Marico's numbers for 3QFY16 were ahead of our estimates. Consolidated revenues increased 7.3% to Rs15.5bn, which was 3% ahead of our expectations. EBITDA grew by 25.1% to Rs2.9bn vs. estimate of Rs2.7bn and consolidated net profits came in at Rs2bn, vs. estimate of Rs1.9bn. Overall volume growth for the quarter stood at 10%, which was the highest in past ten quarters. We estimate a 10.3% and 17.6% CAGR in revenues and earnings through FY15-18E. However the stock trades at 30.6x FY18E...