We raise our FY22/FY23 sales forecasts by 6% each. Also, we increase our FY22/FY23 EBITDA forecasts by 9%/4% to factor higher sales forecast. We introduce FY24 estimates in the report and expect sales/EBTIDA to grow by 11%/13%, respectively. We now value the stock at a PER of 16x on FY24 (earlier 16x FY23E) EPS to derive a target price of Rs216 (Rs208 earlier). We maintain our BUY rating on the stock. Key Highlights and Investment Rationale Surge in top-line performance: During Q2FY22, strong sales growth (+20% YoY) was led by higher demand from Replacement segment after restrictions were eased from...