Core EBITDA was 6% below our expectation. Final dividend of Rs58/share (21% of standalone book value) probably meets investor expectations. Large dividend and BORL consolidation will raise net debt equity from 69% in FY21 to 154% in FY22F. High gearing will impact valuations, in our view. We reiterate Reduce and SOP-based TP of Rs410, incorporating the large dividend commensurate with the reduction in core business value.
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