Valuation and rating: We value La Opala at 36x on Sept.23 EPS of Rs 11.8 leading to a TP of Rs 400 (Rs.380) an upside of 47%. The increase in target price is due to the upward revision in earnings by 6.2% and 3.8% for FY23E and FY24E and due to shift in valuation on Sept'23 basis (Mar'23 previously). The Company started the quarter on a very promising note, however, lockdown truncated the overall enthusiasm. However, with restrictions now being lifted and the number of cases on a steady decline, the company is cautiously optimistic. Going forward the company is looking at introducing two new brands in premium range, which is expected to improve all product offerings. We believe...