We estimate revenue/EBITDA/PAT CAGR of 17%/23%/19% over FY22-25E based on the above thesis and we maintain our long term BUY rating with revised TP of Rs 3200/ share against the CMP of Rs 2,649/share. We value the company at 53x Dec-24 EPS. The TP implies an upside of 12% from the CMP.