Dabur's consolidated revenue for 3Q grew just 2.4% to Rs21.2bn, which was 2% below our estimate. While EBITDA came in at Rs3.7bn (estimate of Rs3.8bn), consolidated net profit increased 12.6% to Rs3.2bn, in line with our estimate. Domestic business witnessed volume de-growth of 2.5%, mainly due to sharp fall in Foods business and delayed winter. We expect Dabur to post revenue and earnings CAGR of 10.4% and 13.4%, respectively through FY15-18E. The recent fall in stock price provides a good opportunity for long term investors. We upgrade...