Cash flows from acquired territories in FY21E to reduce debt VBL's domestic sales volumes in Q4CY19 were at 62 mn cases with organic growth of 10% YoY on account of increase in distribution in under penetrated rural regions. For CY19, total sales volumes were up 44.9% YoY to 493 million cases compared to 340 million cases in 2018. Overall organic volume growth for CY19 was at 17.2% supported by robust performance in India (organic growth 13.1%) as well as international territories (organic growth 34%). We expect revenue CAGR of 12% in CY19-21E. We believe...