We are increasing FY21/22/23 EPS estimates marginally by 1.8/3.3/7.1% and our rating from Hold to Accumulate. MRCO has given optimistic outlook based on 1) Double digit volume growth in VAHO, 2) steady growth in parachute and Saffola and 3) scalability in oats and Honey with a target of Rs4.5-5bn sales by FY22 4) integration of Beardo acquisition 5) Structural cost savings of Rs 1.5bn in domestic business and 6) Improving growth outlook in Bangladesh and recovery in MENA. Although MRCO is near term input cost pressure in edible oils, LLP and Parachute, it has taken 15-20%...