Reiterate BUY. Our TP is Rs 383, at 32x Dec-20E EPS. ITCs revenues grew by 15% (exp. 11%) driven by non-cigarette portfolio growing by 17% (exp. 13%). Cigarette (cig) revenues grew by 9.6% (exp. 8.5%) driven by 7 year high volume growth of ~7.5% (exp. 6%; -4% in 3QFY18). Although cig. EBIT growth was a tad bit slower at 8.8%. EBITDA/ APAT grew by 11/14% vs. exp. of 12/11%. The co. clocked its fastest APAT growth in 17 quarters!