We value Emami based on P/E of 36x on Mar-20 EPS to arrive at a TP of Rs 1,230. We maintain BUY. Emamis consolidated revenues grew by 12% on a like-like basis (in-line) driven by 9% volume growth. We were surprised with EBITDA/APAT decline of -3/-5% vs. expectation of 9/3% respectively.