Valuation Maintain Buy with a revised PT of Rs. 110: GDL's rail business and cold chain business continue to fare well in the current environment owing to being categorized in essential services. The CFS business may remain under pressure in FY2021 while gradually improving in FY2022. We believe GDL's deleveraging plan along with healthy profitability in the rail division should gradually drive net earnings growth during FY2022. We have lowered our earnings estimate for FY2021-FY2022 factoring in lower volumes on account of COVID-19 pandemic. GDL's current valuation at 5.7x EV/EBITDA and 0.7x...