The Q1FY19 revenues came below our expectation. Albeit, on the favorable base of 5% dip in volume, the company posted mere 4% volume growth. This was not encouraging considering the other company like HUL is growing faster compared to Colgate in the oral care category. We attribute this lower growth to the high competitive intensity and delayed corrective action to enter in natural category. Yet, improvement in margin during the quarter was a savior. We believe that the company would report gradual recovery in volume growth on favorable base (-1% in Q2FY18) as better monsoon during the year would...