Hindustan Unilever (HUVR) 4QFY21 result was above our estimates. Revenue on comparable basis, grew 21%YoY (+16%YoY volume growth) driven by continued doubledigit growth momentum in health, hygiene and nutrition portfolio. Gross margin declined for the fourth consecutive quarter due to raw material cost inflation. Inflation in palm oil price has been alarming (40-50%YoY) however; HUL has taken c. 7-8% price hike to offset the same. As per our channel check, HUL has taken 13-20% hike in select SKUs of key brands; Lifebuoy, Rexona, Liril etc. Positively, HUL has launched Rs2 sachets in Horlicks and Boost brand to drive market development and penetration in HFD category. During current pandemic, HUL is better prepared compared to last crisis. As on...