Volume led performance amidst slow rural consumption HUL's volume growth (+7%) and operational results were in line with our estimate. We are positive about this as (1) the base was unfavorable (+11%) and (2) the industry, across categories, is experiencing a slowdown. We expect the volume growth to remain in high single digit, due to an unfavorable base in the next few quarters. Even a 6%+ volume growth is a positive, given the size of the company. In addition, the GM and EBITDA margin increase on an unfavourable base (highest Q4 EBITDAM in 10...