GSK Consumer (GCHL) reported muted numbers for the quarter broadly in line with our estimates on both, revenue and PAT fronts. Net revenue for the quarter grew marginally by 3.2% YoY to | 1115.3 crore, broadly in line with our estimate of | 1139.3 crore. Domestic revenue grew 6.4% YoY (4% price growth and 2.4% volume growth). However, exports declined 26% YoY Cost of raw material (RM) increased 133 bps YoY as a percentage of net sales due to 4.5% YoY inflation in commodity cost. However,...