Post de-merger from Suven Life Sciences, pharma business will be largely driven by two cash cow CRAMS segments i.e. pharma, speciality chemicals. With a strong margin profile (+40%) without the R&D; burden of innovative pipeline, the free cash flow is likely to remain strong. Despite pandemic and high base, the company has guided 10-15% growth based on strong order book position (albeit some expected delays). Despite significant run up, there is still scope for upside as the company is still trading at significant discount to some leading players in the space dealing with innovators. We...