Incremental volumes from new units (2 MT already commissioned and 1 MT Odisha GU commissioned in September 2020 and 1 MT GU Kurnool in FY22E) would help to grow ahead of industry in FY22E. The company is also commissioning the clinkering unit of 1.5 MT along with 9 MW WHRS in Jayanthipuram and 2.25 MT clinker unit in Kurnool by March 2021. Factoring this, we model 11.6% revenue CAGR in FY20-23E. While newly commissioned units would lead to a reduction in transit distance for target markets in East India, the commissioning of total 39 MW WHRS (cost savings...