Outlook and Valuation: We expect Amber to report consolidated net profit (reported)
CAGR of ~40% to ~`258cr over FY2019-22E on the back of top-line growth of
~25% over the same period. Considering the pick-up in AC demand and deriving
synergy benefits from its new acquisitions, we maintain BUY on the stock with a
revised target Price of `1,830.

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