We expect a steady growth in earnings over the next couple of years (earnings CAGR of ~16.2% in FY19-21E versus ~13.1% (incl. amortization of goodwill) in FY13-19), which will aid to generate sizable cash flows. Apart from Niraparib, the visibility of new products has increased with 3 products filing from customers, which will not only accelerate growth, but also de-risk earnings from blockbuster products. The emerging signs of a recovery in Carbogen, bright prospects from Vitamin D business,...