Improved Traction in Domestic Biz; Upgrade to BUY Godrej Consumer Products (GCPL) posted an encouraging set of numbers in 2QFY18 on the back of strong performance in domestic business. While consolidated revenues came in at Rs25bn, marginally lower than our estimate of Rs25.2bn, EBITDA grew by 12.4% YoY to Rs5.2bn and net profit by 12.6% YoY to Rs3.6bn, ahead of our estimates of Rs4.9bn and Rs3.4bn, respectively. While reported consolidated sales grew by 6% YoY, net sales on constant currency comparable basis grew by 10% YoY. Consolidated EBITDA margins improved by 120bps YoY to 20.2%. Standalone performance was even more encouraging with 10% growth in revenues and 21%...