We expect healthy revenue/ APAT CAGR of 9.1%/ 9.6% over FY20-22E. Moreover, revenue/ APAT growth significantly slows down to 0.1%/ 9.8% in FY21E due to lockdown impact and jumps back to revenue/ APAT growth of 19.0%/ 33.3% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from 4 HAM/ 2 EPC projects where AD is expected in Jan'21/ Oct'20. Though the stock has increased ~20% since our Q4FY20 result update released on 27 Jun'20, the current core construction valuations of 10.8x/ 8.1x FY21E/ FY22E EPS are attractive. Thus, we maintain Buy, with SOTP of Rs271 (12x...