Procter & Gamble Hygiene and Health Care Limited (PGHH) Q4 2026 Earnings Call Transcript

Good afternoon, everyone, and welcome to the Company’s Investors and Analysts Call. I am Zeal from the Corporate Secretarial team of the company. Thank you for joining us. Today we will begin with presentation by the management of the company on the company's performance, results, strategies, and business outlook. We have received questions submitted by the participants at the time of registration of the call. The management will address the questions received after the presentation. Let me introduce our presenters for today. We have on the call, V. Kumar, Managing Director of the Company and Vidya Srinivasan, incoming Chief Financial Officer. All participants are placed on mute and can participate in the Listen only mode. Please note that during the course of the call, the presentation and information shared by the management may include forward looking statements. This may include words, phrases, numbers that set forth anticipated results based on management’s current plans and assumptions. Forwardlooking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in those statements. The Company cautions investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. This could be because of factors that affect international businesses and global economic conditions, as well as matters specific to the Company and the markets it serves. The Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, except to the extent required by law. With that, I now handover to Kumar, for the management presentation. Mr. V. Kumar: Thank you Zeal. Good afternoon, everyone. Thank you for joining us on the call today. On behalf of Procter & Gamble Hygiene & Health Care Limited, it is my pleasure to have a chance to interact with all of you. Let’s look at what we have lined up for today. I will kickstart with some perspective on the results and then take you through our strategy, as well as work done through the year. We will then hear from Vidya Srinivasan, incoming CFO for the Company, on long-term perspective as well as insight into the operating environment. First things first, let me take you through our financial results for the year. For the Fiscal Year ended March 31, 2026, the Company reported sales of about 4300 crores, flat versus the same period last year. With the targeted and cohesive savings programs, we were able to not just invest back into the business but also deliver Profit After Tax (PAT) of about 850 crores, up 19% versus the comparable period last year. We know that the results have been mixed. This year, however, was marked by targeted investments, with continued focus on consumer centric-innovation and strengthening our go-to-market capabilities. We are confident that these steps will inflect sustained, balanced growth and position us for long-term competitiveness. It is also pertinent to highlight that the operating environment remains dynamic and constantly evolving.

Let us talk about media fragmentation. It's much more challenging to get consumers’ attention and educate them on the benefits of our brands in today’s cluttered media landscape. Consumers have more sources of information, more sources of influence, and more ways to engage – or disengage. Consumer attention is the most valuable currency today. The second change is inflation across food, energy, healthcare and many other areas of spending. This has taken a toll on the consumer. Indian consumers have always been called price-conscious, but the reality is that they are value conscious. They are discerning and prudent with where they invest their resources. Therefore, ‘affordability’ in our context remains an evolving concept. The third change is the retail landscape. Consumers path to purchases has gone through transformative shifts – from quick commerce and social commerce to agentic AI. Retailers are becoming media platforms… and media platforms are becoming retailers. Access to assortment is more democratized than ever. In summary – the consumer path to purchase is no longer linear. This means that our execution has to evolve with urgency. But what does not change is the focus on, and commitment to, our integrated growth strategy. Let me expand this a bit more…

A portfolio of daily use products in categories where performance matters. Superiority across product, package, brand communication, retail execution and value. Productivity…across buckets and with long term perspective… to fund superiority and deliver financial results at the levels that all of us expect. Constructive disruption to stay ahead. And an organization…fully engaged, enabled and excited to serve consumers.

We continue to invest in creating superior propositions for our consumers and retail partners with relevant innovation, powerful brand campaigns across every touchpoint, and continuously improving in-market execution across all channels and platforms. We have demonstrated that when we can execute all elements of the integrated growth strategy well, we can drive balanced results and value creation. Our focus is to double down and raise the bar on execution of this strategy. Now, let me take you through some highlights of how we have been bringing this strategy to life. I would like to start by sharing more on the focused portfolio of daily-use products for the 2 categories we operate in - Feminine Care and Personal Healthcare. For both, we are committed to deliver superior products and delight our consumers with offerings at multiple price tiers. We certainly believe that in these categories - performance plays a significant role in brand choice, and thus our focus remains on offering irresistible superiority to our consumers. Feminine Care is, unsurprisingly, a very high-involvement, high-engagement category. Our endeavour is to serve our consumers with products that offer them superior benefits, helping improve their lives. In turn, the consumers reinforce their trust in the brand, which truly makes Whisper a market leader. We have brought in propositions that upgrade loved products to raise the bar on consumer delight– across the benefit, range and sizes. I will share more about these as we go along. Our personal healthcare portfolio is comprehensive, offering a diverse range of products that address unique needs of our consumers. Health Care is a deeply personal space, and we take utmost care in designing every part of the portfolio to alleviate various health concerns for our consumers. Detailing this further, is the next element of our strategy – Superiority. When the consumer is more discerning than ever, we need to deliver consumer relevant superiority every day, every week, every

month, putting the consumer first in everything we do. We do this to ensure our iconic brands continue winning with current as well as new consumers. Our focus on Superiority is not new. We believe in delivering irresistibly superior propositions to our consumers and retail partners across product performance, packaging, brand communication, retail execution and value. But we also know that we need to adapt our execution in light of the changes in the external landscape. Let’s see how our brands have done exactly this. To consistently delight our consumers while addressing their evolving needs, we have been focusing on our range of Whisper Period Panties—a truly one-of-a-kind product. Designed to provide 360degree leakage protection, it features enhanced absorption cues and a soft, breathable waistband. It is designed to absorb heavy gushes. This fiscal we focused on amplifying the communication around Period Pants, while also educating our consumers on its benefits when it comes to feminine hygiene and worry-free period care. Through detailed consumer work and scientific understanding of menstruation, we understand that period flow is experienced differently during the day and at night, because of gravity. We also understand that women face frequent leaks during period nights… and are constantly stressed about it. They yearn for a peaceful, comfortable sleep during periods. To alleviate such leakage concerns and provide Bindazzz nights to our consumers, we have been upgrading and bettering our Whisper Nights portfolio across price ranges, to ensure absolute consumer delight. The new soft top-sheet should enable our consumers to remain worry-free: be it about leaks or skin discomfort, allowing them to sleep peacefully through the night. In response to the evolving consumer preferences for advanced cough and cold relief solutions, our recently launched Vicks Cough Syrup signifies a synergy between science and tradition. With a loved non-drowsy formula that works effectively on both wet and dry cough, Vicks Cough Syrup represents our commitment to offering superior products to consumers within the cough and cold category. At the same time… Our sleep portfolio with the Vicks ZzzQuil Natura Sleep Gummies has been recently upgraded. It now combines 5 mg of melatonin to help you fall asleep naturally, with 50 mg of natural ashwagandha to help calm the mind and body. With consumer sensing, we learnt that many of them sought higher melatonin dosage. We also continued to sense strong affinity to natural ingredients when it comes to healthcare products. The new and improved Zzzquil combines the best of both to provide better consumer experiences. Given the ingredient-backed upgrade, we wanted to ensure consumers can see these details upfront on the all new Vicks Zzzquil Natura packaging. We also took the opportunity to make the packaging more effective, preventing concerns like moisture trapping in changing weather conditions. The new packaging boasts of moisture-proof features, making it resistant to extreme weather conditions. We continue to find meaningful ways to communicate the unique offerings and benefits of our portfolio to our consumers with compelling advertising. A great example is from Vicks Rubs We heard our consumers express: “When my child has Cold & cough, Nights are the Worst. My child’s sleep gets disturbed multiple times. I have tried many remedies, but Nothing provides Over Night Relief. I feel helpless as I have to wake up multiple times at night.” This became an unlock and the team brought to life an all-night relief benefit with Vicks Vapo Rub. Let’s take a look at the communication:

While we have such heartwarming communication on Rubs, our Vicks Cough Drops portfolio has been capturing innovative, culturally relevant moments. Some of you may have seen this on your social media feeds. The first one was our 1st ever concert integration where the artist, known for a very specific singing pitch, was able to alleviate throat irritation, or khich-khich - with trusted Vicks drops. He went on to voice our iconic Vicks jingle along with the live audience. The second integration – again a one-of-a kind with a famous stand-up comic. Before delivering the next set, the artist resorted to trusted Vicks drops. The seamless integration with the artist resonated very well with audiences with most of them taking to social media to share positive engagement. Lets see one of them. <audio-visual played> Another example of compelling communication is the Whisper Period pants. Starting with the consumer insight – Ab Mudna nahi, Udna hai. As part of our regular consumer work, we heard concerns that today’s girls felt they couldn’t be their best selves during their period days. Constant fear of stains, leaks and the worry to change at regular intervals comes between their active lifestyle and packed schedules. Today’s girl needs period protection that can keep up with her pace. Keeping this belief at its heart, Whisper launched this new communication with a resonating catchline and bringing in the association with Indian cricketer Jemimah Rodrigues to spotlight the Whisper Period Panty - a revolutionary, modern day period care solution designed for comfort, confidence and everyday movement. <audio-visual played> Today’s women are more connected, informed, and vocal than ever before, with increasing representation in the workforce and a significant role in shaping consumer trends and expectations. We spent time studying consumer habits and testing ways to engage them in conversation with Whisper. We learnt about their inspiration, concerns, myths – anything that could be a barrier to her making an informed purchase decision. To overcome this, we launched a 360-degree communication plan which addresses all these concerns for her, across different consumer touchpoints, via expert led voices. The credible voice which she trusts – that of the gynecologist… someone in a relatable life stage – say a new mom experiencing very heavy period flow… or a relatable, active, girl next door. These credible, trusted voices, across multiple platforms, reinforced our messaging on the product superiority, enabling her to make the right decision. As a result, Whisper Period Pants has sold 10 crore units in the last year! We know that the marketplace, and the consumer path to purchase is evolving fast. Therefore, retail execution is more complex and heterogenous than ever before. Our teams carefully curate how our brands show up when you, me, or our millions of consumers start their shopping journey. We aim to provide a consistent, informative and easy-to-access experience to the consumers… no matter which channel or destination they shop us from. We have been working to not only deepen our distribution but also improve our visibility and depiction of our brands across stores. Net – we want to ensure that we are available where and when the consumer wants to shop us!

Productivity, our third strategy element, gives us the fuel to invest in superiority, mitigate cost and currency headwinds, and drive margin expansion. The volatility of the recent times has underscored the importance of a robust, always-on productivity program that can help us navigate tough times with minimal disruption to business operations. We’ve extended our visibility to productivity improvement, with each business unit building multiyear savings master plans,. We have opportunities to drive efficiency across the value chain. The good news is that we have already been on this journey. In fact, just in the last year, PGHH was able to deliver Rs. 86 crores of savings via targeted productivity and savings programs. Moving to the next one, Constructive Disruption has been a foundation of how we have approached work. We see it as a way to make our work even more effective and efficient, while maintaining the standards our consumers know and trust. It translates into creating new trends, technologies and capabilities that will shape the future of our industry. As always, we remain focused on being the change and driving Constructive Disruption for our industry in a way that delivers better outcomes for all stakeholders. To be able to stay ahead, we have been investing in Data and Platforms to drive operational efficiency and accuracy.

Imagine millions of data points that come from different sources, in different formats, different time stamps and different levels of quality. By bringing it together and organising it in meaningful ways, an effort that has lasted years, we have been able to create something that has proved usable, actionable and valuable to the organization. We have been leveraging this data in broad capacity. For example, for Consumer research data that help us identify consumer needs better, faster and in a more nuanced way.

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In addition, our operational data is unparalleled. P&G has deployed one of the most standardized systems of record keeping compared to any of our industry peers. The most significant benefit is our ability to maintain a common data definition across the majority of our value chain. With these two abilities, for example, we have been able to optimise our go-to-market capabilities. We are able to integrate data points from internal and customer sources, and bring in interventions like Smart Assortment that has already driven double-digit portfolio optimization.

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With the data collected and standardized, our AI Factory then provides a platform approach to our digital products. It empowers our teams to build tailored capabilities on common workbenches versus developing independent solutions. For example, our AI- led automated availability checks ensure seamless availability of our products for our consumers.

This is a fast-evolving ecosystem, but we are confident in our ability to stay ahead and win. Next – Organization. An integral part of our Integrated Growth Strategy. After all, it is our people who deliver and execute these strategies. Let’s take an example, P&G is committed to providing a comprehensive variety of wellbeing solutions, tailored to individual needs. Our aspiration is to create an environment where every P&G employee can be at their best and feel empowered to achieve their high-impact goals inside and outside of work. P&G supports employee wellbeing through four key areas:

Physical wellbeing (which includes preventive care, fitness, and healthcare access), Mental wellbeing (which includes rest, resilience, and mental health support), Financial wellbeing (which includes education and resources for long-term financial security), and Work/Life wellbeing (which includes tools and programs to balance personal priorities with professional responsibilities). P&G’s programs offer a variety of tools and resources that help employees to effectively manage their energy, navigate through challenging periods of work and establish the right balance between work and personal priorities. The goal is for employees to be the best version of themselves every day. We also extend our efforts, as you well know by now, to the communities where we live, work and operate. We are proud to share that this year, P&G Shiksha, our flagship CSR program, proudly celebrates a significant milestone of impacting over 1crore children from underserved communities. This milestone represents far more than scale; it reflects 1 Crore individual journeys where learning gaps were identified early and addressed before they could become lasting barriers. What you see on the screen are some of these stories of impact… let me play one for you. <audio-visual played> Aligned with the National Education Policy, P&G Shiksha continues to focus on both prevention and remediation of learning gaps, reinforcing its mission to build a nation that learns without labels. Over the past few years, our focus is on raising awareness about learning gaps—the difference between expected and actual learning levels. As part of its continued mission to #EraseTheLearningGap, P&G Shiksha launched its anthem ‘Ab Sab Jayenge School’. Created in partnership with JioHotstar, the anthem juxtaposes the emotional reality of learning gaps - those quiet, often unnoticed moments where a child begins to feel left behind… against the joy of learning that transforms into confidence, resilience, and progress. Let’s take a moment to watch it together! <audio-visual played> Many of our efforts, be it our brands, our community impact programs, our organization initiatives, and more - have been recognized externally at prestigious forums. This only motivates us to raise the bar and double down on our efforts to better serve all our stakeholders. With that, let me handover to Vidya for the next few segments. It has been wonderful to be with you today. Ms. Vidya Srinivasan Thank You, Kumar! Good afternoon, ladies and Gentlemen. My name is Vidya Srinivasan, and effective July 1, I will be stepping in as the CFO for the company. It is an honour to be with all of you today. Kumar spoke about our Integrated Growth Strategy and how it is making a difference to our business results. You also saw 19% structural profit growth delivered for the past year while sales remains muted. At this point, I would like to reflect the results over a longer period. I will also share with you our view on the recent trends and outlook for the industry. Of course, many of you sent over questions, which I will address during my section.

Our Integrated Growth Strategy is working for us. We have delivered consistent mid-single digit sales growth over the past 10 years. At the same time, we have delivered a compounded annual profit growth of 8%, while becoming more asset efficient. Our return on equity has tripled during this period. Our net profit margin in the same time, has increased by ~200 basis points… behind our strong productivity program across all spend areas. Another way to look at these numbers is in absolute. Our absolute sales and profit have both approximately doubled over the past 10 years, demonstrating our ability to consistently deliver superior execution of our strategies. This has resulted in us creating significant shareholder value over this period through a record 30 years of consistent dividend payout. Our share price has more than doubled, reflecting the consistency of business result. Over past 10 years, the company has delivered cumulative returns of over Rs.3000 per share to its shareholders. Now, if we look ahead, we know that we have our work cut out for ourselves. We want to set ourselves up for long term, balanced growth and sustained value creation. We will remain focused on being consumer first to win disproportionately with consumers, continuously improve margins to fuel superiority, and remain prudent and choiceful to play the long term game. The macro-economic context may provide short term headwinds too. We remain committed to long term value creation, as we have demonstrated and represented in the last few slides... I also want to take the opportunity to talk a bit more about the external landscape and how we see it evolving. The Indian economy continues to grow stronger amidst all global peers… nonetheless, it is important to acknowledge the slowdown vs. past 3 years. As you see on the chart… at 6.5% estimated for the year, India will grow well within the P10Y trend. With steady government and private investment, and economic indicators like tax collections, there surely are reasons to be optimistic. One must keep an eye on the evolving global trade policies and commodity prices which will impact inflation and cost of goods produced. Overall, we see positive outlook on India’s medium term growth prospects, but we continue to monitor macro-economic risks and near-term uncertainties arising from it. Speaking of demand, within the FMCG industry, trends continue to evolve. While non-food Inflation continues to stay below RBI’s medium-term target of 4%, consumer consumption trends are still shifting. While rural consumption continues to be higher than the Urban consumption, we are seeing a softening trend driven by uptick in the inflation rates. We are also monitoring the West Asia crisis. Looking at the near term, we anticipate some challenges to continue. However, we remain confident in the dynamic and integrated nature of our strategy… to help us navigate the difficulties and continue to serve and delight consumers, to drive sustained and balanced results. You are familiar with this, so I won’t go deep into it. I’m now going to move to the Q&A session. Thank you to everyone who took out the time to share the questions with us in advance. We will try to answer all the questions based on the time we have. We will refrain from sharing information that may be price sensitive or confidential to protect the competitive advantage. With that, let’s dive right into it! Let’s start with a question from representatives of Club Millionaire Financial Services, who asked us about the Industry growth for sanitary napkins and Vicks, and details of market share gains

Let me start off with some numbers - Feminine Hygiene is growing at 7-10%, whereas the healthcare sub-categories we play in are growing at about 2-3%. However, in both categories it is important to note that growth has not been linear. Healthcare growth rates have been volatile this past year. Monsoon was good last year, and category growth got an influx with that. However, with delayed monsoon, growth rates do get impacted. I am not sure about you all, but sitting here in Mumbai, I could do with some good rain showers right about now! For Fem Care, growth is coming from varied sub segments. Irrespective, Whisper remains the market leader in Fem Care, and Vicks remains a leader in all healthcare segments we operate in - Rubs, Cough Drops, Inhaler, Cold Tablets. Next, let’s take a question from the representatives of SARETY.com. They asked why is the company not innovating or launching new-age, high-demand products in the feminine hygiene segment despite changing consumer preferences and rising market opportunities? Thank you for your question! As you would agree, we have a long-standing legacy of driving innovation in the Feminine Care category. From pioneering pads with Wings in the 90s, to Ultra-thin pads in around 2000s … From being the first brand to openly talk about periods in advertising, to devising the first inclusive period-awareness curriculum in partnership with UNESCO… we have consistently led category development and consumer education. As the market leader in this important category, we remain committed to advancing innovation, breaking barriers and improving the experience for consumers. For us, innovation is not just about launching new products but also continuously investing in existing line up to meet evolving consumer needs. We have brought in propositions that upgrade loved products to raise the bar on consumer delight – across benefits and sizes. You heard about some in Kumar’s presentation. At the same time, we are also spearheading a new segment with Whisper Period Panties. Our Whisper Period Panty portfolio offers 360-degree leak protection!. With superior absorption, protection against heavy gushes, and a soft, breathable design, it delivers comfort, confidence and peace of mind throughout the day. The product is specially designed for the woman of today who is on-the-go and seeks a solution that empowers her. Through a size-inclusive range, we continue to ensure that more consumers can access solutions tailored to their individual needs. This has been the focus area for the last few years, and I am happy to share that we are driving category growth on this new segment. In fact, Whisper is the undisputed leader of the period panties segment. Let’s jump to the next question from a retail investor, who wanted to understand our strategy to deal with increasing competition in healthcare business? Healthy Competition is never a bad thing. We remain focused on being Consumer-first.. which means we should be the ones to fastest and deepest understand evolving consumer trends and needs… and then convert this into winning end-to-end propositions. This has been our formula to grow. What needs to… and has continued to evolve, is how we bring these ideas and innovation to life. We spoke in the presentation about the fragmentation in the market – be it media or retail. That is a very real phenomenon. We are evolving not just our portfolio but also our media mixes, communication toolkits, retail partnerships, data systems, etc. Eventually, our strategy remains constant –

• A portfolio of daily use products in categories where performance matters.

- Superiority across product, package, brand communication, retail execution and value.

• Productivity…across buckets
• Constructive disruption to stay ahead.
• And an organization…fully engaged, enabled and excited to serve gconsumers. Let me take an example from our Vicks portfolio on how we are raising the bar across all vectors. Actually, you saw the new Vicks Vapo-Rubs film but let me give you some background. The Vicks VapoRub portfolio has been trusted by generations of Indian families. However, we stepped back to re-assess – was there more the portfolio could offer? We went and spoke to lots and lots of consumers and learnt that night-time sleep disruption was the #1 torture test for those tackling cough and cold symptoms. However, no existing product got this job done well. So, the team took on the challenge to design a proposition that could deliver on night-time relief. This category idea gave way to the big idea “All-Night relief for un-interrupted sleep”. From upgrading the formula that can provide all-night relief, to step-changing communication and media plans that can holistically drive awareness about the upgraded benefit… and then strengthening the promotions and availability during monsoon seasonality, we were able to deliver some amazing results. Within 6 months, Vicks VapoRub was delivering double digit growth, growing share, and driving a turnaround in new user growth. Over time, we have also seen brand equity metrics go up significantly. As you can see, when we power up all parts of the strategy, we drive well-rounded growth. Moving on, we have a question from the representative of Bay Capital India Fund. It is a thorough question so let me read it out… “Over the last 5 years, there has been a significant slowdown in the revenue growth of the business while the category penetration remains low.. And this has happened even while we have consistently done ad spends as well as expanded distribution and launched newer products. What has been the issue in your view?” Thanks for that! Well, we need to acknowledge that the category has undergone significant shifts in the last few years. Let’s start with the consumer. Consumer needs and habits are evolving at an unprecedented rate.
• The landscape is evolving too – with very high degree of competitiveness. Despite these changes, we continue to play our part in driving category growth and investing in evolving segments. As consumer needs and lifestyles evolve, our investments are being channelized towards innovation, communication and superior consumer experiences to remain the preferred choice for consumers. Our continued share gains in these evolving segments, which is in turn driving category growth, gives us confidence in the strength of our strategy and the long-term prospects of the category. Over the last 5-8 years, Category penetration in Urban India or younger consumers has grown manifold, and Whisper has been in the driving seat for these inroads.

Our focus remains on identifying the most promising growth opportunities and ensuring that we are well positioned to win in those spaces. As category leaders, we have the privilege and responsibility of deeply understanding our consumers. We continuously engage with consumers to understand their evolving needs, preferences and purchasing behaviours. These insights help shape our innovation pipeline, portfolio strategy and communication approach. Let me take an example of our Nights portfolio. You saw in Kumar’s presentation that we have recently upgraded our Whisper Nights range. We learnt that even among the consumers who are using period hygiene products today, the incidence of using pads at night is about half.

Reasons for this were plenty, but as we started to educate consumers on how blood flow changes at night due to gravity and offered them our delightful night-time period protection products, we were rewarded with their love and loyalty. The need for even superior period protection at night comes from evolving lifestyle and habits. A comfortable sleep ensures that fear of leakage and disrupted sleep don’t come in the way of our consumers seizing the day! We also recognize that many consumers of today engage with brands differently. They seek authentic, relatable conversations, even in highly personal categories such as feminine care. To bring the superiority of our Nights portfolio to life, we are partnering with credible and relatable voices to educate consumers about its unique benefits and reinforce the promise of worry-free, uninterrupted sleep. You may have seen glimpses of this in the presentation earlier. An interesting Nugget – Whisper’s Instagram channel is one of the most followed platforms in India dedicated to period care! This consumer understanding has not only enabled us to build the Nights portfolio but also establish leadership within the segment. Today, half of all pad users choose our Nights portfolio, and we continue to lead the segment. Whisper nights is growing ahead of the sanitary napkins category penetration and is the most distributed nights brands in India. Similarly, we are leading the growth in Period Pants segment, and even in emerging channels like Qcomm. As consumer expectations continue to evolve, our commitment remains unchanged — to engage meaningfully with consumers in ways that resonate with their lifestyles, preferences and needs, and drives the category growth through innovation and superior consumer experiences. Going to the next set, we have a few more questions about our growth rates. Mudit Minocha from M3 Investment, asked us about the projections and what came in the way of the intended growth rates; Vinay Shetty from Bajaj Life Insurance asked us on the moats PGHH has in respective segments that are difficult to be replicated; Similarly, Ronak Shah from Equirus Securities, asked us what specific levers give us the confidence in sustaining double-digit earnings growth over the medium term—volume recovery, premiumization, market share gains, pricing, or operating leverage? While all these levers are important, sustained growth ultimately depends on our ability to win with consumers. That remains our foremost focus. We are in a deliberate phase of investing behind understanding the consumer, reaching and engaging them, and innovating curated solutions for them… recognizing that consumer needs, expectations and behaviors are evolving faster than ever before. We know that work needs to be done, and that is exactly what we are focused on. I also want to spotlight that our ambition remains balanced growth, driven by our Integrated Growth strategy and an ability to raise the bar to deliver Irresistible superiority to our consumers. And being consumer-first while doing that… This, in fact, is our moat or USP. But, what does this mean though? Products that delight the consumer and get the job done better than expected… in packages that provide noticeably better benefits to consumers… They become aware of and learn about these products and delightful offerings through superior brand communications… This comes to life in stores and online with superior retail execution… and delivers superior consumer value at a price that is considered ‘worth it’ across each price tier where we compete. That is our recipe for success. This year has witnessed many new launches and upgrades – all in service of better consumer experiences!

We remain confident in the long-term potential of the category, which is expected to continue growing at a healthy rate of mid to high single digits. As we play the role of category leaders, our ambition is not only to participate in that growth, but also to help shape and accelerate it through consumer-centric innovation and category development. I hope that answers what you were looking for… and also how at category growth ought to come. Keeping with the theme, we have representative from Securities Investment Mgmt asking us if we are optimising for margins, where we should be optimising for growth? We understand why it may seem so – with the results you have seen on the entity. Top line has remained flat after we have invested back in the business – from product, package to demand generation. This has been possible only because of the systematic savings program that we have institutionalized. In fact, this has also delivered a strong bottom-line growth and margin expansion. We will continue to look at all needed vectors to invest in, and productivity programs that become the fuel for these investments. This work has begun already, and the focused parts of the portfolio are already seeing green shoots. Achieving enduring growth and creating value necessitates a balanced growth strategy. Without our ‘save to reinvest’ program, we cannot adequately invest in superior products, effective marketing, engaging advertising, or landing the right consumer value, that drive user growth. This in turn will help drive volume growth and drive category expansion. At the same time, it offers a degree of protection against market volatilities. Ultimately, consumers seek value, not just low prices. By consistently offering compelling propositions at the right value, we earn their preference and that is how we built brand loyalty. The next set of questions I would like to answer include questions from Deepesh Pandey from Union Bancaire Privee, who asked us about why revenue has not grown this year and has been sluggish for last 3 years? Mudit Minocha from M3 Investment, asked us a similar question but going back the decade… Krishnan Sambamoorthy from Ashika Institutional Equities asked us about two or three key reasons for the relative slowdown in feminine hygiene revenue growth in recent years compared to the past. We briefly touched upon this but let me double click on some of the changes and how we are tackling them. First - Consumer needs and demands are evolving at an unprecedented pace. The distinctiveness and diversity of consumer cohorts, their needs, aspirations, and habits are far more pronounced than ever before. This, coupled with the dynamic shifts in the media and retail landscapes, necessitates a fundamentally different approach and accelerated pace of change compared to historical practices. We are listening, learning, adapting – putting our best foot forward. What is heartening is that this also provides opportunities like never before. We are already working on different ways we can tap into these opportunities. Let’s look at Feminine Care category. The representation of women in the workforce is at historical highest. Same with the representation in higher education. This underscores the need for far superior products and longer lasting period protection. We are grabbing this opportunity and activating our Nights and Panties portfolio which offer the best standard of protection within the category. We are market leaders in both and continue to grow the category. The other significant change has been competition intensity. Many regional players, D2C players have entered the category with a host of offerings. In fact, it is estimated that in the last 10 years,

more than 50 new players have entered the category. While healthy competition is always good for category growth, the pace of activity has also been unprecedented. This means the consumer is not just spoilt for choice, they are facing a lot of clutter with similar-looking communication or packaging. At the same time, what is heartening is that when the consumer finds a product that makes sense for her and works for her, it translates into life-long loyalty. That is what we are here for. We are one of the most trusted brands in the country. Therefore, we are focusing on how we can stand out of that clutter and provide them with the best possible period protection – with a better product and experience than any other they have used; better communication and information than any other source; sharp and targeted media mix to reach them where they are, and the right go-to-market, to not just make the products available where they shop but also stand out at the point of sale. We created the nights period care segment about 5 years ago, and today this is one of the most competitive segments. This is also one of the fastest growing segments and Whisper has been driving this growth. Let’s also look at Healthcare. The category has been seeing a decline for many quarters post covid, but we are seeing signs of recovery in more recent quarter... Like we shared earlier, we are watching out for monsoons to determine how the next season will be. But irrespective, we have been constantly introducing meaningful innovations to the market across the different sub segments, and they have performed very well. Sometimes, this has taken significant shifts in how we look at our portfolio. For example, our Vicks Cough Drops. Two years ago, we revamped the portfolio to add 2X actives and increase the size of the lozenge to meet the consumer’s need of a better, bigger product that provides longer relief. We made this new and improved product available at the right value for the consumer. This new initiative also led to renewed energy and activations on social media, that are driving best-ever engagement and sustained excitement. To illustrate – we are growing offtake in double-digit this year, and we are growing volume AND volume share on a Past-3-month level. At the same time, we continue to have a robust Rubs portfolio… with there are parts of the portfolio that cater to distinct needs – from Vicks BabyRub to Vicks XtraStrong Rubs. As you see, across the examples, having a robust portfolio that is consumer-centric, communication that brings the benefit to life, and a targeted go-to-market plan with the right value… we grow the category. This is the formula needed for sustained growth and long term value creation… Moving ahead, Anurag Dayal from Phillip Capital, asked us in context of the rising competition in female hygiene segment, about how we should look at the segment growth and our market share. Vinay Shetty from Bajaj Life Insurance asked us something very similar. That’s indeed an important question! The category has continued to grow. In fact, the category has grown over 100 times in the last 30 years. This year itself, category is growing at late single digits. However, how we look at category growth has to evolve too. It is not just about cloth users moving to pads, but also occasional pad users increasing incidences and occasions, or consistency of use – all in service of the best possible hygiene and care during periods. We shared with you in the last question, or the one before… Competitiveness has increased significantly with many regional or D2C players entering the category. At the same time, we are also realizing that the category needs to be looked at in different sub-segments, be it different benefits like soft-product users, night-time usage, or even different sizes. That means that there is no one-size-fits-all solution that can be offered in the feminine hygiene portfolio.

While we remain category leaders overall, as well as in some of the fast-growing -segments, we have continued to invest in our propositions to delight our consumers. At the same time, we continue to look at the opportunity that is in front of us, to serve the cohorts of yet unserved and underserved consumers. Shifting gears now… Krishnan Sambamoorthy from Ashika Institutional Equities asked us about the performance of Period Panties this year. This one is a very exciting sub segment that has been doing exceptionally well for us! You saw a glimpse in Kumar’s presentation; I would like to share a little more about our Whisper Period Panties which continues to be a truly one-of-its-kind product. The product has been designed for the woman of today. The working woman who is active… who has long hours at work coupled with long commute time… who is looking for the gold standard of period protection; or the young girl who has just hit puberty and has a busy school schedule and does not want to worry about frequent change of pads. Additionally, with the younger consumers, the category penetration is a few points higher than overall. Therefore, the opportunity here is not just introducing them to feminine hygiene as a category but also providing them with 360 degree leakage protection that alleviates any concerns. It is a classic example of translating consumer insights into a winning proposition by designing a product that offers Whisper’s best leakage protection. In fact, many consumers believe this is the best all-round leakage protection they have available in the market! We are bringing this to life with a renewed media plan, a social-first communication strategy, and an iconic, loved brand ambassador in Jemimah. I am sure she needs NO introduction! One of the most courageous choices we took, is to actually compare the protection a pad gives to what a panty gives. One might think it is outrageous for the market leader of sanitary napkins to say so. But that’s exactly what Jemimah, our brand ambassador says in the copy you saw a while back. That should tell you the kind of belief we have in what Whisper Period Panties has to offer… and we are putting our weight behind this segment. Happy to share, Whisper Period Panties are already gaining significant salience in different channels and consumer cohorts. For example, one in four consumers on Qcomm who buy period products are picking Panties… and Whisper Panties are the #1 choice in that segment. Whisper Period Panties have been growing consistently over last 2 years. Just this fiscal year, Whisper panties sold over 10cr units and tripled the business! This has been truly truly heartening for us! Let’s jump now to a question from Vinay Shetty of Bajaj Life Insurance on the status of operating margins of the company. This year, we improved structural margins by 1 point… On the topline - we have driven margin expansion with innovation in the premium segments to enable consumers to trade up in line with their evolving aspirations. At the same time, cost savings across multiple spend buckets provide significant opportunities for productivity too. What I can say with certainty is that for us, productivity is fully embedded in our operating model and is embraced in every part of our operation. It is a more effective AND efficient way of operating — in service to consumers and customers — every day. This includes constantly assessing our supply chain mix and sourcing programs. You heard from Kumar - we are now actively working with a multi-year view on savings and productivity to ensure long-term perspective on margins continues. This not only ensures we

have the fuel to invest back in product, demand generation, distribution in evolving etc., but also provides us with air cover during macro-economic volatility in service of balanced business growth. Next, let’s take a question from the representative of Bay Capital India Fund, who noted some frequent changes in CEO as well as CFO roles over last 10 years, and asked how should one think of this as a long-term shareholder if the management team's tenure in this business itself is shortterm oriented. We understand why this is an important question. However, let us reassure you, our strategy has remained constant despite leadership changes. We have been focusing on our Integrated Growth Strategy, which you also heard from Kumar earlier today, for SEVERAL years now. The long-term business growth strategy supersedes individual-driven priorities. We have line of sight to innovation for 3 to 5 years at any given time for all our categories. Of course, as leaders come in, they shape how the strategy gets executed for the better and is brought to life in the ever-evolving market context. Let me also try to address the probable question behind the question and throw some light on talent management principles at P&G. We deliberately plan careers and assignments with the intent to give our employees diverse experiences to build holistic skills. These diverse skills actually shape better leaders – for the business as well as for the organization. In fact, many leaders who have led the company as CEO or CFO are today leading various global or regional parts of the company. We continue to be a grow-from-within company, and while, this could mean changes in assignment every few years across different businesses or markets, this enables us to uniquely ensure continuity given the same consistent thread in terms of our philosophy across leaders. Eventually, this strategy is what enables the Company to have a strong leadership succession plan at any given point in time. Let me now take some questions that have come up in context of the macro-economic volatility. Ronak Shah from Equirus Securities, asked us how should investors think about the allocation of future cost savings between margin expansion and incremental investments in advertising, innovation, and category development, particularly if competitive activity intensifies? Meenakshi from Hindu Business Line asked if the West Asia conflict increased cost pressures for the company and if we see inflationary pressures impacting consumer sentiment? Vishal Punmiya from Yes Securities also had a similar question. I want to highlight how our industry-leading supply chain is benefiting P&G as we work through the current global supply chain and commodity surcharge challenges related to the West Asia conflict. Yes, cost and availability are both very volatile currently. As an example, crude prices have gone up by 30-50%, so have resin prices. Despite these significant disruptions, we have not gone out of stock or made compromises on product performance. And this has only been possible due to years of deliberate investment, business continuity planning, deep supplier partnerships and the hard work of our teams. We know that the volatility is likely to remain, but we are working to mitigate the risks. At the same time, we will continue to activate our savings programs. Priority is also to secure supplies and ensure continuous supply of our products to the consumer. At the end of the day, we will take a balanced approach to growing our business.

We had a few more questions … Vishal Punmiya from Yes Securities asked about key areas of investment by the Parent company Meenakshi from Hindu Business Line asked about the future investment outlook and manufacturing footprint expansion plans Representative from Club Millionaire Financial Services, asked us about buyback of shares Please note, we will refrain from answering these or similar questions and hold back on sharing anything that is unpublished price sensitive or confidential to protect the competitive advantage. That should bring us to the end of it. We hope that this has been meaningful for you, hearing examples from Vicks and Whisper portfolio. Some of you sent in recommendations, and I would like to acknowledge that we have indeed taken note of the same. We look forward to doing this again. On behalf of the company – thank you for your continued support! Have a great day! Disclaimer: This transcript has been edited to remove any grammatical inaccuracies or inconsistencies of English language that might have occurred inadvertently while speaking.

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