We see growth potential in the business in the coming months, however input cost inflation may disrupt the profitability in the short-term. Hence, we maintain our HOLD rating on the stock with a rolled forward target price of Rs. 1,290 based on 41x FY24E adj. EPS. Topline impacted due to evolving virus dynamics Consolidated revenue for the quarter Q3FY22 declined 10.1% YoY to Rs. 1,772cr, but grew 6.2% sequentially. Year-on-year the revenue declined due to sharp decrease in Electro-Mechanical Projects and Services (EMP) partially offset by growth in revenue...