We have BUY rating, with a TP of Rs 340, based on 33x Jun-19EPS. DABURs consolidated net revenue contracted by 8% YoY to Rs 17.9bn, in-line with expectations. EBITDA and APAT grew by -11% and -6% YoY. Domestic business (~66% of sales) grew -5%, with -4.4% volume growth (in-line with expectations), owing to channel destocking. Daburs volumes were better than its peers i.e. Emami -18%, Marico -9%, and Colgate -5%. Daburs Hair Care, Home Care, Skin Care, Health Care and Beverages segments grew -11%, 6%, 4%, -7% and -8% respectively. Growth of 10% in the Toothpaste was encouraging, especially when Colgate clocked a 4% decline.