We value Emami at 32x on Dec-20 EPS, with TP of Rs 543 (earlier Rs 561). Maintain BUY. Emamis 3Q performance was weaker than expected owing to underperformance in winter portfolio (45% revenue mix) and gross margin pressure. Net revenues grew by 7% (exp. 11%) with 3.5% volume growth (exp. 8%). EBITDA/APAT grew by 1/-2% (exp 8/8%).