Stellar Performance on Lower Base & Demand Recovery On the back of lower base effect coupled with increased growth momentum, Hindustan Unilever (HUL) has reported strong set of numbers for 3QFY18. While net sales came in at Rs83.2bn (vs. our estimate of Rs83.7bn), EBITDA grew by 24% YoY to Rs16.8bn (vs. our estimate of Rs16.5bn) and net profit before exceptional items surged 30.2% YoY to Rs12bn (vs. our estimate of Rs11bn). Revenues on comparable base grew by a healthy 17% YoY. Growth in net profit was also aided by 83% YoY increase in other income to Rs1.5bn (Dividend from subsidiary). Volume growth for...