Strong focus on retail and a shift to the 12 season model is likely to help improve assortment freshness footfall enabler; ergo sustain growth momentum across anchor formats. We continue to prefer strong Brands and value fashion plays and ABFRL is well placed to milk both categories. We revise our DCF-based TP to Rs. 290/sh (earlier Rs. 250). Revision is a function of 1. Revision in our EBITDA estimates (1.5-2%) for FY21/22 respectively and 2. DCF-roll-over to FY22. ABFRL's revenue grew 12.3% YoY to Rs. 25.6bn (3.5% above estimated Rs. 24.76bn) as both anchors - Madura and Pantaloons performed well and beat expectations. Adj. EBITDA margins (Pre-IND-AS) stood at 8.4% (vs est: 7.1%). The beat was a function of 1. GM trickle down effect, 2. Improved profitability in Pantaloons and 2. Reducing losses in the fast fashion biz. The company reported losses for the quarter (Rs. Rs. 334mn) primarily due to a higher tax outgo (courtesy a one-time deferred tax charge of Rs. Rs. 1.43bn)