We retain BUY on CRISIL with TP revised upwards to Rs3,700. The upward revision to our TP follows visibility for a superior revenue/earnings growth over CY21-23E (also evident from consecutive quarters of robust growth) as each of the revenue segments are set to fire on all fronts. Our affirmative stance is backed by the favorable macro's that bodes well for the rating business, and synergies/leverage benefit from the acquisition, products, and solutions services, that will aid in robust growth for the research division. Diversified revenue mix, levers for margin expansion, and solid return ratios have seen CRISIL's valuation multiplies stay at a premium and to its peers. With...