Festive outlook is strong with the company posting strong double-digit growth in deliveries and bookings in Navratra-Dusherra season. We expect strong recovery from FY22 driven by normalisation of economic activity. Operating leverage, cost-control measures, and lower discounting would drive margin improvement going ahead; expect margins to reach historical levels of 1213% in FY23. P/E of 24.7x FY23 earnings is close to historical average but given early recovery...