Strong margin tailwinds offset the weak pace of volume recovery We believe the HUL stock could continue to do well on the back of this result, whether or not we agree with the heady valuation of 49-50x NTM EPS that it currently trades at. Sales grew 10% on comparable basis with volume growth of 4% - inline with expectations but not really great, especially considering the favourable base - volumes were down 1% in the base quarter; management cites the continued slackness in rural demand to be the reason for the slower pace of recovery. Margin sprung a big positive surprise again and helped boost earnings a great deal like-to-like expansion was to the tune of 180bps led by strong GPM...