Volume growth of the premium category continues to be robust: up 19% yoy/7% qoq. The company further reduced debt by Rs768mn in Q3. We expect RDCK to become debt-free in FY20 due to its solid FCF generation. The stock is available at a PER of 23.8x/20.1x FY21/21E EPS which is cheap for a consumer name. Our Buy recommendation is underpinned by an FCF yield of 5%,...