After the dismal show in the last two quarters (PC consumer sector PAT grew by 7% each in Q3/Q4 FY16), we see PAT growth reviving with 11% growth in Q1FY17, even with the continued slowdown in the rural growth. We believe the improvement in growth rates will be due to a favourable base for companies impacted by excise benefit cessation in FY16, mild revival in ITC's cigarettes business, and gross margin expansion for categories consuming crude-related raw materials. It must be noted that from Q1FY17, all companies in PC Consumer Universe (except Bajaj Corp, Agro Tech Foods and Apcotex) will have to report results in IND AS format. This entails...