We reiterate our BUY rating on the stock with a revised target price of Rs. 352 based on 16x FY21E adj. EPS. Strong performance at earnings level despite revenue decline Revenue decreased 12.9% YoY to Rs. 9,361cr in Q2FY20. Despite lower revenue, operating profit rose 23.6% YoY to Rs. 964cr as operating margin improved 304bps to 10.3%. The improvement in margin was fueled by better product mix and lower operating costs with better operating leverage partially offset by higher depreciation expenses post adoption of IAS 116. Cost of sales declined to Rs. 8,023cr vs. 9,695cr in...