Q3FY21 Revenue grew by 32% YoY, on account of festive & pent-up demand. PAT grew by 80% YoY, led by strong operating performance. EBITDA margin improved by 420bps YoY to 13.7% on account of scale benefits and cost rationalisation. Considering normalisation of economic activities, pick-up in construction activities and revival in discretionary spending, we expect revenue growth momentum to continue. We expect VGIL to trade at premium valuation on account of increasing penetration in Non-south market, new product launches and expanding retail chains, stable performance in its key south...