For BIL, sales, PAT are seen growing at 11%, 12% CAGR, respectively, in FY20-23E. BIL continues to broadly deliver on stated growth and margin guidance. BIL's net debt free B/S, double-digit return ratios and strong cash generation provides us margin of safety. As a result, we continue to hold a positive view on the stock and retain our BUY rating with a revised target...