Although BRIT is underperforming other FMCG cos in the near-term, medium term opportunity makes the story attractive. We believe BRIT can successfully become a total snacking company as it has all the right ingredients i.e. brand strength, deep distribution, superior management execution and operating scale. Besides, we expect BRIT to continue gaining share in biscuits led by premiumisation and distribution expansion in Hindi belt. BRIT has reduced its ICD's to its group companies to <Rs 5bn vs. ~Rs 7bn in Mar-19. BRITs 2Q performance was soft and in-line (after miss in 1QYF20). Co has underperformed peers (HUL, Dabur etc) in 1HFY20 owing to slowdown in biscuit category growth. However, market share gains and promising new launches keeps us interested. We expect gradual recovery in 2HFY20. We cut estimates by ~2% to factor delay in full recovery (1Q onwards vs. 4Q earlier). We value BRIT at 45x P/E on Sep-21E EPS, arriving at a TP of Rs 3,513. Maintain BUY.