Given strong volume and promising outlook with robust growth in export business, and cost optimization, we maintain our HOLD rating on the stock with a rolled forward TP of Rs. 920 based on 35x FY23EPS. Topline growth driven by outsourcing business The company recorded revenue growth of 13.1% YoY to Rs. 838cr (+17.7% QoQ), largely led by sales volumes of 22.6 MSM (+10.5% YoY) with robust outsourced sales, and also coming back to normal level. Production volumes remained stable at 17.2 MSM (-1.1% YoY). Revenue from tiles business rose 10.9% YoY to Rs. 758cr, with own...