We value Colgate based on P/E of 34x on Dec-19 EPS to arrive at a TP of 1,163. We maintain NEUTRAL. Colgate-Palmolive India (Colgate) registered 12/18% volume/revenue growth vs. our expectation of 13.5/16%, respectively. Premiumisation, favorable base & op-lev led to healthy EBITDA/PAT growth of 32/34% respectively (vs. expectation of 21/24%).