Even though the short-term demand remains challenging, given the supporting policies presented in Union Budget for FY20-21, we maintain HOLD rating on the stock with a revised target price of Rs. 2,275 based on 50x FY22E adj. EPS. Revenue growth remains positive despite demand concerns In Q3FY20, company reported revenue growth of 2.6% YoY to Rs. 9,808cr, despite declining demand trajectory from both rural and urban markets and peak retail inflation. Food & Refreshment segment (+7.9% YoY to 1,865 cr.) and Home Care...