Higher distillery volumes, exports to perk up revenue The company has commissioned 100 KLD distillery in April 2019, which has given Dhampur flexibility to produce additional ethanol through B heavy route. The company would be producing B heavy molasses from three out of its five plants. We expect 21.8% CAGR distillery sales in FY19-21E. Moreover, the company has contracted 1.55 lakh tonnes of sugar exports within mere 1.5 months of new season. Both higher diversion towards B heavy molasses and 1.55 lakh tonne of export would not only aid revenue...