We raise our EPS estimate by 2%/5% for FY21/FY22 to factor a healthy ANDA pipeline for the US market and a growing reach in the Europe markets. We further raise the PE multiple to 22x (from 21x earlier) to factor the resolution of compliance issues at all sites of DRRD. Accordingly, we revise our price target to INR3,775 (from INR3,490 earlier). led by all businesses, except Pharma Services and Active Ingredients (PSAI). The US business (40% of sales) was up 21% YoY to INR18.1b (USD240m). The Europe business (8% of sales) increased 80% YoY. The India business (15% of sales) was up 5% YoY to INR6.8b. Emerging Markets (18% of sales) expanded 15% YoY to INR8b, led by strong growth in the CIS segment. The PSAI segment (16% of sales) grew at a moderate rate of 6% YoY to INR7.2b.