Demand outlook is positive given ongoing vaccination and strong thrust of GoI to revive the economy. We value TTK at 42xDec 2023E EPS. Highest ever sales in volume and value. Q2FY22 consolidated revenue grew by 35%YoY (114%QoQ) to Rs.859cr being the highest ever quarter sales aided by strong growth across channels along with price hike (hiked by 5%-8% in July to pass on input price increase). Demand was strong driven by stocking requirement of channels ahead of Q3 festive season. E-Com channel maintained its strong position that gained in the last year during Covid period, but...