For BAL, we build 22.2%, 15.5% sales, PAT CAGR in FY21P-23E. We value BAL at unchanged target price of | 4,500 using SOTP method (core business at 21x FY23E EPS and 2x P/B on KTM investment), retaining our BUY rating. Despite likely slight elongation in demand recovery, presence of margin accretive factors helps us remain constructive on BAL. We are also enthused...