DBL reported revenue growth of 32%YoY mainly aided by strong volume growth of 24%YoY partially supported by low base (volume growth -7% in Q4FY20) and 6.4% YoY growth in realisation. For FY21, DBL's volume growth was 7%YoY against 10-14% de-growth in industry volumes indicating market share gains. The ongoing capacity expansion and the ramp up in recent acquisitions will support future volume growth. Out of the 8MT ongoing expansion, 3.35MT has already completed and balance within 12-24 months. The company has improved its sales mix with improvement in trade sales and premium products which supports realisation. We factor revenue growth of...