GCPLs revenue grew by 12.8% YoY to ~Rs 22.4bn (inline). Key positives were (1) Aided by a lower base, HI witnessed a revival with 16% YoY revenue growth (2QFY15 : 2%) (2) Despite the high base (3QFY14 : 37%), Hair colour grew 10% YoY (3) consolidated EBITDA margins expanded 205bps YoY to 17.8% driven by lower COGS (-49bps), ad spends (-173bps) and other expenses (-24bps).