We expect 9.3%/ 16.2%/ 15.8% revenue/ EBITDA/ PAT CAGR over FY20-23E led by -8.8%/ 17.0%/ 10.0% volume growth and 11.2%/ 0.0%/ 0.5% realization growth in FY21E/ FY22E/ FY23E. We introduce FY23E. We increase our revenue estimates by 5.5%/ 5.2% and EBITDA estimates by 37.2%/ 26.3% for FY21E/ FY22E factoring H1FY21 results. Accordingly, we increase our PAT estimates by 64.9%/ 42.3% for FY21E/ FY22E. We like TRCL for its strong distribution (supports its industry leading volume growth) and healthy profitability metrics...