Company of the year: Despite a challenging environment, HUL cracks the code

The air is palpable at the Mumbai office of the country’s largest consumer goods company, Hindustan Unilever (HUL). Visitors wait patiently in the reception area for their appointments. Employees stride purposefully up and down, some on the phone, some speaking to clients who’ve come visiting. There is no time to waste as the bellwether fights competitive intensity across the board — from digital-only brands, retailers who are also manufacturing consumer goods and traditional rivals. 

In the last few years, HUL has consistently delivered on key financial parameters. Both return on capital employed (ROCE), which measures how efficiently a company utilises