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The company’s debt levels are comfortable given a large part of the Rs 650 crore debt is at the concessional interest rate. We believe Dwarikesh would generate Rs 300 crore of operating cash flows in the next two years, which would result in a significant reduction in high cost working capital debt. We expect strong 16.8%, 34.4% growth in revenue, earnings, respectively, during FY20 22..

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