We model 23% EPS CAGR over FY18-21E. We value at 45x Jun-20 EPS. Our TP is at Rs 6,257 (earlier Rs 6,307) BRIT reported another solid quarter with revenue growth of 14% (volume-led) to Rs 25.3bn (exp. 13.5%). Higher than expected other expenses (up 14%) led to a marginal miss in EBITDA estimates. EBITDA/PAT were up 19/19% (exp. 26/24%).