PML remains a quasi play on India's consumption story, notwithstanding this weak transient phase in FY21, given the quality of assets, healthy balance sheet & strategic expansion plans. The QIP fund raise of ~| 1089 crore has boosted the gross cash position and PML is poised to lap up a few assets as well as sail through with comfortable liquidity. With only five to six major retail mall developers currently in India, and given PML's USP of operating large format properties efficiently, it is likely to emerge as a superior player in the medium to long term. We maintain BUY rating with an...