We believe, BIL will be able to revive its revenue growth trajectory when the economy is back to normal given its strong brand recall & reach. Expect 41%CAGR over FY21-23E. We value BIL at 57x on FY23 EPS. Volumes impacted by the second wave, improved from last year Q1FY22 revenue grew by 98% YoY on a low base (de-growth of 84% in Q1FY21 due to Covid-19), but de-grew by 55% on a sequential basis impacted by second wave related lockdowns. The retail outlets were largely shut, but the other channels like E-Com, Bata Chatshop , Bata Store on Wheels enabled the company to minimize the overall impact....