Colgate Q1 Review - Premiumisation Saves The Day: Prabhudas Lilladher
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Prabhudas Lilladher Report
We are increasing Colgate-Palmolive India Ltd.'s earnings per share estimates by 2.7%/2.9% for FY22/FY23 on the back of-
superior gross margins due to increased premiumisation and lower sales of toothbrush
higher category growth and salience for large packs
increased Ad spends (up 280 basis points YoY) and ramp up in innovations and
aggression in new segments which offer growth opportunity.
Colgate's Q1 numbers were a mixed bag with disappointing volume growth of ~8% on a low base (down 8%), whereas gross margin expansion led by superior mix was positive.
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