ALPM remains on track in terms of finishing its large capex project (~INR25b) to enhance new dosage offerings and increase capacity requirements in the US Generics segment. ALPMs 4QFY20 revenues came in at INR12.1b, up 30% YoY, led by International Formulations (+80% YoY), supported by growth in the US segment (48% of sales; +84% YoY to USD75m) and the Non-US segment (11% of sales; +63% YoY). The gross margin expanded 140bp YoY to 78% owing to a superior product led by improved operating leverage (employee cost down -120bp YoY/other expenses down 520bp YoY as % of sales, offset by higher R&D; expense of For FY20, revenue/EBITDA/Adj.PAT stood at INR46.1b/INR12b/INR8.3b, largely led by strong traction in US generic. The US base business from already-approved products is likely to witness a quarterly run rate of USD70m (v/s USD50m up to 3QFY20) going forward.