Broker s call: Colgate Palmolive (Neutral)
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Updated on
CMP: ₹1579
Colgate Palmolive’s weak sales growth trend has persisted in recent quarters – the two-year average sales growth is in the 5–6 per cent range. It has now been six years since the company reported over 7 per cent sales growth for any year.
The cornerstones of our earlier optimism on improved topline growth were: new launches in oral care; a potentially higher play in naturals (38– 39 per cent of the category where Colgate was significantly under-indexed); and new launches in Non-Oral Care (only 2 per cent of sales currently v/s around half the sales for the parent) – leveraging on Colgate extensive distribution reach and the implementation of the ‘Brush Twice a Day’ campaign.
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