Growing demand, recovery in prices and cost optimization should drive company's growth further. We maintain our rating to HOLD on the stock with a rolled forward target price of Rs. 301 based on 12x FY23E PE. Higher volumes led healthy revenues In Q3FY21, company's revenue grew 27.9% YoY (+6.9%QoQ) to Rs. 5,915cr, largely driven by higher metal volumes and prices. Zinc revenue rose 21.4%YoY to Rs. 4,744cr (+11.6% QoQ) supported by higher Zinc (+6% YoY) and lead volume (+30% YoY), owing to gradual recovery in China as manufacturing activities coming back to...