We value Emami based on P/E of 32x on Sep-20 EPS to arrive at a TP of Rs 547 (earlier Rs 561). We maintain BUY. Emami reported a weak but in-line quarter marked with seasonality, trade challenges and a heavy base (revenue/EBITDA growth of 14/15% in 2QFY18) of GST restocking. Emamis discretionary portfolio is yet to see a pick-up in consumption post demonet. Revenues were flat (exp. -2%) with 4% volume contraction (exp. -2%). EBITDA/APAT grew by -6/-12% (exp. -13/-13%).