Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from the consultancy segment over the next two to three years. EIL's balance sheet continues to remain healthy with zero debt and cash balance of ~| 1500 crore despite investment of ~| 700 crore in NRL and ~ | 650 crore towards share buyback. We value core business at 10x P/E on FY23E EPS of | 8.0 and investments at book value multiple with revised target price of...