KOTAK SECURITIES ON LENSKART ; REDUCE | TP ₹625 | EARLIER TP ₹615

• Rating downgraded to Reduce amid expensive valuations. • India business model remains healthy, with growth driven by increasing product penetration. • Revenue growth expected to be supported by higher adoption of products. • Kotak assumes peak margins of ~23% for the India business. • Strong growth prospects are largely reflected in current valuations.

L K P SECURITIES LTD.

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