With recovery on the horizon, we reiterate our BUY rating on the stock, with a revised target price of Rs. 1,183 based on 58x FY22E EPS. Revenues hit hard due to closure of stores Q1FY21 consolidated revenues decline 61.6% YoY to Rs. 1,979cr as demand slumped owing to restrictions in place amidst ongoing crisis. Jewelry sales dropped 56.2% YoY to Rs. 1,824cr with segment posting EBIT loss of Rs. 68cr (vs. profit of Rs. 437cr in Q1FY20). Watch sales plummeted to Rs. 76cr, down 89.4% YoY and recorded an operating loss of Rs. 173cr (vs. Rs. 119cr profit in 1QFY20). This is due to the downturn...