While the structural investment case remains intact, the recent earnings track record, lower ROCEs (in the mid-20 levels) v/s consumer peers, and valuations of 54x FY22 do not leave much room for us to turn constructive from a one- Overall gross margins expanded 210bp YoY to 53.5%. Revenue from domestic subsidiaries declined 82.2% YoY to INR295m in 1QFY21; EBITDA stood at INR308m v/s INR176m in 1QFY20. The management expects this to continue in the near term, with the caveat that these low levels are unlikely to sustain as the demand Improvement in the demand scenario is likely to lead to positive topline and FY2022 is likely to be muted. While the structural investment case remains intact, the recent earnings track record, lower ROCEs (in the mid-20 levels) v/s consumer peers, and valuations of 54x FY22 do not leave much room for us to turn constructive from a one-year with TP of INR1,335 (50x Jun22 EPS).