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Buy Subros Ltd 9-12 Months CMP 172.25 Target 199
* Subros reported its Q4FY20 numbers which were in line with our estimates. Its net sales declined 11.5% YoY to Rs. 459 cr impacted due to volume de-growth across its key customers in March.
* Factoring COVID impact as well as subdued demand, we have lowered our forecast for FY21E and FY22E. We maintain a Buy on the stock with a revised target price of Rs. 199
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