PAT for Q2FY22 was at | 24 crore, up 172% YoY but down 13% QoQ 12 months (from ~| 67 in October 2020 to ~| 262 levels in October 2021). We continue to remain positive and retain our BUY rating on the stock Target Price and Valuation: We value VSSL at | 340 i.e. 7.5x FY23E EV/EBITDA In June 2021, VSSL was granted environmental clearance (EC) for expansion of capacity at its existing plant in Ludhiana, to up to 280000 tonnes per annum (TPA) of rolled production. With this approval, the path for enhancement of capacity has been cleared. To begin with, the current...