The 16% qoq rise in 4Q EPS to Rs19.3, driven by strong sales volume performance, beat our and Bloomberg consensus estimates sharply. We upgrade our EPS estimates by 7-12% for FY22F-23F based on management’s volume growth guidance of 10-17%. We feel the rich valuation of +1SD above mean for one-year forward P/BV and P/E factors in short-term business momentum. We maintain our Hold rating.
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