1.5 Key concall highlights: (a) GRAN guided for CAGR of 20% in sales and 25% in PAT over next three years. (b) The company aims to reduce net debt of INR9.1b by at least INR500m in FY20. (c) R&D; spend to be INR1.8b (~60% to be expensed through P&L;) in FY20. (d) FY20 capex guided at ~INR1.5b Valuation and view: We raise our FY20/21 EPS estimate by 2.5%/4.3% to INR10.5/INR12.7 to factor in growth in the formulation business and enhanced API opportunity. We continue valuing GRAN at 13x 12M forward earnings to arrive at a TP of INR150 (prior: INR139). We re-iterate our Buy...