Marico's Q1FY16 results came above our estimates (1) revenues were up 9.9% to Rs17.8bn (vs. our est of Rs17.7bn) (2) operating profit jumped 22.0% to Rs3.3bn (vs est of Rs2.9bn) and adjusted net profit grew by 28.4% to Rs2.4 bn (vs est of Rs2.1bn). The domestic consumer business recorded 12% growth led by price hikes in recent quarters and 6% volume growth.