10 April 2019 Laurus is looking to ramp up the commercial production of its anti-retroviral (ARV) products after (a) developing products, (b) spending considerable capex (~INR4.2b) to build its formulation facility, and (c) filing products with institutional and regulatory agencies (for the LMIC-WHO/US/EU market) for its ARV products. Post the receipt of approval from the USFDA, Laurus has received an order from Global Fund to supply Tenofovir-Lamivudine-Dolutegravir (TLD) as part of a 3.5-year agreement. Further, Laurus is continuing to develop its product pipeline for the US market. Laurus has completed the expansion for Lamivudine with its offtake expected to increase over the near term. Hence, we expect the ARV API business to grow moderately to INR17b by FY21E, continuing to remain Laurus backbone by contributing 65% to total sales. We expect Laurus Synthesis business to remain strong growing at 33% CAGR with revenues of INR3.