a lot of capex has happened in the standalone business in the past 2 years, two green field projects and a lot of debottlenecking in the current set of products, you will have to read the concalls to understand where the growth in the standalone business will come from. Balaji Speciality will unlock more value coming through the IPO route, they have successfully scaled up the business and the revenue has grown massively. Read the DRHP of balaji speciality, you will understand the value unlock, they have a GST rebate of 9% for sometime on this company( not sure about the tenure) however that’s a 9% straight addition to the bottom line
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