AMRJ's 3QFY21 operating performance was below our estimate due to revenue miss and higher staff cost. RM cost pressures continue due to lead price inflation. However, sustenance of demand momentum will dilute impact through price pass-through and operating leverage. We have largely left unchanged our FY21E/FY22E EPS estimate. We maintain Neutral with a TP of INR957 per share (20x Mar'23E EPS) as valuations fairly capture in expected growth....