With the reduction of debt, the company would see strong earnings growth in FY20-22E. We expect 51.7% CAGR adjusted earnings growth in FY20-22E (FY20 base was impacted by exceptional expense of | 40 crore related to acquisition & earnings were also negatively impacted by Covid related disruption). Though return ratios would remain in single digits for the next three to four years, we see potential growth opportunities in its brand through increasing penetration & new launches (smaller SKUs & variants). The stock is available at 24.5x FY22E earnings. We value the stock at 35x...