We are increasing FY21,22,23 EPS estimates of CLGT by 8.2%, 5.7% and 4.8% led by 1) lower volume decline of 6% in toothpaste, and largely normal production now 2) Trade inventory buildup in June which continues in 2Q as well 3) superior on shelf availability relative to Patanjali, Vicco and other herbal brands 4) 300bps cut in 1Q adspends, only gradual restoration in 2Q and 5) improved realizations on lower discounts. CLGT is upping the ante to regain lost share by 1) increasing adspends 2) sustained innovations (Bamboo Toothbrush, Charcoal Toothpaste etc.) and 3) distribution clout. We believe retaining new customers would be a challenge given new launches by Dabur (Ayurvedic Paste) and Vicco (Saunf) in fast growing herbal segment. We remain highly skeptical of sustained growth in non- oral care portfolio (despite 60% growth in hand wash in 1Q21) like Handwash, Sanitizers, Body wash, Bath Soaps and Shampoos given lack of in-house manufacturing, limited media push and visibility. We estimate 7.7% PAT CAGR over FY20-23 and value the stock at 37xSept22EPS ( 20% discount to HUVR target PE) and arrive at a target price of Rs 1344 (Rs1277@37xSept22EPS) Retain Reduce.