Revenue increased 11% in FY21 on account of growth in Hybrid Rice, Maize and Vegetable Seed segments, whereas Cotton Seed volumes fell 2%. Performance was below our estimates in 4QFY21. However, we increase our FY22E/FY23E earnings estimate by 6%/10%, owing to: a) increasing sales estimates in the non-Cotton segment, particularly Paddy, b) increasing realizations in Cotton, and c) higher other income on higher cash. We value...