We have upgraded our topline/EBITDA/APAT by 3%/3.6%/11% for FY21E and 2.6%/0.6%/5.8% for FY22E but lowered our target price from Rs542 to Rs497 based on 7.0x FY22E EV/EBITDA (implied P/E on TP- 11x) due to lower than expected debt reduction (considering perpetual bond as part of debt). UPL...