It reported 2.6% YoY revenue growth to | 1171.8 crore (I-direct estimate: | 1242.9 crore). The company witnessed 3% YoY volume decline against our estimate of 1%, due to the muted pick-up in the wholesale channel. It continued to maintain its leadership with 55.1% (55.4% in December 2017) and 47.4% (47.0% in December 2017) market share in toothpaste and toothbrush categories, respectively Raw material cost as a percentage of sales declined 139 bps YoY. However, the company aggressively invested in brand building and...