DBL reported revenue de-growth of 22.2%YoY mainly impacted by volume declines (20%YoY) owing to lock-down restrictions on account of Covid-19. However, the volumes are better industry (de-growth of ~38%YoY). However, the company remains cautious about the demand outlook in the short-term due to current uncertain situation. We factor ~8%YoY decline in volumes in FY21 but strong double digit recovery in FY22E supported by capacity expansion/acquisitions and improvement in...