Q1FY22 revenue grew by 2% YoY (+23%QoQ) aided by recovery in demand along with firm realisation, despite reduction in export incentive. In export markets, demand from restaurants & catering had seen a sharp contraction during lockdown period which was partly compensated by higher demand from the retail segment. Now, with reopening of institutional segment, demand is picking up. However, the volumes were partially impacted by the non-availability of shipping containers which we believe is temporary. Export prices have also improved supported by better demand. Ramp-up in the newly added capacity along with higher contribution of value-added products will support future growth. We expect revenue growth of 34% CAGR over FY21-23E....