NEST delivered an in line set of 1QCY21 numbers, with overall sales growth of 8.6% (v/s our estimate of 8.5%) and domestic sales increasing in doubledigits (10.2%). While gross margin was in line, EBITDA and PAT were 5.2% and 3% ahead of our estimates, respectively. The management did call out sequential inflation in commodity costs, which may affect operating margin ahead. While longer term opportunities are attractive, valuations of 59x CY22E EPS are expensive. We maintain our Neutral rating....