Slower volume growth and urban demand along with high raw material costs are likely to weigh on earnings growth of Hindustan Unilever Ltd. for the quarter ended December, analysts said. Some analysts also expect higher royalty rates and the termination of the GlaxoSmithKline consumer distribution contract to hurt the fast moving consumer goods company's margins. Though the near-term outlook for the Mumbai-based company remains bleak due to inflationary pressure and slump in demand, some broking firms are optimistic for the long term, supported by a ramp-up in executions.