The stock is currently trading at 16.7x / 10.1x FY23E/24E earnings. However, on account of steep correction in the stock price (down 28% in 3 months), it has upgraded rating to BUY with a revised TP of Rs 520 (earlier TP of Rs 541) valuing it at 14x (its 5-year average PE) on FY24E earnings.
