We model 25% EPS CAGR over FY18E-20E. At 35x Mar-20 EPS, our TP is at Rs 285. We reiterate BUY. Cromptons net revenue grew by 13% like-like to Rs 11.3bn vs. expectation of 14%. EBITDA/APAT growth was robust at 28/30% driven by cost rationalization and premiumisation vs. expectation of 24/23%.