Subdued topline growth; Net profit in line GCPL posted consolidated revenue of Rs23.5bn, a growth of 5.7% yoy, lower than our estimate of Rs24.5bn. EBITDA grew by 17.2% to Rs4.6bn (our estimate of Rs4.8bn), while consolidated net profit for the quarter increased 22.5% to Rs3.2bn, in line with our estimate. Lower topline growth was in the wake of the drop in domestic hair colour revenue and subdued international business. We estimate 11.8% and 20% CAGR in consolidated revenue and earnings through FY15-18E and maintain our BUY recommendation with revised Target Price of Rs1,380....