In 2011, Alembic Pharma Ltd(APL) was de-merged from Alembic Ltd to provide more thrust to formulations and insulate this business from the vagaries of commoditised APIs.It is trading at P/E valuation of 16.7x of 9MFY20 earnings and has a good return on equity (ROE) track record last 3 Years ROE 22.2%.Hence BUY.