Reiterate Buy with a TP of INR 825 We believe barring growth challenges in liquid milk, the company is delivering on growth and margin in terms of value-added dairy products. We remain confident of better margin in the upcoming quarters. Our estimates remain unchanged for FY21 and we reiterate Buy with a TP of INR 825 with a core dairy business valued at 15x FY21E EV/EBITDA (fair value INR 770).