Hindustan Unilever (HUVR) reported a good set of numbers on all fronts in 4QFY21, led by a recovery in its Discretionary portfolio and Detergents. Two-year average like-to-like sales growth has now improved to 5.8% in 4QFY21 from minor decline in 1QFY21. Ongoing lockdowns would result in a temporary impact on high-margin discretionary product sales, leading to a 4.3% EPS reduction in FY22E; we have retained our FY23E forecasts. We continue to monitor the situation as it unfurls. HUVR is likely to resume the strong earnings growth path from the preCOVID era (~18% CAGR in the four years ended FY20), led by the same...