Hindustan Unilever (HUVR) 3QFY21 result was below our estimates due to higher than expected raw material cost pressure. Overall business, on comparable basis, grew 7%YoY (+4%YoY volume growth) driven by continued double-digit growth momentum in health, hygiene and nutrition portfolio. Revenue from discretionary portfolio moderately declined by 1%YoY while revenue from out-of-home portfolio recovered strongly compared to previous two quarters. Revenue from rural India grew at double digit while from urban remained in positive territory. Inflationary raw material led to decline in gross margin while higher other expenses contributed towards decline in...