ICICI Securities Ltd | Retail Equity Research GSK Consumer Healthcare (GCHL) reported lower-than-expected Q2FY17 numbers. Net sales for the company declined marginally by 1.3% YoY to | 1135.6 crore (I-direct estimate: | 1144.8 crore) Operating margins slightly improved 75 bps to 20.6% (I-direct estimate: 21.4%) largely on account of lower A&P; spend (down 153 bps as percentage of sales) partly offset by higher employee cost PAT declined 16.6% YoY to | 183.7 crore (I-direct estimate: | 199.2...