Volume led growth quarter; Naturals' portfolio outperforms CPIL has been able to maintain its toothpaste volume market share at 52% and increase its toothbrush market share by 280 bps to 48% on a YoY basis. CPIL posted ~6% topline growth largely driven by volume growth of 5%. Colgate's volume growth has improved in past few quarters (7% each in Q2Q3FY19) primarily driven by new launches in the naturals' portfolio. CPIL has aggressively increased its promotional spend to drive growth in its 'Naturals' and overall toothpaste portfolios. In naturals, CPIL has increased its volume market share by 120 bps YoY to 8.1%. We expect naturals' portfolio...