While complete business normalisation in the healthcare segment is expected to be more pronounced from Q2FY22 onwards, Apollo's management has already charted a way to reduce costs in the short-term. We remain positive on the company as besides strong healthcare pedigree and asset base the company is on course to integrate all entities digitally to leverage its brand and physical presence. We maintain BUY with a revised TP of | 3870 (earlier | 3170) on SOTP basis by valuing healthcare business (existing hospitals & JV) at 20x FY23E EV/EBITDA, healthcare (new...