DBL reported revenue de-growth of 4%YoY due to 1.7%YoY decline in volumes impacted by unseasonal rains in East region and 3.5%YoY decline in realisation. The company has taken price hike of ~Rs10-20/bag in January. DBL has commercialized 2.9MT Murli plant in Maharashtra (recent acquisition) in Jan 2022. The ongoing capacity expansion and the ramp up in acquisitions will support future volume growth. The additional capex is for Rs.50bn to reach 48.5MT by FY24. We factor revenue growth of ~14% CAGR over FY22E-24E supported by capacity expansion/acquisitions and improvement in premium/trade mix....