The industry has seen some impact of lockdown in terms of 1-1.5 million tonnes (MT) sugar demand destruction due to adverse impact on carbonated drinks & ice-creams. Moreover, Dwarikesh has produced 22% higher sugar in 2019-20 crushing season (some impacted by closing down of jaggery, khandsari units in March due to lockdown). Given lower demand during lockdown, the company received reduced quota of 55,000 tonnes in June quarter. However, we believe sugar demand is back on track in June 2020 and for rest of the year, the company is expected to receive average...