JKLC reported revenue growth of 12%YoY mainly driven by volume growth of 16%YoY amid challenging conditions, which was better than industry (de-growth of ~11%YoY). However, blended realisation de-grew by 3.5% YoY. We expect gradual pickup in demand due to relaxation in restrictions and revival in economic activities. Factoring the strong volume growth in the quarter, we increase our volume assumptions and expect revenue to grow by 4%CAGR over FY20-22E. Lower fuel cost supports margins despite pressure on realisation EBITDA margin improved by 200bps to 17.9% mainly due to reduction in costs and...