Rural slowdown dents earnings; international remains subdued The rural market constitutes 45% of the company's sales vs. ~35% for the industry. Domestic FMCG sales growth moderated to 6% due to rural slowdown, liquidity crunch and prolonged winter, which impacted hair care and foods segments. The international business growth also remained muted (1% constant currency growth) due to continued weakness in MENA region and adverse currency in Turkey, Nigeria and Pakistan. We believe steady focus on expanding direct reach in rural areas would augment the...