Wholesale De-stocking & Higher A&P; Spend Impact Growth Colgate-Palmolive has delivered a subdued performance in 4QFY17 with its revenues growing by 2.5% YoY to Rs10.3bn, while net profit remained largely flat at Rs1.4bn. Its overall quarterly volume fell by 3% YoY due to weakness in wholesale trade post demonetisation. Growth in net profit was stagnant due to higher investment in brands through advertising spends. Looking ahead, we expect the Company to deliver 13.2% and 16.8% CAGR in revenue and earnings, respectively through FY17-19E. Valuations at 34.3x FY19E earnings are reasonable, in our view considering that the stock has traded at average one year forward PE multiple of 40x...