Company's strong portfolio of brands and well-spread distribution network should improve product penetration and continue to support performance. Hence, we reiterate our BUY rating on the stock with a revised TP of Rs. 19,720 based on 67x CY22E adj. EPS. Topline growth momentum continues Nestle India's Q2CY21 standalone revenue increased by 14.0% YoY to Rs. 3,477cr mainly due to continued momentum in domestic sales and also due to weaker base in Q2CY20. Export sales grew 17.7% YoY (remained flat QoQ) to Rs. 157cr. Strong...