New product launches in the premium segments as well as increased focus on direct channel distributions and improving cost synergies should help maintain growth. We reiterate our BUY rating on the stock with a revised target price of Rs. 413 based on 43x FY22E adj. EPS. Pandemic hits volumes impacting topline Q1FY21 revenue declined 11.1% YoY to Rs. 1,925cr due to severe impact in domestic business in April, even as volume recovery can be seen from May onwards (upwards of 3.0% YoY). Revenue from India operations stood at Rs. 1,480cr (-14.5% YoY)....