Company's strong portfolio of brands and well-spread distribution network will improve product penetration and continue to support performance. Hence, we reiterate our BUY rating on the stock with a rolled forward target price of Rs. 22,150 based on 65x CY23E adj. EPS. Double-digit growth for key products aid topline Q3CY21 standalone revenue increased by 9.6% YoY to reach Rs. 3,883cr due to increased demand for various product segments, such as milk products and confectionary. Export sales registered slight upward trend at 1.3% YoY to reach Rs....