GIL's stricter working capital control and cost has imparted strength to the balance sheet. We raise our FY21, FY22 earnings by 6%, 26%, respectively. The continued demand from Europe and newer areas will hold the key for Gabon, going ahead. Furthermore, while plywood is expected to grow handsomely on a benign base, GIL's relative market share, traction thereafter will be key for further rerating after sharp run up in share price of ~72% in last three months. We roll over to FY23 and maintain HOLD with a...