Valuations and Recommendation The stock continued its outperformance against the broader indices backed by its strong and consistent financial performance. We remain positive on the future prospects of the company. We are projecting 24%/37% CAGR in sales/EBITDA between FY20-FY23E, led by improvement in EBITDA margins to 16.5% in FY23E from 13.2% in FY20. We are introducing FY23E projections and shifting our target multiple FY23E. The stock is currently trading at 18.5x on our FY23E earnings. Though the stock has achieved all our earlier targets, we remain upbeat on the near to medium term prospects and recommend HOLD on the stock with a target price of Rs 3593 (23x FY23E).