We value Emami based on P/E of 36x on Jun-20 EPS to arrive at a TP of Rs 634 (earlier Rs 627). We maintain BUY. Emami reported an in-line quarter marked with partial recovery, supported by an extremely favourable base (-18% in 1QFY18). Consolidated revenue grew by 19% (exp. 17%) driven by 16% volume growth (in-line). EBITDA/APAT grew by 54/42% (exp. 54/45%).