We valued Colgate based on P/E of 34x (earlier 33x) on Jun-19 EPS to arrive at a TP of 1,062. We maintain NEUTRAL rating. Colgate-Palmolive India (Colgate) registered 3.5% contraction in revenues in 1QFY18, with 5% volume decline (in-line). EBITDA and APAT grew by 5% and 8.5% respectively YoY. Channel destocking and rising competition (especially from Patanjali and Dabur) were key reasons for the decline in volumes. Colgate continued to lose market share. Its Toothpaste and Toothbrush market share stood at 54.3% (-160bps YoY) and 45% (-180bps YoY) in 1QFY18.