JKLC reported revenue growth of 19%YoY aided by 14%YoY growth in volumes (better than industry) and 4% YoY growth in blended realisation amid challenging conditions. Value added products including RMC revenue was Rs.91cr Vs Rs.76cr YoY and the company is targeting Rs.500cr this year from this segment. Given GoI's strong focus on infra & housing, we expect demand to pick up in FY22. Factoring better than expected volume growth in the quarter, we increase our volume assumptions and expect revenue to grow by 7%CAGR over FY20-23E. Sharp increase in fuel price likely to impact margins...