Hindustan Unilever Limited's (HUL) Q1FY2020 performance was largely in-line with our expectation. Revenue grew by ~7% and adjusted PAT grew by ~11%. Operating profit margin (OPM) expanded by 150 BPS on a comparable basis to 26.2%. Volume growth of the domestic consumer business moderated to 5% in Q1FY2019 from 7% in Q4FY2019 mainly on account of consumption slowdown in rural India. However, the same was decent in view of industry volume growth of ~6% during the quarter. We expect the volume growth...