Higher pricing, optimizing trade spending, enhancing productivity and premiumization are core themes, the company plans to focus on in the coming quarters. However, input cost inflation, higher Ad spends to revive sales and weak rural demand scenario remain headwinds in the near-term. Hence, we downgrade our rating on the stock to HOLD with a revised TP of Rs. 1,650 based on 37.5x FY23E adj. EPS. Topline sees further recovery, as penetration remains strong During Q2FY22, company's standalone revenue rose 16.1% QoQ to Rs. 1,344cr (+5.2%...