HSBC on Colgate ; Hold, TP Rs 1840

Q2FY27 sales were up 12% yoy (2yr CAGR: 2.6%), 1-2% below cons. and HSBCe; volumes grew high-single digit Ad spend grew 40% yoy, we think the right approach but also key reason for the 8-10% miss vs consensus and HSBCe Underlying growth remains tepid as H1 growth of 12% yoy was on a low base

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