While fundamentals remain strong, concerns evolve over regulatory approvals for new facilities post recent FDA observations. We rate the stock a HOLD with target price of Rs. 260 based on ~24x FY21E adj. EPS. Robust revenue growth across segments Consolidated operating revenue grew 19.0% YoY to Rs. 1,572cr, primarily driven by growing revenue from Biologics (+40.4% YoY to Rs. 516cr on higher sales in developed and emerging markets) and Small Molecules segments (+22.6% to Rs. 530cr backed by substantial growth in generic formulations business). Revenue from Research Services...