Godrej Consumer Products (GCPL), Q1FY2020 was yet another muted quarter as consolidated revenue and PAT declined by ~4% and ~3%, respectively. Domestic business volume grew by 5%; largely driven by better sales volumes in soaps and new launches. The domestic household insecticides (HI) segment continues to disappoint, as revenue declined ~4%. International business was affected by unfavourable currency movements. Steps taken to revive the performance of the HI category will take time. We maintain our...