21st July 2020 Hindustan Unilever (HUVR) reported 5% beat on sales and ~10% beat on EBITDA and PAT v/s our estimates. The outlook is gradually improving, with the discretionary part of the portfolio (15% of sales) gradually seeing recovery. In a period of relative normalcy, HUVR (as has been the case in recent years) is likely to report superior earnings growth, which has led us to margins stood at 51.8% (220bp contraction YoY), while EBITDA margins contracted by 110bp YoY to 25%. sales declined 7% YoY in v/s est. The segmental EBIT margin up by 20bp YoY for F&R;, but down by 140bp/150bp for HC/PC. to the P&L; A/c was approved by its Shareholders in 2016. The Board approved the distribution of the Reserves to its Shareholders by means of a Special Dividend of INR9.50/share.