While our long-term outlook remains positive, we expect margins to remain under pressure in the near-term, unless the company manages further price hikes. The stock is trading at expensive valuations. Given limited upside to current price level, we downgrade our rating to HOLD with a revised TP of Rs. 2,540 based on 54x FY23E adj. EPS. Volume growth aids topline on YoY basis Company's Q1FY22 standalone revenue came in at Rs. 11,915cr (+12.8% YoY, -1.8% QoQ) aided by volume growth on improved consumer demand, despite disruptions...