Inflationary pressure on raw materials is expected to weigh on company's near-term performance. Despite price hikes undertaken to combat inflation, we expect margin to remain under pressure in coming quarters. Maintaining a cautious view, we downgrade our rating to HOLD with a revised TP of Rs. 3,950 based on 43x FY23E adj. EPS. Revenue up 6% QoQ, but PAT slips 1.4% Britannia registered revenue growth of 6.0% QoQ to Rs. 3,554cr in Q2FY22, owing to marginal volume and demand improvements during the quarter, especially in the rural...