Jefferies on Colgate | Buy, TP cut to Rs 2000

Colgate reported D/D topline growth, partly due to GST transition base - 2Y CAGR was just 3%. Brand investments continued to rise, with ad spends rising to c19% of revenue, a multi-qtr high. While this reflects continued growth interventions, it weighed on EBITDA margins New CEO expects strong growth ahead, aided by a science-backed portfolio & continued investments Cut EPS by 3-4%,

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