DBL reported revenue growth of 8%YoY mainly aided by volume growth of 7%YoY (better than industry, which de-grew by 11%YoY) on the back of demand from rural and pick up in government infra and low cost housing projects. As per the company, demand in the East region continued to outperform while green shoots of demand revival were visible in South region towards the end of the quarter. However, realisation growth was flat due to seasonal weakness especially in East. We increase our volume assumptions and factor revenue growth of ~5% CAGR over FY20-22E...