ICICI Securities Ltd | Retail Equity Research Colgate-Palmolive (CPIL) reported a disappointing Q3FY17 performance. Revenue for the quarter declined 8.6% YoY to | 981.6 crore (I-direct estimate: | 947.1 crore) amid demonetisation and increasing competitive intensity. We anticipate ~10-12% decline in volumes considering ~3.0% price decline during the quarter In line with estimates, the company undertook a cut in the advertisement expense in order to mitigate impact of lower sales on...