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ICICI Securities Report
Colgate Palmolive India Ltd. Q2 FY21 domestic revenue growth of 7% was ahead of consensus estimates.
Internals were also positive – toothpaste had ‘accelerated sales growth’ – a likely case of market share gains (inline with our thesis).
We believe Colgate benefited from -
- a largely ‘essential’ portfolio,
- presence across the price-benefit pyramid – help capture any impact of downtrading and
- strong distribution reach, especially in rural India which was relatively less impacted.
Focus towards the naturals category and increasing brand visibility inspires confidence.
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