Godrej Consumer Products Ltd's (GCPL) Q2FY19 numbers were muted, especially on the profit front. Net revenue increased by 6.1% YoY, driven by healthy growth of 10% in domestic business. However, poor performance from international business (IB) impacted the overall revenue growth. Consolidated EBITDA de-grew 7.7%, while EBITDA margins contracted 273bps YoY, led by a sharp margin erosion of 430bps in IB.