the business model and growth outlook till FY23E. NLL is in a slow growth phase with CAGR of 10% in revenues, while EBITDA and PAT declined at 9% and 16% over FY16-19. NLL underwent sharp decline of 700bps led by surge in raw material prices in China. Although worst seems over in terms of margins, significant expansion is unlikely to meet management guidance of 200bps/year beyond FY20E. We believe that Salmeterol API scale up for supplying to partners in US remains uncertain as it lacks clarity over the approvals of gAdvair from USFDA. Given the uncertain volatility over the...