequate security measures are implemented to cater to changing security scenario. The
Company has installed the best of the security measures and processes to protect its
personnel and assets.
INTERNAL AUDITOR
During the Financial Year, the Board of Directors had appointed Ms.
Pooja Bhutra, Chartered Accountant as the Internal Auditor of the Company for the
Financial Year 2022-23.
INTERNAL CONTROLS & THEIR ADEQUACY
The Company continues to prioritize sustainable control processes that
are integral part of organization culture. It has built strong Internal Controls
Environment and Risk Assessment / Management systems. These systems enable the Company to
comply with Internal Company policies, procedures, standard guidelines, and Local Laws to
help protect Company's assets and confidential information including personal
identifiable information (PII) against financial losses and unauthorized use. The robust
controls environment at the Company is efficiently managed and monitored through:
• Controls Self-Assessments are performed during October to
December period of every Financial Year across business processes. The purpose of this
thorough exercise is to review and evaluate process compliances against standard control
objective, activities and attributes. This enables the Company to proactively identify
control weaknesses and initiate actions to sustainably mitigate them.
• Stewardship and Global Internal Audit (GIA)
Reviews are led by a team of independent fulltime Internal Controls
experts. Their role is to ensure that all key processes i.e. selling, revenue,
distribution, trade & marketing spends, vendor payments, and plant operations are
reviewed and assessed at appropriate intervals. The observations and findings are shared
with senior management for implementing quality action plans to strengthen overall
controls environment in these processes. The assessments of high risks and SOX Compliance
areas are assessed by an independent internal audit department led by the Company's
Global Internal Audit team. This team comprises of certified internal controls process
experts who have experiences across different markets that the Company operates in. The
action taken by the management to correct the processes is then reviewed and reported
appropriately.
• Governance Board
The Governance Board is led by the Managing Director and comprises of
Group Chief Financial Officer, Chief Human Resource Officer, Supply Chain Leader,
Purchasing & Sustainability Leader and General Counsel. The Governance Board assesses,
and reviews enterprise level risks and works with process owners and functional managers
to ensure that corrective action is taken, and risk is mitigated as appropriate.
During the Financial Year under review, all Controls issues identified
have been 100% remediated by executing quality action plans in consultation with internal
controls and stewardship experts.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
A separate report on Business Responsibility & Sustainability has
been appended as Annexure I to this Report.
CORPORATE SOCIAL RESPONSIBILITY
The Company's flagship Corporate Social Responsibility program -
P&G Shiksha is a 360-degree educational intervention that addresses three critical
barriers to achieving universal education - access to education infrastructure, gender
inequality in access to education and gap in learning.
The Company has constituted a Corporate Social Responsibility
Committee. The composition and terms of reference of the Corporate Social Responsibility
Committee are provided in the Corporate Governance Report annexed to this Annual Report.
Annual report on Corporate Social Responsibility activities as required
under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended
as Annexure II to this Report.
ENVIRONMENTAL SUSTAINABILITY AND CONSERVATION OF ENERGY
Our efforts in Environmental Sustainability are important to create
superior propositions for consumers, customers, and shareholders, while improving our
environmental impact.
The Company's plant at Goa is a zero-manufacturing- waste-to-landfill
site, which means that no manufacturing waste is sent to landfill. The Company is
compliant with environmental regulations. The Company also continues to be compliant with
the government's Extended Producer Responsibility (EPR) guidelines on plastic
packaging waste collection.
Our brands have also stepped forward towards environmental
sustainability. Our brand Vicks transformed its sore throat drop container found on the
counters of high frequency retailers in India to 100% post-consumer recycled (PCR) plastic
- reducing dependence on traditional, virgin plastic and creating a recycle ready package.
The Company's plant at Goa has undertaken various initiatives to
conserve energy such as use of auto cleaning of condensers in chillers, arresting and
control of air leakages, use of energy efficient pumps for cooling towers, chiller &
softening plants. The Plant has also taken measures to conserve water such as use of rain
water for cooling towers vs ground water, collection & reuse of AHU condensate, use of
air conditioner drains for earthing pits recharge and reclaim of circular water.
TECHNOLOGY ABSORPTION AND RESEARCH & DEVELOPMENT
The Company has the advantage of availing advanced technology and
continuous upgradation thereof from The Procter & Gamble Company, USA and its
subsidiaries. This is an unmatched competitive advantage that helps the Company deliver
strong business results.
As the Company avails benefits of research and development of The
Procter & Gamble Company, USA and its subsidiaries across the globe, the Company has
not incurred any expenditure on research and development during the Financial Year.
Technology absorption and adaptation is a continuous process. The products manufactured
and sold by the Company are a result of such imported technology received on an ongoing
basis. Initiatives are constantly undertaken for innovation of products, new product
development, improvement of packaging, enhancement of product quality and application of
best information technology to automate, simplify and generate efficiencies in various
business processes.
The Company having ongoing access to cutting- edge technology, derives
benefits such as product development, consistent superior product quality, process
efficiencies, cost effectiveness and energy efficiency.
FOREIGN EXCHANGE EARNINGS & OUTGO
The details of foreign exchange earnings and outgo as required under
Section 134 of the Companies Act, 2013 and Rule 8(3) of the Companies (Accounts) Rules,
2014 are mentioned below:
Rs in Crores
|
For the Financial Year ended June 30,
2023 |
For the Financial Year ended June 30,
2022 |
| Foreign Exchange earnings |
43.22 |
46.96 |
| Foreign Exchange outgo |
597.10 |
739.82 |
RELATED PARTY TRANSACTIONS
The Company has formulated a policy on related party transactions which
is also available on Company's website at
https://in.pg.com/india-governance-and-policies/pghh/terms-and- policies/#policies. This
policy deals with the review and approval of related party transactions. All related party
transactions are placed before the Audit Committee for review and approval. Prior omnibus
approval is obtained for related party transactions which are of repetitive nature and
entered in the ordinary course of business and at arm's length. All related party
transactions are subjected to independent review by Chartered Accountant firm to confirm
compliance with the requirements under the Companies Act, 2013 and the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
All related party transactions entered during the Financial Year were
in ordinary course of the business and on arm's length basis. Accordingly, the
disclosure of related party transactions as required under Section 134(3)(h) of the
Companies Act, 2013 in Form AOC-2 is not applicable to the Company.
Details of material related party transaction entered into during the
Financial Year 2022-23 are given below:
| Name of Related Party |
Procter & Gamble Home Products Private
Limited |
| Nature of transaction |
Purchase of goods (Contract Manufacturing) |
| Amount of transaction during Financial Year 2022-23 |
' 735 Crores |
The above transaction was approved by the Shareholders by passing an
Ordinary Resolution through Postal Ballot on June 26, 2021. Being related parties, the
Promoter shareholders had abstained from voting on the said resolution.
LOANS AND GUARANTEES GIVEN AND INVESTMENTS MADE
The Company has not given any loans, guarantees or made any investments
during the Financial Year.
PUBLIC DEPOSITS
The Company has not accepted any Public Deposits under Chapter V of the
Companies Act, 2013, during the Financial Year.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 and Rules made thereunder, the Company
has constituted Internal Complaints Committees (ICC). During the Financial Year, no
complaint with allegation of sexual harassment was filed with the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Sections 134(3) (c) of the Companies
Act, 2013, with respect to the Directors' Responsibilities Statement, it is hereby
confirmed:
i. that in the preparation of the Annual Accounts for the Financial
Year ended June 30, 2023, the applicable accounting standards had been followed along with
proper explanation relating to material departures;
ii. that the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company at the
end of the Financial Year and of the profit of the Company for the Financial Year under
review;
iii. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
iv. that the Directors had prepared the accounts for the Financial Year
ended June 30, 2023, on a "going concern" basis;
v. that the Directors had laid down internal financial controls to be
followed by the Company and such internal financial controls are adequate and were
operating effectively; and
vi. that the Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operating effectively.
CORPORATE GOVERNANCE
A separate report on Corporate Governance along with the Auditors'
Certificate on its compliance is annexed to this Report.
ANNUAL RETURN
The Annual Return for the Financial Year 2022-23, as required under
Section 92(3) and Rule 12 of the Companies (Management and Administration) Rules, 2014 is
available on the website of the Company at
https://in.pg.com/india-investors/pghh/shareholder- info/info/.
HUMAN RESOURCES
The Company continues to look at the fundamentals of creating an
appealing employer brand, attracting talent that is a suitable match for the Company, and
consequently nurturing that talent. We have designed holistic Human Resource strategies to
ensure that the organization is geared up to deliver the future.
India continues to be a critical source of talent. With the changing
times we have strategized to be preemptive with our campus initiatives. We have
proactively launched new innovative campus programs, along with revamping existing
programs. Our internships, onboarding, and learning & development programs are being
executed in a mix of virtual and face-to-face setup, to accommodate a dispersed audience.
We continue to retain our rankings across various campus surveys. We bolster nurturing our
talent to create diverse leaders and set them up for success as they grow in the
ecosystem.
To craft a winning culture, it is vital that we enroll and empower the
organization right from day 1 during their comprehensive corporate on-boarding program -
getin. By enhancing our company dna via growth mindset, we also encourage our organization
to create a love of learning and resilience that is essential for achieving organizational
and personal goals.
We strongly believe in co-creating careers with our employees, which
allows them to partner with the business to achieve a fulfilling career with us. We
encourage our employees to bring their true authentic self to work in order to
consistently evolve from good to great. Our company's performance management system
continues to clearly assess employees based on their impact through growth, and not only
performance.
Avtar seramount recognized p&g india as top 100 best companies for
women.
The number of employees as on june 30, 2023 was 432.
The statement of disclosure of remuneration under section 197 of the
companies act, 2013 and rule 5 (1) of the companies (appointment and remuneration of
managerial personnel) rules, 2014 is appended as annexure iii to this report.
As per the provisions of first proviso to section 136(1) of the
companies act, 2013, the report and financial statements are being sent to the members of
the company excluding the statement of particulars of employees under rule 5 (2) of the
companies (appointment and remuneration of managerial personnel) rules, 2014. Any member
interested in obtaining a copy of the said statement may write to the company secretary at
investorpghh.im@pg.com.
Directors and key managerial personnel
Mr. L. V. Vaidyanathan was appointed as managing director of the
company for period of five years, effective july 1, 2022. The shareholders of the company
approved his appointment by resolution passed by postal ballot & e-voting on july 17,
2022. Mr. L. V. Vaidyanathan being a non-resident at the time of his appointment, the
company has filed an application for seeking approval for his appointment with the central
government.
Mr. Gurcharan das was appointed as an independent director of the
company for a term of five years effective september 1, 2022, which was approved by
members of the company at the annual general meeting held on november 15, 2022.
Mr. Karthik natarajan and mr. Pramod agarwal, directors retire by
rotation and being eligible, offer themselves for re-appointment at the ensuing 59th annual
general meeting of the company.
Brief profile of directors proposed to be re-appointed at the ensuing
59th annual general meeting and the details of the directorships held by them
in other companies are provided under the corporate governance section of the report.
Appropriate resolutions for the re-appointment of the aforesaid
directors are being moved at the ensuing 59th annual general meeting, which the
board recommends for approval of the shareholders of the company.
All independent directors of the company have provided declaration to
the company stating that they meet the criteria of independence as mentioned under section
149 (6) of the companies act, 2013 ("the act") and the securities and exchange
board of india (listing obligations and disclosures requirements) regulations, 2015
("sebi (lodr) regulations, 2015").
The board is of the opinion that all the independent directors of the
company possess integrity, have relevant expertise and experience and fulfil the
conditions specified under the companies act, 2013 and the sebi (lodr) regulations, 2015.
The details of the familiarization programme and annual board evaluation process for
directors have been provided under the corporate governance section of the report.
Number of meetings of board of directors
Four (4) meetings of the board of directors of the company were held
during the financial year. For further details on meetings of the board of directors and
its committees, please refer to the corporate governance section of the annual report.
Policies
The company has adopted various policies, including policies on related
party transactions, corporate social responsibility, vigil mechanism, nomination and
remuneration, materiality of events and dividend distribution policy, which are available
on the website of the company at
https://in.pg.com/india-governance-and-policies/pghh/terms-and-policies/#policies.
Auditors
At the annual general meeting held on November 15, 2022, kalyaniwalla
& mistry llp, chartered accountants were appointed as statutory auditors of the
company for a second term of five years, i.e., from the conclusion of the 58th
annual general Meeting until the conclusion of the 63rd annual general meeting.
The report issued by kalyaniwalla & mistry llp, statutory auditors
on the financial statements of the company for the financial year ended june 30, 2023 is
part of the report. There has been no qualification, reservation or adverse remark given
by the auditors in their report.
Cost auditors
Ashwin solanki & associates, cost accountants carried out the cost
audit as cost auditors for applicable business during the financial year 2022- 23. The
board of directors have re-appointed ashwin solanki & associates, cost accountants for
the financial year 2023-24.
Secretarial audit
Secretarial audit was carried out by makarand m. Joshi & co.,
practicing company secretaries for the financial year 2022-23. There were no
qualifications, reservation or adverse remarks given by the secretarial auditors of the
company. The secretarial audit report has been appended as annexure iv to this
report.
Secretarial standards
During the financial year, the company has complied with the mandatory
secretarial standards issued by the institute of company secretaries of india.
Acknowledgement
We are grateful to the procter & gamble company, usa and its
subsidiaries for their invaluable support in terms of access to the latest information and
knowledge in the field of research & development for products, ingredients and
technologies, exceptional marketing strategies, and the goodwill of its world- renowned
trademarks and superior brands. We are proud to acknowledge this unstinted association
that has vastly benefited the company.
The board of directors place on record its deep appreciation for the
co-operation and support of the government authorities, distributors, wholesalers,
retailers, suppliers, clearing and forwarding agents, business associates, bankers,
consumers, employees and shareholders and look forward to their continued support on the
journey ahead.
| On behalf of the board of directors |
|
| Mumbai, august 28, 2023 |
Chittranjan dua chairman |
#MDEnd#
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