Consol. net sales grew 12.3% YoY to INR4.3b. Reported power brand sales grew just 9.3% YoY. EBITDA rose 36.8% YoY to INR693m (est. of INR610m). Adj. PAT after non-controlling interest (NCI) grew 61.5% YoY to INR347m (est. of INR347m). Fabric care, Dish washing and Personal care grew 9%, 12.4% and 30.9%, respectively, while Household Insecticides fell 17.1% YoY. Changes to the model have not resulted in material changes in FY18/FY19/FY20E EPS. Pace of earnings growth (for FY17-20E) appears moderate for a company that is much smaller in terms of size compared to mid-cap peers. RoE is also at a discount to peers at ~18% and 21.7% for FY19E and FY20E, respectively. Given these worries, valuation of 21.8x FY19E EV/ EBITDA and 33.8x FY19E EPS does not offer scope for a significant upside. Targeting 20x Dec'19E EV/ EBITDA (20% discount to staples peers' average),we get a TP of INR380 (INR375 earlier). Maintain Neutral.