Britannia (BRIT) 3QFY21 result was in-line with our estimates. Revenue growth moderates to 6%YoY (vs 12% in 2QFY21) driven by normalization in consumer upstocking trend. BRIT used to grow at this rate pre-covid during FY20. General trade continued to grow at a healthy rate led by strong demand in rural and recovery in urban markets. Modern trade and institutional business continued to lag led by lower footfalls in stores, offices schools, railways etc. Gross margin expanded for 3rd consecutive quarter driven by deflationary raw material cost and cost optimization. We continue to maintain our positive outlook on the stock. We have marginally trimmed our estimates based on management guidance. Our revised TP stands at Rs 4,564 (vs...