Co level initiatives are on track. We will be keen to see how Mohit will drive Dabur's large but under indexed portfolio. Revitalizing the strategy should fill the gaps in product/distribution/ communication. There are few low hanging fruits which Mohit will try to assess initially, resulting in a quick turnaround in performance. Rural tilt in sales mix means progress of monsoon (normal) and government initiatives are key (wage growth is muted). Our change in rating is based on medium term performance. We attended the analyst meet of Dabur India. We observed that Daburs strategy has turned aggressive (outperform market) vs. defensive (riding with the tide). Dabur headed by Mohit Malhotra (new CEO, joined Aug'18) is shaping up well. Mohit is taking the right steps which were required years ago. Dabur has always been admired due to its wide product range and strong rural play (45% rev mix). However, the co was performing below its potential. Extensive product range was limiting managements focus (defensive approach due to focus on many brands). Rural play (acceleration) has been more of a hope than a reality due to competition from regional players and entry of large players in upcountry markets. With the change in approach, we are confident that Dabur can outperform over the next 3-5 years. Current slowdown might impact near term performance but we expect a mean reversion for many brands over the next few years. We see a re-rating potential in Dabur. We are upgrading the target multiple to 40x (38x earlier) on Sep-21 EPS. Our TP...