The December quarter results of Colgate Palmolive (Colgate; CMP: Rs 1,567; Market capitalisation: Rs 42,611crore) were above Street expectations. The key highlight of the earnings was the rise in advertisement and publicity cost. The expenditure on this account grew 38 per cent year on year to Rs 198 crore, which is equivalent to 16 per cent of revenues, reflecting continued investment in brands and product launches. Q3 earnings Revenues (including other operating income) grew by 7.4 per cent year on...
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