Bajaj Consumer Care (Bajaj) posted higher-than-expected revenue (up 40.3% y-o-y) and Ebitda (up 157.4% y-o-y) while PAT (up 119.8% y-o-y) came in line. ADHO grew 40% y-o-y each in value and volume terms with larger packs continuing to do well. On a two-year CAGR basis, revenue growth is about 1%. Rural markets continue to do well with van operations helping the company scale up rural business by 61% y-o-y in Q4FY21. Urban markets are showing signs of recovery with 23% y-o-y growth compared with a 7% y-o-y uptick in Q3FY21. Dividend payout normalised; the company announced Rs 4 as final dividend, taking the full-year dividend payout to Rs 10. Maintain 'HOLD' with a revised TP of Rs 350. Hair oil category continues to recover; costs inflationary: The hair oil market has continued to recover, growing 3% y-o-y in January and February compared with 1.5% y-o-y in Q3FY21 led by strong rural growth.