Higher gross margins; Lower A&P; boosts profitability GlaxoSmithKline Consumer's 3QFY16 revenues came in line at Rs9.9bn, a growth of 1.4% yoy. EBITDA and net profits however beat our estimates mainly on the back of lower A&P; expenses. EBITDA increased 73.6% to Rs1.2bn (estimate of Rs789mn), while net profit increased 36.8% to Rs1.3bn vs. our estimates of Rs1.1bn. Volumes remained flat for the quarter. We expect 8.6% and 14.7% CAGR in revenues and earnings through...