Marico has reported mixed results in 2QFY17 with its consolidated revenues falling by 0.9% yoy to Rs14.4bn, while PAT rose by 18.1% yoy to Rs1.8bn. While volume grew by 3.5% yoy, flagship brand Parachute's volume dipped by sharp 6% yoy. Trimming down our earnings estimate by 4%, we expect Marico to report revenue and earnings CAGR of 8.7% & 13.4%, respectively through FY16-18E. Since our rating downgrade post 1QFY17 results, the stock has corrected by 8% vs. flattish performance of benchmark indices. We...