Marico will continue to see challenges in the near term on account of weak revenue growth and limited GM expansion. Weak rural growth, price cuts, reduction in channel inventory will remain inhibitors for growth recovery. Earnings trajectory will continue be soft for few more quarters. Although stock has corrected recently, we do not see near term triggers for re-rating. Marico reported weak 3Q and commentary for near term was more alarming. Weak consumer offtake, rationalising trade inventory and price cut will continue to dent near term show. Copra tailwinds will soon be behind and EBITDA growth will be challenging in the near term (model 6% EBITDA growth in the next 2 qtrs vs. 17% in the last 4 qtrs). We cut EPS by 4% FY20-22 to factor in growth challenges across portfolio and limited success for new initiatives. We had downgraded Marico in 2QFY20 (@Rs 380) as we thought most near term triggers were priced-in and earnings upcycle will moderate. Despite stock correcting over the last 3-months, we do not see any immediate trigger for upgrade. We value Marico at 35x on Dec-21 EPS, our TP is of Rs 350. Maintain NEUTRAL.