8 January 2019 The aggression demonstrated by the PGHH management in recent quarters on increase in ad spends, new launches and price cuts, wherever required. Continued market share gain in Vicks. New product - Vicks Baby Rub, launched in FY18 is reportedly doing very well. While valuations of 51.7x FY20 EPS implies that near-term upside is limited, category growth potential in the Feminine Hygiene segment (~67% of sales) and potential for market share growth because of its considerable moats, and (2) Potentially huge margin gains from premiumization in Feminine Hygiene over the longer term. Increasing pace of distribution expansion, continuing strong pace of category development efforts in schools to boost awareness and growth, rising ad spends after a lull in preceding years, healthy pipeline of new products and willingness to take price cuts whenever required to boost growth are all encouraging developments that should aid rapid growth for the company over the long term.