Dabur's 4QFY17 revenues came below our expectation, albeit, APAT was in-line. The domestic business posted below estimated revenue performance primarily due to lower than estimated volume growth. Mere 2.4% volume growth in the domestic business implies that there's still pinch of the demonetization. GM contracted 160bps, but the reduction in other operating expenses helped the operating margin expand. Though media spends declined significantly during the quarter, we expect it to increase in the ensuing quarters to support volume growth. We believe that the...