Business continues to be impacted due to the COVID pandemic with persisting partial lockdowns and granular demand curve recovery. Moreover, cost control still remains a challenge, as price hikes if any might negatively impact the demand. While uncertainties linger in the near-term, we believe, the stock is currently overpriced compared to its peers. Hence, we maintain our REDUCE rating on the stock with a revised target price of Rs. 698 based on 61x FY23E adj. EPS. Pressing topline upon subdued sequential growth...