The EBITDA margin contracted considerably to 11% in the quarter (from 21% in FY20) due to lower revenue from Complex Hospital Generics and The deferment of surgeries in the Hospital segment impacted overall performance in PIELs Pharma segment. However, the phase-wise easing of the lockdown is improving the outlook across the CDMO and Complex The company will roll out retail lending products such as LAP and small business loans around the Diwali festival in 1520 towns. The Pharma business is witnessing increased traction, and the recent stake sale has set a benchmark for its valuation. INR34b of the INR37b Pharma stake sale to Carlyle would go back to PIEL. While PIELs Pharma business was impacted by COVID-19, management indicated U-shaped recovery over the next two to three quarters. We keep credit costs elevated over the next two years The Pharma business is witnessing increased traction.