IML revenues as a percentage of sales increased from 61.7% in Q1FY19 to 65% in Q1FY20 and volumes from 53.5% to 61% on back of manifold growth in F&F; business. In spite of sustained growth in F&F; we do not anticipate this mix to change in the near term due to incremental volumes from Vizag and Mysuru. In spite of increase in interest costs estimates we have revised our PAT estimates upwards by 3.8% for FY20E and 21E due to lower tax rate (28% versus 35% previously). We expect Revenue/EBITDA/Adj.PAT to grow at 18.8%/19.0%/20.5% CAGR to Rs 5,563m/Rs 1,018m/ Rs 517m in FY21E on back of 1) sustained growth...