Despite building healthy recovery, we arrive at a NEUTRAL rating. We value based on P/E of 35x on Dec-20 EPS with TP of Rs 1,254. Colgate reported an in-line quarter with revenue growth of 6.5% (exp. 8.5%) driven by volume growth of 7% (exp. 6.5%). The co. has increased its trade and consumer promotional intensity resulting in softer revenue growth and gross margin pressure. EBITDA/APAT grew by 11/13% (exp. 10/12%).