Factoring in the Q3FY21 performance and improvement in demand outlook, we revise our earnings estimates upwards by 3-7% for FY22-23E. The company's War on Waste' programme is well on track with tight control on inventory position and higher focus on gold on lease replenishment (~56% of inventory). We expect initiatives to improve cash positions and significantly enhance RoIC (from 31% in FY20 to ~42% in FY23E). We build in revenue and earnings CAGR of 14% and 22%, respectively in FY20-23E. Healthy balance sheet, sustained focus on market share gains and better...