“For HUL, the gains from a shift from the unorganized category are limited compared to some other firms, say, Britannia Industries, which benefitted from the shutdown of local bakeries during the lockdown.
Simply put, HUL’s portfolio isn’t as ‘covid-friendly,’ owing to the discretionary nature of some of its products. Moreover, given its large size, the contribution from new launches during the June quarter was much smaller vis-à-vis other companies," said Varun Lohchab, head of institutional research at HDFC Securities.Britannia capitalized on the rising in-home consumption effectively, extracting a neat 26.7% year-on-year growth in consolidated revenue.