We advise investors to hold the stock in the backdrop of improving consumer demand dynamics and volatile equity markets. HUL reported a healthy quarter (despite a firm base) with no major surprise (unlike the last 4-5 qtrs). The co. clocked 12% revenue growth (exp. 11%) driven by 10% volume growth (exp. 8.5%). Home care portfolio drove overall volume growth while margin expansion was driven by PC. The co. is benefiting from its cost savings drive, resulting in robust EBITDA growth. Adj. EBITDA/APAT grew by 20/17% (exp. 15/15%).