Hindustan Unilever (HUVR) 1QFY22 result was in line with our estimates. Resiliency in demand for health, hygiene and nutrition portfolio helped HUL to protect decline in revenue growth (compared to 4QFY21) due to impact of 2nd wave induced lockdowns. Revenue from discretionary and out of home consumption portfolio impacted significantly. Demand from rural outperformed urban during the quarter. Positively HUL has taken 3% price hike in respective product portfolio to mitigate the impact of inflation. Further, premium portfolio is growing at 2x compared to other products; this should be more margin accretive. Management expects integration with GSK to be 100% complete by...