With the 240 KLD distillery capacity, the company was able to produce 6.8 crore litre & sell 6.4 crore litre during the year. The distillery operated for 280 days (our estimate). However, the company commissioned the incineration boiler at its Jawaharpur plant, which would enable it to run for 330 days. We estimate 10.1% CAGR in distillery revenues during FY20-22E to | 405 crore. Moreover, with ~55-60% sugarcane diversion towards B heavy molasses, the company would sacrifice considerable amount of sugar in coming season. We believe diversion towards B heavy ethanol and aggressive sugar...