HUL Q1FY2021 performance is not strictly comparable on y-o-y basis due to consolidation of GSK Consumer Healthcare's (GSK Consumer) nutrition business. Overall performance was better than our as well street expectation with revenue and adjusted PAT growth of ~4% and ~8%, respectively. The underlying volume decline for the quarter stood at 8%, which was much lesser than our as well as the street's expectation of 11-13% for the quarter. Around 80% of HUL's domestic business (largely includes essential products) registered a growth of 6%, while discretionary products (skincare,...