HUL's (Hindustan Unilever) result for the quarter was below our expectation. While Net sales for 2QFY16 grew by 4.7% to Rs78.2bn in line with our estimate, Net profit excluding exceptional items increased just by 1.4% to Rs9.7bn vs. our expectation of Rs10.5bn. However, we were impressed by the underlying volume growth for the quarter, which stood at 7% and was the highest in past 12 quarters. Net profit growth was lower as company diverted the savings in input costs towards higher A&P; spends. The stock is currently trading at price earnings multiple of 39.3x FY16E and 34.8x FY17E earnings, respectively. We have a NEUTRAL recommendation on...