We maintain our HOLD rating on the stock with a revised target price of Rs. 656 based on 34x FY21E adj. EPS. Topline numbers affected by divestment in International business GCPL's Q1FY20 revenue declined 5.1% YoY to Rs. 2,349cr owing to a 10.9% YoY fall in international revenue (45.3% of total revenue), and a lacklustre growth in the Indian market (+0.4% YoY with 5% volume growth; 56.7% of total revenue). International revenue was impacted by divestment of its Europe business in Q2FY19 (+3% YoY adjusted for divestment) and FX headwinds (+9% YoY adjusted for divestment and at...