Near term growth remains a concern given slowdown in rural demand and sharp jump in input costs in past month. While we expect 2/3% price increase in April, poor demand and high inflation will impact profit growth in 1H23 on a high base. We cut EPS estimates of FY23/24 by 5.9/1.3% amidst near term uncertainty. We estimate 11.7% PAT CAGR over FY22-24 and value the stock at 30xDec23 EPS and assign a value of Rs607/share. We believe Rs1.6bn...