We value BRIT based on P/E of 42x Dec-19EPS. Maintain BUY with a TP of Rs 5,332. BRIT reported a solid quarter with net revenues growing by 12.5% to Rs 25.7bn in-line with our expectations. EBITDA/PAT were up by 27/ 20% vs. expectation of 26/23%. Domestic business grew by 15% with ~12% volume growth (9% expectation). BRIT has been one of the stand-out players in the FMCG mid-cap space during the last 12 months in terms of volume growth (growth reported in every quarter) and fastest EBITDA growth (14% growth in 9MFY18 vs. Daburs 4%, Maricos -2% and Emamis -6%).