Adj. PAT declined at a higher rate of ~46% YoY to INR2.7b (v/s our est. Maintain Neutral, as the valuation leaves limited scope for Indias Rx (branded business) sales grew 12% YoY and Trade Generics +15% YoY (adjusted for CHL). Cipla exhibited a 14% CAGR in US revenues to USD547m over FY1620 on account of product launches and changed strategy of having a direct-to-market presence. Overall, we expect an 18% CAGR in US sales to Cipla delivered muted 7% CAGR in DF sales over FY1620, partly led by disruption on account of GST/demonetization and the recent exercise to re-align distributors in Trade Generics. We expect a 21% earnings CAGR, led by niche launches in US Generics and improved growth through renewed strategy in Domestic Formulations. We expect a 21% earnings CAGR, led by niche launches in US Generics and improved growth through renewed strategy in Domestic Formulations.