We value Marico based on P/E of 35x Sep-19, and derived a TP of Rs 343. We are optimistic about Marico's long-term story, with near term challenges and rich valuation, we maintain NEUTRAL. Maricos consolidated net revenue grew by 6.5% YoY at Rs 15.4bn, lower than our expectation of 9.7% growth (weaker international business). EBITDA and PAT was up 2% each, in-line with our expectation. Restocking and recovery in rural areas (up by 14%) resulted in healthy 11.5% growth in domestic revenues (78% of total). Domestic volume growth of 8% (our expectation 9%) was largely in-line.