Q4FY20 revenue fell ~8% YoY as a fall in domestic revenue was partially arrested by strong revenue growth of subsidiaries (revenue up ~51% YoY) in Poland and Nepal during Q4FY20. Classification of construction works under essential categories helped drive the performance of subsidiaries in the respective regions, along with consolidation of newly acquired business of STP Ltd. We model volume CAGR of ~6% for FY20-22E supported by faster recovery in demand from rural and suburban regions. Benefit of lower raw material prices to drives profitability...