India’s largest consumer goods firm Hindustan Unilever (HUL), considered a proxy for broader consumer sentiment in the country, reported a 4% increase in both net profit and sales in the September quarter. The company stated that the market was gradually recovering as inflation is no longer a concern. However, this revival is primarily driven by urban markets, while demand in rural areas has fallen, although at a reduced pace compared to previous years. Volumes rose 3% in the second quarter, indicating that demand is driving most of the growth rather than price increases.