The lockdown on account of COVID19 pandemic has impacted the industry volumes significantly due to lack of construction activities. April & May would be a wash out, and assuming gradual relaxation in lockdown and resumption of construction activities, we expect FY21E to end with ~10%-15% volume decline for the industry. However, we expect DBL's revenue to decline by ~8% for FY21E given recent acquisitions and historical outperformance to industry. DBL is adding ~7.7MT in East. Clinker capacity of 3.1MT and one...