Britannia (BRIT) 2QFY21 result was in-line with our estimates. Revenue growth subsided to 12%YoY (vs 27% in 1QFY21) with gradual opening up of the economy and pick-up in out-of-home consumption. Non-biscuit portfolio outperformed biscuit portfolio in volume growth. Modern trade channel continues to face growth headwinds. However, deflationary raw material cost aided significant improvement in operating profit margins. Positively, BRIT plans for both green field (in Tamil Nadu, UP and Bihar) and brownfield (Odisha and Ranjangaon) expansion to enhance overall capacity. This will help in margin improvements. We have introduced FY23E estimates...