We maintain our Hold rating on the stock with a target price of Rs. 635 based on 29x FY21E adjusted EPS. Margins contract as costs increase Q1FY20 revenue was Rs. 2,647cr (up 24.0% YoY) against Rs. 2,134cr. for the same period last year. EBITDA margin declined 39bps YoY due to an increase in cost of sales (up 26.7% YoY), marginally offset by a decrease in employee benefit expenses (down 8.0% YoY). Reported PAT reduced 10.2% YoY to Rs. 165cr, as the VRS scheme...