The company reported robust standalone revenue growth of 26% YoY (excluding Rex) led by 28% volume growth in Q1FY20. Volume growth was mainly driven by increase in distribution network, strong demand of CPVC and agriculture pipes. The company's Rex business recorded revenue of | 40 crore, which was below estimates. The company incurred a loss of one month sales, mainly due rationalisation of distribution network and streamlining of Rex line with Astral (change in GST number, implementation of SAP). On the adhesive front, muted topline growth is attributable to...