During Q3, trial batches of 4 medical pens were submitted to customers. 8 other pens are also under development and will be submitted from Q1-Q3FY21E. All 12 pens are to be commercialized in FY21E. Pharma revenues grew by 65% in FY20. In toys, SHEP has made initial shipments to Spin Master' (ramp up by Q1FY21E) and is looking to add one more client during Q4. Carbon steel facility (CSF) is slated to begin supplies in Q4FY20. In FY21E it can generate revenues of Rs 600m and peak revenues of Rs 1.3bn in FY22E. SHEP lost substantial revenues of Rs 265m during 9MFY20 on account of labor...