HUL's quarterly results were below expectations, with a UVG of 3 percent driven by investment in market development and innovation.

The company's performance was supported by improved realisations, despite a slowdown in urban consumption.

While the urban market faces challenges, the outlook for rural growth seems to be improving, emphasizing the importance of rural recovery and effective execution for potential valuation upgrades.

HUL's strategic focus on growth areas and superior brands is expected to contribute to future growth, despite potential challenges in the tyre industry from protectionist measures and developments in China.

Although current valuations are not considered cheap, the medium-term outlook remains positive, indicating that HUL is well-positioned to navigate the changing market landscape.