Market share continues to decline, schemes impact gross margins GSK Consumer (SKB) posted 3.2% YoY sales growth (including operating income) to INR11.2b. EBITDA grew 6.6% YoY to INR2.6b (our estimate: INR2.3b), while adjusted PAT grew 4.7% YoY to INR1.9b (our estimate: INR1.75b). Like-to-like GST-adjusted sales grew 4.8% YoY. Like-to-like domestic sales grew 6% YoY while exports declined 26% YoY. Domestic volumes grew 2.5% YoY (on base of 3% decline in 2QFY17) and price increase was around 4% (taken in 1QFY18; SKB has not taken price increase since then)....