Strengthening balance sheet and trickle down to P&L: Vivimed Labs has morphed into a Pharma led company, built on its strong base in speciality chemicals. The company now operates across API, Research and Formulations assets acquired in last 4 years, which has tested the balance sheet. The company has sold 30% of its speciality chemicals (Spchem) segment for Rs.3800 Mn, which will be utilized to pare down the debt, addressing the main concern in last couple of years. In the next phase, we expect de-levered balance sheet and increasing bottom line contribution from pharmaceutical investments to strengthen its earnings base.