I made small mistake in Calculation of return. For CY1979, the company declared dividend of Rs 6.68 per share. However, the IPO of company was on 1 March 1979. During that time, the shareholder of new share used to get prorata dividend for the period for which new shares issued. Hence, instead of for full 12 months, only 10 months dividend would have accrued to the shareholder who got new shares. So dividend of Rs 6.60 per share, would reduce to Rs 5.50 for new investor. Just one small change of Rs 1.1 per share in dividend with total value of Rs 110 reduction in first dividend has material impact on return calculation. Enclosing revised working file for everyone reference. My apology for this error (and in advance apologies for mistake which I am not aware as of now 
). This is what compounding would do over period. 75% XIRR over 40 years, decline to 60% XIRR with just 110/- reduction in First year dividend !!!
Colgate Past Return Revised in December 2020.xlsx (63.7 KB)
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