The company's growth in COVID business, strong brand recall, gradual unlock of cities should support growth in upcoming quarters. Given the limited upside potential we downgrade our rating to HOLD with a revised target price of Rs. 1,995 based on 53x FY22E EPS. COVID-19 tests contribute to the top line DLPL's Q1FY21 top line went down 20.6% YoY to Rs. 266cr severely impacted by COVID-19 and subsequent lock down impacting the revenue in April (-61% YoY) and May (-12% YoY), however some respite was seen in June (+14% YoY) when cities were...