Dabur's 1QFY17 consolidated sales grew just 1.2% YoY (against our estimate of 10.5% YoY growth) to INR19.2b (Ind-AS). EBITDA grew 9.1% YoY (our estimate: 11.9% YoY) to INR3.4b (Ind-AS), while PAT grew 12% YoY (our estimate: 13.2% YoY) to INR2.9b. Domestic volumes grew 4.1% YoY. The domestic Consumer Care segment posted 0.5% sales growth. While Oral Care (11.6% growth), Home Care (2.1%) and Foods (4.3%) saw positive growth, revenues declined for Health Supplements (-1.1%), Digestives (-5.6%), OTC & Ethicals (-10.1%), Hair Care (3.3%) and Skin Care (-3%). Toothpaste market share increased 200bp YoY. Hair...