Godrej Consumer Products' (GCPL) consolidated net sales for 2QFY16 grew 9.5% to Rs22.4bn lower than our estimate of Rs23.1bn. While the domestic business reported 9% growth in the topline, international business grew higher by 15% on constant currency basis. EBITDA came in at Rs4bn, while consolidated net profit grew by 22.4% and stood at Rs2.9bn vs. our estimate of Rs3bn. The stock is currently trading at 32.6x FY17E earnings. We retain our HOLD recommendation on the stock with a revised Target...