Outlook remains challenging, considering the supply chain disruption, fluctuation in demand and raw material prices amidst second wave of COVID. Hence, we maintain our HOLD rating on the stock with a rolled forward TP of Rs. 337 based on 9x CY22E EV/EBITDA. Topline growth led by higher volume and realization In Q1CY21, consolidated revenue rose 23.4% YoY to Rs. 7,715cr on account of higher sales volume and realization. Sales volume improved 25.6% YoY to 7.24 MT aided by higher sales volume across regions. Also, realization grew 3.2% YoY to Rs. 4,945/tonne...