We value Dabur at 38x P/Eon Dec-20EPS to arrive at a TP of Rs 482 (Rs 477 earlier). Maintain BUY. Dabur reported an in-line quarter with beat in domestic volume growth (12% vs. est of 9%) and miss on gross margins (-228bps vs. exp of -117bps). International revenue growth dented performance (up 3%) led by GCC region (-12%) and adverse currency. EBITDA/APAT grew by 10/10% (exp 9/12%).