Jewellery demand recovered strongly during the quarter and walk-ins for other segments are also improving on MoM basis. Hence, we reiterate our BUY rating on the stock and roll forward our valuation with a revised target price of Rs. 1,643 based on 56x FY23E EPS. Pick up in Jewellery sales drives topline In Q3FY21, consolidated revenue rose 16.7% YoY to Rs. 7,619cr (+67.3% QoQ), driven by robust growth from Jewellery division (+21.9% YoY to Rs. 6,836cr). As the lockdown restrictions eased up, walk-ins increased along with sales pick up from...