Godrej Consumer Products (GCPL) result was in-line with our estimates. Revenue from soaps portfolio grew at high double digit rate while Hair Color recovered strongly compared to revenue growth of previous two quarters. However, performance of Household Insecticide segment was impacted by 20 days regional lockdown of manufacturing facility in Guwahati. In international business while revenue growth in Africa recovered strongly at double digit rate (after 5 quarter of decline), performance of Indonesia business declined (vs 1QFY21) due to COVID impact and down stocking by modern retailers. We expect growth rate in HI and Hair Color to improve going forward...