Resilient performance during challenging times builds our confidence in the business model and ability to gain market share. Though we believe current gross margins (59-61%) may not be sustainable in nature, we expect EBITDA margin improvement to sustain driven by operating leverage and cost control measures. Factoring in the performance of Q3FY21, we revise our earnings estimates upwards by ~7% for FY22/23E. We bake in revenue, earnings CAGR of 12%, 20%, respectively, in FY20-23E. Over the years, Relaxo has maintained balance sheet prudence with controlled working...