Company registered better than expected revenue of Rs.796Cr registering a growth of 17.2%YoY and 30.8% QoQ. We expect revenue to grow at a CAGR of 11.7% over FY20-23. Increased government focus on water recycling and higher budgetary spend will boost the order intake going forward. Debt level has shown significant reduction and stands at Rs.383Cr against Rs.482Cr in FY20 and Rs.392Cr in Q2FY21. We expect further decline in debt level due to improved revenue generation. Considering the positive outlook of the water treatment industry and expected revenue rebound along with improving cash position, we value the stock at 1 year forward PE of 10.5x its FY23E earnings...