With improving visibility in the domestic business, we upgrade our target P/E multiple to 38x (35x earlier) on Jun-20EPS to arrive at a TP of Rs 461 (Rs 423 earlier). Maintain BUY. Dabur reported an all-round solid performance with 20% consolidated revenue growth. Domestic revenues grew by 24% aided by 21% domestic volume growth, ahead of our (14/12% val/vol.) and streets expectations. International business (30% mix) grew by 11% (exp. of 14%). EBITDA/APAT was up by 25/19% (exp. 20/18%) despite aggressive ASP Growth of 33%.