Gross revenue fell by 2% yoy due to slowdown in exports and Foods We believe that severe slowdown in South India has impacted the company more than peers as South is its dominant market HFD domestic consumption was flat and was driven by 2% growth in Horlicks We estimate volume decline of 2% yoy and price growth of 4% yoy in Horlicks Health Foods division gained value market share by 100bps yoy and Horlicks base/Horlicks extensions gained value market share by 60/60bps yoy. Business auxiliary income rose 13% yoy....