Face-wash and Green tea) 4) synergy gains from acquisition of Glaxo Consumer healthcare in distribution and costs and 5) gains from supply chain, data analytics and efficient inventory management. We estimate proforma EPS (including GSK acquisition) of Rs38.2 for FY21 and value the stock at 46x thus arriving at target price of Rs1764. We expect back ended returns given lifetime high valuations. Hold. Concall Takeaways: 1) Demand has moderated in rural India from earlier 1.3x Urban growth to the current 1.1x. Moderation in demand is expected to continue in 1Q20 as well 2) Impact of rising crude and depreciating currency was off-set by...