We value HUL based on 42x P/E on Sep-19EPS to arrive at a TP of Rs 1,401. We maintain BUY. HULs net revenue grew by 6.5% to Rs 82bn. Like-to-like growth was at 10%, better than our expectation of 8%. UVG was at 4% (flat in 1QFY18 and -1% in 2QFY17), in-line with expectations. EBITDA and APAT have risen by stellar 20% and 16%, respectively.