Satisfactory volume growth on high base and consumption slowdown HUL's volume grew +5% YoY and operational results were in line with our estimate. We are positive about this as (1) the base was unfavorable (+12%) and (2) the industry, across categories, is experiencing a slowdown. We expect the volume growth to remain in mid-single digit, due to an unfavorable base in next few quarters. Even a 6%+ volume growth is a positive, given HUL's size. In addition, the GM and EBITDA margin rise on an unfavourable base (highest Q1 EBITDAM in 10 years+), indicates that...