Recent sales growth momentum encouraging: After maintaining a Neutral view on GCPL for 10 years, we turned bullish on its prospects earlier this year, as highlighted in our upgrade note from May'21; we reiterated our view in our detailed note from Jun'21. Our positive view on the investment case is bolstered by the strong revival in the domestic topline seen over the last 21 months (after a lackluster second half in the previous decade). The healthy double-digit domestic sales growth in 9MFY22 (on a double-digit base in FY21) was particularly encouraging. GCPL's balance sheet also...