We are upgrading our FY21/22E EPS estimates by 13.4%/6.8% as BRIT seems confident of sustaining growth momentum on back of improved direct distribution in rural (up 15% in 3 months) and weak states, product innovation/launches (Cream wafers, milkshakes, biscuits, lassi), agility to rebound during Covid and cost efficiency measures. BRIT has proved its resilience during testing times and has emerged stronger than ever recording volume growth of 21.5% and 580bps EBITDA margin expansion led by benign input costs, operating leverage, lower product discounts, efficiency in...