Outlook & Valuation: based on FY2020 the IPO is priced at a PE of 58x at
the upper end of the price band along with a very good ROE of 34% and
ROCE of 35%. The company has the potential to grow exponentially in near
future. Looking at the company performance in FY 2020 and strong balance
sheet is given that we have certain concerns regarding competition in this
business we are assigning a “SUBSCRIBE” recommendation to the

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