Despite the continued struggle to grow revenues in FY20, market share gains were unprecedented. It reflects BRIT's strong execution capabilities in the challenging phase. Although new product launches will be slow in the near term, we believe BRIT will bounce back in 2HFY21. BRIT can 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's 3Q performance was soft and revenue grew at slow pace of 4% (11% 3QFY19, 6% 2QFY20) vs. expectation of 7%. Weak rural demand continues to impact BRIT and 9M revenue growth was at 5%. However, market share gains were significant and unprecedented. Considering weak offtake, BRIT is focusing on strengthening the core i.e. (1) Higher focus on distribution reach, (2) Efficient supply chain to improve ROI for trade partners and (3) Targeted product campaigns. Co is consolidating new launches and concentrating efforts on depth of distribution. Steep inflation has been well managed by RM hedges and reduction in wastages. GM was down by mere 44bps. While, cost efficiencies and control on overheads (flat ASP) has improved EBITDA margin by 94bps. EBITDA growth of 11% was healthy. We cut estimates by 3% to factor slower recovery. We value BRIT at 45x P/E on Dec-21E EPS, arriving at a TP of Rs 3,551. Maintain BUY.