With expected exports, DWL would be able to substantially reduce its sugar inventory in the next one year. Further, increasing distillery volumes through B-heavy & sugarcane juice route would drive growth in operating profit. We expect | 485 crore of operating cash flow generation in the next two years, which would fund capex for new distillery and also result in debt repayment to the tune of | 260 crore. We expect 30% earnings CAGR on the back of strong operating profit growth & interest cost reduction. We change our...