Given limited upside, we assign HOLD rating to the stock with a target price of Rs. 312 based on 28x FY21E adj. EPS. Domestic growth sluggish while Crme 21 grew double digits Revenue contribution was mainly from Domestic (83%), while International contributed 14% and others made up the rest (3%). Domestic sales grew moderately by 2.0% YoY due to liquidity crisis and slow momentum in the Indian market whereas International business grew by 34.0% YoY primarily driven by Crme 21 (10% YoY excluding crme 21). By geography, SAARC (Bangaladesh, Nepal, Srilanka) and MENAP...