Over the last few quarters, the company has experienced pressure from higher fuel costs, despite making reasonable efforts across digitalization and increasing capacity. With a cautious view, we maintain our HOLD rating on the stock with a rolled forward target price of Rs. 2,415 based on 9.5x CY23E EV/EBITDA. Better realised prices support topline growth Q4CY21 revenue climbed up 2.0% YoY to Rs. 4,226cr (+12.7% QoQ), on higher realisations (+4.6% YoY to Rs. 5,524/t) with better product mix, while cement sales...