of capex is monetized from next fiscal. In the current disruptive environment, we reckon stocks with high certainty of earnings would command a disproportionate investorinterestandwidepremiumtosectoraverages.WebelieveAlembicPharma fitsthebillasitforaysintooncoandgeneralinjectablesandimprovestherevenue mixin3years.ExpectUSbusinesstoclock20%cagrexSartansovernext4yearsto touch ~US$450mn in FY24E. Domestic business should rebound and our recovery case is premised on strong close to Q4 FY20 as well as positive management commentary.WeassumemoderationingrossmarginthoughEBIDTAshouldpickup...