Two important takeaways from HUL's 2Q results – (1) Focus (now) on ‘profitable volume growth’ after prioritising market share at (some) cost of margins and (2) Improvement in product innovation after a brief lull (in line with our expectations - see What Markets Want #1: HUL). On the industry, some fresh concerns around rural deceleration – HUL, particularly, should be largely fine given recovery in other pockets (urban and discretionary).