We value based on P/E of 35x on Sep-20 EPS to arrive at a TP of Rs 1,163. Colgate registered 7/8% volume/value growth as compared to exp. of 5/8%. There is a slight recovery in revenue growth considering 4% revenue CAGR during the last 8 quarters. Colgate enjoyed the benefits of pan-India launch of Swarna Vedshakti (naturals). Soft input inflation and decline in employee expense led to EBITDA/APAT growth of by 10/11% (exp. 12/15%)