We value the stock at a P/E of 50x on CY20E EPS and maintain Hold rating with a revised target price of Rs 11,400. However, higher advertisement spends are expected to keep margins under pressure in the interim. Moreover, a below normal monsoon this year could further dampen demand scenario. Domestic sales driven by higher volumes Revenue for Q1CY19 grew by 9%YoY to Rs3,003cr led by growth of 10% YoY in the domestic business. Domestic sales increased 10%YoY to Rs2,822cr on the...