On the numbers side as well, LIBERTY has performed quite well. Q2 numbers have been appealing for liberty. During the Q2FY19, Liberty domestic sales grew by 31% from Rs 119.61 cr to Rs 156.82 cr. Splendid performance by FOCO model has helped ease out the working capital cycle. Export sales registered growth of 59%. PAT improved to Rs 2cr from 1.14cr. Advertising & business promotion, rental of new stores, commission for sales etc. have increased as against last year leading to modest decline in EBITDA at 6.51%, though a worth drop eventually. We suggest to accumulate Liberty for 2-3 years for a target of Rs. 230 initially.