Given strong quarter and a positive outlook across all businesses, we maintain our ACCUMULATE rating on the stock with a target price of Rs. 1,167 based on ~51x FY21E adj. EPS. Revenue growth across all businesses Q1FY20 revenue rose 15.7% YoY to Rs. 5,151cr with strong performance across all businesses. Jewellery contributed the most to the overall revenue (+14.3% YoY to Rs. 4,164cr despite higher gold prices and 2.5% consumer duty imposed on gold). Watches segment revenue grew 20.1% YoY to Rs. 716cr primarily driven by large institutional...