Outlook, Valuation. With ~98% of the Kutch expansion completed (3.3m tons for clinker, 2m tons for cement), management expects production to commence by Q3 FY21. The Surat GU expansion continues to be deferred. The company has applied for a moratorium on loan repayment. Clinker exports are expected to be poor in the near term. While demand in Maharashtra continues to be weak, pent-up demand and rural demand in Gujarat are expected to provide a boost. We expect volumes to dip 4% in FY21 and grow 39% in FY22 on greater demand and the Kutch GU...