Godrej Consumer Products (GCPL) result was better than our estimates. Africa continues to positively surprise with strong double digit revenue growth. India business also remained on strong footing driven by continued double digit revenue growth momentum in soap portfolio and strong recovery in hair color (grew 14% YoY vs -5%YoY growth in 2QFY21). Revenue growth in House Hold Insecticide segment remained healthy at 7%YoY. Overall, GCPL continues to benefit from health and hygiene tailwind. Gross margins contracted due to inflationary raw material prices, however strict cost control led to EBITDA Margins being flat YoY. We revise our FY21-23 EPS estimates...