We expect MIL to report a net revenue CAGR of ~9% to
~Rs1,106cr over FY2016-18E on back of strong growth in domestic branded sales
(owing to aggressive ad spend and addition in the number of EBOs & multi-brand
outlets [MBOs]) and healthy export revenues. On the bottom-line front, we expect
a CAGR of ~9% to Rs92cr over the same period on the back of margin
improvement. Thus, we maintain our Buy rating with the target price of Rs107.

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