GSK Consumer's (SKB) sales grew 20.3% YoY (including operating income) toINR10.3b. EBITDA rose 21.7% YoY to INR2b (est. of INR2b), while adj . PAT increased 20.0% YoY to INR1.6b (est. of INR1.5b). Domestic sales grew 20%, led by 17% volume growth. Domestic like-to-like sales (adjusted for GST accounting impact) grew 7% YoY (volume growth of 4%). Market share expanded 20bp QoQ to 44.1% in Horlicks, but shrunk by 20bpQoQ to 16.2% in Horlicks Extensions and by 10bp QoQ to 11.3% in Boost. Gross margin expanded 110bp YoY to 68.8%. However, staff costs increased by 50bp YoY to 12.9%, A&P to sales grew 20bp YoY to 10.9%, and other expenses were up 20bp YoY to 25.3%, restricting EBITDA margin expansion to20bp YoY (19.7% v/s est. of 20.5%). Other income increased 15% YoY, ahead of our expectation