We value Marico based on P/E of 35x Jun-20, and arrive at a TP of Rs 388 (earlier Rs 388). Maintain BUY. Marico reported an in-line quarter, marked with the end of margin pressure in this copra cycle. Net revenues grew by 20% YoY to Rs 20.3bn (exp. 17%). We anticipated margin pressure owing to copra inflation, partially offset by rationalization of ASP and other expenses. EBITDA/PAT grew by 9/10% (exp. 6/8%).