We value Marico based on P/E of 35x Dec-20 with TP of Rs 394. Maintain BUY. Marico delivered a mixed bag with beat in revenue growth and miss on gross margins. Net revenues grew by 15% (exp of 13%) with volume growth of 6% (exp. 6%). The co. benefited from softening of copra prices (-23% YoY, -12% QoQ) but wasnt able to expand GM owing to volatile prices of other commodities. Maricos GM pressure was the least in 3Q vs. HUL, Dabur and Emami. EBITDA/APAT grew by 16/12% (exp 23/20%)