We expect EPS CAGR of 18% over FY17-20E. We value Emami based on P/E of 35x on Sep-19 EPS. Our TP is Rs 1,327. We maintain our BUY rating. Emamis net revenues were up 10% at Rs 6.3bn. Like-to-like revenues were up 14% vs. expectation of 13%. Domestic volume growth was healthy at 10% (in-line). International business registered strong 22% growth. EBITDA and APAT were up 15% and 27% respectively. Channel restocking and improving consumer sentiments have helped growth recover (1QFY18 revenue declined 16%). Management is confident of achieving ~17% domestic growth in 2HFY18. We remain optimistic about Emamis domestic business, and expect 13% revenue CAGR over FY17-20E.