We value Colgate based on P/E of 34x on Sep-19 EPS to arrive at a TP of Rs 1,112. We maintain NEUTRAL. Colgate-Palmolive India (Colgate) registered 3% growth in net revenue vs. our expectation of 8%. Volumes declined 1% vs. expectation of 4%. EBITDA grew 9% to Rs 3bn, in-line with estimates. High taxes (+600bps YoY) resulted in 2% decline in PAT.