Subsequently, PAT came in at | 47 crore vs. | 4 crore in Q2FY21 for the business, led by higher asset turnover due to better turnaround times for the rail segment (27 hours from Gujarat based ports to NCR). It entails higher spare capacity from existing infrastructure and better return ratios. We remain positive on the stock and maintain our BUY recommendation Target Price and Valuation: We value the stock at | 350 i.e. 23x P/E on FY23E EPS Key triggers for future price performance: Along with the better turnaround times, we expect higher double stacking on the route (both export and import...