We continue to believe NLL is best-placed to benefit from the lack of third-party API suppliers who manufacture low-volume high-quality APIs, with its strength in complex chemical processes. The steady growth in the CMS portfolio (16% CQGR over the last 5 quarters), the launch of gSalmeterol in the US, and stable pricing in the Prime API segment are some of the key reasons for us to build in 13% revenue CAGR over FY19-21E. On the profitability front too, albeit a bit late, we expect to see a steady ramp up over FY20E as the contribution of Niche API and CMS segments is expected to increase, coupled with alleviated raw material prices and backward integration. Model 650bps margin expansion and expect NLL to deliver 101% EPS CAGR over FY19-21E. We maintain BUY on NLL following a mixed quarter. Our TP is revised to Rs 725 (14x FY21E EPS). The scale up in lucrative products like Salmeterol and Austedo remain key triggers for improvement in operational performance.