The company has a good start with strong order book along with the robust growth across segments in Q1FY22. However, given the limited upside potential and expensive valuation, we maintain our HOLD rating with a revised target price of Rs. 2,919 based on 30x FY23E adj. EPS. Robust topline performance driven by growth across verticals During Q1FY22, consolidated revenue rose 20.1% to Rs. 2,292cr aided by strong performance across all its business verticals. Communications, Media and technology revenue grew 15.9% YoY, while Retail, CPG and Manufacturing revenue rose 30.4%...