“HUL saw good demand momentum in March, which was sustained in April. Renewed restrictions due to the second wave, however, impacted offtake between late April and May.
With cases declining, June has seen a good sequential recovery, albeit it still remains below pre-covid levels," analysts at Jefferies India Pvt.
Ltd said in a note last month. But while the impact on volumes was more or less expected, investors also had to deal with weaker-than-expected pricing. “Trade promotions were normalized during the quarter from a low base last year, which impacted pricing growth.