Although CLGT expects a demand recovery in the coming quarters, near-term volume growth is likely to be in mid-single-digits, despite stability attained in market share in the previous quarter. CLGTs high rural and wholesale exposure means that near-term volume growth is likely to be in mid-single-digits, despite stability attained in market share in the previous quarter. However, a few factors are in CLGTs favor from the medium-term perspective (a) the toothpaste market share hemorrhage appears to have abated after three years, (b) there is evident traction driven by herbal and other launches and (c) valuations are relatively less expensive at ~35x FY21E EPS, ~7% discount to our ex-cigarette and alcohol consumer peer valuations. However, a few factors are in CLGTs favor from the medium-term perspective (a) the toothpaste market share hemorrhage appears to have abated after three years, (b) there is evident traction driven by herbal and other launches and (c) valuations are relatively less expensive at ~35x FY21E EPS, ~7% discount to our ex-cigarette and alcohol consumer peer valuations.