Core business revenue grew 11% YoY to INR16.7b (+ 14%YoY, adjusted for excise impact on exempted zones), below our estimate ofINR17.2b, due to a weak performance from Cables & Wires (+3% YoY). Operating profit rose 33% YoY to INR2.5b and EBIDTA margin improved250bp YoY to 15.2%, driven by a) margin improvement across product categories, as demonetization-related schemes were discontinued, b) price hikes taken to compensate for higher raw material cost and c) low ad spend(3.2% v/s 3.5% in 3QFY17). We raise our earnings estimate for FY20 by 3% to factor in better-than-estimated operating margins, driven by cost-control measures. We maintain our Buy rating and raise our TP to INR640, with exit multiple of 37x Mar???20E EPS of INR17.2.