GlaxoSmithKline Consumer Healthcare (GSK Consumer) has delivered a weak performance in 3QFY17. Its net sales fell by 11.7% to Rs8.2bn, while net profit decreased 8.3% YoY to Rs1.4bn. Marred by demonetization and weak consumer demand environment, its volumes in the core HFD segment fell by 17% in the quarter. Trimming down our earnings estimate by 7% for FY18E in the wake of poor quarterly performance, we expect GSK Consumer to post modest revenue and earnings CAGR of 2.9% and 6% respectively through FY16-18E. However, considering the Company's market leadership, strong brands and comfortable valuations, we...