We value HUL based on 43x P/E on Dec-19EPS to arrive at a TP of Rs 1,514. We maintain BUY. HULs net revenue grew by 10.8% to Rs 83bn. Like-to-like growth was at 17%, better than our expectation of 11%. Fiscal refunds contributed 2% to revenue. UVG was at 11% (4% in 2QFY18 and -4% in 3QFY17), vs. our expectation of 8.5%. EBITDA and APAT increased by stellar 24% and 30% respectively.