The pharmacy business (40% of FY19 revenues) has grown at ~22% CAGR in the last five years on the back of consistent addition of new pharmacies and timely closure of non-performing pharmacies. FY19 margins were at 5.2%. We expect the pharmacy business to grow at ~15% CAGR in FY1922E to | 5129 crore mainly on the back of new addition and improvement in...