We value Dabur based on P/E of 35x (earlier 33x) Sep-19EPS, and arrive at a TP of Rs 380. We maintain BUY. DABURs consolidated net revenue on a like-to-like basis increased by 8% to Rs19.6bn. Domestic business (70% of total) clocked 10.7% growth, better than expectation of 8.5%. International revenues remained under pressure, and declined by 11%. EBITDA and APAT grew by 3 and 2% YoY, in-line.