Q4FY18 posted robust volume and operational performance abetted by (1) favorable rural base (2) normalisation of trade channels and (3) revamp of rural growth. We believe that the performance was encouraging considering HUL reported 8.5%/7.4%/18.0%/15.4% revenue/volume/EBITDA/APAT CAGR over Q4FY16-Q4FY18 compared to 0.6%/4%/11.7%/18.3% over Q4FY15-Q4FY16. In addition, HUL reported better volume performance compared to peers like Dabur, BCL, Marico, GCPL, etc. We expect that the volume growth would remain high in the coming quarters considering revival in the rural markets 6%+ volume growth over a medium-term can be taken sanguinely considering...