We have done SKU level analysis of Hindustan Unilever's (HUVR) soap, detergent and tea portfolio which contributes c. 60% to total revenue. We note that; (i) tea and soap category, FMCG companies have taken price hikes driven by inflationary raw material pricing trend (ii) in tea portfolio HUVR has been highly conservative in taking price hikes while in Soaps it has been aggressive compared to competition (iii) in detergent powder category HUVR has taken price cuts in line with deflationary raw material pricing trend while P&G; has taken price hike. We expect; HUVR to gain volume led market share in both detergent and tea portfolio which contributes c. 33% to total revenue. In soaps...