Cello Brand Supported by Low Raw Material Prices and Strong Financials: Revenue to remain flat supported by volumes during FY17E-19E - We expect WPL's revenue to remain flat with 3.4% CAGR during the period FY17E-19E mainly supported by the volume growth of 2.4% and realisations togrow at 1.0%. We expect the realisations to remain flat on the back of slow recovery in the raw material prices, but volumes to improve on account of increased capacity utilisations in the years to come assuming no new capacity additions.