ICICI Securities Ltd | Retail Equity Research Colgate Palmolive India (CPIL) has emerged unscathed from the preGTS de-stocking impact. The company witnessed mere 2.8% sales decline despite large dependency on wholesaler's network & trade expectation of price cut post GST on the back of a decline in indirect tax incidence from 24% to 18%. Volume declined 5% YoY (against our estimate of ~10% dip) largely due to de-stocking at trade level The company lost 140 bps & 120 bps market share in toothpaste & toothbrush category, respectively, during the quarter. However, it...