Colgate (CPIL) reported a dismal set of numbers with 7.4% decline in sales and 8% dip in volumes. The growth was largely impacted by 10 days loss of sales due to the lockdown in the country. The company maintained its gross margins at 64.6% in Q4FY20. However, employee expenses as percentage of sales was up 200 bps manly due to operating de-leverage. The company maintained its marketing spend at | 155 crore, which was 100 bps higher (percentage to sales) given decline in sales. CPIL did not withdraw media spend despite disruption at the end of quarter. Other overhead were lower...