We remain positive on a long-term structural basis. At CMP, the stock trades at 52.3x FY18E and 40.3x FY19E earnings. Considering its growth rate, first mover advantage, the launch of new products with exclusivity and focus on enhancing distribution reach with brand awareness, APTL will remain on a growth trajectory. Improvement in return ratios and strong revenue growth with margin protection will enable APTL to sustain high valuations. We...