Completion of capex to support FCF and profitability For FY21, BIL has given a capex guidance of ~Rs 6bn for FY21, including maintenance capex of Rs 1.5bn. Residual capex for Waluj and Bhuj plants of Rs 5bn is likely to be completed by FY21 end with a maximum delay of one quarter. We expect FCF to improve significantly from FY21 onward as most of the planned capex has already been incurred. The earlier plan of setting up a Greenfield plant in USA has been kept in abeyance, citing...