GSK Consumer reported numbers much below our estimates. While revenues remained flat at Rs10.7bn vs. our expectations of Rs11.7bn, normalised net profit grew by just 2%, which was 15% below our estimate. EBITDA margins improved by 19.1% to Rs1.9bn in line with our estimates, which was on the back of lower milk and SMP prices. On account of poor volume growth performance in past five quarters coupled with fair valuations, we...