ICICI Securities Ltd | Retail Equity Research GSK Consumer reported muted numbers for the quarter largely inline with our estimates. Total revenue (including auxiliary income) grew marginally by 1.4% YoY to | 1208.8 crore (I-direct estimate: | 1196.6 crore). Auxiliary income for the quarter grew 7.7% YoY and came in at | 60.1 crore against our estimate of | 45.5 crore Cost of raw material rose 214 bps as a percent of net sales, which was set off by lower employee cost, 340 bps lower YoY as percent of net sales. Also, against our estimate of decline in advertisement cost,...