We value Dabur at 35x P/E on Mar-20EPS to arrive at a TP of Rs 410. Maintain BUY. Daburs revenues were in-line, but there was a beat on EBITDA and APAT. Consolidated net revenues on a like-to-like basis grew by 11% to Rs 20.3bn. Domestic (69% of total) clocked 10% growth while International grew by robust 17% in cc terms. EBITDA/APAT grew by strong 16/19% YoY.