20 June 2020 by regrouping it into the Mass and Specialty segments and b) differentiated launches in US Generics. We maintain our EPS estimates for FY21/FY22E and continue to value CDH at 21x 12M forward earnings to arrive at TP of INR420. We remain positive on CDH on account of better prospects in DF (encouraged by changed strategy), a healthy ANDA pipeline (including injectables and transdermals) in the US market, and regulatory works at Moraiya nearing completion. Maintain Buy. CDHs sales at INR37.5b (in-line) for 4QFY20 stood largely flat YoY. US sales (47% of sales) fell 1.9% YoY to INR17.6b. The India Branded Formulations business (24% of sales) was INR8.9b, almost flat YoY. EM and LATAM (5% of sales) revenue was down 17% YoY to INR1.7b, while API registered strong growth of 21% YoY, with sales of INR1.2b. The Consumer Wellness business grew 21.