We believe regulatory issues are likely to abate in FY21E as CAPA (Corrective and Preventive Actions) have been completed for Unit-I, IX, VII, and XI and ARBP is in continuous discussion with FDA for virtual cGMP audit. We believe successful resolution will lead ARBP to launch 50-60 quality products in FY21E with better realization due to favorable forex. ARBP had received only 22 ANDAs approval in FY20 versus 49 in FY19 and 51 in FY18. The lower approval was on the back of regulatory issues in its two key plants...