Hindustan Unilever (HUVR) 2QFY22 result was below our estimates. Volume growth at 4% YoY (on a base of 1%) was soft. Inflationary headwinds continue to be stronger than expected. Price hikes to the tune of 5% in 1QFY22 followed by 7% in 2QFY22 are steep. However, strong recovery in out-of-home and discretionary segments are encouraging. Integration with GSK reached 80% level (vs 50% in 1QFY22). HUVR continues to gain market share in >75% of the business. Inflation in palm oil, crude oil, polyethylene and ocean freight continues to rise. Management expects cost pressures to stay for at least 1-2 quarter. Accordingly, we have marginally trimmed our estimates for FY22-23E. Also,...