We value Marico based on P/E of 35x Mar-20, and arrive at a TP of Rs 376. Maintain BUY. Maricos revenues grew by 13% YoY to Rs 14.8bn (in-line). EBITDA margin dip was more than expected due to higher gross margin pressure. EBITDA/PAT increased by (2)/4% vs. expectation of 4/10% respectively.