The 3QFY21 EBITDA of Rs2.7bn was 30% of our FY21F, in line with our estimate (Rs2.73bn). Toll collections, excluding Pathankot Amritsar (marred by the farmers’ protest) rose 11% yoy and 25% qoq. We raise traffic growth to 3.5% p.a. (from 3%), rolling forward our target valuations to Mar 2022. We raise our TP to Rs58 (from Rs55); reiterate Add.