Hindustan Unilever Limited's (HUL) Q2FY2020 performance was largely in-line with our expectations. Revenue grew by 6.7% and adjusted PAT grew by ~21.5% (operating profit margin [OPM] expanded by 191 BPS on a comparable basis to 23.8%). Strong growth in PAT was mainly on account of reduction in corporate tax rate, while profit before tax grew by ~8% during the quarter. Volume growth of the domestic consumer business stood at 5% on a q-o-q basis, despite moderation in rural demand in July and August 2019....