• editor.aipublications@gmail.com
  • Track Your Paper
  • Contact Us
  • ISSN: 2456-7817

International Journal Of Engineering, Business And Management(IJEBM)

A Study on the impact of GST on revenue and profitability of Hindustan Unilever Limited (HUL)

Umamaheswararao Gobbilla , Ganemoni Radhika


International Journal of Engineering, Business And Management(IJEBM), Vol-9,Issue-3, July - September 2025, Pages 42-58 , 10.22161/ijebm.9.3.3

Download | Downloads : 7 | Total View : 1586

Article Info: Received: 15 Jun 2025; Received in revised form: 12 Jul 2025; Accepted: 16 Jul 2025; Available online: 19 Jul 2025

Cite this Article: APA | ACM | Chicago | Harvard | IEEE | MLA | Vancouver | Bibtex

Share

This study examines the impact of Goods and Services Tax (GST) implementation on the financial performance of Hindustan Unilever Limited (HUL). Employing a quantitative, comparative approach, it analyzes secondary data from 2013-14 to 2022-23, focusing on key indicators such as revenue, net profit, operating margins, and tax expenses before and after GST adoption. The findings reveal significant increases in revenue (CAGR from 5.36% to 10.93%), profitability (net profit CAGR from 6.10% to 14.17%), and operating margins, alongside a strong positive correlation between revenue and profit. Regression analysis confirms GST’s statistically significant role in enhancing financial performance. These results imply that GST has facilitated operational efficiencies and reduced tax cascading, contributing to sustained growth. The study underscores GST’s positive influence on large corporations’ profitability, providing valuable insights for policymakers and business strategists.

Goods and Services Tax (GST), Revenue Impact, Profitability Analysis, Hindustan Unilever Limited (HUL), Indirect Taxation, Post-GST Financial Performance, Tax Reform in India, FMCG Sector, GST Compliance, Corporate Financial Analysis, Pre and Post-GST Comparison, Indian Tax Policy, Consumer Goods Industry, Input Tax Credit, Fiscal Policy Impact.

[1] "Goods and Services Tax (GST) in India" by R. K. Jain
[2] "GST Made Simple" by V. S. Datey
[3] For Financial Performance and Analysis:
[4] "Financial Management" by I. M. Pandey
[5] "Financial Statement Analysis" by K. R. Subramanyam
[6] Radhagobinda Basak (2017) “Liquidity versus Profitability: A Study on Hindustan Unilever Limited” https://www.journalpressindia.com/manthan-journal-of-commerce-and management/doi/10.17492/manthan.v4i01.9611
[7] Riya Gulati, Anuradha Agrawal, and Saurav Panda (2018) “Impact of GST on Stock Price of FMCG Companies”
https://www.academia.edu/38523757/IMPACT_OF_GST_ON_STOCK_PRICE_OF_FMCG_COMPANIES_1_RIYA_GULATI_2_ANURADHA_AGRAWAL_and_3_SAURAV_PANDA
[8] Satish Dhokare (December 2020) “GST and Its Impact on Various Sectors”
(PDF) GST AND ITS IMPACT ON VARIOUS SECTOR
[9] Dr. P. Dhanya, V. Aravindh (2021) “A Study on Financial Performance of Hindustan Unilever Limited”
https://eprajournals.com/IJMR/article/5472
[10] Marzun E. Jokhi (2022-2023) “A Study on Impact of GST on Financial Performance of Selected Companies of India”
(PDF) A STUDY ON IMPACT OF GST ON FINANCIAL PERFORMANCE OF SELECTED COMPANIES OF INDIA
[11] Mubarak (March 2023) “IMPACT OF GST ON SELECT FMCG COMPANIES IN INDIA”
(PDF) IMPACT OF GST ON SELECT FMCG COMPANIES IN INDIA
[12] Rakesh Kumar Jain & Dr. Anjali Gokhru (2023) “An Analysis of GST's Effect on the Financial Performance of Selected Indian Companies”
https://ijmpr.org/index.php/IJMPR/article/view/133
[13] Funnisha Garg & Dr. Laxmi (2023) “Evaluating the Impact of GST on the FMCG Sector: A Comparative Study of India and the USA (2013-2022)”
https://jrtdd.com/index.php/journal/article/view/3292
[14] Mangesh Bhople (2024) “A Study on Financial Performance Analysis of Hindustan Unilever Limited”
(PDF) A Study on Financial Performance Analysis of Hindustan Unilever Limited
[15] Snehal Dave & Dr. Hiral Parikh (July 2024) “Effect of GST on the FMCG Sector's Profitability Position”
https://rrjournals.com/index.php/rrijm/article/view/1333
[16] Ayesha Safa Sayed, Manjusha J and Femi Roy “IMPACT OF GST ON FMCG COMPANIES IN INDIA”
(PDF) IMPACT OF GST ON FMCG COMPANIES IN INDIA
Ambast et al (2024) “Assessing the Impact of GST on Profitability: Insights from Education, Hospitality, and Logistics Sectors”
[17] (PDF) Assessing the Impact of GST on Profitability: Insights from Education, Hospitality, and Logistics Sectors
[18] Snehal Dave, Dr. Hiral Parikh (2024) “Effect of GST on the FMCG Sector's Profitability Position”
https://rrjournals.com/index.php/rrijm/article/view/1333
[19] https://www.hul.co.in/files/origin/f541a427b540ed4a2c248d53ba13e8edd087869b.pdf/hul-annual-report-2013-14.pdf
[20] https://www.hul.co.in/files/origin/3c916b4fb90743d5e5b22d266c56a8081e47aa25.pdf/hul-annual-report-2014-15.pdf
[21] https://www.hul.co.in/files/origin/6408d0fc9458ec0b09b8f32cb280b00b493c9502.pdf/annual-report-2015-16.pdf
[22] https://www.hul.co.in/files/origin/069691910c93504ec65b89ec93cdfbfcb07ee9c3.pdf/Annual-Report-2016-17.pdf
[23] https://www.hul.co.in/files/origin/0241a82e81aede2eab9a4eb73cccaa485975ce3a.pdf/HUL-Annual-Report-22017-18.pdf https://www.hul.co.in/files/origin/ae0f1a02784c6a0680bc296f454952da18c61d2b.pdf/MDA%202017-18.pdf
[24] https://hul-performance-highlights.hul.co.in/performance-highlights-fy-2019-20/images/annual-report-2019-20.pdf https://www.hul.co.in/files/92ui5egz/production/deffeb1a406d0dda5445caa3d5731b849a137bf1.pdf
[25] https://www.hul.co.in/files/92ui5egz/production/8a1b3f103408328781a6ebf434b8e5172e4bfc91.pdf
[26] https://www.hul.co.in/files/a99c4e3d-61a1-4555-8145-d89da79b281a/hul-annual-report-2022-23-prfppu.pdf