CLGT's 2QFY22 result was in line with our estimates. Two-year average sales growth, at 5.2% in 2QFY22, continues to remain in the 4-6% range seen in recent quarters, with little indication of an improvement, despite consistent advertising spends. With: a) the launch of the Non-Oral Care portfolio, and b) investments under the brush twice a day' campaign seemingly on the back burner, it is unlikely to return to double-digit sales growth seen over FY0815 anytime soon. We maintain our Neutral view on weak topline growth, rising material cost pressures, and limited scope for price hikes....