Low interest rates, focus on exports, and benefits from replacement market should boost the performance in the medium-term. However, we remain cautious on the stock given near-term uncertainties. We downgrade our rating on the stock to HOLD with a revised target price of Rs. 79 based on 14.5x FY22E adj. EPS. Replacement market opportunities boost revenue Revenue from operations rose 5.6% YoY to Rs. 2,275cr in Q2FY21 with the resumption of economic activities along with benefit from the replacement market contributed...