However, DIVI is well placed to benefit from the CRAMS opportunity due to its strong chemistry skillset as We reduce our earnings estimate by 8%/3% for FY20/FY21E to factor in the COVID led headwinds on the business over the near term. We reduce our earnings estimate by 8%/3% for FY20/FY21 to factor in the delay We expect 25% earnings CAGR over FY20-22E, led by increased business prospects from custom synthesis as well as the generics segment. We continue to value DIVI at 26x 12-month forward earnings to arrive at price target of INR2,245. However, outlook remains intact in terms of opportunities post the We reduce our earnings estimate by 8%/3% for FY20/FY21E to factor in the COVID- 19 led headwinds on the business over the near term. We value DIVI at 26x 12- month forward earnings to arrive at a price target of INR2,245.