Inspiring volume growth in a challenging environment Hindustan Unilever's numbers for 3QFY16 were largely in line with our estimates. While net sales came in line at Rs78.2bn (3.2% yoy growth), net profit before exceptional items grew 7.2% to Rs10.2bn, which was 2% below our estimate. Volume growth for the quarter came in at 6%, which is impressive given the challenging consumer demand environment. We expect revenue and earnings to grow at a CAGR of 9.1% and 10.3%, respectively through FY15-18E. The stock is currently trading at 35.8x...