Marico is amidst a copra deflationary cycle and plans to capitalize by building its futuristic portfolio. The co. is reinvesting its GM expansion into higher A&P spends to support new launches. In the recent past, the co. has launched several products in categories like premium hair oil, food and male grooming. Although the products are niche and may not have a high success rate, we admire the management's aggression which will aid in driving product diversification and long-term growth. Marico reported an all round show with (1) Market share gains, (2) Sharp GM expansion (522bps), (3) Aggressive A&P; spends (+32% YoY) to support NPD and (4) Robust EBITDA growth (adj. 26%). We remain constructive on Marico and believe its performance will be superior vs. its peers in FY20. We value the co. at 35x on Jun-21 EPS arriving at a TP of Rs 395. Maintain BUY.