Favorable product mix and healthy growth in individual protection segment should support company's outlook in near term. However, given current higher valuation, we see limited upside on the stock with a revised target price of Rs. 680 based on 4.5x FY22E. EV per share. Rapid growth in renewal collection Despite the robust growth in renewal premium, up 24.1% YoY to Rs. 3,239cr (contributing 55.3% of total gross income), company's gross premium income fell 10.3% YoY to Rs. 5,862cr. The decline was mainly attributable to lower first year...