incremental sales from NBO opportunities will be mostly be nullified in FY21E. The attractive economics in participating NBO (due to shortage post withdrawal by Teva, Sandoiz, Sun) will attract more Indian generic players with large available capacities. This would increase next wave of competitive intensity among the selective generics and may impact ARBP. EU sales were flat (or marginally decline) YoY post adjustment of revenues from the integration of Apotex sales (Euro25-30m). ARV sales grew 8% with favourable schedule of supply of DTG-combination drugs in Africa....