We upgrade our multiple to 45x (43x earlier) P/E on Mar-20EPS to arrive at a TP of Rs 1,615. We re-iterate BUY. HULs revenue on a like-like basis grew by 16% to Rs 90.9bn (12% expectation). UVG was at 11% (4% in 4QFY17 and 11% in 3QFY18) vs. our expectation of 6.5%. There was a strong beat on EBITDA/APAT growth of 24/26% vs. our expectation of 16/13%.