P&G; Hygiene & Health Care's (PGHH) 3QFY21 sales growth, while healthy at 15.8% YoY, was lower than our expectations, considering: a) the strong momentum in recent quarters; and b) a favorable base, with a 6.2% sales decline in 3QFY20 (June year-ending company). There was a steep increase of 73% YoY in advertising spends, translating to ad spends coming in at 17.1% of sales in 3QFY21, much higher than the usual quarterly levels of 9-12% of sales. With gross margin actually above expectations (up 20bp YoY v/s our expectation of a 160bp YoY decline), high...