Capital investment and product development are on track for the Generics segment, additional We maintain our EPS estimates for FY21/FY22 and value BIOS at 30x (20% discount to its five-year avg.), arriving at TP of INR450. BIOS is well-placed to deliver a 39% earnings CAGR over FY2022, led by new launches / increased market share for existing products in the Biologics segment and superior performance from the Generics / Research Services segment. New contracts, led by Mylans efforts, would lead to better market share going BIOS is on track with regard to developing Insulin Aspart. Considering new launches and strong traction from existing products, we expect a 43% CAGR in revenue to INR40b over FY2022. An increase in the number of customers and better traction from existing customers are expected to drive a 12 13% CAGR in Research Services revenue over FY2022E. BIOS delivered 16% YoY growth in this segment, led by favorable demand for API.