Since our upgrade in Dec'19, the stock is up 116% it has outperformed the Nifty by ~95% despite which the stock trades at 21x FY23E EPS currently. Interestingly, we have upgraded our EPS every quarter since then (from INR12.3 to INR19.9 for FY22E) on the back of better-than-expected volume growth. CGDs have been a true consumption story and, as highlighted in Exhibit 1, the market has always valued volume growth for these names. GUJGA has clocked volume growth of ~8% QoQ each time since 1QFY20 despite the COVID-led disruption witnessed in 1HFY21. Over the past five years, the company has posted a volume...