The Q2FY19 results came in line with our expectation. On a favorable base of 1% volume decline the company was able to post 7% growth. After consecutive 7 quarters of lackluster volume performance, the company was able to show some improvement in volume growth. Our analysis suggests that the company has gained 220bps volume MS in toothpaste category sequentially and 20bps on YoY. However, Colgate lost 250bps market share in toothbrush category sequentially, was discouraging. We attribute the improvement in volume performance to recent launch of...