We value Dabur based on P/E of 35x Dec-19EPS, and arrive at a TP of Rs 401. We maintain BUY. Dabur reported strong in-line revenue and EBITDA growth in 3QFY18. Consolidated net revenues on a like-to-like grew by 13% to Rs19.7bn. Domestic business (70% of total) clocked 18% growth (our expectation 17%), led by 13% volume growth. International revenue contracted by ~6% but cc growth was at 5%. EBITDA up by strong 21% (in-line), lower other income slowed PAT growth to 13%.