BRIT has consistently reported industry leading volume growth and margin expansion. The co. has made some inroads in the Hindi belt (growing 1.5x vs. BRIT) and rural market which has resulted in market share gains. At the same time, BRIT has focused on its cost savings program (4.5x in FY19 vs. FY14) which has further supported in re-investing in its brands. In the last 12 months, the co. has demonstrated its hunger for growth via new launches despite a challenging environment. We continue to like BRIT but rich valuations keep us at bay, as everything needs to go right for the co. Key risk on BRIT remains the return of food inflation. BRIT reported a modest performance (in-line) led by a momentary softness in the sector. Although the stock is down 12% since our downgrade (Jul-18), we dont see any immediate trigger to upgrade the stock. We remain constructive on BRITs transformation to a total foods company and see it as a multi-year growth story. We believe the success rate of BRITs new launches will be the key catalyst for the stock. Our TP at Rs 3,101 is based on 45x FY21E EPS. Maintain NEUTRAL.