Despite the uncertain macro-economic environment due to COVID-19, we expect, large deal (Realogy), along with cost optimization and strong cash conversion should support company's topline. Therefore, we upgraded our rating to HOLD on the stock with a revised target price of Rs. 1,102 based on 20.5x FY22E adj. EPS. Decent show despite challenging times Company recorded revenue of Rs. 1,909cr (+4.1% YoY), led by Communication, Media and Technology (CMT; contributing 51.0% to total revenue, +34.7% YoY to Rs. 974cr),...