NATCO Pharma (NATCO) is a R&D; focussed, vertically integrated pharmaceutical company with an experienced management team and presence across multiple speciality therapeutic segments. We upgrade our rating from Sell to Hold by valuing Natco at 26x FY22 EPS with a target of Rs.881. We expect the combination of existing products such as Chloroquine, Oseltamivir as well as the launch of Revlimid in the U.S and its focus on other regulated markets to drive overall profitability. Total revenues were up 13% YoY during the quarter led by strong performance in the export formulation and API segments. Formulation exports grew by 29% YoY, led by strong showing in...