Reiterate BUY. No change in estimates and TP of Rs 382, valued at 32x (~20% discount to sector) Sep-20E EPS. ITCs revenues grew by 14.7% to Rs 110.9bn (vs. est. of Rs 106.8bn) driven by cigarette revenue growth of 10.4% (exp. 8%) with volume growth of ~5.5% (exp. 4.5%). Cig. EBIT growth of 9.5% trailed value growth owing to a one-off (1% growth impacted) on account of damage of stock during Kerala floods (insurance claim will be reimbursed in 3Q). Non-cig. business grew by 12% (in-line). EBITDA/APAT grew by 12/13% vs. exp. of 12/12%.