Management highlighted rise in input inflation and competitive intensity. However, we believe margin expansion will continue, led by pricing actions, initiatives on supply chain restructuring and other cost-saving measures. Post the sharp appreciation, valuation at 50xFY20E EPS price in most positives and immediate upside looks unlikely. However, HUL still looks a good long-term bet as it offers faster growth v/s peers, high earnings visibility and has levers to provide more positive surprises in future. We maintain ACCUMULATE with revised TP of Rs1,750. Volume growth at 12% in line with expectations: HUL's underlying volume grew by 12%...