We estimate PAT to grow at 13.3% FY20-22E CAGR, however recent supply challenges and slowdown in international sales remains a concern in the near-term. We maintain our HOLD rating on the stock with a revised target price of Rs. 480 based on ~18.0x FY22E EPS. Growth momentum continues in key segments Cipla reported total revenue of Rs. 4,371cr in Q3FY20 (+9.1% YoY) led by domestic sales (up ~15% YoY). India's business (Rx + Gx) revenue grew 12.7% YoY, driven by strong performance from chronic and acute therapies and trade generic business....