HUL: Where is the pre-GST disturbance?

Volumes remain flat in Q1; price hikes and cost-control measures help

June quarter results of India's leading FMCG company- Hindustan Unilever (HUL) may be interpreted in two ways. A pessimist would be tempted to point out that a flat volume growth for a leading organised giant is not much to be contended with. But a pessimist may be a minority as a majority of analysts emphasise that flat volume growth isn't bad for HUL given the circumstances in June quarter (Q1). Abneesh Roy of Edelweiss, who expected volumes to decline by 1 - 2 per cent in Q1 given the destocking at the dealers' end, says that the numbers have bettered