Year started in subdued note with the resurgence of the second wave of the pandemic, which resultantly impacted the demand. Also, tyre industry is witnessing a steep input cost pressure, which impacts the margin. Hence, we remain cautious on the stock and maintain our HOLD rating with a revised target price of Rs. 172 based on 9x FY23E adj. EPS. Sales grows YoY on overseas expansion Q1FY22 sales grew 130.7% YoY to Rs. 2,608cr (-10.9% QoQ), primarily driven by momentum with export sales of Rs. 476cr (vs. Rs. 137cr in Q1FY21). The company...