Godrej Consumer Products (GCPL) result was better than our estimates. Africa continues to positively surprise with +30% YoY revenue growths while Indonesia grew 5%YoY (on a stable base). India business also posted strong revenue growth led by continued momentum in soap portfolio (+41%YoY) and strong recovery in hair color (+25%) and HI business (+34%). Operating profit margins contracted due to input cost inflation and higher operating costs. Appointment of Mr. Sudhir Sitpati (from HUL) as MD and CEO is very positive as GCPL is likely to be benefited of his category management and marketing skills. We maintain our revenue estimates. Our EPS estimates are revised...