GlaxoSmithKline Consumer Healthcare (GSK) has posted a mixed set of numbers for 2QFY18 with its revenues growing by 3.2% YoY to Rs11.2bn vs. our estimate of Rs10.6bn. Its PAT grew by 4.7% YoY to Rs1.92bn vs. our estimate of Rs1.96bn. While revenue from domestic business grew by 6.4% YoY, export revenue declined by 26% YoY due to Preponement of certain sales to 1Q. We expect GSK to report modest 10.2% revenue and 10% earnings CAGR through FY17-19E. Valuations at 30.2x FY19E earnings are lower compared to its average forward PE multiple of 34x in past three years. We expect growth momentum to improve on the back of superior product-mix, increasing penetration levels and strong pricing power. Hence, we maintain our...