Festive season sales were reportedly healthy, despite a high base. Retail growth in 3QFY18 was in line with management's expectations, despite the advancement of Dussehra sales to 2QFY18. TTAN also continued to gain market share. Watches and Prescription Eyewear businesses also saw good growth in the quarter. We maintain our Buy rating with a revised target price of INR975 (valued at 49x December 2019E EPS, a 20% premium to three-year average multiple because of the extraordinarily strong earnings growth prospects - 36% EPS CAGR over FY17-20E)