GlaxoSmithKline Consumer Healthcare (GSK Consumer) has reported lower-thanestimated performance in 1QFY17 with its net sales declining by 5.7% yoy to Rs8.9bn and net profit growing by just 2.9% yoy to Rs1.6bn. Volume growth in the domestic business is estimated to have been flat. However, as more than 2/3rd of its revenues accrue from urban markets, any apparent recovery in urban demand should benefit the Company the most. Furthermore, increasing share of Low Unit Pack (LUP), improving distribution network and strong pricing power are expected to aid growth for GSK Consumer, going forward. The stock currently trades at reasonable valuations of 30.7x FY18E earnings. We revise our recommendation...