We raise our EPS estimates by 5%/2%/1% for FY22/FY23/FY24 respectively to account for better than expected recovery and improved GM performance. VIP has plans to expand own manufacturing capacity (Rs360mn invested so far) which is likely to reduce reliance on external outsourcing. Post expansion, share of own manufacturing is likely to increase to ~65-70% as compared to ~40% earlier. Consequently, share of imports is likely to decline to less than 10% in coming years which will not only eliminate currency volatility but also reduce freight cost resulting in margin expansion. We retain...