Marico's 4QFY16 results were largely in line with our estimates. Its consolidated revenues and EBITDA grew 6.5% yoy and 26.4% yoy to Rs13bn and Rs2.1bn, respectively in line with our expectations. Consolidated net profit grew 25.9% to Rs1.4bn, which was 3% ahead of our estimate. The Company's overall volume growth stood at 10.5% for the quarter. We expect Marico to report consolidated revenue and earnings CAGR of 11.8% and 13.6% through FY16-18E. We continue to maintain our HOLD recommendation on...