Sales, EBITDA and PAT are seen growing at 14.6%, 19.4% & 12.9% CAGR, respectively, over FY20E-22E. Sustainability and quantum of recent uptick in OHT export volumes is a key monitorable for BIL, going forward. In our view, the CMP factors in most positives, leading us to maintain HOLD rating with a revised target price of | 1275, valuing BIL at 20x FY22E EPS of | 63.6. BIL is trading at substantial premium valuations compared to its peers, courtesy...