Annual Report 2020
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Our Purpose, Values and Principles CONTENT Chairman’s Statement ............................................................... 03 OUR PURPOSE Managing Director’s Statement ............................................... 04 We will provide branded products and services of Report of the Directors ............................................................. 05-48 superior quality and value that improve the lives of the Management Discussion & Analysis ....................................... 49-50 world’s consumers, now and for generations to come. Corporate Governance .............................................................. 51-68 NSUME R Auditors’ Report .......................................................................... 69-77 CO S Balance Sheet ............................................................................ 78 OUR VALUES Statement of Profit & Loss ....................................................... 79 Integrity Statement of Cash Flow ........................................................... 80-81 P Leadership E & Statement of Changes in Equity ............................................. 82 L G Ownership P Notes forming part of the Financial Statements ................ 83-129 B Passion for Winning O R E A P Ten Year Financial Highlights ................................................... 130 Trust N G D & S P OUR PRINCIPLES We show respect for all individuals. The interests of the Company and the individual are inseparable. We are strategically focused on our work. Innovation is the cornerstone of our success. We are externally focused. We value personal mastery. We seek to be the best. Mutual interdependency is a way of life. Concerned about something you’ve seen or heard? Learn more about our PVPs and how to contact the Helpline at wbcm.pg.com Procter & Gamble Hygiene and Health Care Limited CORPORATE INFORMATION Board of Directors & Key Managerial Personnel Company Overview Mr. Chittranjan Dua Chairman & Independent Director Mr. Madhusudan Gopalan Managing Director Mr. Anil Kumar Gupta Independent Director Ms. Meena Ganesh Independent Director Mr. Pramod Agarwal Non-Executive Director Mr. Karthik Natarajan Non-Executive Director Ms. Sonali Dhawan Non-Executive Director Mr. Ghanashyam Hegde Non-Executive Director Mr. Gagan Sawhney Non-Executive Director Mr. Prashant Bhatnagar Chief Financial Officer Board's Report Ms. Flavia Machado Company Secretary Registered Office: Auditors: Procter & Gamble Hygiene and Health Care Limited Statutory Auditor: (CIN: L24239MH1964PLC012971) Kalyaniwalla & Mistry LLP P&G Plaza, Cardinal Gracias Road, Chakala, Chartered Accountants Andheri (East), Mumbai – 400 099 Tel. No.: (022) 2826 6000 Cost Auditor: Investor helpline Nos.: 86575 12368 / 86575 00524 Ashwin Solanki & Associates Email Id: [email protected] Cost Accountants Secretarial Auditor: Registrar & Share Transfer Agents: Dholakia & Associates LLP MD&A Link Intime India Private Limited Company Secretaries C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083 Tel. No.: (022) 4918 6279 Fax: (022) 4918 6060 E-mail Id: [email protected] Corporate Governance Note: Certain Statements in this Annual Report may be seen as forward looking statements. The actual results may differ materially for those expressed or implied in the statement depending on circumstances. Financial Statements Mr. Chittranjan Dua, Chairman and Independent Director Mr. Dua is the founding partner of Dua Associates and is currently chairman of the firm and engaged in providing strategic advice and direction for its further growth and development. His experience and expertise encompasses a broad range of areas including corporate and commercial law, corporate finance, securities law, infrastructure, public policy and administration, governance and ethics, land acquisition, power projects, foreign investments and collaborations, disinvestments and privatization of public sector undertakings, mergers and acquisitions and exchange control regulations. Mr. Madhusudan Gopalan, Managing Director Mr. Madhusudan Gopalan is an alumnus of IIM Calcutta who joined P&G in 1999. He has more than 20 years of experience working across business units and diverse geographies like India, US and ASEAN countries. Prior to this role, he, was leading the P&G business in Indonesia where he led strong sales growth, share turn around, strong value creation and cash productivity. Mr. Anil Kumar Gupta, Independent Director Mr. Gupta is an engineer from IIT New Delhi. He also holds a PG Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies, Mumbai. He has a vast experience of over 40 years in India and abroad in the field of Manufacturing, Projects and Supply Chain Management. Ms. Meena Ganesh, Independent Director Ms. Meena Ganesh is one of India’s most successful entrepreneurs with nearly 3 decades of experience in industries including healthcare, consulting, technology, outsourcing, education and e-commerce. Ms. Meena Ganesh is the Managing Director & CEO of Portea Medical, which she co-founded in July 2013. Ms. Meena Ganesh is a PGDM holder from IIM Calcutta and has a graduate degree in Physics from the Madras University. She has been named by Fortune India as one of the 50 ‘Most Powerful Women in Business’ for five consecutive years (2015 - 2019). Mr. Pramod Agarwal, Non-executive Director Mr. Agarwal is an MBA from Indian Institute of Management, Ahmedabad. After over 28 years of experience with P&G, he retired in 2016. He worked in seven geographies - India, Thailand, Japan, Philippines, USA, Singapore and Switzerland. Mr. Agarwal has led several major changes which have had a lasting impact on the business and organization. He is now a management consultant, an angel investor and mentor to several start-ups. Mr. Karthik Natarajan, Non-Executive Director Mr. Natarajan is a Chartered Accountant and has completed his Bachelor of Commerce from R. A. Podar College, Mumbai. Mr. Natarajan has been with P&G for over 20 years and is currently the Senior Vice President, Finance & Accounting, Asia Pacific, Middle East & Africa. He has over these years worked across multiple locations including India, US, China, Philippines and Singapore. He has held global responsibilities and has led strategy development, business and financial planning and operational execution with excellence for several important P&G businesses. Mr. Ghanashyam Hegde, Non-Executive Director Mr. Hegde, is a legal professional with over 20 years of experience across pharma, media & entertainment, financial services and chemical industries. He is an alumnus of Bangalore University and National Law School of India University and holds a degree in law and Post Graduate Diploma in Intellectual Property Rights. He is also a qualified Company Secretary. He is currently the General Counsel for Indian Sub-continent. Ms. Sonali Dhawan, Non-executive Director Ms. Dhawan is a graduate from Lady Shriram College, with a B.Com (Hons) in Business Studies. She completed her MBA in marketing from the Indian Institute of Management, Ahmedabad. Ms. Dhawan has been with P&G for over 22 years and is currently Senior Vice President, Marketing, Feminine Hygiene, Asia, Middle East & Africa. She has worked across multiple regions including ASEAN, India, Australia & Middle East. Mr. Gagan Sawhney, Non-Executive Director Mr. Gagan Sawhney is an alumnus of IIM, Ahmedabad who joined P&G in Finance in 2001. He has more than 20 years of experience across multiple geographies : India, ASEAN and Greater China. Prior to this, he was Finance Director of Internal Audit for P&G Global operations, where he provided assurance and consulting support across regions. Procter & Gamble Hygiene and Health Care Limited Company Overview Dear Shareholders, Shareholders, Dear It gives me great pleasure to share with you with share to pleasure great me gives It you the performance of your Company the for Company your of performance the for the Financial Year 2019-20. This fiscal witnessed fiscal This 2019-20. Year Financial witnessed unprecedented disruption to the and business the to disruption unprecedented business and numerous challenges due to COVID-19 the to due challenges numerous the COVID-19 pandemic. Your Company these navigated Company Your pandemic. navigated these tough times with agility Board's Report resilient a deliver to agility with times tough to deliver a resilient performance for the While Year. Financial the for performance Financial Year. While uncertainties and the in remain challenges and uncertainties challenges remain in the near-term, we will continue to focus on our strategy to drive improve and superiority drive to strategy our on focus to continue will we near-term, superiority and improve productivity to drive balanced growth, while prioritizing our of safety and health the prioritizing while growth, balanced drive to productivity the health and safety of our people. people. Your Company has built citizenship into its way of doing business and is committed committed is and business doing of way its into citizenship built has Company Your to be a force for good and a force for growth. In response to the COVID-19 pandemic, pandemic, COVID-19 the to response In growth. for force a and good for force a be to we stepped up and launched ‘P&G Suraksha India’ to serve our communities by by communities our serve to India’ Suraksha ‘P&G the launched and up stepped we partnering with government and relief organizations through in-kind, product and and product in-kind,