With significant reduction of sugar inventory through export & sacrifice towards B-heavy ethanol, DBSL would be able to generate cash from operations to the tune of | 607 crore & | 444 crore in FY21E & FY22E, respectively. We expect debt reduction of | 790 crore by FY22E. With new addition in distillery capacities, the visibility of revenues & earnings growth has extended for next five years. We revise our target price to | 180 (from...