With Company's domestic operations returning to normalcy, we expect realisations to improve from hereon. At current price levels however, we see limited upside to the stock and downgrade our rating to HOLD with a revised target price of Rs. 735 based on 17x FY23E adj. EPS. Higher volumes aid topline; Margins slip on lower realisations Q4FY21 revenue rose 10.9% YoY to Rs. 2,636cr, aided by growth across all segments. Revenue from sales of Basic chemistry products (BCP) went up 5.6% YoY to Rs. 2,111cr, while that of Specialty products rose 37.6% YoY to Rs. 520cr. Agro science...