Domestic volume growth at 8% yoy was above our estimates and that of most FMCG peers; value growth was lower than our/street estimates due to price cuts in Parachute. International business grew 6% yoy led by MENA, South East Asia, and South Africa; Bangladesh growth declined, thereby impacting overall international growth. Gross margins expanded further on lower input cost (Copra/ HDPE down 41%/9% yoy).Phillip Capital value the stock at 38x our FY18 earnings (35x earlier) at Rs 300 (vs. Rs 260 earlier) and maintain Neutral. Trendlyne has 9 reports on MARICO updated in the last year from 5 brokers with an average target of Rs 267.6. Brokers have a rating for MARICO with 4 price upgrades in past 6 months and 1 price downgrades in past 1 Year.