We value BRIT based on P/E of 38x Jun-19EPS. We maintain BUY rating with a TP of Rs 4,418. BRITs net revenue was up 5.6% to Rs 22.2bn vs. our expectation of 1%. EBITDA and PAT up by 4% and -1%. BRITs revenue grew by healthy ~7%, despite destocking, that impacted revenues by 5%. Volume growth of 3% was better than other consumer companies. Domestic volume was for Dabur -4.4%, Emami -18%, Marico -9%, Colgate -5% and HUL flat. BRITs continued market share gain was heartening, especially in the rural market (double-digit growth).