GCPLs revenue grew by 9.0% YoY to Rs 22.4bn (vs. our estimate of Rs 23bn). The key positives were: (1) Volume growth in the domestic market was 9%, despite the current demand scenario, (2) Gross margin (GM) expanded by 470bps, benefitting from low input costs, (3) EBITDA margin expanded by 160bps to 18.1%, (5) Household insecticides (HI) and hair colour segments maintained double-digit growth momentum