for margin improvement. However, we believe current valuations already discount most of the remained flattish to Rs2.54bn in Q2FY21 (vs our estimate of Rs2.24bn in Q2FY21). Lower positives of the better product mix, growth at export front and margin improvement and hence other income has led PBT to report a de-growth of 3.1% YoY to Rs1.77bn in Q2FY21. PAT offer limited upside from here. We assign accumulate rating with target price of Rs. 474...