Our TP is at Rs 6,087, with limited upside we maintain our rating of NEUTRAL. BRIT reported another strong quarter, with consistent double digit volume growth (4th consecutive). Net revenues grew by 12.5% (vs. est. 13.5%), largely driven by ~12% volume growth (vs. est. 11%). Benign food inflation coupled with a richer product mix, led to margin expansion. EBITDA/APAT grew by 20/16% (vs. est. 15/13%).